topic Re: Comenity closed them down in Credit Cards

Comenity closed them down

Anonymous — Wed, 28 Mar 2018 17:16:27 GMT

I did an app spree a few weeks ago. (Insert regret here) Today Comenity closed the three cards I got from them. How worried should I be about my cards from Chase, Discover, Barclay and BMO Harris?

Re: Comenity closed them down

Adkins — Wed, 28 Mar 2018 17:20:15 GMT

The only one I would really watch is Barclays, they act like a jealous lover if you get a bunch of cards after them. Chase can get nervous, too (but not as bad as Barclays). Discover won't blink about it. I don't know the BMO Harris card so I can't comment on it.

Re: Comenity closed them down

nrm — Wed, 28 Mar 2018 17:46:52 GMT

@Adkinswrote:
The only one I would really watch is Barclays, they act like a jealous lover if you get a bunch of cards after them. Chase can get nervous, too (but not as bad as Barclays). Discover won't blink about it. I don't know the BMO Harris card so I can't comment on it.

I don't think Barclay is as jealous as Chase. As if declining over/25 apps are not enough, Chae is now closing accounts from those who acquire more than 5 cards in 24 months. My relatives are leaving Chase for this.

Re: Comenity closed them down

Adkins — Wed, 28 Mar 2018 17:49:49 GMT

@nrmwrote:
@Adkinswrote:
The only one I would really watch is Barclays, they act like a jealous lover if you get a bunch of cards after them. Chase can get nervous, too (but not as bad as Barclays). Discover won't blink about it. I don't know the BMO Harris card so I can't comment on it.
I don't think Barclay is as jealous as Chase. As if declining over/25 apps are not enough, Chae is now closing accounts from those who acquire more than 5 cards in 24 months. My relatives are leaving Chase for this.

I've read more posts about Barclays being jealous than Chase.

Re: Comenity closed them down

AverageJoesCredit — Wed, 28 Mar 2018 18:06:00 GMT

Chase and Barclays can have each other

Sorry Op, credit world is really touchy feely these days and looks like alot of banks want our money they just dont want us sharing with others ie multiple apps. Not much you can do but hold tight and see what happens. What cards did you get and how and when did you app them? These are valuable data points that might prevent someone from making the same mistake. Also what does your profile look like? Score, inquiries, etc. Thsnks and sorry again.

Re: Comenity closed them down

simplynoir — Wed, 28 Mar 2018 18:10:05 GMT

@nrmwrote:
@Adkinswrote:
The only one I would really watch is Barclays, they act like a jealous lover if you get a bunch of cards after them. Chase can get nervous, too (but not as bad as Barclays). Discover won't blink about it. I don't know the BMO Harris card so I can't comment on it.
I don't think Barclay is as jealous as Chase. As if declining over/25 apps are not enough, Chae is now closing accounts from those who acquire more than 5 cards in 24 months. My relatives are leaving Chase for this.

This is the first I've heard of this. We've read reports of users being closed by Chase for opening too many accounts with them in a short period of time but nothing like Chase expanding the web to include ALL cards acquired in a 24 month span.

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 18:15:06 GMT

Chase will probably be the next, it's likely they close all your credit cards with them.

Re: Comenity closed them down

simplynoir — Wed, 28 Mar 2018 18:18:02 GMT

I don't even know if Chase would go that far to limit customer's ability to get credit elsewhere like that. The 5/24 rule with regards to just Chase themselves has been pretty good at detering the hardcore churners from applying for these cards with few exceptions.

Re: Comenity closed them down

beutiful5678 — Wed, 28 Mar 2018 18:45:11 GMT

@nrmwrote:
@Adkinswrote:
The only one I would really watch is Barclays, they act like a jealous lover if you get a bunch of cards after them. Chase can get nervous, too (but not as bad as Barclays). Discover won't blink about it. I don't know the BMO Harris card so I can't comment on it.
I don't think Barclay is as jealous as Chase. As if declining over/25 apps are not enough, Chae is now closing accounts from those who acquire more than 5 cards in 24 months. My relatives are leaving Chase for this.

I'm curious - are your relatives moderate or hardcore churners? Or are they just people who want to freely acquire cards as they wish without fear of AA? Basically, I'm wondering how the general population of Chase customers are reacting to Chase's rules and recent actions (as opposed to people who frequent places like myFICO or /r/churning and have a bunch of cards).

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 19:04:58 GMT

@nrmwrote:
@Adkinswrote:
The only one I would really watch is Barclays, they act like a jealous lover if you get a bunch of cards after them. Chase can get nervous, too (but not as bad as Barclays). Discover won't blink about it. I don't know the BMO Harris card so I can't comment on it.
I don't think Barclay is as jealous as Chase. As if declining over/25 apps are not enough, Chae is now closing accounts from those who acquire more than 5 cards in 24 months. My relatives are leaving Chase for this.

Where are you getting this information? There absolutely is no widespread reporting of Chase closing accounts down because you opened more than 5 accounts in 24 months. Chase takes AA for a variety of reason and more often than not, the person affected and certainly others have little idea why the account was closed. Chase from time to time, like all creditors, will take A for excessive credit seeking but that doesn't mean they no suddenly have a 5/24 rule for account closings. If that were the case, half the people here would have had their Chase accounts closed. Clearly that isn't the case.

Barcalys without a doubt is more sensitive to new accounts being opened than Chase. It's not even close.

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 19:06:33 GMT

@Anonymouswrote:
Chase will probably be the next, it's likely they close all your credit cards with them.

There is absolutely no way of knowing that and more than likely Chase will not close his accounts. I'm seeing far too many posts about Chase all of a sudden being this AA monster when that's far from the truth.

Re: Comenity closed them down

simplynoir — Wed, 28 Mar 2018 19:28:19 GMT

@Anonymouswrote:
@Anonymouswrote:
Chase will probably be the next, it's likely they close all your credit cards with them.
There is absolutely no way of knowing that and more than likely Chase will not close his accounts. I'm seeing far too many posts about Chase all of a sudden being this AA monster when that's far from the truth.

In fact the only "I don't understand why they AA'd" Chase has done is in relation to for someone getting approved for the Ritz-Carlton card. We've never been able to tell if that was simply coincidence or something that tied it all together. I'm guessing it was just an anomaly but who knows.

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 19:35:44 GMT

@Anonymouswrote:
I did an app spree a few weeks ago. (Insert regret here) Today Comenity closed the three cards I got from them. How worried should I be about my cards from Chase, Discover, Barclay and BMO Harris?

Between January 4, 2018 and January 13, 2018 I applied and was approved for Chase Sapphire Preferred, USAA Cash Back Rewards Plus Amex, Amex BCE, Chase Freedom, HSBC Cash Reward Mastercard, Citi Double Cash Mastercard, and Discover It. The only lender that had a problem with it was Chase. Those cards arrived and when I tried to activate them I was informed the accounts had been closed. I called and was told they did not like the credit-seeking behavior and it appeared too risky for them. I asked for a reconsideration and that request was granted and it was elevated to a senior loan officer. I spent about a half-hour discussing why I was seeking credit in a "spree" and I explained that I was looking to diversify my portfolio and reduce my overall utilization. We discussed my previous 7 paid car loans, all paid in full with zero late payments, my current car loan that had never had a late payment, my student loans which were consolidated and paid on-time, every-time since 2004 and the fact I was current on all credit card payments and overal utilization was 1-2%. After about a week I was notified my accounts had been re-opened. So, I am not surprised at the result you've described, but I hadn't previously heard about that happening with Comenity. You can always try and recon, and I hope your other lenders don't get spooked, but we can all learn a lesson by your experience and those others who are commenting here as well. Best of luck!

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 19:49:06 GMT

@simplynoirwrote:
In fact the only "I don't understand why they AA'd" Chase has done is in relation to for someone getting approved for the Ritz-Carlton card. We've never been able to tell if that was simply coincidence or something that tied it all together. I'm guessing it was just an anomaly but who knows.

Not just the Ritz Carlton, people with only "basic" Chase cards also get closed after being approved.

Re: Comenity closed them down

simplynoir — Wed, 28 Mar 2018 20:03:18 GMT

@Anonymouswrote:
@simplynoirwrote:
In fact the only "I don't understand why they AA'd" Chase has done is in relation to for someone getting approved for the Ritz-Carlton card. We've never been able to tell if that was simply coincidence or something that tied it all together. I'm guessing it was just an anomaly but who knows.
Not just the Ritz Carlton, people with only "basic" Chase cards also get closed after being approved.

For many of those examples they were excessively seeking credit in a short period of time which is why it's understandable Chase (or any creditor for that matter) would have concerns and take AA on them which is why that doesn't hold water to me. Any banking instituation would be within their rights to take a second look for behavior like that.

I just don't think Chase compares to Barclays in terms of taking AA just for seeking a single credit card that's not them as Irish80 alluded to; Chase is nothing like that. People have reported huge CLD and even closures from Barclays just because the only thing that changed in their credit behavior was opening a new card. I don't know any other lender that does that.

Re: Comenity closed them down

UpperNwGuy — Thu, 29 Mar 2018 13:06:25 GMT

When Chase takes AA because of non-Chase cards, it is usually because those non-Chase cards were obtained as part of a spree that included both Chase and non-Chase cards. There are several accounts of such AA on myFICO Forums and on Doctor of Credit.

I think app sprees are always a bad idea, but including Chase in such a spree is an especially bad idea.

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 21:44:39 GMT

Comenity has shut me down for much less then what OP has posted... paranoia is something you deal with, if you app with them... Don't even sweat it.

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 21:47:02 GMT

@UpperNwGuywrote:
When Chase takes AA because of non-Chase cards, it is usually because those non-Chase cards were obtained as part of a spree that included both Chase and non-Chase cards. There are several accounts of such AA on myFICO Forums and on Doctor of Credit.

I think app sprees are always a bad idea, but including Chase in such a spree is an especially idea.

Depends on time, score, history, etc. I never had an issue with doing an app spree.

Re: Comenity closed them down

nrm — Wed, 28 Mar 2018 21:49:12 GMT

I had Freedom $19500.00, Disney $15,000.00.
My wife had FU $18,600.00, Disney $15,000.00.
My dad, a CPC had CSR at $85,000.00, Ritz at $60,000.00.
My sis and her hubby shares one CSR at $60,000.00. We all had been banking with Chase for roughly 20 years.

We all acquired several cards from other banks in the last 15 months or so. Guess what? Chase shut all of us down for just one lame reason: "Too many opening credit accounts in the last 24 months!"

We all immediately moved our money from Chase to US Bank, Citi and NFCU. Also, Citi has branches in Southeast Asia, which is a plus for my dad's business.

Re: Comenity closed them down

Anonymous — Wed, 28 Mar 2018 22:29:43 GMT

I assumed that you're either approved or not approved. I didn't realize there was a chance anyone would just boot me later. :-(

At the time TU= 721 EQ= 664 EX= 684

I've had Chase Amazon Prime for about 6 mos. SL was $3k and they gave me auto CLI of $1k. I saw they showed offers for me so I picked freedom unlimited, $4.5k SL. I also just got a promotional offer on the Amazon card for 0% Apr for 6 mos.

The rest of these happened within a month, not sure which order:

Discover it= $7.5k
Barclays priceline=$5k
BMO Harris= $9k
Menards= $1k
Nordstrom=$1.5k
Kohls=$800
Ulta=$1k
Bergners=$750
Overstock=$250 (wth)

I had to call and verify info for Ulta. They offered account assure on the phone and I took it. But when I activated the card, I cancelled the account assure. Couple days later they closed Ulta, Bergners and Overstock.

Lesson learned. I'll update if anything else happens.