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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.
@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
Comenity only deals with co-branded cards.
They will not convert cardholders to another Comenity product.
Bummer !!
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??
@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!
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.
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.
I just got my letter today. I am rebuilding and that 3k cl was helping me quite nicely. Ugh !!