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Frequent Contributor
elaine829
Posts: 273
Registered: ‎10-09-2007

Has anyone had a creditline decrease with Macys

Has anyone had a credit decrease with Macys because they carry a balance for a while with macys? Just wondering if i should be paying macys down before credit one credit card.

Valued Contributor
ngerasimatos
Posts: 1,278
Registered: ‎06-01-2007

Re: Has anyone had a creditline decrease with Macys

How long has your balance stayed static? If for the last year you have only been paying min payments and you are close to your limit they will most likely not lower your credit line, they want to make interest off you. However, I would assume as soon as you pay that card off they may decrease your limit. 

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Frequent Contributor
elaine829
Posts: 273
Registered: ‎10-09-2007

Re: Has anyone had a creditline decrease with Macy's

My credit limit is 2500 dollars. I been having a regular balance of around 1,000 dollars since January. I always pay twice the minimum payment but it seems when I had it down to 800 dollars I would see something I like and take it back to 1000. IM going to try to stay out the store until  June. I have 200 extra a month I am putting toward my credit one bill which my limit is 1025 and my balance is 800. So it should only take me 4 months to pay down. Or should I be paying down Macy's so I can keep on getting increases. My credit one card is only giving me 100 every 6 months and as soon as I get better scores IM getting rid of it. Equifax 679 Transunion 660. If I pay down my utilization the fico stimulator says I will be in the 700s.

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

Re: Has anyone had a creditline decrease with Macy's

elaine,

I opened Macy's card about 12 months ago with initial limit of $600, but then received a number of periodic increases to current limit of $2500.

My usage included buying a number of expensive items (to get higher level card), but then paying for them as soon as I got home. 

Frequent Contributor
TangMeister
Posts: 456
Registered: ‎07-09-2008

Re: Has anyone had a creditline decrease with Macy's

 


elaine829 wrote:

My credit limit is 2500 dollars. I been having a regular balance of around 1,000 dollars since January. I always pay twice the minimum payment but it seems when I had it down to 800 dollars I would see something I like and take it back to 1000. IM going to try to stay out the store until  June. I have 200 extra a month I am putting toward my credit one bill which my limit is 1025 and my balance is 800. So it should only take me 4 months to pay down. Or should I be paying down Macy's so I can keep on getting increases. My credit one card is only giving me 100 every 6 months and as soon as I get better scores IM getting rid of it. Equifax 679 Transunion 660. If I pay down my utilization the fico stimulator says I will be in the 700s.


 

Since Macy's is the card you want to keep, I would either split that extra $200 per month payment equally between the two cards, or pay Macy's off first with all the extra payment.  Honestly,  2x minimum payment just isn't that aggressive, and they do CLD and balance chase cardholders at times.  Play it safe and protect your favored card if possible.  :smileyhappy:

 

Valued Member
steppingup
Posts: 35
Registered: ‎04-18-2007

Re: Has anyone had a creditline decrease with Macy's

I never even got a letter telling me my line was decreased. I had been actively monitoring my reports when we started our re-fi process and noticed that Macy's limit was $100. What? I thought the $1,500 limit was pretty puny.. Anyway I called and asked what gives and they said they do it as a precaution for people who don't use their cards in case it gets stolen. That was a new one to me. So I asked if they could restore my limit because if they want me to use it, then $100 is useless. When I do shop at Macy's it's never under $100. She said it would be a hard inquiry so I said forget it. I've had the card since 1994. In fact, it was my very first credit card.

 


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