Thank you, Sasuke!
That's kind of my dilemma. I know I will use the Toyota card. It has some pretty decent rewards, from my perspective. I ended up sending the letter. How long did it take for you to hear back from them? Would it benefit you to contact them so they will change the status on your account?
I called and made sure to speak to a supervisor so they could note the account. They placed it on some special administratively closed status. Where the account was open, but not usable until my identity could be verified. It took a week after mailing in the paperwork. Then they told me a page didn't scan into the system right, and asked me to fax it the second time. I faxed everything, twice. Then it took another week for them to process that.
I've already called them about the account showing as closed. They insist its not and that the CRAs were told. They basically told me if they fail to update the status its on them, but the account is open and in good standing. I could care less. It's hiding debt by showing as closed and not reporting. It's not like I'm doing that on purpose. I tried to fix it.
Ah, I see. Chalk one up for the good guys! I appreciate the info.
I'll post an update, if I hear anything back. If not, it's in the rearview.
Man you are lucky they closed your accounts. Stay away from this shady bank.
Here is a topic were I detail some of the bad things about this bank.
I disagree with Comenity being a bad financial institution. They put you thourgh verification to protect themeselves. Yes, they could do a better job, but they have good offerings. I have a Comenity/RH card that gets 3.9% APR on 60 months. I'd consider that a fantastic feature. People always chase rewards or high limits. I want usable lending as well.
I'm sure that thread was shutdown by the moderators with good reason. The accusations seems baseless to me.
Sorry this happened. I really wish you new folks would stop trying to get the easy credit from what is now years ago. There are many many warnings on this site about Comenity and people continue to roll the dice.
You sound new in your credit journey, or at least in a rebuilding stage. Take this as a learning lesson. Use your one major credit card wisely and take it slow. Credit is a marathon not a sprint. The truth is, you should not even be trying to get more than one CC before your score reaches 720. You really shouldn't be telling someone not to get more than 1 credit card before 720. That isnt sound advice and no way does it hurt anyone to apply for a credit card pre 700. As a rebuilder, we all need to eventually get cards that will guide the way to better ones and only way to do that is by applying . Being selective with apps might be more prudent advice so one doesnt get stuck with useless cards or cards that dont work for ones spend. Just my humble opinion. Why would you want a bunch of cards with horrible APRs?
Credit scores can drop 20, 30, 75 points in one cycle. Credit scores usually only grow 1 point every 2 or so cycles when you stay in the garden. We have all made mistakes. Learn from them and move forward.
Op, sorry for your situation but this is Comenity Bank over the last year. Lesson learned hard way. I wouldnt expect them to reopen them. Dont reapply, they'll just close them again.
The only experience I've had with comenity, before this, has been my wife's VS card. But, we've never had any issues. I'm sorry for your experience, as well. Lesson learned, for sure.
Joe, thank you for your input! I've looked at a lot of threads over the past few months, and I got kind of star stuck when I saw your reply. Ha. Weird, I know. I've not read anything before about keeping one card before a 720.
FinStar, thank you! Any advice and input is appreciated. I know we all have different experiences. I hope this helps people, like me, in the future. The reason I hope they keep the card(s) open is from a current utilization standpoint. Not counting on it, though.
Snow, I applied mid Dec and was declined. I believed they pulled EQ as well. Which at that point, my CK EQ was 660's.
I would say do not get discouraged or be negatively swayed by others whose experiences may not align with yours. Admittedly, your DW's VS card hasn't presented any issues so not all is lost. If you can survive this adverse action outcome, you can certainly dust yourself off and try it again.
If you really want another swing to that Toyota Rewards CC (unless you find something comparable along the way), wait at least 9-12 months from the closures and do not litter EX and/or EQ with any additional inquiries (or new accounts), before and after. Only apply for 1, not 2 or 3, Comenity CCs at once. Spacetthings out. The days of multiple Comenity/CCB apps in a short timeframe (stores and/or MC/V/D bankcards) are long gone.
And your experience will help others as well to be a bit more cautious with their application strategies.