I'm looking at a letter from Comenity thats a decline for a store account that shows their internal scoring model as ranging from 1 to 999, my profile was rated as 919 on the letter and yet the account was declined. This post is not about getting a store card from Comenity, I know they are happy with my my one and only card from them - Total Rewards with a good CL and they just approved a APR decrease on the card, but more so that Comenity has decided that is the ONLY account I'll have with them. GE/Sync on the other hand seems to approve any and every application I submit, AND generally for the MC/Visa version rather than the store card version, with decent starting limits.
It's almost like there is a balance or ying and yang between lenders, whereas Barclays can be a real PITA, Capital One at least now is handing out cards like candy and I'll bet that Capital One has been burned a lot more than Barclays has over the years. Discover looks at their "conservative" lending standards and after they seem to be losing market share to other lenders (think Capital One, NASA FCU, Diners, etc) credit limit increases are easy to get - so much for conservative Discover. Chase and Citi will blacklist you, but at a point will decide they'll profit off you by letting you back in after say a decade - AmEx on the other hand might blacklist you forever for past sins, seems like a poor business choice when you exclude potential profit based on decade old information.
I don't really have any conclusions or questions for this post, just some random thoughts or observations broght on by the latest Comenity rejection.Note too that I've nerver had a late payment, never missed a payment with Comenity or any other lender for over 8 years (nothing shows on my CBR's), good income, mid-700 FICO's, total revolving credit of just undre $200k, and accounts from all the major players/lenders. I also don't care that Comenity declined this card, I expect any card backed by Comenity to be declined, just like I expect any card backed by GE/Sync will be approved.
It's an interesting game, this ying and yang.....
