topic Re: Overstock closed in Credit Cards

Overstock closed

Jnbmom — Wed, 29 Apr 2020 07:30:25 GMT

Well checking our reports today, apparently Overstock just closed DH's 29K line. We used it sparingly, but it's has not been used in over 6 months. So no big loss, funny he just got a 2.4K CLI 2 weeks ago and now its closed.

No email or letter etc, No notice at all.

Re: Overstock closed

tcbofade — Wed, 29 Apr 2020 08:44:46 GMT

Is that a Synch card?

Re: Overstock closed

Jnbmom — Wed, 29 Apr 2020 09:20:56 GMT

@tcbofade wrote:
Is that a Synch card?

@tcbofade

Nope comenity, I guess it's their turn now. So far he has had 2 synchs and now 1 comenity. All mine remain intact.

Re: Overstock closed

JR_TX — Wed, 29 Apr 2020 15:37:22 GMT

Sorry to hear about DH's loss of $29K in available credit @Jnbmom . Yep they've been consolidating unused portfolios lately.
I was actually surprised when DW got a notice of closure on her Lexus card as well. Apparently she hasn't used it for 18 months. I'm just a little upset cuz it was us that got dumped by Comenity instead of the other way around! I just really really DO NOT like them!

Re: Overstock closed

M_Smart007 — Wed, 29 Apr 2020 15:41:31 GMT

Sorry @Jnbmom

I know you work hard at everything!

And thank you for your frontline service during these times.

Re: Overstock closed

Jnbmom — Wed, 29 Apr 2020 15:59:22 GMT

@M_Smart007 wrote:
Sorry @Jnbmom

I know you work hard at everything!

And thank you for your frontline service during these times.

@M_Smart007 Thank you for your kind words.

@JR_TX Yes luckily he has enough other lines ATM and this should really not effect his utilization. He has 2 other commenity cards IKEA visa and AKC visa. Just waiting to see if they are next ?

Re: Overstock closed

Anonymous — Wed, 29 Apr 2020 22:09:50 GMT

Same here. Got an alert there was a change to my credit file but no notice from them. They closed my Overstock, Wayfair and Pottery Barn. About $89k in credit limits, but to be fair I haven't really used them since I opened them two years ago and don't need the padding so oh well! Good way to trim some of my store cards I guess.

Re: Overstock closed

Jnbmom — Wed, 29 Apr 2020 22:12:32 GMT

@Anonymous

Sorry about your luck as well. Yes the loss won't change his utilization and even if he looses the other 2 it won't change.

Just waiting for the other 👠 to drop

Re: Overstock closed

wasCB14 — Wed, 29 Apr 2020 22:25:49 GMT

Overstock has declining revenue and has been unprofitable for the last three years. They're investing a lot of cash into a cryptocurrency and digital securities business, but it has yet to generate significant revenue or a profit.

Maybe their technology bets will pay off, but it's not out of the question that all Overstock cards will be closed via a corporate bankruptcy in a few years.

Re: Overstock closed

FireMedic1 — Wed, 29 Apr 2020 22:49:28 GMT

Oh Wow! Sorry @Jnbmom . No notice. That sucks. Least give a warning and not the cold shoulder.

Re: Overstock closed

Peazmom — Wed, 29 Apr 2020 23:07:25 GMT

Sorry about the closure @Jnbmom. They hit me today as well. Ulta got axed with no notice. Only found out when I got an alert from MyFICO.

Re: Overstock closed

Jnbmom — Wed, 29 Apr 2020 23:04:37 GMT

@Peazmom wrote:
Sorry about the closure @Jnbmom. They hit me today as well. Ulta got axed with not notice. Only found out when I got an alert from MyFICO.

Yeah good ole CK alerted us

Re: Overstock closed

Jnbmom — Wed, 29 Apr 2020 23:06:12 GMT

@FireMedic1 wrote:
Oh Wow! Sorry @Jnbmom . No notice. That sucks. Least give a warning and not the cold shoulder.

@FireMedic1

Notice now that's not their or synch's style 😡

Re: Overstock closed

Meanmchine — Thu, 30 Apr 2020 01:14:45 GMT

Sorry guys

Re: Overstock closed

Anonymous — Thu, 30 Apr 2020 06:04:49 GMT

@Jnbmom wrote:
Well checking our reports today, apparently Overstock just closed DH's 29K line. We used it sparingly, but it's has not been used in over 6 months. So no big loss, funny he just got a 2.4K CLI 2 weeks ago and now its closed.

No email or letter etc, No notice at all.

This to me serves as a prime example of why we hear on this Forum "it is just business" since they can't even send you a notice!

Re: Overstock closed

SweetCreditObsession — Thu, 30 Apr 2020 06:10:49 GMT

That's crazy! I hope that you can get some answers and that it doesn't hurt your utilization.

Re: Overstock closed

GApeachy — Thu, 30 Apr 2020 10:02:36 GMT

Sorry Sistah! Glad DH didn't need the utl padding and lemme guess....he couldn't give a rats tail 'bout Sync or Comenity huh? As long as he doesn't have to pick up the phone

Hugs and stay safe out there!

Re: Overstock closed

M_Smart007 — Thu, 30 Apr 2020 10:17:04 GMT

@GApeachy wrote:
Sorry Sistah! Glad DH didn't need the utl padding and lemme guess....he couldn't give a rats tail 'bout Sync or Comenity huh? As long as he doesn't have to pick up the phone
Hugs and stay safe out there!

Re: Overstock closed

CreditCrusader — Thu, 30 Apr 2020 13:59:10 GMT

Personal point here:

I routinely shop at stores where Comenity backs the cards. I likewise get pop ups telling me I'm pre-approved for those cards.

And yet, DW and I NEVER accept offers from places we don't shop at...and NEVER ask for CLIs wildly beyond our reasonable spend targets.

I know these closures sting. They've happened to nearly all of us at some point or another.

But they should serve as a cautionary tale for the whole lot of the MyFico family. CCCs are going to adjust their policies for the foreseeable future. It's on us to adjust...because they're sure as hell not going to.

Re: Overstock closed

Jnbmom — Thu, 30 Apr 2020 18:32:56 GMT

@GApeachy wrote:
Sorry Sistah! Glad DH didn't need the utl padding and lemme guess....he couldn't give a rats tail 'bout Sync or Comenity huh? As long as he doesn't have to pick up the phone
Hugs and stay safe out there!

@GApeachy

It's okay he doesn't even remember half the cards he has lol . And I always am looking to thin the herd , they just made it easier for me 😂