I debated on whether I should post this or not, but I thought there might be someone out there who could benefit from my sad outcome. And, since I posted early last week about my success with all my Comenity cards, and this happened literally the next day, I felt a tad bit embarrassed. So here it goes, all of my Comenity cards have been shut down, major credit cards and store credit cards. I’ve always been a good customer to Comenity and it seemed that they really like me for a while, but snagging up a good amount of their major credit cards is what I believe put me in the hole.
I logged into pay Virgin America last week and saw the dreaded Available Credit at 0. Took a deep breathe and logged into all my other Comenity cards, every single one 0 Available Credit. Now I believe if I didn’t take ever-single preapproval via SCT and mailers for the major cards I wanted, I would probably be in business today. So if you open a few here and there, you will be fine but learn from me and don’t open more than 1-2 in a short period of time, this was the kiss of death. I have very good credit, no negatives on my credit reports, and low utilization around 5-6% and pay in full 98% of the time and never ever late. My last Comenity Score from an approval had me at an EQ of 748 and EX score at 772. I do have a lot of inquiries on both EQ and EX though.
I spent a while being nervous about all of these cards being reported as closed on my reports was going to look;
Meijer MasterCard- 8500
Marathon Visa- 4500
Redi Visa Signature- 6500
Farmers Visa Signature- 6000
AKC Visa Signature – 5500
Sportsman Guide Visa- 4500
True Value Discover -4500
DSW Visa- 3000
Overtons MC- 3000
Credo Visa- 8500
Good Sam Camping World- 2000
Modell’s Visa- 2000
Total Rewards Visa- 4000
Virgin American Visa -4000
FRN MasterCard- 2500
J Crew- 22,000
Barneys NYC – 30750
Pier 1 Rewards – 4000
Overstock.com – 10,000
Wayfair- 10,000
Because this is a LOT of credit to lose over night, and looking back I should have never exposed myself this high with Comenity but I was feeling a bit invincible. I did call Comenity and they said I had to wait for a letter. All of these accounts did report to my CRA’s the other day and I lost 1 point on EX, 0 points on EQ and 0 points from this on TU.
Etc. Etc. Etc.
So that was kind of a relief but still I am worried about other lenders when they do reviews on my account. Oh well, only time can tell. In the mean time I need to open no more cards and lay as low as possibly can. The positive thing at least was none of my comenity cards had a balance but a few and I paid them all of to 0 when this happened.
Now here’s the kicker for me, I come home today to a preapproval letter for MyPoints Visa lol. Obviously I am shredding it.
The one thing I am curious about is down the road will I be able to get a comenity card again?
And I am really going to miss my Jcrew card; I shopped there monthly and spent a lot with them. Same with Barneys NYC so sad and I did love my DSW Visa. So, I just wanted to share that AA with Comenity did happen to me but I have grieved it and am moving on.
NOT THE DSW!!!!! AW DAMN.
So sorry.
@Anonymous wrote:NOT THE DSW!!!!! AW DAMN.
So sorry.
I know, the shoelover in me will have to go back to life without it lol.
Really sorry to see this I was a bit concerned for you with all your approvals rolling in with them.
I find that I no longer shop at the stores that I had their cards with. It took me a bit to get over losing the cards but now I feel relieved for some reason.
I have a feeling we will see more of this with other users since they seem to have no problem handing out their cards like candy. I still get pre approval offers from them but now they go straight into the trash burner lol
I was a bit concerned for you with all your approvals rolling in with them.I find that I no longer shop at the stores that I had their cards with. It took me a bit to get over losing the cards but now I feel relieved for some reason.
I have a feeling we will see more of this with other users since they seem to have no problem handing out their cards like candy. I still get pre approval offers from them but now they go straight into the trash burner lol
@mattmyFIC0 wrote:
Really sorry to see this
I find that I no longer shop at the stores that I had their cards with. It took me a bit to get over losing the cards but now I feel relieved for some reason.
I have a feeling we will see more of this with other users since they seem to have no problem handing out their cards like candy. I still get pre approval offers from them but now they go straight into the trash burner lol
Thanks, and yes I should have treaded lighter. And yes I am starting to feel a bit more at ease with not having all these cards too. I did not rely on these cards as cards I needed for my day to day life or to make any large purchases. I did use these cards though to show activity, but now I will probably spend less money too.
@Anonymous wrote:I'm really sorry that this happened to you. It's great that despite your misgivings (understandable) that you posted about your experience. It's clear that you recognize the mistakes you made and hopefully others can learn from this. It's easy to get trapped into the SCT and other 'easy' approvals and go overboard. I appreciate as I'm sure others will, your willingness this make this post and admit some fault. Too often we see threads about account closures where all the blame is placed on the bank as if they had no reason to take action. Having said that, Comenity needs to do themselves and others a favor and get rid of the SCT and not give out ridiculous amounts of credit.
You'll get past this and you have a tremendous number of great cards that will continue to serve you well.
Thanks Irish, the old me would have been a bit livid with Comenity but thanks to FinStar who has taught me I can't just blame the banks and need to own up to my actions, I understand it was my doings. I was definitely caught up by all their offers for credit to me but should have used a bit more common sense and said you dont need every single one 