COMENITY ... NOT GOOD

[Anonymous]

I was greedy

[creditguy]

The SCT is an easy way to obtain cards but it's a double edged sword IMO. I believe it was your foray into the Comenity capital world that triggered all account closures. Most Comenity closures happen when you get a Visa or MasterCard with Comenity capital, that's when they start to scrutinize and get spooked, had you stayed on the Comenity bank side with just store cards you might still have them, but could of would of should of.

[Anonymous]

Don't beat yourself up.....but yes you got carried away. You are not the only one who took it and ran to all the way to China 

SCT can be a valuable tool for folks to establish a couple of lines of revolving credit as long as it's not over done. But far too often, these are the results if restraint is not used. 

I dont know know how this will affect your credit or if it will have an effect at all. 

[longtimelurker]

The closure reason (by customer or by issuer) has no impact on FICO score, so the only concern is manual review (particularly when applying for a new card).

Underwriters would be a lot more concerned if you had closures from multiple lenders than from just one, and probably many of them know about this bank.   Basically you weren't fraudulent or didn't pay, you were just too aggressive in credit seeking (easy to do with SCT and reading forums like this where card acquisition is pushed!)   So it probably won't hurt you much going forward, but I would certainly wait a bit before applying for a new card

[Anonymous]

thanks,,,very reassuring..

[Anonymous]

I have read where the lenders have codes they attach to accounts THEY close...default in payments..late pymnts...etc.....maybe..to many new accounts?   i AM MOVING ON

[pipeguy]

the only good Comenity account IMO is a closed Comenity account so just think of it as 8 good accounts. Don't feel bad, they close accounts on Prime borrowers with sterling credit too - no one has figured out why really - best just not to business with Comenity - I know I won't. 

[rmduhon]

Now I'm glad hubby only has 3 Comenity cards. And since we rarely use 1 of them it won't hurt if they get closed.

[AverageJoesCredit]

I really wonder in the general population, how many are actually aware of the so called Shoping Cart Trick. I know for 100% that had i not found this board would i ever in a million years know about getting a credit card that way.

Lessons learned it happens to many seeking too many Synchrony accounts as well. I think after the initial shock ,like stated before me, just remember what caused it and plan csrefully the cards you will want, need and use for your future credit goals. I cant tell you how many cards i wanted to get just because i was starting to get approvals at begining of my rebuild. I shot myself in the foot applying for things i would have been better off leaving alone. Positively, at least you only suffered 1 hp. That is not too shabby

[Anonymous]

Is there a difference on comendity store card closure and the visa/MC version? I've never had mine close but they are all store cards and I have a collection of them. The only visa I have with them is the sportsman guide but the just gave me an auto increase and a 0% balance transfer apr deal. Did you have the VISA/MC OP?