Are Comenity Bank Store Credit Cards Hurting You?

For just about anything you want to get off your chest about credit cards.
15 posts
mbraceit
Green Member
Green Member
 
Posts: 7
Joined: Sat Jul 20, 2013 10:51 pm
Location: Westwood

Are Comenity Bank Store Credit Cards Hurting You?

Postby mbraceit » Sat Jul 20, 2013 11:13 pm

Back when I first started to rebuild my credit after a chapter 11 bankruptcy, I was told to seek out store credit cards because you can get approved for them easier.

The first I opened was from Victoria's Secret. Next I got another from Pier 1. Both of these were Comenity Bank credit cards. Sure enough I started to figure out that what seemed like every store I shopped at, this was the bank behind them.

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.

What shows on your credit report? Does it say Comenity or does it say the name of the store like Ann Taylor?


paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Sun Jul 21, 2013 12:52 am

I don't think It hurts your score at all and it should say "Comenity/Victorias Secret, Comenity/Express" etc..

s.jessica
Centurion Member
Centurion Member
 
Posts: 125
Joined: Wed Dec 05, 2012 12:47 pm
Location: Iowa

Postby s.jessica » Sun Jul 21, 2013 12:02 pm

Each card is a separate tradeline even if you have several cards backed by the same bank. Having different cards won't help your credit score, but careful usage of the cards you have will. At this point I wouldn't open new cards just for the sake of having cards backed by a different bank and I wouldn't close anything you already have. What you currently have is plenty to build your score until it's high enough to qualify for some nice major cards.

If you want a major credit card that's easy to get try Barclays.

mbraceit
Green Member
Green Member
 
Posts: 7
Joined: Sat Jul 20, 2013 10:51 pm
Location: Westwood

Postby mbraceit » Sun Jul 21, 2013 12:50 pm

Each card is a separate tradeline even if you have several cards backed by the same bank


Does that mean that having 5 all from Comenity will have the same impact on my score as having 5 accts from 5 different banks (like Citi, Bank of America, American Express, US Bank, Wells Fargo). I never knew that. 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?

Another question about Comenity Bank cards is which of them are known to give the highest credit limits or do they all have the same policy? My Victoria's Secret has a $300 limit but my Pier One has $500. Is that bec I opened it after the VS acct or does Comenity give higher limits for some retailers over others?

paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Sun Jul 21, 2013 2:19 pm

Because store cards generally have a low limit and because they can only be used at the store.

mbraceit
Green Member
Green Member
 
Posts: 7
Joined: Sat Jul 20, 2013 10:51 pm
Location: Westwood

Postby mbraceit » Sun Jul 21, 2013 5:45 pm

paparoach429 wrote:Because store cards generally have a low limit and because they can only be used at the store.


But does is say on your credit report that it is for store use only?

I saw on on their website that they issue a Marathon gas station Visa. That can be used everywhere but how would you know it by looking at the report. Does it say Comenity/Marathon or Comenity/Marathon Visa?

paparoach429
Centurion Member
Centurion Member
 
Posts: 331
Joined: Tue Sep 11, 2012 12:21 am
Location: chicago

Postby paparoach429 » Mon Jul 22, 2013 1:33 am

It doesn't say its for store use only. Just the name of the store and the bank that backs it.

flan
Centurion Member
Centurion Member
 
Posts: 387
Joined: Tue Apr 09, 2013 10:16 pm
Location: chicago

Postby flan » Mon Jul 22, 2013 8:41 am

paparoach429 wrote:It doesn't say its for store use only. Just the name of the store and the bank that backs it.


There's a field in the reporting data format that most reporters use to indicate "bank card" or "store use only". (The people that don't use that are big banks that are pushing for more detailed reporting; they surely include that information as well, if any of them back store cards.) So, yes, people who pull the report can see it's a store card or a bank card.

Chase is said to not put much weight in store cards for their internal scoring (though I'm sure they care about lates or default....). A lot of people have silly high limit store cards, because they were using them as essentially an installment loan.

shuzzie
Green Member
Green Member
 
Posts: 3
Joined: Tue Jul 23, 2013 1:29 pm
Location: Florida

Postby shuzzie » Wed Jul 24, 2013 1:31 pm

flan wrote:Chase is said to not put much weight in store cards for their internal scoring (though I'm sure they care about lates or default....).


That is good to know. This makes me even more confident in my decision to NOT apply for the Mens Wearhouse card from GECRB.

helgaj
 
Posts: 1
Joined: Sun Dec 20, 2015 10:46 pm

Re:

Postby helgaj » Sun Dec 20, 2015 11:02 pm

mbraceit wrote:
Each card is a separate tradeline even if you have several cards backed by the same bank


Does that mean that having 5 all from Comenity will have the same impact on my score as having 5 accts from 5 different banks (like Citi, Bank of America, American Express, US Bank, Wells Fargo). I never knew that. 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?

Another question about Comenity Bank cards is which of them are known to give the highest credit limits or do they all have the same policy? My Victoria's Secret has a $300 limit but my Pier One has $500. Is that bec I opened it after the VS acct or does Comenity give higher limits for some retailers over others?


I have two Comenity Bank accounts: Torrid and Avenue. I don't know exactly what my credit score was when I first applied for them, but I would guess low 600s. I asked for my first increase after having the accounts for over a year and never missing a payment. Torrid increased my limit from $350 to $550, and Avenue went from $850 to $1250. Just recently my FICO score finally reached 680, and it had been at least a year since I last requested increases so I went ahead and requested one from both. My limits are now $950 and $1650 from Torrid and Avenue, respectively.

On my credit reports the accounts are listed as CB/Torrid and CB/Avenue.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests