topic Re: Comenity Shutdown, with a twist :( in Credit Cards

Comenity Shutdown, with a twist :(

DeeBee78 — Tue, 28 Mar 2017 15:59:10 GMT

I was starting to wonder where my Williams-Sonoma Visa card was. Now it looks like I won't be receiving one...

Well, I'm definitely surprised. Most stories you hear about Comenity shutdowns invovle people that have a ton of exposure with the lender, and mostly with their Visa/MC majors. This was the only account I had with them after going through my 2017 Cardpurgeocalypse. I haven't even had a chance to update you guys on how I closed my Barney's New York ($30,750) or Express Next ($3,180) earlier this month.

I had zero Comenity accounts at the time I applied for the Williams-Sonoma Visa in store. Now I have none. I'm not sure what the reason is, but it will probably be new accounts. In the last three months, I've added 3 Amex cards, 2 Chase cards, DCU, Wells Fargo, and Discover. At one point I had $50K of exposure with them on my store cards.

I think once I receive the reason in the mail, I will pay off the account, call them and ask them to remove the account and inquiry from my credit reports. If they won't budge, I'll make a ruckus with the Consumer Financial Protection Bureau, while it still exists.

Re: Comenity Shutdown, with a twist :(

TiggerDat — Tue, 28 Mar 2017 16:16:43 GMT

I am confused.

You applied in store, got it, bought something, was expecting it to arrive, and then they axed it?

I am not getting clearly the sequence of events.

Re: Comenity Shutdown, with a twist :(

odd_dog — Tue, 28 Mar 2017 16:40:31 GMT

@TiggerDat wrote:
I am confused.

You applied in store, got it, bought something, was expecting it to arrive, and then they axed it?

I am not getting clearly the sequence of events.

THAT is EXACTLY what happened to me....no Comenity cards, got a BJ membership in store they asked if I wanted to apply said yes...instant 25K limit, bought about $300 on card at BJ's get the card, paid down $150 went to use the card at gas station, no go, called they cancelled the card! all within about a 11 day time frame. They said nothing they could do "closed permanently" BUT I could reapply!? WHAT? No thanks, will NEVER get ANYTHING from that "bank" again, asked them to take off the inquiry they said no...end of story.... Sorry this happened to you too OP!!

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 16:44:42 GMT

Same thing just happened to a friend. Applied for the AKC Visa. Instant Approval. After 3 weeks no card. He called. Closed. No card coming. Why? Too many new accounts. He had 5 in the last year.

Re: Comenity Shutdown, with a twist :(

DeeBee78 — Tue, 28 Mar 2017 17:11:06 GMT

@TiggerDat wrote:
I am confused.

You applied in store, got it, bought something, was expecting it to arrive, and then they axed it?

I am not getting clearly the sequence of events.

You have the sequence of events correct. I applied in store, was immediately approved for the Visa at $4,000, and used it to make my purchase and get 20% off.

Now, 10 days later, I receive a MyFICO alert, telling me the account is closed.

If you're asking about the item I purchased, I walked out of the store with it - thus the $258 balance.

Re: Comenity Shutdown, with a twist :(

AverageJoesCredit — Tue, 28 Mar 2017 17:20:02 GMT

Sorry DeeBee.

I can understand if a creditor doesnt want to approve for too many recent inquiries or aquisitions as its obvious they want you to use their card and with multiple new ones, they arent gaurenteed that. BUT, i find it totally nonsense to approve you and close you down before you even get the card. Thats wrong. I know they maybe different departments but they should due the homework on who they give credit too, thats why we have credit reports, or should anyway. Lol odd _dog Reapply?? Yeah, to my shreddar

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:22:34 GMT

I'm really sorry this happened to you DeeBee78. The account closure may be due to all the new accounts you've opened in the past 3 months. I believe this was a common theme amongst folks reporting account closures last year.

You can ask Comenity to remove the account and HP, but I don't think you'll have much luck. This situation is unfortunate but you applied for the credit card so the HP and account information is valid.

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:26:02 GMT

Comenity did this exact thing quite a lot in 2016. It is triggered by the new card application, and it had to do with how many inquiries you have on EQ and EX.

Exact number of inquiries that are of concern is subjective and is apparently only known to Comenity. It happened to one person who had 5 inquiries.

It does not have to do with how many Comenity accounts you have, since it happened to people with only one or two Comenity accounts.

Very sorry this happened, OP.

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:27:06 GMT

LOL @ AverageJoes' shreddar!

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:28:54 GMT

Also ( at least according to the way it happened to many people in 2016), it's based on number of EQ and EX inquiries overall and not just about new accounts. It's an inquiry based thing.

Re: Comenity Shutdown, with a twist :(

odd_dog — Tue, 28 Mar 2017 17:30:55 GMT

@AverageJoesCredit wrote:
Sorry DeeBee.

I can understand if a creditor doesnt want to approve for too many recent inquiries or aquisitions as its obvious they want you to use their card and with multiple new ones, they arent gaurenteed that. BUT, i find it totally nonsense to approve you and close you down before you even get the card. Thats wrong. I know they maybe different departments but they should due the homework on who they give credit too, thats why we have credit reports, or should anyway. Lol odd _dog Reapply?? Yeah, to my shreddar

and Joe she said it with a serious tone....LMAO!!!

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:31:49 GMT

odd dog wrote:

THAT is EXACTLY what happened to me....no Comenity cards, got a BJ membership in store they asked if I wanted to apply said yes...instant 25K limit, bought about $300 on card at BJ's get the card, paid down $150 went to use the card at gas station, no go, called they cancelled the card! all within about a 11 day time frame. They said nothing they could do "closed permanently" BUT I could reapply!? WHAT? No thanks, will NEVER get ANYTHING from that "bank" again, asked them to take off the inquiry they said no...end of story.... Sorry this happened to you too OP!!

humuhumunukunukuapua'a wrote:

Now we see just how ridiculous Comenity is, when it was your first and only Comenity account.

Just say no to Comenity.

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:32:30 GMT

@Anonymous wrote:
Comenity did this exact thing quite a lot in 2016. It is triggered by the new card application, and it had to do with how many inquiries you have on EQ and EX.

Exact number of inquiries that are of concern is subjective and is apparently only known to Comenity. It happened to one person who had 5 inquiries.

It does not have to do with how many Comenity accounts you have, since it happened to people with only one or two Comenity accounts.

Very sorry this happened, OP.

I remember that too Humu. Once we started getting more data points, I think one of the most recurring themes were too many new accounts which would also cause one's inquiries to increase.

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:35:08 GMT

@odd_dog wrote:
@AverageJoesCredit wrote:
Sorry DeeBee.

I can understand if a creditor doesnt want to approve for too many recent inquiries or aquisitions as its obvious they want you to use their card and with multiple new ones, they arent gaurenteed that. BUT, i find it totally nonsense to approve you and close you down before you even get the card. Thats wrong. I know they maybe different departments but they should due the homework on who they give credit too, thats why we have credit reports, or should anyway. Lol odd _dog Reapply?? Yeah, to my shreddar
and Joe she said it with a serious tone....LMAO!!!

Hey odd_dog! Do you have any new accounts other than your Comenity app? If yes, how many?

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 17:45:41 GMT

Some helpful information that myfico member Gregg posted in 2016, below ( he has an insider friend who works at Comenity)

http://ficoforums.myfico.com/t5/Credit-Cards/Commenity-Accounts-To-Be-FR-ed-in-2016/m-p/4353384/highlight/true#M1245469

Re: Comenity Shutdown, with a twist :(

odd_dog — Tue, 28 Mar 2017 17:59:43 GMT

@beautifulblaquepearl wrote:
@odd_dog wrote:
@AverageJoesCredit wrote:
Sorry DeeBee.

I can understand if a creditor doesnt want to approve for too many recent inquiries or aquisitions as its obvious they want you to use their card and with multiple new ones, they arent gaurenteed that. BUT, i find it totally nonsense to approve you and close you down before you even get the card. Thats wrong. I know they maybe different departments but they should due the homework on who they give credit too, thats why we have credit reports, or should anyway. Lol odd _dog Reapply?? Yeah, to my shreddar
and Joe she said it with a serious tone....LMAO!!!
Hey odd_dog! Do you have any new accounts other than your Comenity app? If yes, how many?

Beautiful, now you are getting into dangerous territory! LOL I have/had (this incident happened around Sept 2016) at least 20 on my TU, about 5 each on EX and EQ - and not ashamed of it...LOL BUT that was all on my report when they pulled it, so gotta wonder WHY approve? And no inquires in the 11 days it took them to close it.....

Re: Comenity Shutdown, with a twist :(

yfan — Tue, 28 Mar 2017 18:01:33 GMT

It is a little odd that they are shutting people down after approving them based on information they already had at the time of the approval. It'd definitely be a more prudent course of action not to issue credit in the first place. It's not that hard to make a system count inquiries, either.

Re: Comenity Shutdown, with a twist :(

Benzman — Tue, 28 Mar 2017 18:05:51 GMT

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 18:06:54 GMT

Comenity and the way they make decisions has never made any sense, that is one thing we do know.

Similar type of thing happened last week when a myfico member reported that BoA shut down her card and 12 days later sent her a letter thanking her for being a good customer and inviting her to do a balance transfer.

I realize those things may get preprinted far in advance, but seriously?

Re: Comenity Shutdown, with a twist :(

Anonymous — Tue, 28 Mar 2017 18:07:58 GMT

Just remember:

Comenity. We take your cards away, then send you new ones the very same day.