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@Anonymous wrote:I'm in shock. I thought they were going to at least keep our accounts open while we paid them off. They closed my account, but I still have a balance. So crappy. That's totally going to affect my Credit Score too. So annoying!
@Anonymous wrote:I'm in shock. I thought they were going to at least keep our accounts open while we paid them off. They closed my account, but I still have a balance. So crappy. That's totally going to affect my Credit Score too. So annoying!
Since they no longer have the portfolio, they probably can't keep it open (if they don't want to convert it to another card). General consensus here (although some disagree) is that cards closed with a balance doesn't impact score much, as the existing CL is still counted in the utilization. Once the balance is zero, that goes away
Is there anything we can do collectively to make them better handle these closed accounts? I just received an account closed email too! It seems it's tanking everyone's score :/ we need to do something!
@Thatficotho wrote:Is there anything we can do collectively to make them better handle these closed accounts? I just received an account closed email too! It seems it's tanking everyone's score :/ we need to do something!
Doubt it, unless you want to file a class action. You'd have to prove it was intentional or there was gross negligence.
For what it's worth, when it became apparent I wasn't getting the MC, I had a $500ish balance on 0% on my WF card. I decided they'll get the minimums plus $2-3 each month until I pay it off organically. I got the closure alerts this week from my monitors, and my VS score on CK fell by 5 points but FICO didn't budge.
@Brian_Earl_Spilner wrote:
@Thatficotho wrote:Is there anything we can do collectively to make them better handle these closed accounts? I just received an account closed email too! It seems it's tanking everyone's score :/ we need to do something!
Doubt it, unless you want to file a class action. You'd have to prove it was intentional or there was gross negligence.
I mean, the gross negligence is definitely there 😅 I too won't be shopping there anymore after this.
@Thatficotho wrote:
@Brian_Earl_Spilner wrote:
@Thatficotho wrote:Is there anything we can do collectively to make them better handle these closed accounts? I just received an account closed email too! It seems it's tanking everyone's score :/ we need to do something!
Doubt it, unless you want to file a class action. You'd have to prove it was intentional or there was gross negligence.
I mean, the gross negligence is definitely there 😅 I too won't be shopping there anymore after this.
How so? They don't handle scoring, nor do they have access to the algorithms. Seeing as how everyone's profile is different, they can't accommodate every possible outcome. Gross negligence would be more along the lines of closing everyone's accounts and accidentally sending them all to collections, then not taking care of it immediately once it was brought to their attention..
@Brian_Earl_Spilner wrote:
@Thatficotho wrote:
@Brian_Earl_Spilner wrote:
@Thatficotho wrote:Is there anything we can do collectively to make them better handle these closed accounts? I just received an account closed email too! It seems it's tanking everyone's score :/ we need to do something!
Doubt it, unless you want to file a class action. You'd have to prove it was intentional or there was gross negligence.
I mean, the gross negligence is definitely there 😅 I too won't be shopping there anymore after this.
How so? They don't handle scoring, nor do they have access to the algorithms. Seeing as how everyone's profile is different, they can't accommodate every possible outcome. Gross negligence would be more along the lines of closing everyone's accounts and accidentally sending them all to collections, then not taking care of it immediately once it was brought to their attention..
an explanation of what they define as gross negligence would've sufficed.
It was the sass for me.
Had my account for about 3 years and never late. When they ditched me, I owed roughly $800 on a $5200 cl. I have two other comenity accounts with zero balances. So I don't know what criterion they were looking for. Citi has both a master card AND store card for Wayfair. Why not just switch everyone over to the store card???
Also, wayfair disappeared from my credit reports. No balance... nothing. I will call them monday.
@Anonymous wrote:Had my account for about 3 years and never late. When they ditched me, I owed roughly $800 on a $5200 cl. I have two other comenity accounts with zero balances. So I don't know what criterion they were looking for. Citi has both a master card AND store card for Wayfair. Why not just switch everyone over to the store card???
Also, wayfair disappeared from my credit reports. No balance... nothing. I will call them monday.
lenders often want to pick the customers they feel will continue being profitable so not everyone will make the cut.
^^^ which is why I think I didn't get either a Citi conversion if that was a thing, nor a Comenity MC. I spent quite a bit on my WF card but when I ordered I tended to order in purchase amounts that qualified for 0% financing, which I paid off usually in far less than the allotted time. In over two years and with probably $5000 in purchases, I doubt they even made $15 in interest on me.
I was mad at first to lose a $10.5k tradeline and get nothing from Comenity to replace it, but between a Lowe's CLI and approval for PenFed PCR and Sam's Club MC, I replaced that TL with $25,750 in new spending power. I'm eligible for an Overstock CLI tomorrow that, if it follows the last one, will put me at over a grand more than WF was for a better selection of merchandise.
At this point I couldn't care less about the lost account. It's been compensated and then some with more useful accounts.