Question About Overstock Credit Card

[East71177]

This TL is only 5k of my overall. But it is always at 0 and has helped with my credit ratio. Fortunately I've been working hard to pay down my outstanding revolving debt. So I'm hoping it doesn't impact my score much. But still a bummer. Thank you for the additional information. 

[SweetCreditObsession]

@East71177 - glad that it won't adversely impact you. Let's hope you qualify for a couple CLIs to offset the loss.

[SweetCreditObsession]

@Iusedtolurk - received my letter today. It says all Overstock Store accounts are being closed.

[East71177]

I called Comenity and they said that they will extend credit to some. Those letters will be mailed on June 18th. I'm not sure I believe it though. 

[SweetCreditObsession]

@East71177 - that's interesting 🤔.  I guess time will tell whether it turns out to be true or not. 

[thatgirldina1]

I have this card and recevied the letter about it closing but I'm carrying a balance due to a promotion that set to expire in Sept. Does anyone know if when the accounts are closed, if they will report to the credit bureaus as Closed with a balance due? That would kill my score. I'm throwing every extra $ I can at it to pay it off before they shut down.

[Iusedtolurk]

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@thatgirldina1 wrote:

I have this card and recevied the letter about it closing but I'm carrying a balance due to a promotion that set to expire in Sept. Does anyone know if when the accounts are closed, if they will report to the credit bureaus as Closed with a balance due? That would kill my score. I'm throwing every extra $ I can at it to pay it off before they shut down.

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@thatgirldina1 Don't know how this closure would affect overall but looking back at my EX Fico when I experienced a closure with a balance it was included as informational data but did not affect Credit Score.

The balance nor the Credit line was used in the Utilization calculation only the data for OPEN accounts was used.

The 167 balance and the 1600 cl was shown in the Closed accounts section.

I have almost 11000 on the overstock cl (always carried Zero balance) so losing that will definitely hurt my Utilization. I will have to tighten up and start paying a few balances down as that is the only recourse I currently have available.