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Shut down by comeity Bank

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Shut down by comeity Bank

I opened 11 bank accounts with Comenity Bank 2 years ago all store cards .everything was fine my score went up 160 points .and I have 2 discover cards 2 capital one cards then I got approved for 6 new cards with Comenity Bank all visas or MasterCards one of them started using it and just got 1st statement then I tried to use another card and was declined so I checked all other cards and the same thing ..the reason nobody knows you have to wait for a letter ..now my problem is not in loosing new cards as much as the old accounts with two years history payment .my credit ratio is 17% .they at been so good to me last 2years instantly credit increase all the time I pay always on time never late no complaints at all of sudden they shut me down .for someone who is trying so hard to fix his credit and paying all extra fees it hurts .does anyone have an idea what I should do ?
Message 1 of 31
30 REPLIES 30
Valued Contributor

Re: Shut down by comeity Bank

Comenity looked to help you, but others have had similar problems as yours. Once you added their Visas /MCs to your mix seems to be when they move to shut down accounts. I haven't seen success getting accounts reinstated; sorry
State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 2 of 31
Established Contributor

Re: Shut down by comeity Bank


@bahjaa2008 wrote:
I opened 11 bank accounts with Comenity Bank 2 years ago all store cards .everything was fine my score went up 160 points .and I have 2 discover cards 2 capital one cards then I got approved for 6 new cards with Comenity Bank all visas or MasterCards one of them started using it and just got 1st statement then I tried to use another card and was declined so I checked all other cards and the same thing ..the reason nobody knows you have to wait for a letter ..now my problem is not in loosing new cards as much as the old accounts with two years history payment .my credit ratio is 17% .they at been so good to me last 2years instantly credit increase all the time I pay always on time never late no complaints at all of sudden they shut me down .for someone who is trying so hard to fix his credit and paying all extra fees it hurts .does anyone have an idea what I should do ?

 It sucks that they shut you down, and I feel for you... But honestly, you appeared to have 17 Comenity accounts?  That's a WHOLE lot of cards with one bank.  Once you started adding Visa/MC accounts into the mix, they started looking at you closer.

 

 I fell into the same pattern, so you'll get no judgement from me!  But I've since learned that having all those low-limit store cards soley for padding utility is not really that good for your credit report in the long run.  It makes it harder to get "real" limits on regular cards from better banks.

 

 Unfortunately, I haven't seen any posts here over the last two years detailing how anybody was able to get their accounts turned back on.  Comenity will likely say it was number of new accounts and inquiries that caused the closures.

 

 I'd chalk it up as a lesson learned...  If there's a particular store card that you REALLY use, you might try reapplying for it via a SP app if you can, but I think you'll do yourself more harm than good by detonating another torpedo against your AAoA.   Which Discover and CapitalOne cards do you have?

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $15K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $8.7K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.8K | Cabela's: $1K |



 


 


 


Current FICO 8 Scores: EQ: 735 | TU: 741 | EX: 733

Message 3 of 31
Community Leader
Mega Contributor

Re: Shut down by comeity Bank

Agree with previous posters. Like drinking and driving, for some reason mixing visas and store cards seems to upset Comenity's equilibrium.
We all make mistakes, but i hope someone else reading this learns its never a good idea to apply for 17 credit cards from one lender, i dont care if its Chase or Credit One, thats just too many eggs in one basket.

Also agree with Comenity, they are probably closed for good. Look for cards that fit your lifestyle but dont lock you into whims of just one creditor. Thanks for sharing your story, im sure itll help someone down the roadSmiley Happy
#ChaseCreditCardHobby Enthusiast
2022
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Message 4 of 31
Established Contributor

Re: Shut down by comeity Bank

Agreed! way too much exposure with one bank likely in too short of a time as well.

Gardening 2020-2021
Total CL 113k+ UTIL 0.01% Uber Visa, DoubleCash, Quicksilver, Discover IT, Freedom Ulimited, Blue Cash, Premier Rewards GOLD
Message 5 of 31
Senior Contributor

Re: Shut down by comeity Bank

Just wanted to mention that "rebuilding credit" never, ever, ever involves getting even 1 store card, let alone 11 or 17 or whatever.

 

If anyon is reading this thread who has poor or no credit at all, avoid store cards for now.  It's a useless exhausting trap.

Message 6 of 31
New Member

Re: Shut down by comeity Bank

Thank guys
At least I was lucky to get some other cards not best choice but at least to have a mix
I was able to bet Merrick Card now $1409
Lend up visa $500
Discover secured $300 then graduated to $2500 unsecured
Barclay 2 new cards $1000 and $2000
Got approved for Discover it $9000
I tried to get a mix now no more Comenity ever
Message 7 of 31
Moderator

Re: Shut down by comeity Bank

I too had multis with them and when I saw all the threads start about them closing people down I voluntarily trimmed my exposure to them to one account the AKC Visa. Its all I will ever have with them even though they try to hand me every store card they have with a preapproval when I shop.
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 8 of 31
Established Contributor

Re: Shut down by comeity Bank

I would imagine this site alone caused huge headaches for Comenity when everyone learned about the SCT.  I know I had 12 of their cards at one point.

 

This new trend of shutting people down is sending new posts here to warn everybody about excessive behavior.

 

When you apply for store cards you really don't need, you end up buying stuff you really don't need just to keep the card active.  I'm not sure Comenity's store partners like having 2 million customers who only buy a pair of socks every 3 months.

 

In the 3 1/2 years I have had the Sportsman's Guide Visa I have not spent more than $75 on the Sportman's Guide site, other than the yearly buyer's club fee.  In the 3 1/2 years I had the Total Rewards Visa I have not been to a casino or stayed in a hotel with a casino.  That can't be good for Comenity's partners.

Message 9 of 31
Valued Contributor

Re: Shut down by comeity Bank


@bahjaa2008 wrote:
Thank guys
At least I was lucky to get some other cards not best choice but at least to have a mix
I was able to bet Merrick Card now $1409
Lend up visa $500
Discover secured $300 then graduated to $2500 unsecured
Barclay 2 new cards $1000 and $2000
Got approved for Discover it $9000
I tried to get a mix now no more Comenity ever

And now that you have that diverse collection of cards, you should take a long break, perhaps a full year, during which you apply for no new cards.  Rebuilding credit is best done SLOWLY over many years, not all at once with a flurry of activity.

Chase Sapphire Reserve • PenFed Power Cash Rewards • and five cards in the sock drawer

No CC debt • No bonus chasing • No app sprees • No gift cards • No AZEO • No airline incidentals • No hotel cards • No store cards • No business cards • No authorized users
Message 10 of 31
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