topic Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023 in Credit Cards

OverStock (Comenity Bank) - Closing all accounts July 18, 2023

MrBEW — Fri, 09 Jun 2023 16:28:06 GMT

Just wanted to share......

I recieved a letter from Comenity Bank, in reference to my Overstock Card, informing me that my account will be inactive on July 18th.

I guess Citi Bank opted not to buy/transfer accounts curruntly associated with Comenity. Per letter, you will have to apply for the Overstock MC with Citi if you want an Overstock CC account.

That's $8,000 subtracted from my total CLs...oh well.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

Calistal — Fri, 09 Jun 2023 17:25:38 GMT

Thanks for the heads up - I was just contemplating throwing a charge on there to keep it active 😂 glad I didn't now

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

Rogue46 — Fri, 09 Jun 2023 19:18:37 GMT

There was a thread the other day about them not accepting new applications so it's not surprising. They closed my account a few months ago for inactivity so its all good

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

SweetCreditObsession — Sat, 10 Jun 2023 00:48:50 GMT

Wow! Thanks for sharing this, @MrBEW. Do you mind sharing the language they used? Did they say that all accounts would be closed or....was it specific to you?

@Iusedtolurk - note the latest news from an OverStock cardholder.

I haven't received anything from Comenity yet, so I'll keep an eye out for it.

Thanks.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

parch — Sun, 11 Jun 2023 20:08:20 GMT

I got the letter too. It's also on their website.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

ways2go — Mon, 12 Jun 2023 06:47:08 GMT

Did you use it often? or rarely? Never kept a balance? I am just curious if that might be a reason?

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

Adkins — Mon, 12 Jun 2023 20:13:28 GMT

@ways2go wrote:
Did you use it often? or rarely? Never kept a balance? I am just curious if that might be a reason?

None of those reasons have anything to do with the current Overstock credit card closures. The card issuer (Comenity) no longer has a contract with Overstock to issue their credit cards, so everyones' credit card accounts are being closed.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

markhs777 — Mon, 12 Jun 2023 21:23:49 GMT

Overstock of MANY years ago use to have decent prices. Since then the only reason to have the credit card was to pad your credit limits. Other than that absolutely no reason to have one unless for rebuilding and use it for a $10 item occasionally.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

CreditMagic7 — Tue, 13 Jun 2023 16:59:53 GMT

@Adkins wrote:
@ways2go wrote:
Did you use it often? or rarely? Never kept a balance? I am just curious if that might be a reason?
None of those reasons have anything to do with the current Overstock credit card closures. The card issuer (Comenity) no longer has a contract with Overstock to issue their credit cards, so everyones' credit card accounts are being closed.

True. Comenity is done this Merry-Go-Round for many years so it's nothing new for them.

What is new is that $17K just flew out the windows with the closure of Appliances Connection card by Comenity. This one (Overstock card) will tally out the door with $16K limit. That's $33K zilched from holding their store cards.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

twiddledee — Tue, 13 Jun 2023 17:30:06 GMT

I received the same letter - 6k wiped out.
Only used it as a rebuild card.
I was wondering - will the credit reporting agencies view this as a negative since it will state account closed by creditor?

or should we close them down to show we closed them.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

Adkins — Tue, 13 Jun 2023 18:15:22 GMT

@twiddledee wrote:
I received the same letter - 6k wiped out.
Only used it as a rebuild card.
I was wondering - will the credit reporting agencies view this as a negative since it will state account closed by creditor?
or should we close them down to show we closed them.

Nope, it doesn't make a difference on your credit report how it reports as closed.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

Rogue46 — Tue, 13 Jun 2023 18:21:01 GMT

And it's still going to report as a trade line for up to 10 years

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

CreditMagic7 — Wed, 14 Jun 2023 15:43:15 GMT

I saw as others have that Citi is sponsoring their own version of Overstock.Com and as a Mastercard. Just took the smoke from the Appliances Connection card program ending after building it up from scratch 3 years ago. So i suppose (mine see's usage) the start of July i will just close it myself. You can do that easily on the automated phone call.

One thing i think i'm going to do is steer off anymore Comenity/Bread Cards.

Seems many don't last very long. It's an ongoing issue, Chronic.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

kberly69 — Wed, 14 Jun 2023 20:52:25 GMT

I'm losing $18k in credit. Bummer. I did actually use it every couple years or so. It took a ridiculous amount of research and coupon games but I bought lighting, rugs, a Clam screen tent and other stuff for some good prices and 0% interest for up to 3 years.

My Meijer Comenity card was closed last year and Citi just transferred the current customers over. I'll bet they saw those absurd credit limits and said "no thanks". Not worth the hard pull for me for another Overstock card with a more reasonable (for them) limit though. Ah well.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

IantoJones — Thu, 15 Jun 2023 00:06:26 GMT

I received the letter, too.

$16,400 down the drain; this will be a hard hit to my score.

At least it was one of only two Comenity in my portfolio (my Wayfair was converted to an actual "Comenity MasterCard" directly), so I don't have any other exposure (and know not to trust them in future).

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

TinaP8112 — Tue, 20 Jun 2023 19:13:34 GMT

Following for same question.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

stonedog23 — Sat, 24 Jun 2023 01:18:25 GMT

That's 15K wiped away, just when I got my scores looking decent. My Fingerhut was closed due to inactivity, but that was only a 1K hit and it didn't affect my score.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

NoMoreE46 — Sat, 24 Jun 2023 01:36:43 GMT

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

CreditMagic7 — Thu, 29 Jun 2023 21:05:52 GMT

Yep, $16.6K out the door to the rubbish bin here too.

On the brighter side, it reduces my pure store card footprint with them, and overall. FICO may even inch up.

I'll give it another week then close this one myself showing :Closed at consumers request: instead of lender.

Re: OverStock (Comenity Bank) - Closing all accounts July 18, 2023

stonedog23 — Thu, 29 Jun 2023 21:19:48 GMT

Interestingly enough a few years back when Synchrony closed 6 cards of mine, my scores went up. Three were majors, 3 were store cards.