topic Re: Comenity Bank close all my Visa/MC Accounts in Credit Cards

Comenity Bank close all my Visa/MC Accounts

Anonymous — Thu, 29 Oct 2015 23:32:53 GMT

Hi All

Not that I do care much, but will be nice to have an understanding of what was that all about

I have several cards with the Comenity Bank (Visa/MC) and retail cards. Yesterday I went to pay some bill and found out that all of my Visa/MC accounts have 0 available credits. It shows my credit limit and how much I need to pay but nothing available. Most cards have 0 balance and they are ~ 2 month old.

When I called, they won’t give me an answer but that I should get a letter in the mail explaining why. One of them said something about me being high risk. My average score is between 780 and 802 cross all three and have no negatives or late payments. 9% Credit card utilization

They left my Store cards alone, for example, I have OverS with a limit of 12K, JC of 4500.

Here’s the full account list

SG: 8K No LUV since (6 mo of history req) (SP) (EQ) (Closed) Used $1600

TR: 8K after some LUV Instantly to 16K (HP) (EQ)(Closed) used $300

WG: 12K (HP) (EQ)(Closed) ZERO BALANCE

VA: 16K (HP) (EQ)(Closed) ZERO BALANCE

ORB: 10K (HP) (EQ)(Closed) ZERO BALANCE

MEJ: 10K (HP) (EQ)(Closed) ZERO BALANCE

Dept Store:

OS: 12K (HP then SP) (EQ)(open)

JC: 4500 (SP) (EQ)(open)

Express: 3800 (SP) (EQ)(open)

PayPal Credit: 8200 (SP) (EQ)(open)

I did close JC & Express and left PayPal and OS alone

I did hit the LUV button few times and did try to get few other cards.

How they can do that and why they left something like OS with 12K if I am a high risk?

I suppose I need to wait for that letter. The funny thing is that the lady at the bank told me that the accounts are closed but I can apply again after 30 days.

P.S. I have other credit cards like Citi, and Barclay

Re: Comenity Bank close all my Visa/MC Accounts

CreditCuriosity — Thu, 29 Oct 2015 23:44:03 GMT

Interseting another Comenity issue in one day. Sorry to hear about the closures.

Re: Comenity Bank close all my Visa/MC Accounts

JSS3 — Thu, 29 Oct 2015 23:57:30 GMT

It's starting to feel like Freaky Friday around here with these reports of Synchrony and Comenity AA(adverse action). They're tricking instead of treating!

Re: Comenity Bank close all my Visa/MC Accounts

FocusedAndDetermined — Fri, 30 Oct 2015 00:09:45 GMT

Sorry about the closure, even if you don't seem to mind all that much.

Please provide an update after you receive the letter with the explanation/details.

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 00:14:28 GMT

Thanks for sharing. So sorry for this happening to you.

Re: Comenity Bank close all my Visa/MC Accounts

ddemari — Fri, 30 Oct 2015 00:16:47 GMT

780+ is seeing AA? Makes no sense. That's a lot of cards just abruptly closed. I won't be ok with that its too much!

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 00:32:35 GMT

Hi All

Thanks for the condolences guys

I am going to wait for the letters and see what they are talking about.

I will keep you updated

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 01:06:00 GMT

My Truevalue Discover Card was closed today. Its the only card I have with Comenity. Had it 2 months. Small charges and PIF.

Re: Comenity Bank close all my Visa/MC Accounts

CreditCuriosity — Fri, 30 Oct 2015 01:12:59 GMT

Something doesn't pass the smell test here..

Re: Comenity Bank close all my Visa/MC Accounts

elim — Fri, 30 Oct 2015 01:21:51 GMT

eeeeeeeeeek

at least Barclays just slashes your limits.

Re: Comenity Bank close all my Visa/MC Accounts

gdale6 — Fri, 30 Oct 2015 01:46:10 GMT

@Anonymous wrote:
Hi All

Thanks for the condolences guys

I am going to wait for the letters and see what they are talking about.

I will keep you updated

Yes please do. Thanks and welcome to myFico

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 02:12:40 GMT

@JSS3 wrote:
It's starting to feel like Freaky Friday around here with these reports of Synchrony and Comenity AA(adverse action). They're tricking instead of treating!

I agree.This is starting to get really weird. I app'd for many cards only after I was approved for a mortgage. I never app'd before because I didn't want to risk not being able to purchase my house. Now people are getting accounts closed due to inquires. Well I'm sitting at 17 across the board mostly from the house. This makes me nervous!

Re: Comenity Bank close all my Visa/MC Accounts

ddemari — Fri, 30 Oct 2015 02:26:12 GMT

@Anonymous wrote:
@JSS3 wrote:
It's starting to feel like Freaky Friday around here with these reports of Synchrony and Comenity AA(adverse action). They're tricking instead of treating!
I agree.This is starting to get really weird. I app'd for many cards only after I was approved for a mortgage. I never app'd before because I didn't want to risk not being able to purchase my house. Now people are getting accounts closed due to inquires. Well I'm sitting at 17 across the board mostly from the house. This makes me nervous!

your more than likely fine. I have double that amount of inquires and no real estate to be used as value. just pay your cards and do what you do.

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 02:32:00 GMT

I hope so. Thanks for the encouragement.

Re: Comenity Bank close all my Visa/MC Accounts

redpat — Fri, 30 Oct 2015 02:43:45 GMT

Geez, they might be taking a use it or lose it mentality, who knows.

64k exposure with very little use, maybe you are not a money maker for them and consider you deadwood rather than risk.

Sometimes they may reallocate their portfolio and lines.

Good luck what ever happens.

Re: Comenity Bank close all my Visa/MC Accounts

UncleB — Fri, 30 Oct 2015 04:11:44 GMT

@redpat wrote:
Geez, they might be taking a use it or lose it mentality, who knows.

64k exposure with very little use, maybe you are not a money maker for them and consider you deadwood rather than risk.

Sometimes they may reallocate their portfolio and lines.

Good luck what ever happens.

This is definitely a possibility.

I have a $7k+ credit line with Lowe's, and there's honestly no way I'll ever come close to using that, or even a fraction thereof. I've made one $60 purchase in the last two years, and while I like having the 'cushion' in my utilization the purpose of providing a credit line is for it to be used, not to provide us with a 'cushion' or (especially) stroke our egos. (I'm as guilty as the next guy for desiring both.)

In my own case, I wouldn't be surprised one bit if at some point Synchrony simply decides to 'reallocate' part or all of my credit line to customers who will use it. As lousy as it would be, it wouldn't be completely unexpected.

It very well could be Comenity is thinking along similar lines, but I prefer to hope we're just missing something...

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 04:27:33 GMT

I just closed Express,JCrew,Buckle tonight. All @$250 and only had for a few months. Realized I need to be realistic that I won't ever use them and need to just keep what I will use. It felt good. Barclay Arrival+ here I come. Got all with the SCT and tried numerous times with no credit increases.

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 04:43:02 GMT

Forgot to mention that today I decided to freeze all 3 just in case one talks to another.

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 05:28:26 GMT

Wow this is interesting. I have had nothing but CLIs from comenity but sychrony has closed two of my accounts called rep said he had no idea i should get letter. I received one letter today it was the same lingo most creditors use expect the only thing and I kinda already knew was high utilization this summer. Sorry to hear about this and I sincerely hope it works out for the best for you.

Re: Comenity Bank close all my Visa/MC Accounts

Anonymous — Fri, 30 Oct 2015 05:42:55 GMT

Hi... They have no business of how we use the limit they approve us for as long they make their change and we pay the bill on time. If they think I am a high risk then they should not have giving me that much of a limit. So it's ok to go spend 12k at OS but it's not ok to spend it on TW Card. I don't understand the logic. I am still swimming in an open water here till I get them letters