Macy's Credit Card-Denied?

Anonymous · ‎09-05-2017

Hello wise ones!

Yesterday I applied for a Macy's credit card to get furniture for our new house that closed last week. I am not sure if I was denied but was told, I would "get a letter" which typically means denial.
As of right now, my FICO 8 scores are: EQ 634 TU 612 EX 618 (was 624 before the inquiry).
My scores have definitely dropped in the process of getting the home but my payments are still all on time. I'm going to call the Macy's credit department to follow up later today, but wanted to get thoughts from you guys as to what could be going on.
My income is also more than enough so that's not a concern.

Anonymous · ‎09-05-2017

I hate to be the bearer of bad news but it is definately a denial.. Based on your scores, it will be hard even if you recon but you can certainly try. Update the thread after you reach out to them.

CreditInspired · ‎09-05-2017

I was thinking the same thing with the low scores--a denial. I applied in store after I selected the furniture and was instantly approved. Were you in the store? Even spoke to CS while there and requested a higher amount, and that was approved too.

I would suggest waiting to get your scores to 660-680 and try again.

Congratulations on purchasing your home.

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drboxing · ‎09-07-2017

I think you should wait until your house shows up on your credit file and your score goes up.

Anonymous · ‎09-07-2017

Congratulations on your new home! The score drop is temporary. Once the numbers go up again, the credit world is at your feet!

Anonymous · ‎09-07-2017

Thank you! Oh!! I am glad to hear that my score will go up once the house reports. I thought for sure my score would take a nose dive. Thank you!

drboxing · ‎09-07-2017

welcome

SunriseEarth · ‎09-08-2017

@Anonymous wrote:
Hello wise ones!

Yesterday I applied for a Macy's credit card to get furniture for our new house that closed last week. I am not sure if I was denied but was told, I would "get a letter" which typically means denial.
As of right now, my FICO 8 scores are: EQ 634 TU 612 EX 618 (was 624 before the inquiry).
My scores have definitely dropped in the process of getting the home but my payments are still all on time. I'm going to call the Macy's credit department to follow up later today, but wanted to get thoughts from you guys as to what could be going on.
My income is also more than enough so that's not a concern.

Do you have a BK reporting? That's a very common reason for Macy's to deny. If you are more than 4 years out of BK, you should definitely call and recon. Even if not, it might not hurt to recon.

My BK was still reporting when I applied for my Macy's card. I was denied, but was able to recon and was approved for a $700 store line. Unfortunately, it took another HP in my case, but since it was so soon after the last HP, I didn't mind.

Anonymous · ‎09-08-2017

Hello,

No BK reporting. Based on the above replies, I assume I was denied because of the dip in my score?

undrtkr65 · ‎09-08-2017

I was instantly approved for this card with a 640 fico but only a 300 sl. I haven't recieved the card yet. I hope you get yours overturned. Good luck!!!!