topic Re: Total Rewards VS closed by Comenity in Credit Cards

Total Rewards VS closed by Comenity

easyaxess — Wed, 06 Jan 2016 15:07:16 GMT

Card was closed after one month for too many inquiries. About thirty on each within the past year.

Re: Total Rewards VS closed by Comenity

CreditCuriosity — Wed, 06 Jan 2016 15:23:07 GMT

Sorry to hear your account was closed.. They were doing this Nov/Dec for people that had alot of new comedity accounts and possibly accounts in general in a short time frame. Appears you became another victim of this.

Re: Total Rewards VS closed by Comenity

Anonymous — Wed, 06 Jan 2016 15:51:33 GMT

That blows! Sounds like a bunch of bad apples ruined it!

Re: Total Rewards VS closed by Comenity

pizza1 — Wed, 06 Jan 2016 15:53:03 GMT

sorry to hear that. How many new acts did you acquire in a short time frame? How many of those acts were Comenity acts???

Re: Total Rewards VS closed by Comenity

Anonymous — Wed, 06 Jan 2016 16:03:26 GMT

@Anonymous wrote:
That blows! Sounds like a bunch of bad apples ruined it!

Or perhaps the OPs credit seeking (30 inqs) made the bank nervous? Why bring it actions of others?

Re: Total Rewards VS closed by Comenity

Anonymous — Wed, 06 Jan 2016 16:10:00 GMT

@Anonymous wrote:
That blows! Sounds like a bunch of bad apples ruined it!

Well that may be true but any time you have a total of 90 inquiries in a year, you are asking for problems. We can blame these banks or other all we want but sometimes their actions aren't absurd or unexpected.

Re: Total Rewards VS closed by Comenity

Anonymous — Wed, 06 Jan 2016 16:07:04 GMT

@Anonymous wrote:
@Anonymous wrote:
That blows! Sounds like a bunch of bad apples ruined it!
Or perhaps the OPs credit seeking (30 inqs) made the bank nervous? Why bring it actions of others?

You typed it faster than me

Re: Total Rewards VS closed by Comenity

yfan — Wed, 06 Jan 2016 18:42:51 GMT

Not surprising - and not just for Comenity, for any lender. It appears that over the past year, more and more lenders are cracking down on what they consider excessive inquiries and accounts, especially lenders that have good rewards cards. Everyone knows about Chase's 5 accounts/2 years rule (though not always hard and fast), we saw that the new Fidelity 2% Visa is also inquiry and new account sensitive. I think some of that is true credit risk, the rest is them considering whether or not you will use their card enough if you have opened up 30 cards in the last year.

Re: Total Rewards VS closed by Comenity

pizza1 — Wed, 06 Jan 2016 18:54:57 GMT

@yfan wrote:
Not surprising - and not just for Comenity, for any lender. It appears that over the past year, more and more lenders are cracking down on what they consider excessive inquiries and accounts, especially lenders that have good rewards cards. Everyone knows about Chase's 5 accounts/2 years rule (though not always hard and fast), we saw that the new Fidelity 2% Visa is also inquiry and new account sensitive. I think some of that is true credit risk, the rest is them considering whether or not you will use their card enough if you have opened up 30 cards in the last year.

Yfan..I will agree with you to some extent here, but as always, I think theres always more to a person's situaiton that got AA from a lender. Something else spooks them. If INQ were such the deciding factor, and gaining a lot anew accts in a year, Id be a prime target for AA....but I have experienced none...even with 75 INQ on EQ, and 20+ new accts in 2015 alone. But I also keep a constant 1% util reporting on ONE card at all times (though, certain previous posters from here like to think otherwise), I give my creditors no reason to get spooked, even with all that activity. I use their cards, PIF, dont use even 10% of thier CL's, rinse and repeat.

Again, depends on the person, their overall profile, even how thick their credit profile is, current baddies etc... so much more comes into play here. We dont know the whole story with the OP either...high balances? high overall util? ....food for thought.

Comenity is closing accts so it seems to new Visa cardholders. My guess is...they get instant approved online, and then a few weeks/month later, after the acct goes thru UW to make sure they have the profile to support the approval, thats when they dig a little deeper, and find that some people dont really qualify the card (thats my take on it)...I could off base, but thats what my research on the forums from the closings is telling me.

Re: Total Rewards VS closed by Comenity

yfan — Wed, 06 Jan 2016 19:15:19 GMT

@pizza1 wrote:
Yfan..I will agree with you to some extent here, but as always, I think theres always more to a person's situaiton that got AA from a lender. Something else spooks them. If INQ were such the deciding factor, and gaining a lot anew accts in a year, Id be a prime target for AA....but I have experienced none...even with 75 INQ on EQ, and 20+ new accts in 2015 alone. But I also keep a constant 1% util reporting on ONE card at all times (though, certain previous posters from here like to think otherwise), I give my creditors no reason to get spooked, even with all that activity. I use their cards, PIF, dont use even 10% of thier CL's, rinse and repeat.

It's certainly true that there is rarely only a single reason for AA; what we know here is the reason Comenity gave OP. But your logic is not foolproof. You are using yourself as a measuring stick for everyone else, and frankly, we don't know everyone who has a similar credit profile to you to also have similar income and assets as you, the same banking relations, or anything else. It is also, in my opinion, unsafe to assume AA will never happen because it hasn't yet happened. I don't wish that on you, but the assumption as a general rule is not safe. More importantly, just because it hasn't happened to you doesn't mean it won't happen to someone with a similar profile.

I don't much care about having a constant 1% balance on ONE card and believe that is not nearly as important a factor in credit decisions as many current posters here think, but I have have slightly better scores than you, have much fewer inquiries, and no AA. But that doesn't mean I am forever safe from AA, or that someone else with my profile will have my luck.

My point merely is that just because one person hasn't had an AA despite having likely factors for AA doesn't make those factors unlikely in general.

Re: Total Rewards VS closed by Comenity

easyaxess — Wed, 06 Jan 2016 19:21:23 GMT

I'm an AU on 4 accounts and this is my second Comenity card. I've personally opened 3 new cards on my own. Most of those inquiries were when my scores were much lower and when I was seeking auto financing.

Re: Total Rewards VS closed by Comenity

pizza1 — Wed, 06 Jan 2016 19:35:05 GMT

@yfan wrote:
@pizza1 wrote:
Yfan..I will agree with you to some extent here, but as always, I think theres always more to a person's situaiton that got AA from a lender. Something else spooks them. If INQ were such the deciding factor, and gaining a lot anew accts in a year, Id be a prime target for AA....but I have experienced none...even with 75 INQ on EQ, and 20+ new accts in 2015 alone. But I also keep a constant 1% util reporting on ONE card at all times (though, certain previous posters from here like to think otherwise), I give my creditors no reason to get spooked, even with all that activity. I use their cards, PIF, dont use even 10% of thier CL's, rinse and repeat.
It's certainly true that there is rarely only a single reason for AA; what we know here is the reason Comenity gave OP. But your logic is not foolproof. You are using yourself as a measuring stick for everyone else, and frankly, we don't know everyone who has a similar credit profile to you to also have similar income and assets as you, the same banking relations, or anything else. It is also, in my opinion, unsafe to assume AA will never happen because it hasn't yet happened. I don't wish that on you, but the assumption as a general rule is not safe. More importantly, just because it hasn't happened to you doesn't mean it won't happen to someone with a similar profile.

I don't much care about having a constant 1% balance on ONE card and believe that is not nearly as important a factor in credit decisions as many current posters here think, but I have have slightly better scores than you, have much fewer inquiries, and no AA. But that doesn't mean I am forever safe from AA, or that someone else with my profile will have my luck.

My point merely is that just because one person hasn't had an AA despite having likely factors for AA doesn't make those factors unlikely in general.

we all understand that.

Re: Total Rewards VS closed by Comenity

CreditCuriosity — Wed, 06 Jan 2016 19:35:10 GMT

Probably the slew of inquiries for auto financing and comenity just decided to close it.. Assume the auto lender did a shot gun approach on getting you financed meaning sent it out to tons of people thus the high inquiries and comenity computers saw alot of inquiries and closed it down without any human interaction.. Just speculation of course.

Re: Total Rewards VS closed by Comenity

pizza1 — Wed, 06 Jan 2016 19:36:16 GMT

@easyaxess wrote:
I'm an AU on 4 accounts and this is my second Comenity card. I've personally opened 3 new cards on my own. Most of those inquiries were when my scores were much lower and when I was seeking auto financing.

well, that stinks OP..Those auto inq are crazy!!

Re: Total Rewards VS closed by Comenity

easyaxess — Wed, 06 Jan 2016 19:58:51 GMT

I'm not sure which bureau.I was told that a letter had been sent out.

Re: Total Rewards VS closed by Comenity

Ron1 — Wed, 06 Jan 2016 20:21:32 GMT

Sorry to hear!!! Was it a new account?

Ron.

Re: Total Rewards VS closed by Comenity

CreditMagic7 — Wed, 06 Jan 2016 20:25:37 GMT

Sorry OP this happen It's never easy to experience it but you just have to work forward and chalk that one up as-is.

Re: Total Rewards VS closed by Comenity

Anonymous — Wed, 06 Jan 2016 20:27:11 GMT

@CreditCuriousity wrote:
Probably the slew of inquiries for auto financing and comenity just decided to close it.. Assume the auto lender did a shot gun approach on getting you financed meaning sent it out to tons of people thus the high inquiries and comenity computers saw alot of inquiries and closed it down without any human interaction.. Just speculation of course.

Probably true but I'd like to know the breakdown of auto vs other credit inquiries. 90 is a LOT even for a shotgun auto application process. Still shows the fallacy of those that think auto inquiries can't hurt you because they're scored as a single inquiry by Fico.

Re: Total Rewards VS closed by Comenity

pizza1 — Wed, 06 Jan 2016 20:40:08 GMT

@CreditCuriousity wrote:
Probably the slew of inquiries for auto financing and comenity just decided to close it.. Assume the auto lender did a shot gun approach on getting you financed meaning sent it out to tons of people thus the high inquiries and comenity computers saw alot of inquiries and closed it down without any human interaction.. Just speculation of course.

agree.. The high amount of INQ in one day, the Comenity computer freaked out. Again, so sorry OP for the closure, and the hassle. It is really unfortunate in this situation, that you didnt go crazy with new apps/accts, it was just auto inq, that set it off. Id say to recon this to the EO, but they usually 9/10 will decline the recon as well.

Re: Total Rewards VS closed by Comenity

yfan — Wed, 06 Jan 2016 21:33:30 GMT

@easyaxess wrote:
I'm an AU on 4 accounts and this is my second Comenity card. I've personally opened 3 new cards on my own. Most of those inquiries were when my scores were much lower and when I was seeking auto financing.

Btw, did you get the auto loan at a good rate? If so, sacrificing a credit card for it may be a small price to pay.