B&H Photo has screwed their credit card holders as did Adorama over a year ago: Apologize in advance for this rant: Just got email from B&H CMO Jeffrey Gerstel that as of January 17...

MartyM Loc: Monroe, NC

Apologize in advance for this rant:

Just got email from B&H CMO Jeffrey Gerstel that as of January 17 they no longer take their Payboo cards issued by Synchrony Bank and they invite their card holders to apply for the Payboo card issued by Comenity Bank. Just over a year ago, Adorama dumped Comenity Bank and offered their new card issued by, you guessed it, Synchrony Bank.
You may think, what's the big deal? My credit rating took a huge hit when Adorama closed my account!!! A big hit! Now B&H has done the same! No more store cards for me. I will not be buying from either store again.

Anyone know of another online store that is reliable? I will not, however, ever fall into applying for a store card again. Lesson learned.

Marty

Longshadow Loc: Audubon, PA, United States

MartyM wrote:

Apologize in advance for this rant: br br Just go... (show quote)

How do you know it's the store's fault??? Maybe the bank dropped them.

MartyM Loc: Monroe, NC

Point taken. I don't know that. Either way, I know what FICO will do with that information. Like I said, lesson learned.

Longshadow Loc: Audubon, PA, United States

MartyM wrote:

Point taken. I don't know that. Either way, I know what FICO will do with that information. Like I said lesson learned.

So don't do business with Synchrony Bank or Comenity Bank.
You don't necessarily have to penalize the stores.

rmalarz Loc: Tempe, Arizona

Or, perhaps, the original bank proved to be unworthy, due to that bank's policies/procedures/cost/etc., of continuing to do business with them.
--Bob

Longshadow wrote:

How do you know it's the store's fault??? Maybe the bank dropped them.

rcorne001 Loc: Cary, NC

If I understand, B&H doesn't close your account. They stopped accepting the Synchrony card. There is a difference. Be proactive and cancel the card yourself. It is easy to do over the phone and completely automatic as long as you don't have a balance. Your credit rating may take a short term hit as by closing the account, your percentage of debt vs available credit might be a bit higher. But it should be back where it was before too long. Depends upon how much debt you carry.

MartyM Loc: Monroe, NC

They, the stores, ultimately made the decision. The management/owners made the decision, the banks only made their sales pitch. Me, and other card holders, will take the FICO hit. Yes, I consider it entirely the stores decision, why not take my business elsewhere?

mwsilvers Loc: Central New Jersey

MartyM wrote:

Apologize in advance for this rant: br br Just go... (show quote)

While I understand your concern, I can't imagine why your credit rating took a huge hit when Adorama closed your account. I'm not sure how many points "huge" is to you. My credit rating is constantly going up and down half a dozen points or so depending on purchase activity and outstanding debt, but never a huge amount. I just checked it again and it is down 7 points from the last time I checked, while my wife's score went up 4 points

henryp Loc: New York, NY

MartyM wrote:

My credit rating took a huge hit when Adorama closed my account!!! A big hit! Now B&H has done the same! No more store cards for me. I will not be buying from either store again.

Our liaison at Synchrony Bank told us:
"The accounts get closed using a special code that informs the bureaus that the account was closed due to a program termination and is not based on customer’s credit quality. As such, there is not a direct hit to the customer’s credit."

Ollieboy

MartyM wrote:

They, the stores, ultimately made the decision. The management/owners made the decision, the banks only made their sales pitch. Me, and other card holders, will take the FICO hit. Yes, I consider it entirely the stores decision, why not take my business elsewhere?

I received an email today that my fico score went down 1 point (coincidence?). No big deal. I reapplied for the new Pay Boo today and was approved immediately.

Longshadow Loc: Audubon, PA, United States

rmalarz wrote:

Or, perhaps, the original bank proved to be unworthy, due to that bank's policies/procedures/cost/etc., of continuing to do business with them.
--Bob

Longshadow Loc: Audubon, PA, United States

henryp wrote:

Our liaison at Synchrony Bank told us:
"The accounts get closed using a special code that informs the bureaus that the account was closed due to a program termination and is not based on customer’s credit quality. As such, there is not a direct hit to the customer’s credit."

MartyM Loc: Monroe, NC

I already went round with Adorama and FICO over a year ago. It doesn't matter WHO closes the account, the account is CLOSED. These cards I refer to can only be used at a given store. FICO sees it as a closed account, period, no discussion.

mwsilvers Loc: Central New Jersey

MartyM wrote:

They, the stores, ultimately made the decision. The management/owners made the decision, the banks only made their sales pitch. Me, and other card holders, will take the FICO hit. Yes, I consider it entirely the stores decision, why not take my business elsewhere?

I'm not sure you fully understand the store's role or control when a promotional program is terminated or the possible reasons behind it.

MartyM Loc: Monroe, NC

Would you tell FICO?