Comenity Bank Credit Score Needed/Requirements?

For just about anything you want to get off your chest about credit cards.
13 posts
credit_cat
Green Member
Green Member
 
Posts: 3
Joined: Mon Aug 26, 2013 1:08 pm
Location: Tampa,FL

Comenity Bank Credit Score Needed/Requirements?

Postby credit_cat » Mon Aug 26, 2013 1:35 pm

Hello everyone! I'm new and a first time poster! I'm trying to rebuild my credit. In 2007 I was laid off from my job at a major bank for reasons we all know. I was out of a job for 2009 and it was either pay credit cards or pay the mortgage and eat. Needless to say, I've been employed 4 years now and I still am slowly repairing all the damage that was done.

After repaying 2 charge-off's and 7 accounts in collections, this year marks the first year that I'm actually getting credit cards back. I opened up my first rebuilding card with Merrick Bank (initial $500, then CLI to $1000) and from there have subsequently opened a store card (Old Navy, $200) and my most recent baby, a newborn Capital One Quicksilver card ($300). I finally feel like I'm out of the time out corner!!

That being said, I applied for a LOFT credit card (Ann Taylor for those of you who are unfamiliar) shortly after I was approved for an Old Navy card (same trip to the mall). I was all ramped up because of my ON approval (instant!) and I thought, gee whiz, maybe I'll get 2/2! WRONG. I got the good old 7-10 day message and 10 days later the sad no-no letter.

Now this no-no letter was unlike other no-no letters I've seen. They used some really bizarre scoring system that ranked people's credit from a score of 1 to 999. Has anyone ever seen this before? This is the first time I've seen it. They said I ranked 127! That seems really low on whatever arbitrary scale this is, considering I have been approved for some cards recently.

They did however do their apologies spiel and said they hoped I'd apply again in the future, which made me feel less horrible. Still, such a bizarre scoring system. I actually noticed Old Navy/GE Money Bank had their own system as well when I got my card and materials in the mail but theirs is different, it ranges from 100-600 (I think) and I was in the 400's.

This is all very confusing! There should be ONE system and that's it. :ppp


User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Tue Aug 27, 2013 9:19 pm

It is confusing sometimes... I just got a rejection letter from AMEX in which the letter stated my FICO score was a large part of why I was rejected(the score was 720- which was higher than the average score for that card according to creditkarma). A further look at the letter implied that AMEX has their own scoring system- part of which was my FICO score. so they have their own scoring system along with FICO.

Part of the problem is that many creditors aren't entirely happy with FICO, even though it is used almost universally by all major credit issuers in some form or another. The big three credit bureaus(Equifax, Experian, and TransUnion) jointly developed their own scoring system called Vantage Score, but don't listen to what it says at the vantagescore.com website- no one uses Vantage Score, although they claim it is a better indicator of who is likely to default on a loan. Apparently there are over 100 different scoring models in use(although FICO is the defacto king of the hill). Some of these try to mimic FICO, others try to weigh more heavily on other factors than FICO does.

It's probable that LOFT relies heavily on a model which is unforgiving of charge-offs and collections, even ones which are dated. After your other cards age a bit, your FICO score will increase and you'll be able to get some real cards. I would stay away from store cards anyway because they usually give crap CL's and can only be used at their store.Don't worry about one rejection. Just focus on the approvals... and don't get desperate and start applying for more and more credit.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

PAC1010
 
Posts: 2
Joined: Sun Mar 02, 2014 7:11 am
Location: Ashburn VA

Strange response from Comenity

Postby PAC1010 » Sun Mar 02, 2014 7:20 am

I just received a denial from Comenity as well when applying for their Virgin America credit card. They rated me a 780 on a scale of 999 which I still do not understand. Their reasoning of " excessive obligations in relation to credit limit" makes no sense since I only have two cards one I owe $50 (on a $500 limit) and one that I owe $0 (on a $2,000 limit). They also cited "Delinquent past or present credit obligations" , of which I have had maybe 3 or 4 late payments over the past 5-7 years and none in the past 36 months. It seems like they are randomly making things up here, but who knows. I would love to call and ask them because as much as I fly Virgin America the card would be nice to have, but they put no phone number on the letter, only an address in Columbus OH that I can write to. I guess I will look for another card to get points with and another airline to fly when I go out West.

Nucstorm
Green Member
Green Member
 
Posts: 19
Joined: Thu Dec 19, 2013 2:23 pm
Location: Maryland

Postby Nucstorm » Sun Mar 02, 2014 12:51 pm

Call this number: Comenity: 800-303-1368 (Recon)

That is their Reconsideration line, they should be able to help you. Good luck on your card!

PAC1010
 
Posts: 2
Joined: Sun Mar 02, 2014 7:11 am
Location: Ashburn VA

Postby PAC1010 » Wed Mar 05, 2014 4:34 pm

Thank you Nucstorm. I did call them. A very nice lady said she could not personally reverse it but would talk to someone and get back with me. It sounded like she was just being nice and passing the buck but 2 days later she did call me. Unfortunately, she said they re-reviewed it and the answer is still no. ( I am still not convinced they re-reviewed anything) .

I asked her again if they could have misread the credit report as I had it in front of me and there has not been a late payment since 2010 and only 4 since 2008 and I was only using about $50 out of $2,500 on the two cards that I have. ( Late payments and over utilization of existing credit were the reasons they stated on the letter for denial). My Equifax score, which is what they used is over 700 even with the problems I had back in 2006 when I lost my job and had a bunch of late pays. This made no difference, the answer was sorry nothing we can do but feel free to re-apply in 6 months. Not sure what score they are looking for but I doubt that I will go back to them in 6 months.

User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Thu Mar 06, 2014 3:52 pm

You guys actually applied for a commenity card? Did you try the shopping cart trick first?
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Thu Mar 06, 2014 6:07 pm

otter wrote:You guys actually applied for a commenity card? Did you try the shopping cart trick first?



I do that on a daily basis, usually after I'm totally ripped. As soon as I get the pop up, I'm gonna accept.

User avatar
otter
Centurion Member
Centurion Member
 
Posts: 639
Joined: Sat Aug 24, 2013 8:45 pm
Location: Grand Forks, ND

Postby otter » Thu Mar 06, 2014 7:02 pm

I wonder if Richard Branson and company actually did any research before Virgin decided to partner with Commenity Bank. Perhaps he was too busy planning his next balloon flight around the world to realize his airline was teaming up with the biggest joke of a credit card company in the US. Okay maybe they're a little better than First Premier, but not by much.

You know somewhere out there, some fico-garden-cultist is sitting there with a bottle of gin in front of their computer trying to "trigger" the virgin shopping cart trick...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

JoDa
Centurion Member
Centurion Member
 
Posts: 235
Joined: Tue Mar 12, 2013 10:10 pm
Location: United States

Postby JoDa » Fri Mar 07, 2014 10:57 pm

PAC, it's my understanding they have to list everything that makes your credit anything but perfect, even if you're approved. For example, I get messages all the time on explanations of my credit score (even when approved) about past delinquencies (2 on my history, both aged 7 years and about to fall over the cliff), balances (well under 10% utilization), and AAoA (8+ years overall, oldest account almost 15 and still active...not too shabby if you're in your early 30's). These things aren't *hurting* my scores, per se, but they're dropping it below 850. One of my "mortgage FICOs" was over 800 and still had explanations...
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

haikuginger
Centurion Member
Centurion Member
 
Posts: 129
Joined: Wed Feb 08, 2012 8:09 am
Location: Norman, OK

Postby haikuginger » Sat Mar 08, 2014 1:10 am

JoDa wrote:PAC, it's my understanding they have to list everything that makes your credit anything but perfect


This is true UNLESS they provide you a credit line at the best terms that they offer. In that case, they don't need to tell you anything.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests