topic Re: Question About Overstock Credit Card in General Credit Topics

Question About Overstock Credit Card

Iusedtolurk — Sat, 27 May 2023 13:01:30 GMT

I see where Overstock is discontinuing their Store Card as of July19th 2023 and going to a Overstock Mastercard with Citi.

Does anyone with a Overstock store credit card have any knowledge or insight about what will happen with current Overstock credit card holders?

I'm wondering if they will transition current holders of the store card to the mastercard.

I have a 10500 limit store card and do not want to lose that CL by having to apply for a New account Overstock Mastercard.

Another New account I definitely don't need right now.

Sometimes people in other areas get information before others so I'm wondering if anyone knows anything as of yet.

Re: Question About Overstock Credit Card

805orbust — Sat, 27 May 2023 15:34:45 GMT

Wow that was one of my first rebuilders. DW still has hers. Definitely grabbing popcorn for this one.

Re: Question About Overstock Credit Card

Brian_Earl_Spilner — Sat, 27 May 2023 16:04:03 GMT

If it goes like Wayfair, Citi will take some of the accounts. In wayfair's situation, comenity converted some of those who didn't get picked up into comenity MasterCards. And finally, some will just have their cards closed.

Re: Question About Overstock Credit Card

Adkins — Mon, 29 May 2023 10:50:16 GMT

@Brian_Earl_Spilner wrote:
If it goes like Wayfair, Citi will take some of the accounts. In wayfair's situation, comenity converted some of those who didn't get picked up into comenity MasterCards. And finally, some will just have their cards closed.

^All this. I'm waiting to see how things are going to end up. In the mean time, I just got another CLI on the card (no HP).

Re: Question About Overstock Credit Card

SweetCreditObsession — Fri, 02 Jun 2023 03:19:17 GMT

@Iusedtolurk - it's one of my oldest cards and has a CL over 20k. I've heard nothing from Comenity.

I'll share when I get an update.

Re: Question About Overstock Credit Card

Iusedtolurk — Thu, 08 Jun 2023 16:28:04 GMT

@SweetCreditObsession wrote:
@Iusedtolurk - it's one of my oldest cards and has a CL over 20k. I've heard nothing from Comenity.

I'll share when I get an update.

@SweetCreditObsession and anyone else.

Has anyone heard any more about what Overstock intends to do with the current accounts and Citi?

Haven't seen anything on the website nor received any emails or letters.

Re: Question About Overstock Credit Card

SweetCreditObsession — Thu, 08 Jun 2023 16:37:14 GMT

@Iusedtolurk - I'm still in the dark too . I still plan to share with the forum one I hear from Comenity and/or Overstock.

Re: Question About Overstock Credit Card

East71177 — Thu, 08 Jun 2023 18:41:10 GMT

I received a letter today saying my card would be closed. No option to switch to the Citi card. I've read that you had to reapply if you wanted to switch. I'm so disappointed. Like a few mentioned above this is one of my longest TL. Well, I guess my credit will take a hit

Re: Question About Overstock Credit Card

SweetCreditObsession — Mon, 12 Jun 2023 22:21:26 GMT

@East71177, hopefully it doesn't represent a significant chunk of your total credit line, thereby impacting your utilization.

The trade line should remain on your credit report for up to 10 years, however, it could be removed sooner (this happened to me once a couple years ago). It could adversely affect your score were that to happen. If not, your score should be fine.

Re: Question About Overstock Credit Card

SweetCreditObsession — Mon, 12 Jun 2023 22:20:57 GMT

Heads up: As of late last week, users reported on another thread that they got a letter saying all the Comenity accounts are being closed. Individuals need to apply with Citi if they want an Overstock card.

I am expecting a letter from Comenity today or tomorrow so I will keep you posted.

Re: Question About Overstock Credit Card

East71177 — Mon, 12 Jun 2023 16:44:22 GMT

This TL is only 5k of my overall. But it is always at 0 and has helped with my credit ratio. Fortunately I've been working hard to pay down my outstanding revolving debt. So I'm hoping it doesn't impact my score much. But still a bummer. Thank you for the additional information.

Re: Question About Overstock Credit Card

SweetCreditObsession — Mon, 12 Jun 2023 22:22:45 GMT

@East71177 - glad that it won't adversely impact you. Let's hope you qualify for a couple CLIs to offset the loss.

Re: Question About Overstock Credit Card

SweetCreditObsession — Mon, 12 Jun 2023 23:17:49 GMT

@Iusedtolurk - received my letter today. It says all Overstock Store accounts are being closed.

Re: Question About Overstock Credit Card

East71177 — Tue, 13 Jun 2023 01:06:13 GMT

I called Comenity and they said that they will extend credit to some. Those letters will be mailed on June 18th. I'm not sure I believe it though.

Re: Question About Overstock Credit Card

SweetCreditObsession — Tue, 13 Jun 2023 04:32:01 GMT

@East71177 - that's interesting 🤔. I guess time will tell whether it turns out to be true or not.

Re: Question About Overstock Credit Card

thatgirldina1 — Tue, 13 Jun 2023 15:48:32 GMT

I have this card and recevied the letter about it closing but I'm carrying a balance due to a promotion that set to expire in Sept. Does anyone know if when the accounts are closed, if they will report to the credit bureaus as Closed with a balance due? That would kill my score. I'm throwing every extra $ I can at it to pay it off before they shut down.

Re: Question About Overstock Credit Card

Iusedtolurk — Wed, 14 Jun 2023 15:40:59 GMT

@thatgirldina1 wrote:
I have this card and recevied the letter about it closing but I'm carrying a balance due to a promotion that set to expire in Sept. Does anyone know if when the accounts are closed, if they will report to the credit bureaus as Closed with a balance due? That would kill my score. I'm throwing every extra $ I can at it to pay it off before they shut down.

@thatgirldina1 Don't know how this closure would affect overall but looking back at my EX Fico when I experienced a closure with a balance it was included as informational data but did not affect Credit Score.

The balance nor the Credit line was used in the Utilization calculation only the data for OPEN accounts was used.

The 167 balance and the 1600 cl was shown in the Closed accounts section.

I have almost 11000 on the overstock cl (always carried Zero balance) so losing that will definitely hurt my Utilization. I will have to tighten up and start paying a few balances down as that is the only recourse I currently have available.