Comenity using BS internal credit score and tanking my limits

[Anonymous]

..... i just said in a previous post my income is 55k/yr, i am not exceeding my income my bills including credit and loan payments total a little over 1k per month, if i include food and such (which from what i can find your not supposed to to get an accurate DTI) then it's 1200. thats about 2/3rds of one bi-weekly paycheck. so at worst (including food) i'm at 26% if everything stays as is payment wise, i always try to see if i can save on a refi about 1-2 years into a car loan so it may go down further.

i get my scores from the cards i have and from credit monitoring services, navy federal give me my fico 9 equifax with my credit card, and one of the other revolving card give me my experian or transunion ( i forget which i have a chase and cap one card that offer scores but one only uses the crap vantagescore model that i dont think many companies use) i pay for the credit monitoring for the other scores as i've been part of some of the recent breaches from sony, equifax and one other so i'm being careful.

i was making not much more than minimum payments because in addition to saving what i can in case of something happening (why the roof bill only ate some of a credit card limit and not the whole thing, total was 8k for the repair) i was also putting as much as 14% of each paycheck into 2 401k accounts as i had a pretty late start and only got them a little less than 2 years ago and i'll be 30 this year.

so it's not a lack of funds that made me do only a little more than minimum its that i had a few things that were a higher personal priority than putting hundreds extra towards credit accounts when i didnt have a requirement to do so and when i was still paying them down at a reasonable enough pace.

the car loan wasnt 38k i was just approved for and given a draft check up to that, the point of saying that was that i know navy federal would not go that high if i didnt either have the credit history and income to support it or if i had the solid history within their own records (which i didn't i'd at that time only had the navy federal account for barely a year, had switched banks to them after the previous bank started nickle and diming everything for the simple and normal use of my account); the car i wanted was about 30k after all the fees and taxes, service contract, ect. and no the loan is not at 100%, i've made every payment since last january when i first got it and its now just over 24k left on the balance so i've paid just shy of 20% of it off so far and i plan to keep a steady payment amount so as the balance goes down it take more of the principal away the more it gets paid off so i may get it paid in full in somewhere near 60-64 or so months instead of the original 76 month term

you have kept assuming out of the gate that i'm some deadbeat that has made every wrong choice possible and just wants free money and frankly that's pretty frustrating when i came here for info or help with a company that from what i can find on the internet and other forums is a pretty lack-standards and sometimes shoddy organization.

it also would be nice if you actually fully read posts and understand them before running with the first couple sentances you skimmed; as i stated above i pretty clearly put in a previous post that my income was 55k per year...

[CreditInspired]

OK, sometimes we try and try on this forum to get through, and sometimes we fail. Comenity is definitely not working for you.

But hopefully, before this thread is closed or run its course, you will calm down enough to not take it personally as @pickaboo noted.

Honestly, you’re comparing apples to oranges to make your case.

No one should compare NFCU to any other lending institution because they really are the best for giving out monster loans right out of the gate to any applicant with average scores and an income. For them, a $4.6K unsecured CC is beans. For you, it appears huge.

You can’t compare a secured loan to an unsecured loans. If a car payment Is missed, it can be repossessed. If CC payments are missed, the Bank is just SOL. Again, your approval for $38K goes to show why we who are in with NFCU love NFCU.

I’m sorry, but truly your scores are not, and have not been, “pretty darn good scores” as you say. If they had been, Chase would have given more than $1K, Cap1 more than $500, and PayPal more than $850. Credit limits under $1K usually mean one barely got his/her foot in the door.

Sometimes in life we need a wake-up call. Just take a step back and breathe. I ask that you treat this minor setback of yours as a lesson learned in order to continue on your journey of creating a great credit profile. Believe me, OP, this is minor in the scheme of things.

You’re only 30. Once the lates fall off, the UT is less than 8.9%, and your scores are 720+, you’re going to get $10K+ CLs from prime lenders as long as the income supports it.

And, kudos to you for putting monies in you 401K.

[Anonymous]

well if thats the case with navy federal then ya i cant use that as a gauge, i was not aware they were that out of line with the norm in regards to who they approve, i knew they had higher approvals but not to that degree; but please, again read posts fully i didnt say i had "pretty dam good scores" i know my scores themselves have never been great, if they were great then i'd be closer to 680 or higher; i said i had a good record, as in if not for the utilization alone i would likely have a far higher credit score.

i think i'm just going to stop checking this thread as this is just aggitating me further, thanks to those that tried to help and actually read the posts fully.

[Anonymous]

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@Anonymous wrote:

well if thats the case with navy federal then ya i cant use that as a gauge, i was not aware they were that out of line with the norm in regards to who they approve, i knew they had higher approvals but not to that degree; but please, again read posts fully i didnt say i had "pretty dam good scores" i know my scores themselves have never been great, if they were great then i'd be closer to 680 or higher; i said i had a good record, as in if not for the utilization alone i would likely have a far higher credit score.

i think i'm just going to stop checking this thread as this is just aggitating me further, thanks to those that tried to help and actually read the posts fully.

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680 is still way off the base for a great score. 720 is the bottom of the range for a great score. 680 is borderline approval with most super prime lenders and denial happens until 700s with quite a few. 

NFCU is definitely in a league of their own. Seriously, don’t be upset about Comenity because those cards will just drag you down when you go for super prime cards later in your journey anyway. 

[Anonymous]

You need to be realistic. Your data points are terrifying to banks. Your utilization is essentially maxed out. Why put money in a 401k when the return on that will be significantly less than the interest you are paying on your cards?
You took out a massive car loan that is now nearly 100% unpaid.
As others have said it's nothing personal against you but rather a mathematic formula. Currently you are a high risk. Banks are going to start limiting their exposure to unsecured money. A car can be repossessed. You open credit cards can not.

[Anonymous]

ok, really last time i'm going to say this or frankly even look at this thread now; read my posts FULLY before responding....

loan is not 100% or "nearly 100%" the current balance is less than $100 over 24k so in just barely a couple weeks over a year i've knocked 20% of the loan off; and no the 24k is not the principal thats the listed payoff. so on a 72 month loan in best case i'm on track to shave about a year off on when it will be paid off by if i just keep paying the same amount i am now as when the loan is new and not pay the lesser amount as the balance is paid down.

and the both the interest and the savings in taxes not being taken out from one of the 401ks being pre-tax is more than the interest on my cards.

last i looked the interest was about 7% or a little less i think on the 401ks. and both together the balances (before taking some out for the roof) was 18k and change so interest was somewhere in the area of $1200 per year at that point the interest on my cards was (if its static and never reducing which it wasnt) was about $1000 and change per year so yes its close but its not more than the interest of the 401ks, and thats only if i ignore the reduction by paying them down.

and i understand its a mathmatic formula; my gripe is that they are the only ones who seem to be taking this stance on it, this started over a year ago now when i first got the notice and contacted them questioning it so thats more than enough time i believe (correct me if i'm wrong on that) for other banks to see the same credit info as comenity does and if they were going to reduce my limits or something of that nature i think they would have done it by now, yet they have not; in that regard comenity are the odd ones out.

regardless once these are paid off i will likely close the comenity accounts after they sit at 0 for a while and just before they go inactive, or i just may let them go inactive; depends on if they actually close the account or just suspend new transactions, i'm done with their crap and running on their own playbook while other banks and companies work fine and dont give me a hassle.

[Anonymous]

You really should be thankful for Comenity because they are known to be the first ones to take AA which is a warning you should heed lest your other creditors you care about follow suit. 

[Physh1]

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@Anonymous wrote:
 

regardless once these are paid off i will likely close the comenity accounts after they sit at 0 for a while and just before they go inactive, or i just may let them go inactive; depends on if they actually close the account or just suspend new transactions, i'm done with their crap and running on their own playbook while other banks and companies work fine and dont give me a hassle.

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I really think you need to let the skies clear a little...if getting a $500 limit card or a $850 limit card leads you to believe that other creditors are 'working fine' you need to see that those limits barely let you in the door. You're borderline credit is barely qualifying for minimum limits. At $500 or $850 or even $1000 their risk is about as low as it is going to get to not extending you credit at all. Seriously take Commenity's AA as a warning sign. Get ahold of your finances & get your util down...otherwise I venture that Commenity won't be the only one down the road.

[FinStar]

And, with that, it appears valuable feedback has been provided and several points have already been made with addressing the actions that led to AA.

OP, unfortunately, nothing that can be done to reverse the AA, but wish you the best on whatever course of action you decide to take with those Comenity accounts.

As the discussion appears to be going in circles, this thread appears to have run its course.

[gdale6]

Thread has run its course and is now closed to further comments.