topic Re: COMENITY ... NOT GOOD in Credit Cards

COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:05:13 GMT

THIS BANK CLOSED ALL MY ACCOUNTS WITH THEM...8 TO BE EXACT......ALL WERE REPORTING ON CRB'S..NOW THEY WILL HAVE {CLOSED BY GRANTOR}...HOW DOES THIS EFFECT MY SCORES AND SUCH? CAN I GET THEM DELETED BY CONTACTING/FILING A COMPLAINT WITH FTC AND CPFB...ANY ADVICE PLEASE....CLOSED BY GRANTOR ON 8 FILES IN UNACCEPTABLE, UNFAIR DECEPTIVE CREDIT PRACTICE IMO....HELP PLEASE

Re: COMENITY ... NOT GOOD

CreditMagic7 — Sat, 07 Jan 2017 04:12:04 GMT

Did you go on a Comenity spree and added most of those in a short time frame?

Once Upon A Time it didn't matter at all but over the past last year they are aggressively striking down card accounts added in short order along with measuring the amount of EQ Inquiries added in a short space too.

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:19:27 GMT

yes....all in a month....I had them in my possesion, used 3 and PIF just a week ago....whats it gonna do to my CB

Re: COMENITY ... NOT GOOD

creditguy — Sat, 07 Jan 2017 04:19:39 GMT

Filing a complaint will get you nowhere if the information is accurate and if Comenity closed your accounts then it's indeed accurate. The closing by you or them reporting makes no difference and has no affect on your scores solely, now if it affects your overall utilization then you could see a score change.

It's tough to have something like this happen, but if you search this forum, you will find a treasure trove of Comenity stories littered with broken dreams and closed accounts. What's done is done, all you can really do is move on and chalk it up to a life lesson, in the end your better off without Comenity.

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:24:14 GMT

ITS NOT GONNA HURT MY UTILIZATION....IM IN GREAT SHAPE THERE......AS LONG AS IT DOES HURT ME, CREDIT WISE AS IN ANOTHER COMPANY GETTIN SPOOKED BY THE CLOSED BY GRANTOR, IM GOOD...

Re: COMENITY ... NOT GOOD

Discover2016 — Sat, 07 Jan 2017 04:25:13 GMT

@Anonymous wrote:
THIS BANK CLOSED ALL MY ACCOUNTS WITH THEM...8 TO BE EXACT......ALL WERE REPORTING ON CRB'S..NOW THEY WILL HAVE {CLOSED BY GRANTOR}...HOW DOES THIS EFFECT MY SCORES AND SUCH? CAN I GET THEM DELETED BY CONTACTING/FILING A COMPLAINT WITH FTC AND CPFB...ANY ADVICE PLEASE....CLOSED BY GRANTOR ON 8 FILES IN UNACCEPTABLE, UNFAIR DECEPTIVE CREDIT PRACTICE IMO....HELP PLEASE

Yea I believe you added too many comenity accounts at once and they bolted. Not only that, but I have read some of your recent posts and you have been on a crazy app spree in the last 2 weeks or so?

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:26:30 GMT

Comenity is know for this......and tbh, I see why they were spooked. I think any creditor should be spooked with that many cards in that short timeframe.

Re: COMENITY ... NOT GOOD

CreditMagic7 — Sat, 07 Jan 2017 04:32:20 GMT

@Anonymous wrote:
yes....all in a month....I had them in my possesion, used 3 and PIF just a week ago....whats it gonna do to my CB

I wish you could have researched this forum first before going to that extreme.

Yes, they will approve left and right for a ton of new cards but with that many all at once in that short of time they have a new policy in place where they now swoop in and close them all leaving you with what you just experienced.

Learn from this and move on. You see just how fast it can go south and waste your HP's, efforts, and tag out your credit reports with multiple CLOSED BY LENDER in the end.

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:41:54 GMT

Yep, a learning experience fo sho......MY FEAR IS THAT THIS BEHAVIOR BY THEM WILL HAVE AN ADVERSE EFFECT ON MY CB..........WITH CLOSED BY LENDER.ON 8 ACCOUNTS? ANYONE KNOW EXACTLY WHAT I CAN EXPECT? ANYON EVER EXPERINCE THIS?

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:42:55 GMT

ONLY 1 WAS A HARD PULL...7 OTHERS WERE ON THE SCT

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:48:16 GMT

I was greedy

Re: COMENITY ... NOT GOOD

creditguy — Sat, 07 Jan 2017 04:55:55 GMT

The SCT is an easy way to obtain cards but it's a double edged sword IMO. I believe it was your foray into the Comenity capital world that triggered all account closures. Most Comenity closures happen when you get a Visa or MasterCard with Comenity capital, that's when they start to scrutinize and get spooked, had you stayed on the Comenity bank side with just store cards you might still have them, but could of would of should of.

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 04:55:53 GMT

Don't beat yourself up.....but yes you got carried away. You are not the only one who took it and ran to all the way to China

SCT can be a valuable tool for folks to establish a couple of lines of revolving credit as long as it's not over done. But far too often, these are the results if restraint is not used.

I dont know know how this will affect your credit or if it will have an effect at all.

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 05:08:03 GMT

The closure reason (by customer or by issuer) has no impact on FICO score, so the only concern is manual review (particularly when applying for a new card).

Underwriters would be a lot more concerned if you had closures from multiple lenders than from just one, and probably many of them know about this bank. Basically you weren't fraudulent or didn't pay, you were just too aggressive in credit seeking (easy to do with SCT and reading forums like this where card acquisition is pushed!) So it probably won't hurt you much going forward, but I would certainly wait a bit before applying for a new card

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 05:20:41 GMT

thanks,,,very reassuring..

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 05:23:02 GMT

I have read where the lenders have codes they attach to accounts THEY close...default in payments..late pymnts...etc.....maybe..to many new accounts? i AM MOVING ON

Re: COMENITY ... NOT GOOD

pipeguy — Sat, 07 Jan 2017 05:35:31 GMT

the only good Comenity account IMO is a closed Comenity account so just think of it as 8 good accounts. Don't feel bad, they close accounts on Prime borrowers with sterling credit too - no one has figured out why really - best just not to business with Comenity - I know I won't.

Re: COMENITY ... NOT GOOD

rmduhon — Sat, 07 Jan 2017 11:38:30 GMT

Now I'm glad hubby only has 3 Comenity cards. And since we rarely use 1 of them it won't hurt if they get closed.

Re: COMENITY ... NOT GOOD

AverageJoesCredit — Sat, 07 Jan 2017 13:11:22 GMT

I really wonder in the general population, how many are actually aware of the so called Shoping Cart Trick. I know for 100% that had i not found this board would i ever in a million years know about getting a credit card that way.

Lessons learned it happens to many seeking too many Synchrony accounts as well. I think after the initial shock ,like stated before me, just remember what caused it and plan csrefully the cards you will want, need and use for your future credit goals. I cant tell you how many cards i wanted to get just because i was starting to get approvals at begining of my rebuild. I shot myself in the foot applying for things i would have been better off leaving alone. Positively, at least you only suffered 1 hp. That is not too shabby

Re: COMENITY ... NOT GOOD

Anonymous — Sat, 07 Jan 2017 13:24:25 GMT

Is there a difference on comendity store card closure and the visa/MC version? I've never had mine close but they are all store cards and I have a collection of them. The only visa I have with them is the sportsman guide but the just gave me an auto increase and a 0% balance transfer apr deal. Did you have the VISA/MC OP?