Went crazy with Comenity

[Anonymous]

So i went a little app spree happy with comenity...

6/30:

Overstock - Instant Approval $500, requested same day cli approved for new limit $1500

Kay Jewelers - Instant Approval $1500, requested same day cli approved for new limit $2500

7/1:

Wayfair - Instant Approval $2500, requested cli 3 days later approved for new limit $4100

7/8:

Jared- Instant Approval $1500, requested same day cli approved for new limit $2500

Alphaeon - Instant Approval $5500, requested same day cli approved for new limit $8500

I know most people here hate Comenity but seeing as all i had was $2400 in credit lines and before them (not counting fortiva retail which i have for $3500) I now have $24,000 in total limits thanks to Comenity just 4 months after bankruptcy.

I know that it's not advised to get so many store cards especially for risk of having toy limits but it seems Comenity likes me based on the limits they are handing out to me. This is super helpful with utilization padding but does anyone know if opening 5 Comenity accounts in such a short time can lead to any issues? I don't plan on opening anymore and will garden for about 6 months and then go for a Capital One & Barclays.

Thoughts?

[Anonymous]

For those that haven't heard of this card, it's the Comenity version of Synchrony's CareCredit...

I am 4 months post bk, they pulled Equifax 656.

Instant approval for $5500!!!

I created my online account right away and was approved for 2 x $1500 cli for a new SL of $8500!!!!

[Meanmchine]

4 months post BK, why would "This is super helpful with utilization padding" be any concern??

[Anonymous]

Because my Discover card which only has $1500 is used very heavily and leaving even a $400 balance doesn’t get me the 8.9% utilization overall that’s recommended. However if i have a $400 balance on that card and 0 in every other card with $24,000 in limits.. that’s a different story.

All these comenity cards come with 0% financing options, and realistically they can be used. But I won’t let more than 1 card report a balance when the statement cuts.

My question is more with regards to the perceived risk that Comenity may determine, although I’m assuming they know what they are doing when they approve you for a card..

[Anonymous]

congrats but just be careful with that lender is all i can suggest

[CreditCuriosity]

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@Anonymous wrote:
Because my Discover card which only has $1500 is used very heavily and leaving even a $400 balance doesn’t get me the 8.9% utilization overall that’s recommended. However if i have a $400 balance on that card and 0 in every other card with $24,000 in limits.. that’s a different story.

All these comenity cards come with 0% financing options, and realistically they can be used. But I won’t let more than 1 card report a balance when the statement cuts.

My question is more with regards to the perceived risk that Comenity may determine, although I’m assuming they know what they are doing when they approve you for a card..

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See undrelined..  Many cases of people being shut down on the forum within the last few years for going for many comenity cards at one time and all accounts get closed although it usually happens with majors being MC/Visa flavor vs. store cards, but you can use the search feature of the forum under the Credit Card section and search from Comentiy and you will see at leat 100 posts of people with their accounts being shut down for obtaining many of their cards in a short period of time... 

With the above said I hope this doesn't happen to you and I would work on not getting ANY MORE store cards and let those report for 6 months or so then go for a Cap1 or whatever being a major their are also many threads in the BK section of the best approach on getting majors vs high interest store cards or ones that promo apr's that if not paid off in x time become outrageous APR's.

Best of luck in your rebuild.

[Meanmchine]

".....However if i have a $400 balance on that card and 0 in every other card with $24,000 in limits.. that’s a different story."

Your 4 month old BK is the 800 pound gorilla in the room, not the $400 that might be posted on Discover.  Dont app for any more Comenity cards is my recommendation.

[Anonymous]

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@Anonymous wrote:

So i went a little app spree happy with comenity ... Thoughts?

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Momentum can be hard to slow. 

[Anonymous]

Needing a facelift?

[Anonymous]

LOL!!

LASIK