topic CLOSED! Comenity Wayfair in Credit Cards

CLOSED! Comenity Wayfair

pacem_et_libertatum — Thu, 30 Apr 2020 16:28:46 GMT

Hello All,

Woke up this morning to a "Did you close this account" alert from CK.

Interestingly, after I started reading on MF about all the account closures, I did a review and noticed my Wayfair card hadn't been used in about 2 years so I put a note on my calendar to charge something on it ~ even went looking for flatware on Wayfair ~ but alas, didn't make the purchase in time.

I'm not sure charging on it would have mattered tho', as I believe I've read of closures on accounts with balances.

5 Comenity Accounts - Total Exposure 38,600

Wayfair Account Age 1 yr, 7 mos / 4500 limit

West Elm, Pottery Barn, J Crew, Overstock all have zero balances and been used in the last 6 mos, but again, not sure if that matters or not.

Ironically, I also woke up to an alert from Experian reading "High Five! ~ Your FICO Score Is Doing Great!" 😣

So, as other posters have recommended, definitely watch your accounts and work on balancing out your exposure!

Speaking of which, I'm not sure how I'm doing in that department as I also have 19,950 total exposure with Synchrony, but these are all well-used accounts (unlike Comenity) so hoping that is considered!

Anyway, good luck, everyone! I will update if I receive additional closure alerts.

~ Raven

Re: CLOSED! Comenity Wayfair

sccredit — Thu, 30 Apr 2020 16:31:26 GMT

Same here. $5k limit gone. I have only used it once since opening it. Hasn't been used in over 18 months. It was my only card with Comenity. I'm okay with it.

Re: CLOSED! Comenity Wayfair

pacem_et_libertatum — Thu, 30 Apr 2020 16:41:38 GMT

Sorry to hear that, sccredit... Great that you only have one card with them!

Comenity really helped with rebuilding for me (hence the high exposure), but as mentioned these store accounts don't get much use so a bit of a silver lining that I can just cut up the card now. Hoping I can keep the others tho' as my UTI has already risen 1%.

Re: CLOSED! Comenity Wayfair

gdale6 — Thu, 30 Apr 2020 16:41:51 GMT

The moral of the story for all these closures is if you are going to have a card sitting around for padding you still have to use it a few times a year or this is very likely to happen. Sorry to hear it OP.

Re: CLOSED! Comenity Wayfair

sccredit — Thu, 30 Apr 2020 16:47:57 GMT

@pacem_et_libertatum wrote:
Sorry to hear that, sccredit... Great that you only have one card with them!

Comenity really helped with rebuilding for me (hence the high exposure), but as mentioned these store accounts don't get much use so a bit of a silver lining that I can just cut up the card now. Hoping I can keep the others tho' as my UTI has already risen 1%.

I was thinking a couple weeks ago I needed to use it or close it. Been so busy with clients it just never got done. I understand it from Comenity's standpoint. Why keep the exposure if it's not being used? Luckily I don't carry any balances so it only dropped my score 2 points

Re: CLOSED! Comenity Wayfair

sccredit — Thu, 30 Apr 2020 16:48:20 GMT

@gdale6 wrote:
The moral of the story for all these closures is if you are going to have a card sitting around for padding you still have to use it a few times a year or this is very likely to happen. Sorry to hear it OP.

Agreed

Re: CLOSED! Comenity Wayfair

blindambition — Thu, 30 Apr 2020 16:49:16 GMT

Sorry to hear OP. Comenity and Sync are on a take no prisoners rampage.

Re: CLOSED! Comenity Wayfair

pacem_et_libertatum — Thu, 30 Apr 2020 17:02:22 GMT

LOL! Just got a "Don't Forget This Find!" email from Wayfair....

"The flatware set for you!"

Well, I can put it on my Quicksilver if I still want it, I guess!

Don't really think they thought their approach to closing accounts thru. Like rubbing salt in the wound, right?

Re: CLOSED! Comenity Wayfair

pacem_et_libertatum — Thu, 30 Apr 2020 17:08:04 GMT

Yes indeed, gdale6.. Totally agree, a most important point! Padding shouldn't be relied upon, especially indefinitely.

I can't really complain as it seems only fair when considering I rarely used the card, and also factoring what's happening lately in the world. Would have been nice to have notice tho'.

Re: CLOSED! Comenity Wayfair

pacem_et_libertatum — Thu, 30 Apr 2020 17:14:08 GMT

Thanks, blindambition..

Yeah, sure seems that way... I have a about 45% of my exposure with these 2.. Not good. Hoping great use with Synchrony will keep my sccounts open!

Re: CLOSED! Comenity Wayfair

CreditCrusader — Thu, 30 Apr 2020 17:16:26 GMT

@blindambition wrote:
Sorry to hear OP. Comenity and Sync are on a take no prisoners rampage.

The cards they are closing are quite literally "all risk, no reward". They make no money from cardholders who SD the cards, yet still have to account the the risk, however small or large it may be.

Re: CLOSED! Comenity Wayfair

Red1Blue — Thu, 30 Apr 2020 17:28:28 GMT

OP, I am sorry to hear about the closure of your accounts. I guess due to the down turn in economy companies are going to start chopping the cards and limits. Hope things will pick up soon.

Re: CLOSED! Comenity Wayfair

blindambition — Thu, 30 Apr 2020 17:37:55 GMT

@CreditCrusader wrote:
@blindambition wrote:
Sorry to hear OP. Comenity and Sync are on a take no prisoners rampage.
The cards they are closing are quite literally "all risk, no reward". They make no money from cardholders who SD the cards, yet still have to account the the risk, however small or large it may be.

I didn't say there wasn't reason, or risk. The scope in closures from these 2 lenders though. Not new, and expected. Just a good reminder to use cards. Also limit exposure with lenders. Certainly these two.

They help provide valuable DP.

Re: CLOSED! Comenity Wayfair

pacem_et_libertatum — Thu, 30 Apr 2020 19:00:39 GMT

Right, I totally get it, Crusader.. It does feel a bit ruthless to close the account completely tho'. I feel they could have kept it open & lowered the limit signifcantly.

That way, should you wish to use the card in the future it would be available, and there would be no loss of unused rewards (or the ability to accrue them).

Still, I really do understand... I did benefit from having the account open for the limited time it was and I can't blame creditors for completely freaking out like everyone else.

@CreditCrusader wrote:
@blindambition wrote:
Sorry to hear OP. Comenity and Sync are on a take no prisoners rampage.
The cards they are closing are quite literally "all risk, no reward". They make no money from cardholders who SD the cards, yet still have to account the the risk, however small or large it may be.

Re: CLOSED! Comenity Wayfair

Red1Blue — Thu, 30 Apr 2020 20:24:53 GMT

Fortunately, I do not have any accounts with Synchrony or Comenity. They can not close some thing I do not have with them.

Re: CLOSED! Comenity Wayfair

Anonymous — Fri, 01 May 2020 02:06:06 GMT

Comenity closed two of my accounts yesterday as well- David's Bridal and Express, both inactive for 2+ years so not surprising. Both were toy limits, I didn't really mind DB being closed since I was never going to use it again, and I had been thinking about letting Express ride out as well... but they could've given me a heads up instead of me having to find out through Credit Karma. 🙄 Also, Express was open since 2014 and the only other active card I have that's that old is Victoria's Secret which is also Comenity- luckily that one was last used more recently (about a year ago), and I literally JUST placed a small order with them on Tuesday night because I knew it was getting to be that time. It does sting to see 'account closed by credit issuer' on my report for those two, but at least it also says they were PIF/zero balance and my scores don't seem to have been affected. I've got better cards with better CLs anyway so I guess I'll just focus on those now.

Re: CLOSED! Comenity Wayfair

wasCB14 — Fri, 01 May 2020 05:40:33 GMT

@pacem_et_libertatum

I think you want "libertatem" and not "libertatum"? Or the full context has "freedom" as a genitive plural?

Re: CLOSED! Comenity Wayfair

Dalmus — Fri, 01 May 2020 06:04:31 GMT

I would say in today's financial environment, a small charge every six months might not be enough to keep a card alive. I'd probably increase it to every three months of you really want to be safe.

Re: CLOSED! Comenity Wayfair

Anonymous — Fri, 01 May 2020 15:34:07 GMT

Comenity emailed me a few months ago, on March 9, 2020, for 3 separate accounts that all hadn't been used in 31 months! The message was the same for all. Here's part of one of the emails, since I'm not able to post a screen shot!

Keep your ALL Rewards Credit Card from being closed with only one purchase.

We’re Comenity Bank and we handle everything related to your ALL Rewards Credit Card account.

You may not realize it, but your ALL Rewards Credit Card account hasn’t been used in 31 months
That’s why we’re planning to close your account on May 4, 2020. This means you won’t be able to make any more purchases with this card – and we’ll let the credit bureaus know your account is closed.

Want to keep your card active? Please make one purchase by May 2, 2020
We’d love to continue having you as a ALL Rewards Credit Card customer. So we’re inviting you to keep your account open with a single purchase – but you must make it by May 2, 2020. Otherwise, your account will be closed on May 4, 2020.

SHOP NOW

Re: CLOSED! Comenity Wayfair

Anonymous — Fri, 01 May 2020 15:44:42 GMT

@Dalmus wrote:
I would say in today's financial environment, a small charge every six months might not be enough to keep a card alive. I'd probably increase it to every three months of you really want to be safe.

There is probably some implied cost in closing a card (a certain percentage will call in for example) so issuers will be weighing that against the cost of having unused accounts before doing it too frequently.

A while back, Capital One CLD a few high CL accounts where the limit wasn't been used "enough", small charges didn't help. I thought that would be more widely adopted as it makes sense, I don't care how often it is used, more how much money I am making!