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@Remedios wrote:This is not specific to just the store cards or Comenity, some major lenders may do the same thing if there are too many apps in too short period of time.
Most of the time though your gonna hear these nightmare stories from those two Comenity and Synchrony with their AA's.
@Anonymous wrote:
@Remedios wrote:This is not specific to just the store cards or Comenity, some major lenders may do the same thing if there are too many apps in too short period of time.
Most of the time though your gonna hear these nightmare stories from those two Comenity and Synchrony with their AA's.
Remedios is correct. Chase, BoA, and BarclayUS are 3 examples of major issuers well-known for closing new cards tied to app sprees.
@Anonymous wrote:
@Remedios wrote:This is not specific to just the store cards or Comenity, some major lenders may do the same thing if there are too many apps in too short period of time.
Most of the time though your gonna hear these nightmare stories from those two Comenity and Synchrony with their AA's.
Chase and Barclay, all the time. Others, too
@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
@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.
You know, that's why I'm actually glad that Capital One is taking over the Walmart store card later this year. I currently have two store cards (Walmart and Amazon) as well as Care Credit and PayPal 2% Cashback MC, and that's a little more exposure with one lender than I really feel perfectly comfortable with.
@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.
@Anonymous 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.
You know, that's why I'm actually glad that Capital One is taking over the Walmart store card later this year. I currently have two store cards (Walmart and Amazon) as well as Care Credit and PayPal 2% Cashback MC, and that's a little more exposure with one lender than I really feel perfectly comfortable with.
I agree, Capital One is going to do way better handling the Walmart Credit Cards. My wife had a Walmart Card a long time ago but we paid it off and closed it. Might consider getting one in the future now that Capital One is going to be the issuer. Bass Pro and Cabelas are also with Capital One and a few of my buddies love Capial One now.
@Anonymous 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.
You know, that's why I'm actually glad that Capital One is taking over the Walmart store card later this year. I currently have two store cards (Walmart and Amazon) as well as Care Credit and PayPal 2% Cashback MC, and that's a little more exposure with one lender than I really feel perfectly comfortable with.
You got to be kidding me. During year 2018 i had 2 credit cards moved to capitalone , now Walmart store card as well. Does anyone know how many credit cards your allowed with Capitalone?