OverStock (Comenity Bank) - Closing all accounts July 18, 2023 (2024)

Just wanted to share......

I recieved a letter from Comenity Bank, in reference to my Overstock Card, informing me that my account will be inactive on July 18th.

I guess Citi Bank opted not to buy/transfer accounts curruntly associated with Comenity. Per letter, you will have to apply for the Overstock MC with Citi if you want an Overstock CC account.

That's $8,000 subtracted from my total CLs...oh well.

• Retail cards

Thanks for the heads up - I was just contemplating throwing a charge on there to keep it active 😂 glad I didn't now

Starting Scores : EQ: 593 // TU: 571 // EX: 595 ~~5/2023 : TU: 823 // EX: 831 // EQ: 838
TCLs: 144k

There was a thread the other day about them not accepting new applications so it's not surprising. They closed my account a few months ago for inactivity so its all good

Wow! Thanks for sharing this,@MrBEW. Do you mind sharing the language they used? Did they say that all accounts would be closed or....was it specific to you?

@Iusedtolurk - note the latest news from an OverStock cardholder.

I haven't received anything from Comenity yet, so I'll keep an eye out for it.

Thanks.

I got the letter too. It's also on their website.

Did you use it often? or rarely? Never kept a balance? I am just curious if that might be a reason?

0Kudos

@ways2gowrote:

Did you use it often? or rarely? Never kept a balance? I am just curious if that might be a reason?

None of those reasons have anything to do with the current Overstock credit card closures. The card issuer (Comenity) no longer has a contract with Overstock to issue their credit cards, so everyones' credit card accounts are being closed.

Last HP 08-07-2023

Overstock of MANY years ago use to have decent prices. Since then the only reason to have the credit card was to pad your credit limits. Other than that absolutely no reason to have one unless for rebuilding and use it for a $10 item occasionally.

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@Adkinswrote:

@ways2gowrote:

Did you use it often? or rarely? Never kept a balance? I am just curious if that might be a reason?

None of those reasons have anything to do with the current Overstock credit card closures. The card issuer (Comenity) no longer has a contract with Overstock to issue their credit cards, so everyones' credit card accounts are being closed.

True. Comenity is done this Merry-Go-Round for many years so it's nothing new for them.

What is new is that $17K just flew out the windows with the closure of Appliances Connection card by Comenity. This one (Overstock card) will tally out the door with $16K limit. That's $33K zilched from holding their store cards.

0Kudos

I received the same letter - 6k wiped out.
Only used it as a rebuild card.
I was wondering - will the credit reporting agencies view this as a negative since it will state account closed by creditor?

or should we close them down to show we closed them.