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Established Member
Posts: 17
Registered: ‎02-18-2008
0

Applied for Macy's Charge Card Given Visa

It seems I'm not the only one on this. But I applied for a Macy's charge card and did check the box that says don't consider me for a visa. Unfortunately, I was being stupid and thought they did away with the normal charge card and so when I received the Visa (haven't received the charge card yet), I went and activated it.

Now I'm wondering what to do. The Visa is essentially useless to me. I won't be using it unless I force myself to. They have given me a nice $5K limit however. So my question is should I cancel it? Would it negatively impact my score if I close it? I have had an account closed by Macy's before due to nonpayments (which I corrected through GW letter). I suppose I could just sock it away. Right now, besides the Macys Visa,I have an Amex and another Visa. I was intending to apply for another card some months down the line. For now, I'm guessing having the Macy's card will help my credit score. But Is it a good idea to have more card accounts and credit available? Or is there a point where too much negatively impacts your credit score? Any advice? I've been pretty selective in terms of applying for credit cards and I don't want to seem like I'm applying for a lot of credit.
Epic Contributor
Posts: 23,791
Registered: ‎10-23-2007

Re: Applied for Macy's Charge Card Given Visa

your macys card is your visa.
When you use it inside the store, it goes on the macy's side of your card, when you use it outside the store, it goes on the visa side of things. wow 5k! what's your cl on the store card?
Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
Moderator Emeritus
Posts: 3,417
Registered: ‎12-27-2007

Re: Applied for Macy's Charge Card Given Visa

A lot of your questions can be answered by reading the stickied threads at the top of the CC forum.
 
Welcome and congrats on the Macy's Visa!
 
:smileyhappy:
~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Epic Contributor
Posts: 23,791
Registered: ‎10-23-2007

Re: Applied for Macy's Charge Card Given Visa

you have taken any hits your going to take from opening it, you my as well keep it now.
it won't hurt you to have more credit available, it's when you start using all your available credit that it hurts you.
Fico Scores: EQ- 662., TU 684 Barclay, EX 700 (3/21/15)

You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
72 Cards and Counting :smileytongue:
Established Member
Posts: 17
Registered: ‎02-18-2008
0

Re: Applied for Macy's Charge Card Given Visa

[ Edited ]
My CL on my storecard is $1K.  So I can pretty much get by with just the store card. But I guess it's too late now. I guess I'll keep this card since it'll only help me lower my utilization. And then when I start accumulating more CCs I can cancel this one?


Message Edited by Goosey on 09-29-2008 07:05 PM
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