topic Re: Shut down by comeity Bank in Credit Cards

Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 15:28:48 GMT

I opened 11 bank accounts with Comenity Bank 2 years ago all store cards .everything was fine my score went up 160 points .and I have 2 discover cards 2 capital one cards then I got approved for 6 new cards with Comenity Bank all visas or MasterCards one of them started using it and just got 1st statement then I tried to use another card and was declined so I checked all other cards and the same thing ..the reason nobody knows you have to wait for a letter ..now my problem is not in loosing new cards as much as the old accounts with two years history payment .my credit ratio is 17% .they at been so good to me last 2years instantly credit increase all the time I pay always on time never late no complaints at all of sudden they shut me down .for someone who is trying so hard to fix his credit and paying all extra fees it hurts .does anyone have an idea what I should do ?

Re: Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 15:37:20 GMT

Comenity looked to help you, but others have had similar problems as yours. Once you added their Visas /MCs to your mix seems to be when they move to shut down accounts. I haven't seen success getting accounts reinstated; sorry

Re: Shut down by comeity Bank

Dalmus — Thu, 04 Jan 2018 16:03:48 GMT

@Anonymous wrote:
I opened 11 bank accounts with Comenity Bank 2 years ago all store cards .everything was fine my score went up 160 points .and I have 2 discover cards 2 capital one cards then I got approved for 6 new cards with Comenity Bank all visas or MasterCards one of them started using it and just got 1st statement then I tried to use another card and was declined so I checked all other cards and the same thing ..the reason nobody knows you have to wait for a letter ..now my problem is not in loosing new cards as much as the old accounts with two years history payment .my credit ratio is 17% .they at been so good to me last 2years instantly credit increase all the time I pay always on time never late no complaints at all of sudden they shut me down .for someone who is trying so hard to fix his credit and paying all extra fees it hurts .does anyone have an idea what I should do ?

It sucks that they shut you down, and I feel for you... But honestly, you appeared to have 17 Comenity accounts? That's a WHOLE lot of cards with one bank. Once you started adding Visa/MC accounts into the mix, they started looking at you closer.

I fell into the same pattern, so you'll get no judgement from me! But I've since learned that having all those low-limit store cards soley for padding utility is not really that good for your credit report in the long run. It makes it harder to get "real" limits on regular cards from better banks.

Unfortunately, I haven't seen any posts here over the last two years detailing how anybody was able to get their accounts turned back on. Comenity will likely say it was number of new accounts and inquiries that caused the closures.

I'd chalk it up as a lesson learned... If there's a particular store card that you REALLY use, you might try reapplying for it via a SP app if you can, but I think you'll do yourself more harm than good by detonating another torpedo against your AAoA. Which Discover and CapitalOne cards do you have?

Re: Shut down by comeity Bank

AverageJoesCredit — Thu, 04 Jan 2018 17:02:39 GMT

Agree with previous posters. Like drinking and driving, for some reason mixing visas and store cards seems to upset Comenity's equilibrium.
We all make mistakes, but i hope someone else reading this learns its never a good idea to apply for 17 credit cards from one lender, i dont care if its Chase or Credit One, thats just too many eggs in one basket.

Also agree with Comenity, they are probably closed for good. Look for cards that fit your lifestyle but dont lock you into whims of just one creditor. Thanks for sharing your story, im sure itll help someone down the road

Re: Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 18:16:54 GMT

Agreed! way too much exposure with one bank likely in too short of a time as well.

Re: Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 18:19:07 GMT

Just wanted to mention that "rebuilding credit" never, ever, ever involves getting even 1 store card, let alone 11 or 17 or whatever.

If anyon is reading this thread who has poor or no credit at all, avoid store cards for now. It's a useless exhausting trap.

Re: Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 18:30:57 GMT

Thank guys
At least I was lucky to get some other cards not best choice but at least to have a mix
I was able to bet Merrick Card now $1409
Lend up visa $500
Discover secured $300 then graduated to $2500 unsecured
Barclay 2 new cards $1000 and $2000
Got approved for Discover it $9000
I tried to get a mix now no more Comenity ever

Re: Shut down by comeity Bank

gdale6 — Thu, 04 Jan 2018 20:02:14 GMT

I too had multis with them and when I saw all the threads start about them closing people down I voluntarily trimmed my exposure to them to one account the AKC Visa. Its all I will ever have with them even though they try to hand me every store card they have with a preapproval when I shop.

Re: Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 20:58:51 GMT

I would imagine this site alone caused huge headaches for Comenity when everyone learned about the SCT. I know I had 12 of their cards at one point.

This new trend of shutting people down is sending new posts here to warn everybody about excessive behavior.

When you apply for store cards you really don't need, you end up buying stuff you really don't need just to keep the card active. I'm not sure Comenity's store partners like having 2 million customers who only buy a pair of socks every 3 months.

In the 3 1/2 years I have had the Sportsman's Guide Visa I have not spent more than $75 on the Sportman's Guide site, other than the yearly buyer's club fee. In the 3 1/2 years I had the Total Rewards Visa I have not been to a casino or stayed in a hotel with a casino. That can't be good for Comenity's partners.

Re: Shut down by comeity Bank

UpperNwGuy — Thu, 04 Jan 2018 21:07:24 GMT

@Anonymous wrote:
Thank guys
At least I was lucky to get some other cards not best choice but at least to have a mix
I was able to bet Merrick Card now $1409
Lend up visa $500
Discover secured $300 then graduated to $2500 unsecured
Barclay 2 new cards $1000 and $2000
Got approved for Discover it $9000
I tried to get a mix now no more Comenity ever

And now that you have that diverse collection of cards, you should take a long break, perhaps a full year, during which you apply for no new cards. Rebuilding credit is best done SLOWLY over many years, not all at once with a flurry of activity.

Re: Shut down by comeity Bank

Anonymous — Thu, 04 Jan 2018 23:21:47 GMT

That’s my plan .i just hope other card won’t get effected by this craziness ..Discover is been so good to me .they are the best and I am working with Capital one also they are very slow with me but I’ll get there .and for sure no more Comenity Card nooooo waaaay ..And I think they should remove the hard inquiries if they cancel those accounts before even listed in the credit reports .

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 06:09:09 GMT

This site is great, and great advise. But that SCT was the worst advise ever given on here, slow and steady is the way to build credit. And you and many others giving your experiences is great for teaching, good luck to you!

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 06:18:45 GMT

@Anonymous wrote:
This site is great, and great advise. But that SCT was the worst advise ever given on here, slow and steady is the way to build credit. And you and many others giving your experiences is great for teaching, good luck to you!

Most seasoned members of this board do not support SCT. It just gets tiring repeating yourself, and at the end of the day, people are going to do what they want.

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 07:32:30 GMT

I’ll admit that I fell into that SCT trap. I ended up with probably 7 or 8 cards. Of course this was right when I got into extremely rebuilding my credit and of course I realized how damaging it was to my AAoA.

I’ve since closed all of them except the Victoria’s Secret one cause my wife shops there and we use it at Bed, Bath, Beyond as well.

I also kept open the Overstock one cause we do purchase from that place as well.

Everything else was just a waste of time and did more damage than good to me.

I’m in complete agreement that you should never do the SCT trick or really just shoot for all those store cards from them at all.

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 10:30:51 GMT

I am surprised by your reaction @CreditContractor you are usually the Comenity supporter around here.

I am sorry your accounts were closed! I hope the same does not happen to me I just added a Comenity Mastercard to my portfolio

I am one of the few supporters of store credit cards, I find that if you shop at the store enough they can be very beneficial. You may notice by my signature that some of my MasterCard/ Visa's are attached to stores.

Re: Shut down by comeity Bank

HeavenOhio — Fri, 05 Jan 2018 13:47:04 GMT

@Anonymous wrote:
I am one of the few supporters of store credit cards, I find that if you shop at the store enough they can be very beneficial. You may notice by my signature that some of my MasterCard/ Visa's are attached to stores.

The co-branded MasterCard/Visas are different animals. They can be used anywhere. You can use them all the time if you'd like without ever having to buy from the connected retailer. Or if it comes down to making a purchase to keep the card active, you can buy something you actually need.

True retail cards can only be used at one place or at a small handful of places. Some can be worth it if they offer nice rewards and one shops at that particular store frequently. Otherwise, they're just clutter.

But I think the real issue here is the bank. Comenity is just plain too risky to deal with. I was shopping recently when the guy ahead of me pulled out his Comenity card for that store. It was declined. The cashier just shook her head and said, "This happens all the time." He pulled out his handy-dandy AMEX, paid with that, and was all set.

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 14:01:59 GMT

@AverageJoesCredit wrote:
Agree with previous posters. Like drinking and driving, for some reason mixing visas and store cards seems to upset Comenity's equilibrium.
We all make mistakes, but i hope someone else reading this learns its never a good idea to apply for 17 credit cards from one lender, i dont care if its Chase or Credit One, thats just too many eggs in one basket.

Also agree with Comenity, they are probably closed for good. Look for cards that fit your lifestyle but dont lock you into whims of just one creditor. Thanks for sharing your story, im sure itll help someone down the road

Concur - I have only one Comenity card (Overstock) and expect to keep it that way since there aren't really any other places I want to shop with that have Comenity-issued cards. I do have three Cap One cards but am planning to close the secured one this year once I get my new QS Rewards Visa activated and transfer the secured card's balance to my Penfed Visa. I have three Synchrony cards (Walmart, Amazon, Care Credit) and that's about as far as I want to go with them either except for the Marvel Mastercard. I only have one card each from my other issuers (Discover, Penfed, Apple FCU).

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 14:06:04 GMT

@Anonymous wrote:
@Anonymous wrote:
This site is great, and great advise. But that SCT was the worst advise ever given on here, slow and steady is the way to build credit. And you and many others giving your experiences is great for teaching, good luck to you!
Most seasoned members of this board do not support SCT. It just gets tiring repeating yourself, and at the end of the day, people are going to do what they want.

I never actually used the SCT myself - I got my Overstock card last year via a prequalified/preapproved email offer (same with Walmart). In fact, Cap 1 secured, Amazon and Care Credit are the only three cards I've applied for "cold", all the others have come from prequalified/preapproved offers online or via email/paper mail.

Re: Shut down by comeity Bank

AverageJoesCredit — Fri, 05 Jan 2018 14:15:30 GMT

Having a Comenity card is not bad in and of its self. If you take care of your account, you should be fine. Its just going overboard and unfortunately, not everyone is privy to this site and when these banks have all the retail stores that offer credit, some people will app all the stores they shop without realizing how it may affect them.

DepDep, we know you love your store cards and nothing wrong with that as you shop at them often , its just people should take them in moderation. A store card visa or mc is great option, unfortunately most of us dont qualify for them until weve already established ourselves and by then usually better options

Re: Shut down by comeity Bank

Anonymous — Fri, 05 Jan 2018 14:23:34 GMT

Another factor one needs to think about when applying for store cards is that most of them (certainly the ones issued by Synchrony or Comenity) don't allow balance transfers of existing balances to other cards. This could cause you awkward moments, at the least, if you got a new BT card intending to move your retail-card balance there and then found out you couldn't do it. (For that matter, some bank issuers don't allow BT's from one card issued by them to another either; this made me rethink and adjust my BT plans when I found that out earlier this week.)