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Marathon Visa Closing January 2019

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Established Contributor

Re: Marathon Visa Closing January 2019

This is an unfortunate situation OP. If I ever receive such a notice from a credit card issuing bank, I would close the account myself and request a written confirmation of my request--so as to have the account reported in my credit profile as 'Account Closed By Consumer' as opposed to '.... By Creditor.'

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

SCORES: Excellent · 830 to 848
INQUIRIES: 0
UNIVERSAL REVOLVERS: $200K Club
NUMBER OF CC ACCOUNTS: Less than 10
CARD USAGE: Minimal
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INCOME: Sufficient
UTIL: 1-2%
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ASSETS: 100% Equity
TOTALLY REFUSE TO: Pay Interest or Annual Fees, Combine Accounts, Reduce Limits, Submit 4506-T, SCT, App Spree, Accumulate Inquiries, Do business with Comenity, Synchrony, Cap One, Wells Fargo, Citi, Barclays or any other credit-cancerous lending institutions
Message 11 of 26
Valued Member

Re: Marathon Visa Closing January 2019

I will never get a card from Comenity or Synchrony. The amount of Issues i had and have red is enough for a proper FBI investigation. 

Message 12 of 26
Highlighted
Established Member

Re: Marathon Visa Closing January 2019

 


@SOGGIE wrote:
This is an unfortunate situation OP. If I ever receive such a notice from a credit card issuing bank, I would close the account myself and request a written confirmation of my request--so as to have the account reported in my credit profile as 'Account Closed By Consumer' as opposed to '.... By Creditor.'


Thank you for that suggestion, Im going to be giving them a call in the morning

Message 13 of 26
Regular Contributor

Re: Marathon Visa Closing January 2019

Comenity only deals with co-branded cards. 

 

They will not convert cardholders to another Comenity product.

 

Bummer !!Smiley Mad

Message 14 of 26
Regular Contributor

Re: Marathon Visa Closing January 2019

Many thanks, @Soggie,  for that suggestion to close the account on my own! I will do that right this minute. I got my letter in the mail from them yesterday....I wonder why companies decide to close cards like this??

Message 15 of 26
Mega Contributor

Re: Marathon Visa Closing January 2019


@CGeorge wrote:

@Many thanks, @SOGGIE,  for that suggestion to close the account on my own! I will do that right this minute. I got my letter in the mail from them yesterday....I wonder why companies decide to close cards like this??


Score wise, closed by issuer vs closed by consumer has absolutely no impact.   I think some here over-worry about it: even on manual review a few closed by issuer (especially if spread apart in time) is not going to raise any concern.

 

Companies close co-branded cards when the partner decides to end the relationship (not profitable enough, want to go with another issuer) or the issuer no longer views the relationship as worthwhile (or wants to partner with a rival company and can't have both)    Sort of similar as to why we close cards!

Message 16 of 26
Regular Contributor

Re: Marathon Visa Closing January 2019

I didn't think it made much difference if an account was closed by issuer or by cardmember - but I closed mine anyway. Might as well take the credit score point hit now - hopefully by the end of the year - rather than later.

Message 17 of 26
New Visitor

Re: Marathon Visa Closing January 2019

My husband and I just received letters in the mail for our store card stating they will be closing the card on 2/1/19 as well.   Such a bad time, we are attempting to purchase the home we currently rent in July.  I wonder how many points both of our credit scores will drop.

Message 18 of 26
New Member

Re: Marathon Visa Closing January 2019

I just got my letter today. I am rebuilding and that 3k cl was helping me quite nicely. Ugh !!

Message 19 of 26
New Visitor

Re: Marathon Visa Closing January 2019

So sorry to hear that, hopefully you'll be able to bounce back quickly.
Message 20 of 26
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