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Comenity shutting down Wayfair Credit Card

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Grim87
Valued Member

Re: Comenity shutting down Wayfair Credit Card

@MyDataMyChoice - so it won't negatively impact my utilization? Trying to navigate between all the different answers. Wouldn't it still impact overall utilization? Sorry I'm a bit worried, I just got my utilization way down for a Sept mortgage so a bit paranoid LOL

Message 41 of 582
MyDataMyChoice
Valued Contributor

Re: Comenity shutting down Wayfair Credit Card

If you have a a BALANCE on the Wayfair account it won't affect your utilization... until you pay off the balance

 

if you have a 0.00 balance... your overall utilization will change as the card won't be factored anymore into your score. 



Message 42 of 582
SunriseEarth
Moderator Emeritus

Re: Comenity shutting down Wayfair Credit Card

Well, that's annoying.   I just opened my account with them.   I was hoping to grow the CL a bit more and buy a bookcase for about $1900 using their special financing.   Oh well.  



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 43 of 582
Anonymous
Not applicable

Re: Comenity shutting down Wayfair Credit Card

It is pretty crappy that they're still letting people open accounts with them, taking HPs and new account hits, knowing they'll be shut down soon and unusable.

Message 44 of 582
Anonymous
Not applicable

Re: Comenity shutting down Wayfair Credit Card

My credit limit is $14,500. I don't even want to look at my credit score when they close it. 😭

Message 45 of 582
Anonymous
Not applicable

Re: Comenity shutting down Wayfair Credit Card

I highly recommend the Lowes card. Was able to get my limit raised to $5000 once my 2nd statement cut. 

Message 46 of 582
Namaste7
Established Contributor

Re: Comenity shutting down Wayfair Credit Card

Only after showing this account real love, replacing a furniture set, the account would close 😂. While I'll miss the easy CLIs, this probably a good thing.  Comenity took the action that I procrastinated on. I'm now left with one retail account lender.

~~MMXX~~
2024 Goal$
2023 Goal$
FICOs 760+
Message 47 of 582
MyDataMyChoice
Valued Contributor

Re: Comenity shutting down Wayfair Credit Card

not really wayfair likes it and so do the customers that purchase now till September... they get interest free financing on what they purchase.


Message 48 of 582
MyDataMyChoice
Valued Contributor

Re: Comenity shutting down Wayfair Credit Card

it will still show as a closed account with a high limit


Message 49 of 582
Anonymous
Not applicable

Re: Comenity shutting down Wayfair Credit Card

Another reason to add to the list of why not to get Store cards. lol

 

I do find it odd that they would be canceling all those accounts without securing another lender to takover, although i guess they could always go with one of those in house financing companies like Affirm or Klarna. etc.

 

With so many Bank reward cards out there I don't see any perks to having a store specific card, but it seems every place feels the need to offer one.

Message 50 of 582
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