Shut down by comeity Bank

[Anonymous]

That’s my plan .i just hope other card won’t get effected by this craziness ..Discover is been so good to me .they are the best and I am working with Capital one also they are very slow with me but I’ll get there .and for sure no more Comenity Card nooooo waaaay ..And I think they should remove the hard inquiries if they cancel those accounts before even listed in the credit reports .

[Anonymous]

This site is great, and great advise. But that SCT was the worst advise ever given on here, slow and steady is the way to build credit. And you and many others giving your experiences is great for teaching, good luck to you!

[Anonymous]

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@Anonymous wrote:

This site is great, and great advise. But that SCT was the worst advise ever given on here, slow and steady is the way to build credit. And you and many others giving your experiences is great for teaching, good luck to you!

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Most seasoned members of this board do not support SCT. It just gets tiring repeating yourself, and at the end of the day, people are going to do what they want.

[Anonymous]

I’ll admit that I fell into that SCT trap. I ended up with probably 7 or 8 cards. Of course this was right when I got into extremely rebuilding my credit and of course I realized how damaging it was to my AAoA.

I’ve since closed all of them except the Victoria’s Secret one cause my wife shops there and we use it at Bed, Bath, Beyond as well.

I also kept open the Overstock one cause we do purchase from that place as well.

Everything else was just a waste of time and did more damage than good to me.

I’m in complete agreement that you should never do the SCT trick or really just shoot for all those store cards from them at all.

[Anonymous]

I am surprised by your reaction @CreditContractor you are usually the Comenity supporter around here.

I am sorry your accounts were closed! I hope the same does not happen to me I just added a Comenity Mastercard to my portfolio

I am one of the few supporters of store credit cards, I find that if you shop at the store enough they can be very beneficial. You may notice by my signature that some of my MasterCard/ Visa's are attached to stores.

[HeavenOhio]

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@Anonymous wrote:
I am one of the few supporters of store credit cards, I find that if you shop at the store enough they can be very beneficial. You may notice by my signature that some of my MasterCard/ Visa's are attached to stores.

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The co-branded MasterCard/Visas are different animals. They can be used anywhere. You can use them all the time if you'd like without ever having to buy from the connected retailer. Or if it comes down to making a purchase to keep the card active, you can buy something you actually need.

True retail cards can only be used at one place or at a small handful of places. Some can be worth it if they offer nice rewards and one shops at that particular store frequently. Otherwise, they're just clutter.

But I think the real issue here is the bank. Comenity is just plain too risky to deal with. I was shopping recently when the guy ahead of me pulled out his Comenity card for that store. It was declined. The cashier just shook her head and said, "This happens all the time." He pulled out his handy-dandy AMEX, paid with that, and was all set.

[Anonymous]

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@AverageJoesCredit wrote:
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 road

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Concur - I have only one Comenity card (Overstock) and expect to keep it that way since there aren't really any other places I want to shop with that have Comenity-issued cards. I do have three Cap One cards but am planning to close the secured one this year once I get my new QS Rewards Visa activated and transfer the secured card's balance to my Penfed Visa. I have three Synchrony cards (Walmart, Amazon, Care Credit) and that's about as far as I want to go with them either except for the Marvel Mastercard. I only have one card each from my other issuers (Discover, Penfed, Apple FCU).

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

This site is great, and great advise. But that SCT was the worst advise ever given on here, slow and steady is the way to build credit. And you and many others giving your experiences is great for teaching, good luck to you!

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Most seasoned members of this board do not support SCT. It just gets tiring repeating yourself, and at the end of the day, people are going to do what they want.

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I never actually used the SCT myself - I got my Overstock card last year via a prequalified/preapproved email offer (same with Walmart). In fact, Cap 1 secured, Amazon and Care Credit are the only three cards I've applied for "cold", all the others have come from prequalified/preapproved offers online or via email/paper mail.

[AverageJoesCredit]

Having a Comenity card is not bad in and of its self. If you take care of your account, you should be fine. Its just going overboard and unfortunately, not everyone is privy to this site and when these banks have all the retail stores that offer credit, some people will app all the stores they shop without realizing how it may affect them.

DepDep, we know you love your store cards and nothing wrong with that as you shop at them often , its just people should take them in moderation. A store card visa or mc is great option, unfortunately most of us dont qualify for them until weve already established ourselves and by then usually better options

[Anonymous]

Another factor one needs to think about when applying for store cards is that most of them (certainly the ones issued by Synchrony or Comenity) don't allow balance transfers of existing balances to other cards. This could cause you awkward moments, at the least, if you got a new BT card intending to move your retail-card balance there and then found out you couldn't do it. (For that matter, some bank issuers don't allow BT's from one card issued by them to another either; this made me rethink and adjust my BT plans when I found that out earlier this week.)