topic Went crazy with Comenity in Credit Card Approvals

Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 01:21:08 GMT

So i went a little app spree happy with comenity...

6/30:

Overstock - Instant Approval $500, requested same day cli approved for new limit $1500

Kay Jewelers - Instant Approval $1500, requested same day cli approved for new limit $2500

7/1:

Wayfair - Instant Approval $2500, requested cli 3 days later approved for new limit $4100

7/8:

Jared- Instant Approval $1500, requested same day cli approved for new limit $2500

Alphaeon - Instant Approval $5500, requested same day cli approved for new limit $8500

I know most people here hate Comenity but seeing as all i had was $2400 in credit lines and before them (not counting fortiva retail which i have for $3500) I now have $24,000 in total limits thanks to Comenity just 4 months after bankruptcy.

I know that it's not advised to get so many store cards especially for risk of having toy limits but it seems Comenity likes me based on the limits they are handing out to me. This is super helpful with utilization padding but does anyone know if opening 5 Comenity accounts in such a short time can lead to any issues? I don't plan on opening anymore and will garden for about 6 months and then go for a Capital One & Barclays.

Thoughts?

Alphaeon Comenity Card Approved!!!

Anonymous — Sun, 08 Jul 2018 22:51:29 GMT

For those that haven't heard of this card, it's the Comenity version of Synchrony's CareCredit...

I am 4 months post bk, they pulled Equifax 656.

Instant approval for $5500!!!

I created my online account right away and was approved for 2 x $1500 cli for a new SL of $8500!!!!

Re: Went crazy with Comenity

Meanmchine — Mon, 09 Jul 2018 01:38:15 GMT

4 months post BK, why would "This is super helpful with utilization padding" be any concern??

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 01:44:12 GMT

Because my Discover card which only has $1500 is used very heavily and leaving even a $400 balance doesn’t get me the 8.9% utilization overall that’s recommended. However if i have a $400 balance on that card and 0 in every other card with $24,000 in limits.. that’s a different story.

All these comenity cards come with 0% financing options, and realistically they can be used. But I won’t let more than 1 card report a balance when the statement cuts.

My question is more with regards to the perceived risk that Comenity may determine, although I’m assuming they know what they are doing when they approve you for a card..

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 02:12:33 GMT

congrats but just be careful with that lender is all i can suggest

Re: Went crazy with Comenity

CreditCuriosity — Mon, 09 Jul 2018 02:14:27 GMT

@Anonymous wrote:
Because my Discover card which only has $1500 is used very heavily and leaving even a $400 balance doesn’t get me the 8.9% utilization overall that’s recommended. However if i have a $400 balance on that card and 0 in every other card with $24,000 in limits.. that’s a different story.

All these comenity cards come with 0% financing options, and realistically they can be used. But I won’t let more than 1 card report a balance when the statement cuts.

My question is more with regards to the perceived risk that Comenity may determine, although I’m assuming they know what they are doing when they approve you for a card..

See undrelined.. Many cases of people being shut down on the forum within the last few years for going for many comenity cards at one time and all accounts get closed although it usually happens with majors being MC/Visa flavor vs. store cards, but you can use the search feature of the forum under the Credit Card section and search from Comentiy and you will see at leat 100 posts of people with their accounts being shut down for obtaining many of their cards in a short period of time...

With the above said I hope this doesn't happen to you and I would work on not getting ANY MORE store cards and let those report for 6 months or so then go for a Cap1 or whatever being a major their are also many threads in the BK section of the best approach on getting majors vs high interest store cards or ones that promo apr's that if not paid off in x time become outrageous APR's.

Best of luck in your rebuild.

Re: Went crazy with Comenity

Meanmchine — Mon, 09 Jul 2018 02:29:55 GMT

".....However if i have a $400 balance on that card and 0 in every other card with $24,000 in limits.. that’s a different story."

Your 4 month old BK is the 800 pound gorilla in the room, not the $400 that might be posted on Discover. Dont app for any more Comenity cards is my recommendation.

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 02:47:16 GMT

@Anonymous wrote:
So i went a little app spree happy with comenity ... Thoughts?

Momentum can be hard to slow.

Re: Alphaeon Comenity Card Approved!!!

Anonymous — Mon, 09 Jul 2018 02:59:58 GMT

Needing a facelift?

Re: Alphaeon Comenity Card Approved!!!

Anonymous — Mon, 09 Jul 2018 03:01:33 GMT

LOL!!

LASIK

Re: Went crazy with Comenity

SouthJamaica — Mon, 09 Jul 2018 03:13:58 GMT

@Anonymous wrote:
So i went a little app spree happy with comenity...

6/30:
Overstock - Instant Approval $500, requested same day cli approved for new limit $1500
Kay Jewelers - Instant Approval $1500, requested same day cli approved for new limit $2500

7/1:
Wayfair - Instant Approval $2500, requested cli 3 days later approved for new limit $4100

7/8:
Jared- Instant Approval $1500, requested same day cli approved for new limit $2500
Alphaeon - Instant Approval $5500, requested same day cli approved for new limit $8500

I know most people here hate Comenity but seeing as all i had was $2400 in credit lines and before them (not counting fortiva retail which i have for $3500) I now have $24,000 in total limits thanks to Comenity just 4 months after bankruptcy.

I know that it's not advised to get so many store cards especially for risk of having toy limits but it seems Comenity likes me based on the limits they are handing out to me. This is super helpful with utilization padding but does anyone know if opening 5 Comenity accounts in such a short time can lead to any issues? I don't plan on opening anymore and will garden for about 6 months and then go for a Capital One & Barclays.

Thoughts?

Yes it can lead to Comenity turning around and closing all 5 accounts.

They do it all the time.

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 03:16:57 GMT

Is it better to not use them for a couple months then to be safe? And if they are still open after a couple months then go ahead and use? I just don’t want to put a balance on one of them and get it shut down..

Re: Went crazy with Comenity

SouthJamaica — Mon, 09 Jul 2018 03:21:11 GMT

@Anonymous wrote:
Is it better to not use them for a couple months then to be safe? And if they are still open after a couple months then go ahead and use? I just don’t want to put a balance on one of them and get it shut down..

Use them but use them lightly, and pay them down fast. And don't use them in a situation where you would be embarrassed if your transaction got declined.

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 03:20:22 GMT

I think I'd use 1 or 2 right away to show "good faith," but only for small purchases. Who knows if that's a good strategy? But it does seem intuitive.

Re: Went crazy with Comenity

SouthJamaica — Mon, 09 Jul 2018 03:22:29 GMT

@Anonymous wrote:
I think I'd use 1 or 2 right away to show "good faith," but only for small purchases. Who knows if that's a good strategy? But it does seem intuitive.

That would be fine, but not in a social situation where OP would be embarrassed if transaction were declined.

Declined transaction is how most folks first learn their Comenity accounts are finito.

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 03:30:45 GMT

We're not supposed to give members a hard time about credit behavior so I'll spare you the negativity. Will you please be honest and come back and tell us if they all get shut down? (to give us data points).

My mother was always good at shopping because it made her feel wealthy. But she would always ask me to return items because it made her look not so wealthy.

I don't know if you suffered any consequences from your BK if you can quickly repeat the same behavior. I once had 12 Comenity cards myself so I can't knock anyone for jumping on that easy ride.

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 03:35:52 GMT

I’ll let you guys know what happens.

As of now I’ve used $400/$1500 on overstock and $230/$4100 on Wayfair.

I’ll leave the others unused for a month or two.

I had my reason for filing bankruptcy due to a bunch of problems in 2014... took me 3 years before deciding to file. But my income is now 5X what it was back then and I’ve got plenty of savings and investment accounts this time.

Re: Went crazy with Comenity

egghead88 — Mon, 09 Jul 2018 03:36:02 GMT

I would be nervous. Comenity bank has been well documented on myfico of shutting down accounts without any notification. Especially when you open up too many accounts too fast on a shaky profile. I wish you luck, I think you’re going to need it!!

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 16:40:58 GMT

Congrats on approval spree

Re: Went crazy with Comenity

Anonymous — Mon, 09 Jul 2018 18:40:19 GMT

https://ficoforums.myfico.com/t5/Credit-Cards/Comenity-Closed-All-My-Accounts/td-p/5288452

Just FYI.....easy doesn’t mean good.

Oh...congrats!