The "My Comenity cards still work" thread!

[pizza1]

as of now (knock on wood), all mine are still intact.

12 store cards/$105,450 in avail credit.......

all cards are at $0 bal, and ages range 6mo-2yrs.

[Anonymous]

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@FinStar wrote:

It may be perceived as "poor business" on the consumer's front but they have to also answer to auditors, regulators and shareholders alike, so there's always going to be someone who's going to take the hit.  Perhaps their UW model was flawed for sometime?  Ever think that?  If this is their proactive approach based on any recommendations, then it is what it is.  And, yes individuals are going to get letters (as required by law) with regard to these decisions.  And, it's doubtful this will change consumer sentiment in the long term.  Just like people are still buying Priuses.  S**t happens, have a plan and move on.

So, let's also put this in perspective, was the OP "forced" to apply for so many Comenity accounts in such a short period of time?  Or did he get caught up in the moment by reading all the successes on here and maybe pushed the envelope a bit far?  Is the "trickery" that you refer to in a prior post more along the lines of recommending people to call the automated system on whatever X # of days and do the process all over until it's time to do so again?   Where does accountability come into place for individuals?  Sure, the instant shutdowns or closures are not glamorous or pleasant by any means, but we all live in an environment of assessing the risks vs rewards and sometimes things bite.

I'll add that the PayPal legal settlement that surfaced not long ago has nothing to do with these closures.  And, banking insitutions are not Saints either.  Yet, it's not like they are closing everyone's accounts but they are definitely taking a much closer look at things.  SYNCB can do so at any time.  Barclays has done it.  Chase... Citi (remember popamode, anyone?)

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It is my opinion that Comenity exhibited poor business practice.  Are they flawed, absolutely, did they need to revamp their system, yes, especially with the Bon Ton and Barneys processing of CLI. 

Your right , the OP was not forced to apply for so many Comenity accounts, but the other side of the coin, there is no way that Comenity was forced to approve every application that they recieved from the OP and surely they could have offered a lower CL that would minimize their exposure.  

I didn't imply that Comenity legal issues regarding Paypal had anything to do with account closures.  When companies are mismanaged legal issues tend to follow them. 

I appreciate your thoughts on this matter.  

[woodyman100]

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@pizza1 wrote:
as of now (knock on wood), all mine are still intact.

12 store cards/$105,450 in avail credit.......

all cards are at $0 bal, and ages range 6mo-2yrs.

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Pizza, I've got my fingers, toes and all other duplicate appendages crossed for you and your Comenity accounts

[pizza1]

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@woodyman100 wrote:

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@pizza1 wrote:
as of now (knock on wood), all mine are still intact.

12 store cards/$105,450 in avail credit.......

all cards are at $0 bal, and ages range 6mo-2yrs.

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Pizza, I've got my fingers, toes and all other duplicate appendages crossed for you and your Comenity accounts

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Honestly...I think Ill be ok.  I may thinking a little cocky, but I dont give them any reason right now shut me down...I use their cards regularly, PIF before SM cuts, and always keep a 1% overl util showing on my reports at all times.  So at any given time they want to soft me....fine go ahead...you wont see much!  I only have a very small balance reporting monthly on ONE card only..( out of several). YOur not too risky to lenders when you PIF everything, and only have a 0.00001% on ONE card. ppfftt! Just used like 7 of those cards today, LOL.. 

But, if they do they do, nothing I can do about it, it wont effect me util wise anyways. But, I also have been in the garden now too...last new acct was 6 months ago, and last ing was July (for Penfed membership)....

[bigpoppa09]

checked last night HSN Overstock Kingsize were still open.

[woodyman100]

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@pizza1 wrote:

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@woodyman100 wrote:

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@pizza1 wrote:
as of now (knock on wood), all mine are still intact.

12 store cards/$105,450 in avail credit.......

all cards are at $0 bal, and ages range 6mo-2yrs.

---

Pizza, I've got my fingers, toes and all other duplicate appendages crossed for you and your Comenity accounts

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Honestly...I think Ill be ok.  I may thinking a little cocky, but I dont give them any reason right now shut me down...I use their cards regularly, PIF before SM cuts, and always keep a 1% overl util showing on my reports at all times.  So at any given time they want to soft me....fine go ahead...you wont see much!  I only have a very small balance reporting monthly on ONE card only..( out of several). YOur not too risky to lenders when you PIF everything, and only have a 0.00001% on ONE card. ppfftt! Just used like 7 of those cards today, LOL.. 

But, if they do they do, nothing I can do about it, it wont effect me util wise anyways. But, I also have been in the garden now too...last new acct was 6 months ago, and last ing was July (for Penfed membership)....

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I think you'll be alright just based on the reasons you gave. Nothing recent being the biggest reason

[FinStar]

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@Anonymous wrote:

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@FinStar wrote:

It may be perceived as "poor business" on the consumer's front but they have to also answer to auditors, regulators and shareholders alike, so there's always going to be someone who's going to take the hit.  Perhaps their UW model was flawed for sometime?  Ever think that?  If this is their proactive approach based on any recommendations, then it is what it is.  And, yes individuals are going to get letters (as required by law) with regard to these decisions.  And, it's doubtful this will change consumer sentiment in the long term.  Just like people are still buying Priuses.  S**t happens, have a plan and move on.

So, let's also put this in perspective, was the OP "forced" to apply for so many Comenity accounts in such a short period of time?  Or did he get caught up in the moment by reading all the successes on here and maybe pushed the envelope a bit far?  Is the "trickery" that you refer to in a prior post more along the lines of recommending people to call the automated system on whatever X # of days and do the process all over until it's time to do so again?   Where does accountability come into place for individuals?  Sure, the instant shutdowns or closures are not glamorous or pleasant by any means, but we all live in an environment of assessing the risks vs rewards and sometimes things bite.

I'll add that the PayPal legal settlement that surfaced not long ago has nothing to do with these closures.  And, banking insitutions are not Saints either.  Yet, it's not like they are closing everyone's accounts but they are definitely taking a much closer look at things.  SYNCB can do so at any time.  Barclays has done it.  Chase... Citi (remember popamode, anyone?)

---

It is my opinion that Comenity exhibited poor business practice.  Are they flawed, absolutely, did they need to revamp their system, yes, especially with the Bon Ton and Barneys processing of CLI. 

Your right , the OP was not forced to apply for so many Comenity accounts, but the other side of the coin, there is no way that Comenity was forced to approve every application that they recieved from the OP and surely they could have offered a lower CL that would minimize their exposure.  

I didn't imply that Comenity legal issues regarding Paypal had anything to do with account closures.  When companies are mismanaged legal issues tend to follow them. 

I appreciate your thoughts on this matter.  

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I see your point and respect your opinion.  I think what's important from these recent developments is that for a while folks had been saying that at some point something like this would happen with Comenity but the nay-sayers kept hammering that it wouldn't happen given that it was "Comenity" and the whole "sub-prime" array of products under its belt.  I guess, it came much sooner than later!  So, it serves as a learning and educational experience for everyone even if it left some unpleasant "casualties" as a result.  But, I do see them tightening their belts in the near future since it appears some of their UW policy and processes are not managed properly given the inherent risks.

And, by the same token, Barclays tends to SP frequently (FNBO follows something similar) and has earned the "jealous lover" title for a variety of reasons.  So, just like Comenity obtained SPs and performed subsequent ARs (and eventually AAs - even after approvals); so have other lenders.  At least with Barclays they tend to CLD vs outright closure but it still leaves a very unpleasant taste for a number of reasons.  Almost like Barclays is saying "I've seen your other CC lovers and I don't like it so I'm going to put you in a time out and reduce myself...so...pfffft.... Oh, and I put a CL chastity belt on me so you can't use me much until you profess your love to me again".

[irunfromcredit]

Knock on wood mine are all still open and active.  Thinking about trimming them down after the new year, but I actually still use these cards, so I'm having a tough time deciding. I do have a bunch of inquiries across all three bureaus, so who knows what will happen.  

Carsons opened in 2014

VS opened in 2014

Meijer opened in 2014 (thinking about closing this one...)

Ann Taylor opened in 2014

Restoration Hardware opened 2/2015

Sportsman Guide Visa opened 6/2015 (thinking about closing this one)

Modell's Visa opened 6/2015 

J Crew opened in 2014

[CreditCuriosity]

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@Anonymous wrote:

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@woodyman100 wrote:

A little "tongue in cheek" post to lighten the mood on the Comenity card closing mess

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Nothing wrong with that. Guess I can post in this one too. They haven't touched my PayPal Credit or PC Mall accounts. Maybe because they're hidden TL's they have even hidden them from themselves. 

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They left your best CL's untouched; win!  Ones other creditors cant see lol.  

[FinStar]

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@woodyman100 wrote:

I can't say that I blame them, but an email at the time of closure would be nice though.

They should  close it and then hit the send button on an email. It would save some heartache.

Several of my recent approvals from Comenity have been through the 7-10 day review so I would think those accounts are fine.

I think this thread proves that most will be fine unless you have a ton of inquiries. 

I dont have have that many right in the last 12 months.

sarcasm noted as

40 Ex 23 EQ 32 TU

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I agree it could have been handled better with some form of email.  But the issue is, not everyone reads their email right away (especially if driving or in-flight) so potentially it could have saved some initial confusion or shock perhaps but it it still leaves a lot of folks pretty upset no matter what.  So, their "CYA" remediation is sort of the letters they send, which would be too late for many by that point.

I agree that the majority of individuals would be unimpacted.  But, I don't think we're out of the woods yet.