topic Re: !!!Commenity Accounts To Be FR'ed in 2016!!! in Credit Cards

!!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 20:45:55 GMT

So..as many as you may know I have a personal contact who works for Commenity Capital...she has previously informed me of the recent memo going around the credit dept of acct closures due to audits of consumer files with high equifax inquiries/numerous Commenity accounts (I will have the memorandum soon and post)...also, that the bank trolls these pages (as well as other credit forums).. for "insight". Yeah...ok.....so....

I just got off the phone with her and she informed me that beginning 2016 Commenity, in lieu of just closing accounts summarily, will begin to FR them (ie Amex, Chase) and require tax returns (4506-T) before accounts can be re-opened. This may offer some solace to those whose accounts were just closed, whereas now, if your income can sustain 12 cards wiith 30 inquiries, you will be ok.

Just to put everyone on point....I can defiitely see more and more lenders doing this. It is just way to easy to offer unsubstantiated income in order to get approved for a card. What do you think?

Mpvong frpm smoking to huffing......just cant win

Gregg

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

msbia — Tue, 01 Dec 2015 20:49:53 GMT

Interesting....

Did she say whether it will be across the board (I.e. Everyone with Comenity backed cards) or random? Edit: just re-read, so it's only those with high numbers of EQ inquiries? I'm assuming SP audits? I only have one card through them but high EQ inqs so I guess I'd better get my returns ready lol.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Imperfectfuture — Tue, 01 Dec 2015 20:50:22 GMT

I think he means when account becomes noticed (probably computer will notice those with large comenity exposure).

But, it is still hearsay (disclosure, have no dog or cat in the race here, no store cards).

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 20:57:45 GMT

From what she yold be...as they AR you (Equifax AND Exp SP)...numerous inquiries will raise a flag...if consumer has numerous accounts (and sorry...cant define numerous)..then they can be shut down pending 4506-T

Also..from my undertsanding..it is, at this time, ONLY Visa/MC...but, of course, that could change

Gregg

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

pizza1 — Tue, 01 Dec 2015 20:58:17 GMT

Again, no need to send everyone in a panic. If it happens it happens, and they shouldn't have approved in first place if that's their intentions.
I could see them doing one for say...Barneys, but VS?? Cmon, very doubtful. I will believe this when I see it in person (knock on wood), or someone actually posts proof of an FR with Comenity. Until then... It'll be business as usual for me, and should be for everyone else too.

I will add that I will never supply tax documents ever to anyone in order to keep a store card.... Period. Glad I always keep a 1% until reporting at all times, 😉

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 21:04:27 GMT

Pizza..

With you 1000% Would never ever give tax docs...close the acct..Im outta there...also, dont want to start a panic riot.

I am big into documentary evidence so, when I get both memos i will post....

Just wanted to give a heads up

Gregg

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

yfan — Tue, 01 Dec 2015 21:17:31 GMT

This might be a good thing. The thing we often hear from those who suffer from AA is that a bank closed their account based on risk criterion for the population at large, not their specific risk evaluation. Now they will have a chance to demonstrate that they are, in fact, not simply a statistic.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

msbia — Tue, 01 Dec 2015 21:17:14 GMT

@Pizza +1000 and I was totally joking. I would not supply tax documents to keep ANY card outside of NFCU or USAA. Especially a retail card, which is the only one I have.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 21:19:51 GMT

When Victoria Secret needs Tax Documents I'll know it's the apocalypse.

Gregg

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

yfan — Tue, 01 Dec 2015 21:22:49 GMT

@Anonymous wrote:
When Victoria Secret needs Tax Documents I'll know it's the apocalypse.

Gregg

Lol. No arguement there. But the way I read your OP (tell me if I'm wrong), the triggers are multiple comenity accounts or a high number of inquiries. So tax documents are not being asked for just having a single VS card.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

someg33k — Tue, 01 Dec 2015 21:26:40 GMT

FR with a lender that is nowhere near being prime? Their cards are not worth the hassle.

Sure sounds like the pinhead management that got them in trouble to begin with has kneejerked in the opposite direction.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 21:26:48 GMT

From what I have been told the audit predicate is numerous commenity accounts with numerous equifax inquiries (remember though...could be experian HP's as well since they sp exp all the time)

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 21:29:41 GMT

soon...first premier will require tax returns.....nothing like paying 75$ for the 4506-T with a $150 cl card......

I think silver paint is the best to huff with..not doing well

Gregg

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

CreditCuriosity — Tue, 01 Dec 2015 21:37:27 GMT

Interesting is this for everyone or only people that got their accounts closed? I have no problem with providing proof of income, but if doing so I would want to be able to talk to someone other than a CSR that has no clue about credit before turning over such documents... Not sure about providing to Comenity though that appears to be as competent as well you can fill in whatever word you would like in the blank

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

yfan — Tue, 01 Dec 2015 21:34:22 GMT

@someg33k wrote:
FR with a lender that is nowhere near being prime? Their cards are not worth the hassle.

Well, I have only one Comenity card (the Orbitz Visa) so yes, I agree Comenity is not prime. But again, if you look at the people Comenity is said to be targeting with the upcoming FRs, it's people with multiple Comenity cards, meaning that for them, Comenity is an important lender - or, for those who have multiple Comenity cards without Comenity being an important lender to them (i.e. people who are using them to cushion their available credit, earn a one-time bonus or get special financing sporadically), they'd rather be rid of them.

I see a trend from multiple lenders: a trend towards cracking down on borrowers who open new cards often for whatever purpose. Chase is doing it, Amex does it, and now Comenity is joining in from the other end of the lender spectrum.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 21:39:00 GMT

This policy, from what I have been told, begins january 1 2016 and is NOT retroactive. But, as I am sure you know, things can change at any time.

I think commenity and bbva are the anti Christ...you know its prophesized in the bible

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

CreditCuriosity — Tue, 01 Dec 2015 21:40:34 GMT

Personally I think every lender should ask for proof of income, not necessarily a 4506-t before offically opening the TL and reporting to the CRA's, this is just my take personally though... This way you would avoid alot of fraud and defaults... Comenity doing it though I have mixed emotions due to how they are run if this is true.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

taxi818 — Tue, 01 Dec 2015 21:39:47 GMT

@Imperfectfuture wrote:
I think he means when account becomes noticed (probably computer will notice those with large comenity exposure).

But, it is still hearsay (disclosure, have no dog or cat in the race here, no store cards).

Agreed. all hearsay until comentiy themselves send out letters and request 4506 from some one.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

icyhot — Tue, 01 Dec 2015 21:48:52 GMT

Glad I got rid of all my Comenity accounts.

Re: !!!Commenity Accounts To Be FR'ed in 2016!!!

Anonymous — Tue, 01 Dec 2015 21:51:54 GMT

True...hopefully I'll get the memos before we have to hear about the FR

Gregg