Too many cards with one issuer question...

[Anonymous]

Ok so I'm sure everyone saw the subject and screamed COMENITY!!! You are correct. Feel free to leave off the bashing, or not, its fair game. I currently have 12 with them. BH, Ann Taylor, VS, OS, HSN, Express, Buckle, J Crew, J Jill, Venus, SG Visa, WS Visa...I think that is it. Yes they were sct. and while at first I was naive. I have successfully used them to increase my credit back in the 700s. I use them all. I could probably nix the J Jill. BH, AT, Venus, HSN are used 1/2 times a yr. Express, VS (it benefits me and my gf both), Buckle are used a good bit and the Visas are good to have.

So to my question, I was looking at adding a wayfair. Got the sct but didn't jump on it. My credit score has recently plummetted. No baddies. Just an inquiry for care credit for some dental work. An HP on the WS visa, and HP on a couch (that was stupid but it was 0% for a year) trying to furnish my gfs apartment, and couple HPs from over a yr ago. I also mortgaged a home a couple months ago. All payments are 100% on time. Recurring scheduled plus I pay extra. I pay a little more than minimum on most. Good bit more on others. Util is around 18% across the board. I have 2 Cap 1s and 2 Credit 1s (another regret) along with an amazon card.

So thats my profile. I normally only use cards when there are promotions and only buy clearance or sale on store cards. Around holidays I use them more.

Back to question, with my limits (all store cards are from 6k to 20k) should I be concerned that adding another would possibly red flag comentiy into closing some or lowering limits? I would use the card. I've seen the horror stories but I also have given them no reaseon to be concerned with 0 late payments going back 7 years.

My concern is number of cards, limits, and the recent dip in score. I expect that to go back up in a couple months once history established with new lines and holiday spending paid off. Should I wait until then, or is it still a concern? Would closing some lesson their concern or just raise more flags. Would it do and good to call them or is that another flag? I know store cards are not the best. But they helped me. I was responsible and still am (with the exception of splurges at VS). Thoughts?

<Mod note:  I've edited your post to insert paragraph breaks to help with ease-of-reading.  --UB>

[Medic981]

Welcome to the myFICO forums!

You are not the only one who succumbed to the SCT. 

To answer your question, I would say it would not be a bad idea to limit your exposure with Comenity. I do not think it would be a red flag. If you feel you are not getting use out of J Jill. BH, AT, Venus, and HSN accounts, I would go ahead and close those accounts. 

It sounds likes it is time to garden and let the accounts you keep age. From this point forward, I would only apply for credit that you need. In a few years when your accounts have aged, then you can apply for the credit that you want.

Best of luck.

[Anonymous]

OP, do you also have major bank cards in addition to all those store cards?  If so, it makes the store cards a little bit less of an issue IMO.  If you do not have any major bank cards, applying for one and having them see just a ton of store cards probably isn't the best look. 

I'd suggest closing down the store cards that you don't use or use very little (say, a couple of hundred bucks spend per year or whatever).  I'd also suggest hitting the brakes on apps. 

Where are you getting your suggested slightly > 700 score from?  Is it a genuine FICO score?  If you've got 7+ years of credit history, 100% on time payment history and your utilization is low, your FICO scores should easily be in the mid 700's or even upper 700's.

[Jnbmom]

Yes I am curious, you stated your credit score plummeted and just mentioned a few HPs, that clearly alone "should" not lower your scores dramatically.  Just wondering if anything else changed and what score you are referring to??

[Anonymous]

I was sort of inferring that the OPs scores dropped mostly due to the addition of the ~12+ new accounts.  It wasn't disclosed exactly how long ago they were opened or of course what his before/after Age of Accounts factors were.  If he only had a few (say 5) accounts on his CR with an AAoA of 3 years, opening 12 new accounts would drop AAoA to ~10 months... along with the AoYA drop to 0 months of course.  An AAoA shift from 36 months to 10 months is significant and could constitute a pretty major score drop.

[Anonymous]

Sorry for lack of clarity. 5 HPs in last 2 yrs. Amazon (#1) about 1.5 yrs ago, in last few months had a mortage hp about 4 months ago (#2 - lots of equity in house), hp to purchase a couch at 0% financing though regret about 4 months ago (#3), Care Credit about one month ago (#4 - needed for dental work), and a WS Visa about a month ago (#5) - being a visa and the rewards I don't truly regret that hp - it was a popup but I knew would be a hp. Before the amazon card I hadn't apped or used sct in over 2 yrs so had 0 inq. I now show the 5. The 7 years was referring specifically to my relationship with Comenity. Most of their cards were obtained in 2011-2013. The 700s was true but the plummet I speak of was just a vantage score from credit karma so I should check the accuracy of that I guess. UPDATE EX FICO is a 681 as of today. As stated ive had the 4 hps in last few months, only truly regret one. And balances have increase over holiday spending. That will be back to previous balances and lower in next month or two. Back in 2011 it was a major rebuild for me. Some baddies, no BK, paid everything eventually but had some closed accounts. Just got upside down in a business venture when a partner tucked tail and ran. Oh well. The AAoC is now just under 5 yrs now with all considered. Oldest account is at 13 yrs. Vehicle is paid off so the CCs mentioned and the mortgage are only lines of credit. I am not getting the wayfair anytime soon but would like to as things fall off bc it would be utilized. So it would be at least a year but most likely 2 once everything falls off. I liked having 0 inq. I carry low balances on most. Make all payments no issues. I was just concerned about my exposure to one lender and if down the rd (yr or so) if I am better off to cancel some COM cards before even thinking about another. I am happy with my cap 1 cards, hate my credit ones though they did help rebuild. Once I am back down to 1 or 0 hps I may slowly add major cards but I am not looking to do so anytime soon. I don't need them. I rarely app for things, just hit with multiple things lately. Bought a house, had to get gf in an apartment and helped to get a lot of needed things, dental work came up, etc. It was just more than i wanted to fork over cash for (well the mortgage that wasn't an option - it is $76k+ owed and appraises for about $150k if that helps - so not an astronomical payment). Making payments is not an issue nor is it stressing the budget (thats only my gf doing that). Besides gardening (wont be a problem), and possibly closing some Comenity accounts, other recommendations are greatly appreciated. Should I pay off and close Credit One or keep active? Also does hitting the luv button raise red flags as to my Comenity exposure? It helps utilization but will they be concerned that I have 6k available to spend at VS for example? Thats a lot of lingerie for my girl! Or 18k available at OS, etc. Is there a downsided to raising limits? As long as not using it to raise balances of course? I agree with everyone as far as cautioning the SCT but it truly was a good rebuilding tool for me. Just have a few more than needed. That lesson is learned.

[Anonymous]

Other than hps and short term balance increases on holiday spending there have been no changes. I have 0 collections or public records. A total of 5 late payments in early 2014 (thats when I was still dealing with business venture - restaurant...sigh). None since.

[RonM21]

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@Anonymous wrote:

Other than hps and short term balance increases on holiday spending there have been no changes. I have 0 collections or public records. A total of 5 late payments in early 2014 (thats when I was still dealing with business venture - restaurant...sigh). None since.

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Welcome @Anonymous!  I just wanted to point out something.  You mentioned a couple times about the holiday spending and short term balance increases .  Even though you have never been late that will not keep you exempt from there being adverse action taken on any of yhour accounts.  If the overall profile spooks a lender at any time, they can react.  I would say be careful with the rise in balances, especially if any of them report.  Combined with the HP's and maybe number of accounts, the balance increases in iteself could be risky.  We have seen people here get action taken on their accounts or closed even though they were never late. 

[SouthJamaica]

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@Anonymous wrote:

Ok so I'm sure everyone saw the subject and screamed COMENITY!!! You are correct. Feel free to leave off the bashing, or not, its fair game. I currently have 12 with them. BH, Ann Taylor, VS, OS, HSN, Express, Buckle, J Crew, J Jill, Venus, SG Visa, WS Visa...I think that is it. Yes they were sct. and while at first I was naive. I have successfully used them to increase my credit back in the 700s. I use them all. I could probably nix the J Jill. BH, AT, Venus, HSN are used 1/2 times a yr. Express, VS (it benefits me and my gf both), Buckle are used a good bit and the Visas are good to have. So to my question, I was looking at adding a wayfair. Got the sct but didn't jump on it. My credit score has recently plummetted. No baddies. Just an inquiry for care credit for some dental work. An HP on the WS visa, and HP on a couch (that was stupid but it was 0% for a year) trying to furnish my gfs apartment, and couple HPs from over a yr ago. I also mortgaged a home a couple months ago. All payments are 100% on time. Recurring scheduled plus I pay extra. I pay a little more than minimum on most. Good bit more on others. Util is around 18% across the board. I have 2 Cap 1s and 2 Credit 1s (another regret) along with an amazon card. So thats my profile. I normally only use cards when there are promotions and only buy clearance or sale on store cards. Around holidays I use them more. Back to question, with my limits (all store cards are from 6k to 20k) should I be concerned that adding another would possibly red flag comentiy into closing some or lowering limits?

Yes you should be concerned. Do not do it.

I would use the card. I've seen the horror stories but I also have given them no reaseon to be concerned with 0 late payments going back 7 years. My concern is number of cards, limits, and the recent dip in score. I expect that to go back up in a couple months once history established with new lines and holiday spending paid off. Should I wait until then, or is it still a concern?

It would still be a concern no matter when you do it.

Would closing some lesson their concern or just raise more flags.

It wouldn't raise more flags. It might lessen their concern, but probably it wouldn't.

Would it do and good to call them or is that another flag?

No it wouldn't. It would probably be a flag.

I know store cards are not the best. But they helped me. I was responsible and still am (with the exception of splurges at VS). Thoughts?

No more store cards.

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[AverageJoesCredit]

The most dangerous part with Comenity is when you mix store cards with a Visa. Stay vigilant, if anything , diversify your cc portfolio with other lenders in case they ever shut you down completely. Good thing going for you is most your cards were opened years before the Big Comenity Bang Theory