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Comenity Shutdown, with a twist :(

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DeeBee78
Valued Contributor

Comenity Shutdown, with a twist :(

I was starting to wonder where my Williams-Sonoma Visa card was. Now it looks like I won't be receiving one...

 

Screen Shot 2017-03-28 at 8.46.33 AM.png

 

 

Well, I'm definitely surprised. Most stories you hear about Comenity shutdowns invovle people that have a ton of exposure with the lender, and mostly with their Visa/MC majors. This was the only account I had with them after going through my 2017 Cardpurgeocalypse. I haven't even had a chance to update you guys on how I closed my Barney's New York ($30,750) or Express Next ($3,180) earlier this month.

 

I had zero Comenity accounts at the time I applied for the Williams-Sonoma Visa in store. Now I have none. I'm not sure what the reason is, but it will probably be new accounts. In the last three months, I've added 3 Amex cards, 2 Chase cards, DCU, Wells Fargo, and Discover. At one point I had $50K of exposure with them on my store cards.

 

I think once I receive the reason in the mail, I will pay off the account, call them and ask them to remove the account and inquiry from my credit reports. If they won't budge, I'll make a ruckus with the Consumer Financial Protection Bureau, while it still exists. Smiley Frustrated

Message 1 of 62
61 REPLIES 61
TiggerDat
Valued Contributor

Re: Comenity Shutdown, with a twist :(

I am confused.

 

You applied in store, got it, bought something, was expecting it to arrive, and then they axed it?

 

I am not getting clearly the sequence of events.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 2 of 62
odd_dog
Valued Contributor

Re: Comenity Shutdown, with a twist :(


@TiggerDat wrote:

I am confused.

 

You applied in store, got it, bought something, was expecting it to arrive, and then they axed it?

 

I am not getting clearly the sequence of events.


THAT is EXACTLY what happened to me....no Comenity cards, got a BJ membership in store they asked if I wanted to apply said yes...instant 25K limit, bought about $300 on card at BJ's get the card, paid down $150 went to use the card at gas station, no go, called they cancelled the card! all within about a 11 day time frame. They said nothing they could do "closed permanently" BUT I could reapply!? WHAT?  No thanks, will NEVER get ANYTHING from that "bank" again, asked them to take off the inquiry they said no...end of story.... Sorry this happened to you too OP!!

Message 3 of 62
Anonymous
Not applicable

Re: Comenity Shutdown, with a twist :(

Same thing just happened to a friend. Applied for the AKC Visa. Instant Approval. After 3 weeks no card. He called. Closed. No card coming. Why? Too many new accounts. He had 5 in the last year.
Message 4 of 62
DeeBee78
Valued Contributor

Re: Comenity Shutdown, with a twist :(


@TiggerDat wrote:

I am confused.

 

You applied in store, got it, bought something, was expecting it to arrive, and then they axed it?

 

I am not getting clearly the sequence of events.


You have the sequence of events correct. I applied in store, was immediately approved for the Visa at $4,000, and used it to make my purchase and get 20% off. 

 

Now, 10 days later,  I receive a MyFICO alert, telling me the account is closed.

 

If you're asking about the item I purchased, I walked out of the store with it - thus the $258 balance.

 

Message 5 of 62
AverageJoesCredit
Legendary Contributor

Re: Comenity Shutdown, with a twist :(

Sorry DeeBee.

I can understand if a creditor doesnt want to approve for too many recent inquiries or aquisitions as its obvious they want you to use their card and with multiple new ones, they arent gaurenteed that. BUT, i find it totally nonsense to approve you and close you down before you even get the card. Thats wrong. I know they maybe different departments but they should due the homework on who they give credit too, thats why we have credit reports, or should anyway. Lol odd _dog Smiley Happy Reapply?? Yeah, to my shreddarSmiley Wink
Message 6 of 62
Anonymous
Not applicable

Re: Comenity Shutdown, with a twist :(

I'm really sorry this happened to you DeeBee78. The account closure may be due to all the new accounts you've opened in the past 3 months. I believe this was a common theme amongst folks reporting account closures last year. 

 

You can ask Comenity to remove the account and HP, but I don't think you'll have much luck. This situation is unfortunate but you applied for the credit card so the HP and account information is valid. 

Message 7 of 62
Anonymous
Not applicable

Re: Comenity Shutdown, with a twist :(

Comenity did this exact thing quite a lot in 2016. It is triggered by the new card application, and it had to do with how many inquiries you have on EQ and EX.

Exact number of inquiries that are of concern is subjective and is apparently only known to Comenity. It happened to one person who had 5 inquiries.

It does not have to do with how many Comenity accounts you have, since it happened to people with only one or two Comenity accounts.

Very sorry this happened, OP.
Message 8 of 62
Anonymous
Not applicable

Re: Comenity Shutdown, with a twist :(

LOL @ AverageJoes' shreddar! Smiley Happy
Message 9 of 62
Anonymous
Not applicable

Re: Comenity Shutdown, with a twist :(

Also ( at least according to the way it happened to many people in 2016), it's based on number of EQ and EX inquiries overall and not just about new accounts. It's an inquiry based thing.
Message 10 of 62
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