Are Comenity Bank Store Credit Cards Hurting You?

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Re: Are Comenity Bank Store Credit Cards Hurting You?

Postby takeshi » Tue Dec 22, 2015 10:16 am

mbraceit wrote:Are Comenity Bank Store Credit Cards Hurting You?

I don't have any, so no. They can't hurt or help me.

In general, the creditor doesn't matter unless maybe you have consumer finance accounts. Comenity is not one of those creditors.

mbraceit wrote:Does this hurt your credit score? I'm talking about if you have more than one of their store accounts. Would it be better/worse/no effect if you had 3 accts from them versus 1 from them, 1 from another co and 1 from yet another.

No. A revolver is a revolver.

mbraceit wrote:Why do ex-BK'rs pay annual fees for cards for bad credit then when store accts will get the job done just as good?

Not all pay AF's. AF's are just one consideration among many when selecting a card. Store cards are not of use to everyone. I have no use for them. Good is always highly subjective. Never assume that good for you is good for everyone on any topic.

mbraceit wrote:Another question about Comenity Bank cards is which of them are known to give the highest credit limits

Never rely solely on card/creditor for limit. The creditor/product's underwriting criteria is just part of the equation. Your credit profile and income at time of consideration (your credit is not static) will determine what you qualify for.

mbraceit wrote:What shows on your credit report?

See for yourself. If you're not regularly reviewing your reports then definitely do so.

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Re: Are Comenity Bank Store Credit Cards Hurting You?

Postby JonE » Tue Dec 22, 2015 11:39 am

Holy old thread, Batman!

I have heard some underwriters either don't look at store cards, or look down upon them as a measure of creditworthiness, the more you have the less likely you'll get anything from a regular bank. I'll wind up with just one (Amazon, my most useful).
Chase Freedom ($2000) | Discover IT ($1400) | Care Credit ($1000) | Walmart ($900) | Amazon ($800)
No applications indefinitely.
Future: CSP/Reserve, Amex EDP (or PRG).

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Re: Are Comenity Bank Store Credit Cards Hurting You?

Postby kdm31091 » Tue Dec 22, 2015 11:42 am

Yes, I think a huge number of store cards (huge being a majority of one's total accounts) can hurt someone especially on a manual review. So people who abused the SCT to amass their 250k in credit will definitely face a tough road trying to get "real" cards later. But there are people who are simply determined to learn that lesson the hard way.

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Re: Are Comenity Bank Store Credit Cards Hurting You?

Postby emilyliving » Wed Dec 23, 2015 5:22 am

I don't think it hurts.

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Re: Are Comenity Bank Store Credit Cards Hurting You?

Postby Vattené » Tue Dec 29, 2015 3:58 pm

I have 9 store accounts reporting on me (I'm including a Banana Republic Visa as a "store" account here), and it hasn't hurt me one bit. Since the days when I applied for store accounts, I've only applied for two prime credit cards, an auto loan, and a mortgage, but I've never been denied any credit I've applied for and I've gotten good terms (the best terms on the car and house - where it really matters). Granted, my Discover and Amex almost certainly didn't go under manual review, but I think all the worry about store accounts is far overblown. They were literally the only things on my profile until I got a Discover. A TL is a TL, and when one is starting out or rebuilding the options are very limited.

Now, of course you shouldn't go chasing after every store account you can get. They have to be managed responsibly, and they shouldn't impact your spending. They have their purpose, and once a person has gotten to a point where they can get prime cards, store cards will have little if any value. Even if you use them sparingly, however, they help your credit (I have some I only used when opening the account and not even when I went back to make subsequent purchases from the store). I would consider 9 to be a lot and I definitely didn't need every single one of them, but they helped pad my credit profile with positive payments and history. I'd certainly rather have a free store account of limited use than a builder card with no benefits I can use anywhere but that requires a security deposit or AF.
EX - 804 (10/16) | TU - 803 (10/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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