JonE wrote:I haven't seen hard totals, but I do wonder how many actual Comenity card holders there are in the general population, and how many of those are actually affected by something like this. I get grief all the time for telling people they have too many credit cards, but the fact is most credit card lenders see that and think the same. Financial lenders, banks, loan providers are all conservative by nature. They don't want to have to worry about whether someone is overextended, in major debt, or otherwise living beyond their means. I have now five cards, and will probably wind up with a total of six after Care Credit goes away. Most of those cards are with lenders that aren't going to be happy if I go on any major app sprees or put a lot of spending on the card and only make minimum payments. The kind of thing being discussed in that thread is exactly what happens when you have too much of a CL with a particular lender, especially one that isn't worth the plastic their logos are printed on.
I agree. It's really not that complicated... If you apped all at once, they may or may not see the inquiries and they certainly don't know about the new accounts. Once they find out about the accounts, if your profile doesn't support the accounts, they change their mind. That's the express reason you applied in the way you did in the first place... To deceive the computer that approves the accounts. It's ridiculous. I'm not saying I haven't applied for more than one card at once, but I knew what I was doing and I took the risk.
Then the one guy explains, fairly nicely and civilly, that if your sister is relying on her Comenity card to buy gas to "make it home" that basically she is a moron and that's her own fault. I was much nastier about it, but I was actually nicer about it then I would have been in real life. It's really stupid. Something you know when you're 14 is stupid... Someone's response went so far as to suggest that cash is on its way out, which is possibly the stupidest thing I've heard in the last several years of my life... I want to make an account over there to try to explain these things but I feel like it's a supreme waste of my time...
And quite a few of them aren't just apping for one or two cards. Some people show up in the approvals forum week after week, applying for as many as 5, 10 or more cards in a month (that they mention - could be more). It's a sickness. But they are egged on with "you have a thick file". Sorry but "thick file" only goes so far. You're still aggressively seeking credit and sooner or later, the hammer will come down. When it does, instead of encouraging rational behavior, myfico encourages users to be entitled and demand everything be restored (already people are writing letters to the executive office). Truth is, comenity doesn't want a customer like that. It's the same with Chase's 5 in 24 policy. All of the churners are freaking out saying how it will kill Chase's bottom line etc. Guess what, no it won't. They are shutting out the customers they don't want, i.e. 98% of the people who are complaining about the policy. And Comenity is merely doing a similar thing.
I wish people didn't continue convincing each other that they were invincible but it appears most of them still think they are. A normal consumer is not opening 10 credit accounts in a year, or maybe even in 10 years, nor do they have 15 inquiries per bureau. So of course most myfico members are the upper extreme of credit seeking and therefore they will be "hit" with AA (I hate putting it that way because again it makes it sound unavoidable or something).
As far as waste of time, I concur. I spent a lot of time and energy on that website trying to talk sense into people and 90% of it was a waste of my time. A few people did seem to listen and messaged me saying "thank you for the advice" and appeared to take it into consideration. But by and large, unfortunately, the impulsive addicts outnumber anyone reasonable.
I know someone who works at BOA as a credit analyst. Everyone's file varies of course so I am generalizing, but she basically says that anyone who applies for credit (and it goes into review) and has more than 5-6 cards total
is scrutinized more closely to be approved, watched more closely and generally considered a higher risk. These banks don't want people having 30 accounts. Not rocket science, but again everyone thinks they are exempt from the rule because of their "thick file". Not so.