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Regular Contributor
Locksley123
Posts: 128
Registered: ‎02-13-2009

Applied for Macy's card - credit score went up!

Several years ago I used to have a card with Macy's, but due to inactivity it was closed. I had to buy a gift at Macy's so decided to re-apply for their card. They pulled a hard inquiry from EQ, and approved for a $600 limit. Great!

 

However, I was surprised that my credit score went up by 15 points! Does that make sense? Have anyone else had similar experiences?

 

Possible ideas:

1) This is my only store card, so perhaps it improved my credit mix?

2) Amount of available debt went up. But extra $600 is less than 2% increase.

3) Coincedence. There is another reason why the score went up.

4) None of the above.

 

Also, another question. How long do I need to wait to request CLI from Macy's and is there minimum amount I need to shop there to improve probability of CLI? Thanks!

Established Contributor
fevmlo
Posts: 640
Registered: ‎03-28-2008

Re: Applied for Macy's card - credit score went up!

Probably the improved credit mix will have helped your score, and the addition of that extra tradeline might have caused your overall utilization to dip below some important, score-improving level. What was your reported utilization before you got the card, and what is it now? Also, the addition of another card (presumably with a zero balance reporting) might have improved the ratio of cards without balances to those with. 

EQ: 723 / TU: 760 (August 2009)
Established Contributor
fevmlo
Posts: 640
Registered: ‎03-28-2008

Re: Applied for Macy's card - credit score went up!

Also.... I'm assuming this is a totally new account, right? Or have they reopened up the old tradeline?
EQ: 723 / TU: 760 (August 2009)
Senior Contributor
score_building
Posts: 3,513
Registered: ‎01-10-2008

Re: Applied for Macy's card - credit score went up!


maks1806 wrote:

 

Possible ideas:

1) This is my only store card, so perhaps it improved my credit mix?  yes, v. likely

2) Amount of available debt credit went up. But extra $600 is less than 2% increase. yes, marginal

3) Coincedence. There is another reason why the score went up.

4) None of the above.

 

Also, another question. How long do I need to wait to request CLI from Macy's and is there minimum amount I need to shop there to improve probability of CLI? Thanks!

 

historically you can request a guideline increase (GLI) every three months like clock work,  however macy's as most others are changining some terms and rates. going forward, ymmv.  

 

up until now every three months card holder qualifies for GLI. buy what you can pif. or pay in short order.  note that even v. light shopping seems to qualify most for healthy increases.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Regular Contributor
Locksley123
Posts: 128
Registered: ‎02-13-2009

Re: Applied for Macy's card - credit score went up!

I called to ask if it will be a new line or combined with an old Macy's account and CSR said that it will be a new one. I have my doubts, because she did sound somewhat confused.

 

The utilization # differs depending on CRA, agent, position of the Sun and stars. I have been quoted 66%, 71%, 75% and 91% numbers. I believe the variability stems from the fact that one of my cards reports only high balance, but not credit limit or current balance. In any case, these numbers mean little right now as my pre-payment speed has increased, and in 12 months the utilization should be at 0-1%. Also, sometime within next month, 4 of my cards will report 0 balances (payed them off!), but it hasn't happened yet. 

 

Looks like I will have get a tie or gift card at Macy's to show some minimal spending. Can you buy a coffee with Macy's card if the Starbucks is inside Macy's?

 

Greatly appreciate the responses!


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