Comenity Closed My 5 Day Old Account - Account Reinstated through EO...

[Andy77]

I am 44 years old and never had a lender close a credit card account that was opened less than a full week with one paid off charge on it, but it just happened ha ha.

So, question...

If they report this account as "closed by credit grantor" how will this verbiage affect my rebuild ?

What if other accounts with them are also closed with the same verbiage, will this wording on my credit report be my death to get new cards ?

I am not happy

Thank you

[coldfusion]

Having an account reporting as "closed by credit grantor" by itself is a neutral act.    There are lots of valid reasons why an issuer can close a card that have absolutely nothing to do with the cardholder's creditworthiness.  A simple very recent example would be the Marvel Mastercard - the agreement between Disney and Synchrony was not renewed so all cards were closed by the issuer.

More than likely there is something in your credit profile that upon manual review was seen as being a disqualifier so they chose to close the account in good standing.   This isn't an action specific to Comenity, for example both Chase and BoA will do it.

I would not worry about it at this point.

[gdale6]

It means nothing in terms of new accounts. If this is the Caesars card you are referring to, they probably didnt like you going over their heads to Alliance to get a CLI on it right away, also possible they didnt like what they saw in the documentation provided for that CLI.

[blindambition]

Comenity is a skittish lender. I don't think it was the CLI, but multiple cards and CLOC opened the past few months.

[Andy77]

Thank you all for the replies. Yes, Caesars. I provided them 5 months of bank statements, can't get more official to substanciate income than that. Maybe they didn't like that I contacted Alliance, but I did get a nice call from Comenty after I sent the email to Alliance so not really sure it was that email that did the account in. If I had to guess it was too many applications too fast, all with Comenity. 

None the less, I am relieved I was not at a restaurant trying to use the card. So glad I learned of their wishy washy ways early on. I won't be applying for any more of their cards, ever again. 

[gdale6]

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@Andy77 wrote:

Thank you all for the replies. Yes, Caesars. I provided them 5 months of bank statements, can't get more official to substanciate income than that. Maybe they didn't like that I contacted Alliance, but I did get a nice call from Comenty after I sent the email to Alliance so not really sure it was that email that did the account in. If I had to guess it was too many applications too fast, all with Comenity. 

None the less, I am relieved I was not at a restaurant trying to use the card. So glad I learned of their wishy washy ways early on. I won't be applying for any more of their cards, ever again. 

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There is something called "bustout score" this is also a possible trigger for the action. Lots of new accounts in a short period of time is a big flag for it.

https://www.experian.com/assets/decision-analytics/product-sheets/bustout-score.pdf

[Remedios]

@Andy77  I'm sorry about card closure, that's always unpleasant. 

With that said, it's been hinted to you (and openly said, too) by many members to slow down a bit. 

One of your threads mentions 41 inquiries. Even by MF standards, that's unsightly number.

You've had multiple applications in the span of few weeks, some approvals, some denials, so maybe it's time you do nothing for a while to avoid situations like this from repeating. 

In one of your approval threads you mentioned some lenders not being sensitive to number of inquiries/new accounts, but that's only half true.

All of them are sensitive once "overboard" happens. 

You're just slightly a year away from BK discharge, you need to slow down and let what you have age.

I really do not think it will stop at Comenity if you continue. 

[FinStar]

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@Remedios wrote:

@Andy77  I'm sorry about card closure, that's always unpleasant. 

With that said, it's been hinted to you (and openly said, too) by many members to slow down a bit. 

One of your threads mentions 41 inquiries. Even by MF standards, that's unsightly number.

You've had multiple applications in the span of few weeks, some approvals, some denials, so maybe it's time you do nothing for a while to avoid situations like this from repeating. 

In one of your approval threads you mentioned some lenders not being sensitive to number of inquiries/new accounts, but that's only half true.

All of them are sensitive once "overboard" happens. 

You're just slightly a year away from BK discharge, you need to slow down and let what you have age.

I really do not think it will stop at Comenity if you continue. 

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+1 

[W261w261]

A "Bust-out Score?"  Experian is certainly proud of it.  I don't suppose you can get your own score?

[SweetCreditObsession]

You will be ok. It won't hurt your rebuild as you will still get credit for the account on your credit history.