Decided to Clean House

[atd1970]

I went to Firestone for a oil change, and they offered me a Firestone Card with a $5,000 limit. Kind of surprised me that I would be approved for that amount for a $39 purchase. I wasn't going to accept, but then thought this would be a good time to rid myself of all the Comenity cards I have never used.

I got home and immediately closed 8 Comenity accounts. Man, it was a good feeling.

I do appreciate Comenity giving me the chance to rebuild credit, but most of the cards were stuck at $200 or $300 limits. To be honest, I was always afraid to use them because, for example, a single purchase from Express (not a cheap store) would show the card at over 50% utilization.

I held on to a couple of Comenity cards that have TL over $1000, and I actually use. I even sent Comenity a very pleasant email thanking them for extending credit and explaining that in the future I am still interested in any branded Visa/Mastercard products they offer. I am curious if this may force their hand and the pop-ups will start to appear on Total Rewards and My Points.

My only real criticism of Comenity is that they do not seem to grow as their customers credit grows. In my experience, Comenity could learn from GERB.

[bdhu2001]

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@atd1970 wrote:

I went to Firestone for a oil change, and they offered me a Firestone Card with a $5,000 limit. Kind of surprised me that I would be approved for that amount for a $39 purchase. I wasn't going to accept, but then thought this would be a good time to rid myself of all the Comenity cards I have never used.

I got home and immediately closed 8 Comenity accounts. Man, it was a good feeling.

I do appreciate Comenity giving me the chance to rebuild credit, but most of the cards were stuck at $200 or $300 limits. To be honest, I was always afraid to use them because, for example, a single purchase from Express (not a cheap store) would show the card at over 50% utilization.

I held on to a couple of Comenity cards that have TL over $1000, and I actually use. I even sent Comenity a very pleasant email thanking them for extending credit and explaining that in the future I am still interested in any branded Visa/Mastercard products they offer. I am curious if this may force their hand and the pop-ups will start to appear on Total Rewards and My Points.

My only real criticism of Comenity is that they do not seem to grow as their customers credit grows. In my experience, Comenity could learn from GERB.

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Congrats on cleaning house.  Good call.

[BungalowMo]

It's not always a good practice to close accounts unless they have an AF.  These accounts will still report for at least 10 years, but if you let the creditor do the closing, they will help your AAoA for a longer period of time.

 One account might not have much of an impact...but 8...that remains to be seen.

[atd1970]

I was worried about that.

However, I did the math.I have 22 accounts less than 12 months old. Closing these accounts will actually increase my  AAoA when they fall. Obviously, that is as long I I don't go crazy and open more accounts.

[coldnmn]

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@atd1970 wrote:

I was worried about that.

However, I did the math.I have 22 accounts less than 12 months old. Closing these accounts will actually increase my  AAoA when they fall. Obviously, that is as long I I don't go crazy and open more accounts.

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In ten years they fall off they are figured into AAoA even closed for ten years. So opened or closed for ten years it wont matter as far as AAoA.

[Dw4250]

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@BungalowMo wrote:

It's not always a good practice to close accounts unless they have an AF.  These accounts will still report for at least 10 years, but if you let the creditor do the closing, they will help your AAoA for a longer period of time.

 One account might not have much of an impact...but 8...that remains to be seen.

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Interesting...I've never heard that before.  Do you know why is this true?

[coldnmn]

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@Dw4250 wrote:

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@BungalowMo wrote:

It's not always a good practice to close accounts unless they have an AF.  These accounts will still report for at least 10 years, but if you let the creditor do the closing, they will help your AAoA for a longer period of time.

 One account might not have much of an impact...but 8...that remait farns to be seen.

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Interesting...I've never heard that before.  Do you know why is this true?

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I believe op is talking about because of the extra months before they are closed by lender. In my opinion by closing the toy limit cards that are not used looks way better to new lenders. Then a bunch of cards that make you look desperate for credit. Also in my opinion it looks better closed by consumer then lender. I believe Its far better then worrying about AAoA closing them.

[wHiTeSoL]

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@Dw4250 wrote:

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@BungalowMo wrote:

It's not always a good practice to close accounts unless they have an AF.  These accounts will still report for at least 10 years, but if you let the creditor do the closing, they will help your AAoA for a longer period of time.

 One account might not have much of an impact...but 8...that remains to be seen.

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Interesting...I've never heard that before.  Do you know why is this true?

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It's simple once you think about it. It'll help your AAoA for a longer period of time becuase it's open longer. Instead of you closing it you allow it to sit there until the creditor closes it. 

[lexandra90]

I've closed 5 cards, not back to back, but mostly because of the toy limits and 2 were shark cards (credit 1 & first premier) 

hope that doesnt look  bad :-/