I had an additional $35 late fee on the next billing cycle and a $2 minimum interest charge on the account. It appears that Comenity Bank will Levy a late fee and minimum interest charge every month.ģ months ago, I received my paper bill in the mail, wrote a check, and stuck it back in the mail to be postmarked the same day it was received. I began paying more attention to the billing and not just the return receipt she gave me. ![]() She asked if I had been paying the bill, and I replied that I had and in full each month. Recently, she noticed large late fees being charged on her account monthly. My wife has had an account for over 10 years, and I handle most of her payments. These tend to be approved if all points of verification protocols = yes.Comenity Bank is the administrator for Victoria’s Secret Angel Cards. I'm speaking adout Comenity and probably GE/Sync type accounts and not your local back, Credit Union or national banks like Chase or Citi or Barclays where the auto-approval is the same, but there are direct lender credit representatives that you can talk to for reconsideration of the computer generated results.Īdditionally, specific applications can fall in the "further processing" state where it queues into review by each respective new accounts department. This is a very (!) simple look at how the computer does instant approvals and is not inclusive of all the factors used, but it should help in understanding why instant approvals take 30 seconds and generally unless you follow up by calling, anything not instantly approved is "denied" with a letter. Crew is easier to get the say Mens Warehouse (just an example). On a "wholesale" level they store/business determines what levels are acceptible for their account such as starting credit limits, FICO and over all scoring, etc. ![]() this is a big company and based on their bio they service 125 retail cards - it's ALL done by computer: In general, accounts offered by comenity Bank ( Alliance Data Retail Services) either instantly approve or decline and say you'll get a letter or we are still "processing". I'm speaking about Comenity and probably GE/Sync type accounts and not your local bank, Credit Union or national banks like Chase or Citi or Barclays where the auto-approval is the same, but there are direct lender credit representatives that you can talk to for reconsideration of the computer generated results. Crew is easier to get then say Mens Warehouse (just an example). ![]() On a "wholesale" level the store/business determines what levels are acceptible for their account such as starting credit limits, FICO and over all scoring, etc. ![]() In addition the formula takes into account how "easy" the account is, such as VS and Express store cards are known to approve easier than say a Visa/MC such as Total Rewards Visa. X score and below = decline and "we'll send you a letter in 7-10 days"Īpproved X (times) another score (income less expenses times value of X score) = starting credit limit. Key data points on credit report (plus or minus) - Home ownership, time at present job, BK, Repo, Foreclosure, number of 30/60/90 late, age of lates, charge offs, etc This is a big company and based on their bio they service 125 retail cards - it's ALL done by computer: In general, accounts offered by Comenity Bank ( Alliance Data Retail Services) either instantly approve or decline and say you'll get a letter or we are still "processing".
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