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Comenity: Use it or lose it!

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Imperfectfuture
Super Contributor

Re: Comenity: Use it or lose it!


@Anonymous wrote:

So are you guys just "spending" money on things you dont really need to keep them open? Sounds like it's not worth it to me. I have one Comenity card and that's for Victoria Secret should they send me a letter saying if I don't use it, I'll lose it then they can have the card back! I refuse to spend money just to spend money or trying to keep an account open. I don't know about others but I like to stick to my budget and save my money. My cards are just there so I can earn cash back, rewards and stuff. 


Kinda lean this direction. BUT, I have a pseudo plan.  It requires some cards stay open six months, a year, and year plus six months.  Smiley Wink. So, sometimes, socks it is.

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Message 31 of 45
Anonymous
Not applicable

Re: Comenity: Use it or lose it!

Wigwam socks FTW.
Message 32 of 45
Anonymous
Not applicable

Re: Comenity: Use it or lose it!

 
Message 33 of 45
Anonymous
Not applicable

Re: Comenity: Use it or lose it!


@B335is wrote:

@Anonymous wrote:

So are you guys just "spending" money on things you dont really need to keep them open? Sounds like it's not worth it to me. I have one Comenity card and that's for Victoria Secret should they send me a letter saying if I don't use it, I'll lose it then they can have the card back! I refuse to spend money just to spend money or trying to keep an account open. I don't know about others but I like to stick to my budget and save my money. My cards are just there so I can earn cash back, rewards and stuff. 


I use my cards primarily like a debit card wherever they're accepted from gas, groceries, cell phone, etc.., so no I'm not using them to just buy junk I don't need.  If you aren't PIF a rewards card, you're negating the rewards.  Some people like to keep cards active because of utilization padding and/or account history.

don't know what you're taking about but I PIF and have rewards and points racked up..  So the rewards are working for me.
Message 34 of 45
B335is
Moderator Emeritus

Re: Comenity: Use it or lose it!

My comment in no way meant you weren't PIF. I probably could have phrased it a little better. To answer your question; no I'm not making frivolous purchases just to keep cards active. Sportsmans Guide is a Visa so I can use it anywhere Visa is accepted.
Message 35 of 45
CreditMagic7
Mega Contributor

Re: Comenity: Use it or lose it!


@Anonymous wrote:

@B335is wrote:

@Anonymous wrote:

So are you guys just "spending" money on things you dont really need to keep them open? Sounds like it's not worth it to me. I have one Comenity card and that's for Victoria Secret should they send me a letter saying if I don't use it, I'll lose it then they can have the card back! I refuse to spend money just to spend money or trying to keep an account open. I don't know about others but I like to stick to my budget and save my money. My cards are just there so I can earn cash back, rewards and stuff. 


I use my cards primarily like a debit card wherever they're accepted from gas, groceries, cell phone, etc.., so no I'm not using them to just buy junk I don't need.  If you aren't PIF a rewards card, you're negating the rewards.  Some people like to keep cards active because of utilization padding and/or account history.

don't know what you're taking about but I PIF and have rewards and points racked up..  So the rewards are working for me.

Same going on with my Comenity cards.

 

Rewards are working and so are the regular CLI's too.

 

I PIF sometimes and i roll a balance but then i also do that anyway on certain selected cards to keep everyone off balance Smiley Very Happy

Message 36 of 45
Anonymous
Not applicable

Re: Comenity: Use it or lose it!

I dont buy anything i dont need. With me i messed up my credit and i have to pay for the mistake. I took everything and broke it down. From what i could lose, what would yeild me the best results. 

With AAoA only being 15% and payment history being 35% along with uti being 30% and credit mix 10%. After my bk i was a whopping 47% on payment history with really no AAoA. So that 15% was already shot. So now i had to figure out how to grab the 35%, 30%, and 10%, the 15% from AAoA and 10% would have to come later because again i had no credit, hadnt had a CC since 2012.

payment history seemed to be more of on time payments. Sure this can be achieved by 1 or 2 cards and paying on them on time for years to offset the few payemts ( 8 30 day lates) that i had. For me a faster results was alot of ontime payments over a shorter period of time. So ive managed to bring that 47% to 97% since july/august of last year, i have 1% uti, and a credit mix. Ill get the new account 10% in november when the majority of inq wont count any more. AAoA will just take time, but i didnt have AAoA any ways so my main focus was on the other data points of fico scoring. 

Do i buy frivoulous things? No. 

what did it do for my credit? All my scores were 480's. 

Tu is now up 210 points, EX  up 190 points, EQ up 180 points. Yes i buy socks, maybe a little necklace for my daughters ( costume jewlery ) they like it. i just make sure i PIF. 

This has only been my personal experience, yes i meesed up my credit and theres no one to blame but me. Now its just getting it right. I try to grab rewards where i can, I.E. My post about my 20% off purchase last week. I unfortunatly wont have the good rewards cards for another year maybe even two. So im just taking this time to focus on the biggest pieces of the fico8 scoring pie as i can to net me the best possible scores so when that 2 years come i can grab those cards with no problem. 

 

I guess my point is we all have diffrent credit profiles, have messed up in our own ways, some have never messed up, i wish i hadn't. Just like every credit profile is diffrent we all may have to go about it diffrent too. My TU is about maxed out also. With the BK and judgement there just wont be much more growth until it falls off next year. So im building on the data points i can so its a solid foundation to build on whats yet to come.

Sometimes its socks.....lol  

Message 37 of 45
UncleB
Credit Mentor

Re: Comenity: Use it or lose it!


@Anonymous wrote:

@B335is wrote:

@Anonymous wrote:

So are you guys just "spending" money on things you dont really need to keep them open? Sounds like it's not worth it to me. I have one Comenity card and that's for Victoria Secret should they send me a letter saying if I don't use it, I'll lose it then they can have the card back! I refuse to spend money just to spend money or trying to keep an account open. I don't know about others but I like to stick to my budget and save my money. My cards are just there so I can earn cash back, rewards and stuff. 


I use my cards primarily like a debit card wherever they're accepted from gas, groceries, cell phone, etc.., so no I'm not using them to just buy junk I don't need.  If you aren't PIF a rewards card, you're negating the rewards.  Some people like to keep cards active because of utilization padding and/or account history.

don't know what you're taking about but I PIF and have rewards and points racked up..  So the rewards are working for me.

I believe what B335is is talking about is that since most rewards cards have a high APR (especially Comenity) if you don't PIF every month any interest charged will easily "undo" your rewards.  (By "undo" I mean cancel them out, not literally 'take them away'.)

 

Also, some people (like myself) like to keep high-limit cards around to 'pad' our overall utilization; it serves as a cushion if you ever need to carry a balance on a different card (for example, one that has a 0% promo).  Also, my Lowe's card is 12 years old - my oldest account - and even if I had no plans for it I would want to keep it active for that reason.

Message 38 of 45
Anonymous
Not applicable

Re: Comenity: Use it or lose it!

guess i better buy a pair of earbuds and return them or lose my lenovo preferred that i opened last Oct with a SP

Message 39 of 45
Anonymous
Not applicable

Re: Comenity: Use it or lose it!

Sounds as if it's time for us all to remember the reasons that we love Comenity Smiley Happy

 

 

http://ficoforums.myfico.com/t5/SmorgasBoard/I-love-Comenity-because/m-p/4428093/highlight/true#M540...

Message 40 of 45
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