@Anonymous wrote:It looks like they saw it as a red flag and decided to close them all. Although it may look like a red flag I think they shouldn't do stuff like this and be more discipline during the application process. I would be pissed if I got 3 new open credit lines and the bank decides to close them all days after. I say call and file a complaint with a Supervisor and consider if you really want to do business with a company like that.
I am not a store card kind of guy in the first place but stories like this is the reason I will never apply for a Store Credit Card, Co Branded (VISA or MC) yes but not store specific credit cards. Mainly because of the way Comenity and Synchrony handle their portfolios. I feel that they are very picky because they are not huge banks but that's the way they do business and I will always decline a store card because of stories like this.
Its not a stores fault nor it being a store card. It just so happens the algorithms are set to pick up on multiple credit apps especially with same lender. Besides the normal credit seeking association of multiple apps in short period, its a good idea to check on how a lender is responding to credit apps as weve seen the differences each year vary. Less chance of throwing away hps if one researches abit before hand though i know hindsight is 20/20
@AverageJoesCredit wrote:
@Anonymous wrote:It looks like they saw it as a red flag and decided to close them all. Although it may look like a red flag I think they shouldn't do stuff like this and be more discipline during the application process. I would be pissed if I got 3 new open credit lines and the bank decides to close them all days after. I say call and file a complaint with a Supervisor and consider if you really want to do business with a company like that.
I am not a store card kind of guy in the first place but stories like this is the reason I will never apply for a Store Credit Card, Co Branded (VISA or MC) yes but not store specific credit cards. Mainly because of the way Comenity and Synchrony handle their portfolios. I feel that they are very picky because they are not huge banks but that's the way they do business and I will always decline a store card because of stories like this.
Its not a stores fault nor it being a store card. It just so happens the algorithms are set to pick up on multiple credit apps especially with same lender. Besides the normal credit seeking association of multiple apps in short period, its a good idea to check on how a lender is responding to credit apps as weve seen the differences each year vary. Less chance of throwing away hps if one researches abit before hand though i know hindsight is 20/20
They tend to do A LOT more than every other bank. Either way, Synchrony and Comenity will never be in my pocket.
The key to handling Comenity and Sync is to always PIF your cards so that if they close you down, you dont have to scramble, and diversify lenders. They have their issues as do all banks but they have their place at the credit table imo