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Comenity Bank - Can they do that?

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Anonymous
Not applicable

Comenity Bank - Can they do that?

I just got my FICO report, I lost 170 points due to 2 cards was closed, that caused Comneity bank to decrease my IKEA CL to $300 from $7500.

 

I'm thinking, I'm gonna pay the $275 balance left then close it, not worth my business if they decide to decrease my CL.

Message 1 of 16
15 REPLIES 15
TattnallTrio
Frequent Contributor

Re: Comenity Bank - Can they do that?

Comenity did it to me also. During the end of 2019 I started running higher balances due to a short term reduction in my income. 

Comenity reduces my Ulta store card credit line from $300 to $250 and the letter stated it was due to a recent drop in my credit score.  But they didn't touch my $750 Big Lots card that I charge $50-$100 and PIf monthly or reduce my $880 Meijer card. 

 

I wonder if their IKEA portfolio has more strict requirements. Obviously, in my case it bothered Ulta but Big Lots and Meijer didn't really care. 

I dropped from 620 to 560 in 2 months prior to their decrease. No late payments, just high balances. 

 

 

Message 2 of 16
kilroy8
Community Leader
Super Contributor

Re: Comenity Bank - Can they do that?


@Anonymous wrote:

I just got my FICO report, I lost 170 points due to 2 cards was closed, that caused Comneity bank to decrease my IKEA CL to $300 from $7500.

 

I'm thinking, I'm gonna pay the $275 balance left then close it, not worth my business if they decide to decrease my CL.


I don't think you have much choice, anyway. They are balance chasing you to zero and then will close it themselves.

Message 3 of 16
Anonymous
Not applicable

Re: Comenity Bank - Can they do that?

Sorry about that. However, any lender may decrease your CL if they  find your creditworthiness has changed. According to the change in your scores, -170 is a huge hit and may have based their decision around that.

Message 4 of 16
Anonymous
Not applicable

Re: Comenity Bank - Can they do that?

I called and requested account closure, Im done with them.

Message 5 of 16
Jnbmom
Credit Mentor

Re: Comenity Bank - Can they do that?

170 points that's a huge drop, did a negative show up? You stated 2 cards were closed , did that kill your utilization?

EXP 780 EQ 791TU 795
Message 6 of 16
Anonymous
Not applicable

Re: Comenity Bank - Can they do that?

Yes, 1 negative showed up so I am going to write letter and request that to be removed because its a mistake on their end. If not, I'll contact my attorney and get this squared away.

Yes, I closed 2 cards Credit One Bank and old Cap One Platnium (secured, never graduated).

I think the Credit One is the one that hurt my score drop becuase they reported as negative, piss me off.

I hope they don't mess with my Wayfair card becuase it has a big CL on it and I havent used it yet, if they decide to decrease, I'll kill it.
Message 7 of 16
AverageJoesCredit
Legendary Contributor

Re: Comenity Bank - Can they do that?

Yes they can. Thats a lot of points for 2 cards closing?

Message 8 of 16
donkort
Valued Contributor

Re: Comenity Bank - Can they do that?

Make sure something else (like identity theft) didn't cause the 170-point drop.

 

Things like bankruptcy, repo's, foreclosures tend to cause that sort of a drop.

 

 

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 9 of 16
TattnallTrio
Frequent Contributor

Re: Comenity Bank - Can they do that?

I understand you're upset and I was too over my $50 decrease but I wouldn't close the account. It's just business. And when you get your report settled they'll likely increase it back in months to come. 

Message 10 of 16
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