Just slammed by Comenity Bank

[Anonymous]

Ok..Ok....a few things....

1. The memos will up prior to this friday....I will start a new thread that i am sure will be swamed....so we will see what happens.  I need to ask the mods if I can post the actual memos...or do I have to rewrite them on the thread.  I would prefer the former bc you will always have detractors crying foul over vaalidity isue (valid crying) and, of course, I would rather edify the forum as opposed to just defending the integrity of the thread...

2.  A very brief summary prior to the thread. Accounts are being closed MANUALLY.......they are being chosen by an algorithim and placed within an underwriters que for review. Such a review can be precipitated as follows.....

APR Reduction Request

CLI Request

Balance Transfer Request

AU Request

Program Upgrade (regular to Visa Sig)

New Card (crazy,,,right????)

As a point of reference....unless you really have to contact customer service...dont....plain and simple. The cli that come (usually) at 4 months and 1 day are PRE-SORTED through the system so, seemimgly, a flag will not go up....interesting.

3.   Once your account is que'd....what are the parameters of closing??/  As i mentioned earlier, the memos do not qualify this info, rather just state parameters and, I assume, allow the underwritter a ymmv. The primary parameters are as follows...

Numerous inquiries in eq

Numerous inquiries on ex

Total available (revolving) credit above 150K

AAoA

New Accounts

Numerous Commenity Accounts (and by numerous they mean "2")

Balance on Commenity cards (they now want PIF...and frown on carrying a balance)

Although this is just an overview I hope that it can brig some clarity to the insanity here. Why commenity is doing this I do not know. Yes, they have had legal issues in the past however, their coffers are flush with cash. And, as much as we disparage them here within these forums...I can tell you...their exposure is tremendous (retail..visa/mc) and they could care less what we think lol.....I actually like their cards (Virgin and total rewards) and use them often...so...I do want to keep them. But if they go..they go.

Be well everyone...to you and your families...and watch for the thread.

Hope this helps a bit

Gregg 

[someg33k]

Having more than 2 of their accounts gets you special attention now? That makes absolutely no sense whatsover.

They are not a traditional bank. AFAIK they have more contracts with retailers to issue cards than any single financial instituion out there. So for an individual to have numerous cards issued by them would not be very odd. Matter of fact from a sales / marketing perspective it should be quite welcome. If I were an account exec for say Sync and paying attention to this stuff. I would have plenty of ammo as to why you Mr. Retailer should partner with us instead.

Sure maybe they do not care what we say and think here. But this information does not live in a vacuum, and will eventually bite them in the bum.

Oh well back to work..

[EmmaGolden]

@GMoney2196

I called today & my Orbitz was closed, she couldn't give me exact details but said it was due to a review of my CR. A letter was sent out. I asked her to close my Redicard also which my plan to do already. Just wanted to update you.

It's funny, I got a secure message already that the Redicard was closed & an invitation to reapply lol...

[Anonymous]

Sorry Emma.....they dont deserve you..... 

Gregg

[Dalmus]

 Its interesting that they do not want people to carry balances anymore.    Assuming one has a low util and good credit score, that's easy money for them.

 Maybe I should get that SG paid down before they look at me.

 And no more CLI requests on the JCrew!

[someg33k]

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@EmmaGolden wrote:

@Anonymous

I called today & my Orbitz was closed, she couldn't give me exact details but said it was due to a review of my CR. A letter was sent out. I asked her to close my Redicard also which my plan to do already. Just wanted to update you.

It's funny, I got a secure message already that the Redicard was closed & an invitation to reapply lol...

---

@Holy crap that is funny. Sorry OP not lauging at you, laughing at those nitwits @ Comenity.

As my grandpa would have said to them... "enough of your tomfoolery and shenanigans!!" 

I have said it before... if they are good for nothing else, they sure do make for very interesting content here and other boards.

[Anonymous]

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@someg33k wrote:

Having more than 2 of their accounts gets you special attention now? That makes absolutely no sense whatsover.

They are not a traditional bank. AFAIK they have more contracts with retailers to issue cards than any single financial instituion out there. So for an individual to have numerous cards issued by them would not be very odd. Matter of fact from a sales / marketing perspective it should be quite welcome. If I were an account exec for say Sync and paying attention to this stuff. I would have plenty of ammo as to why you Mr. Retailer should partner with us instead.

Sure maybe they do not care what we say and think here. But this information does not live in a vacuum, and will eventually bite them in the bum.

Oh well back to work..

---

I wonder if they are referring to just their Visa and Mastercard products. It seems to be the people who have 1 or more of those that are being shutdown. Perhaps it's those cards that cause the review and then if they shut you down they possibly take your store cards too? Just a thought.

[Anonymous]

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@Anonymous wrote:

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@someg33k wrote:

Having more than 2 of their accounts gets you special attention now? That makes absolutely no sense whatsover.

They are not a traditional bank. AFAIK they have more contracts with retailers to issue cards than any single financial instituion out there. So for an individual to have numerous cards issued by them would not be very odd. Matter of fact from a sales / marketing perspective it should be quite welcome. If I were an account exec for say Sync and paying attention to this stuff. I would have plenty of ammo as to why you Mr. Retailer should partner with us instead.

Sure maybe they do not care what we say and think here. But this information does not live in a vacuum, and will eventually bite them in the bum.

Oh well back to work..

---

I wonder if they are referring to just their Visa and Mastercard products. It seems to be the people who have 1 or more of those that are being shutdown. Perhaps it's those cards that cause the review and then if they shut you down they possibly take your store cards too? Just a thought.

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Two or three people reported having store cards shut down a few months ago if I remember correctly, and one of them only had a store card. One member reported that her sister's Overstock (store) card was shut down, that it was her only Comenity card and that it had zero balance. It's difficult to figure out any rhyme or reason to what they are doing.

[someg33k]

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@Anonymous wrote:

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@someg33k wrote:

Having more than 2 of their accounts gets you special attention now? That makes absolutely no sense whatsover.

They are not a traditional bank. AFAIK they have more contracts with retailers to issue cards than any single financial instituion out there. So for an individual to have numerous cards issued by them would not be very odd. Matter of fact from a sales / marketing perspective it should be quite welcome. If I were an account exec for say Sync and paying attention to this stuff. I would have plenty of ammo as to why you Mr. Retailer should partner with us instead.

Sure maybe they do not care what we say and think here. But this information does not live in a vacuum, and will eventually bite them in the bum.

Oh well back to work..

---

I wonder if they are referring to just their Visa and Mastercard products. It seems to be the people who have 1 or more of those that are being shutdown. Perhaps it's those cards that cause the review and then if they shut you down they possibly take your store cards too? Just a thought.

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Maybe? But that would not negate my point. The VISA / MC products are all co-branded with incentives to shop with the given retailer / service provider. It's not like they issue a "Comenity Signature VISA" like a traditional bank would.

[pipeguy]

I find this information very interesting - having just had my ONLY Comenity card (TW $10.5 CL) shut down 2 days after they granted a APR reduction. Note I almost always PIF, 99% of he don't care a balance, have paid $00 in interest on my TW (now ex-TW) in 2015-16. 

I really don't care what excuse they use to shut me down, I fully understand that it's their right to open and close any account, but what I do know is that I will never be "slave" to any lender nor beg for acceptance, I'm way past that point in age, income, scores and available credit. Comenity wants to act like their cards are "something gold plated" I'll have to be happy with my Diners Club MC (20k), BBVA AmEx (20k), BB&T (12.5k), Discover (17k) Barclays, Chase, Citi, Fidelity, GE/Sync, etc,etc etc et al. 

What I am surprised about is I don't think Caesars Entertainment is aware of what Comenity is doing to offend their better curtomers. Caesars is still pushing this card on their sites and they (Caesars) are pretty good about offering comps to their Diamond and Seven Star level customers. Seems funny that Caesars offers comp'ed food, room and many time airfare, but their contracted credit card supplier is going out of their way to PO these same customers - I think I'll drop Caesars a note.... 

Edit Add - typos like always