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@KDKobes wrote:
I have a reverse-real-world example. I had a Capital One Furniture Row Card for a few years, about 6 months ago I got notified that Furniture Row was changing the card financier to Synchrony Bank and that my current card would be closed in a few months. I had to apply for a new card all over again through Furniture Row/Synchrony Bank & Cap1 just closed my older card account about 2 weeks ago on my report. My guess is it might end up just like that.
That does happen sometimes, but the Walmart portfolio is absolutely huge compared to Furniture Row, and honestly I just can't imagine Walmart (or Capital One, for that matter) allowing the existing customer accounts to be closed.
I would have to go dig though the previous news releases, but I would be surprised if it hasn't already been mentioned that existing customers will be migrated over.
Transfer or closure is highly dependent on on who is calling which shots. Walmart for example will want the approval score low and as many accounts transferred as possible. Considering that currently the score is set at 600 I would question how much more they can change it downward without causing massive losses. Only Synchrony Bank as far as I know would tolerate such a low entry level with those benefits. The next lowest as far as I know is 620 or 640 from Amazon but Chase is servicing that one so it might be some common sense arguments behind the scenes. Switching Walmart to Capitol One might actually have Capitol One asking for a slight score increase to avoid servicing people that are ridiculously far away from being stable.
@trusty
I recommend double checking with US bank which previous relationship they are referring to. US bank is known to occasionally absorb other banks but obviously not as much as the bigger names and if it was one of theirs then they will hold a grudge until you appease them. You might be able to make an arrangement for entry but you need to figure out how they think they were burned. It could have been a paperwork error. I would think you know which lenders you took the liberty of sinking with your debt.
@UncleB wrote:
@KDKobes wrote:
I have a reverse-real-world example. I had a Capital One Furniture Row Card for a few years, about 6 months ago I got notified that Furniture Row was changing the card financier to Synchrony Bank and that my current card would be closed in a few months. I had to apply for a new card all over again through Furniture Row/Synchrony Bank & Cap1 just closed my older card account about 2 weeks ago on my report. My guess is it might end up just like that.That does happen sometimes, but the Walmart portfolio is absolutely huge compared to Furniture Row, and honestly I just can't imagine Walmart (or Capital One, for that matter) allowing the existing customer accounts to be closed.
I would have to go dig though the previous news releases, but I would be surprised if it hasn't already been mentioned that existing customers will be migrated over.
Could you imagine that. All of these people getting their accounts closed. That would be a fire storm for sure. I haven't really reacted, as I have the Walmart card, and I am jsut kind of playing the wait and see game. I won't dive into the hype until I know for sure what is going to happen.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Capital One is getting the new accounts, not Comenity and there will undoubtedly be tightening when that happens.
@returnofthemack wrote:
Would it be a good time to seek higher credit lines now before the capital one transfer?
I don’t know that it would make much of a difference. If Capital One ends up buying the accounts, they will likely review exposure for all of them and CLD to fit within their parameters for acceptable risk.
@AverageJoesCredit wrote:
I dont know what would be worse, Cap One getting Wally, or Comenity. Its like choosing between a Cld, or a credit limit decrease
Capital One = CLD half the accounts
Comenity = close half the accounts