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Regular Contributor
Posts: 188
Registered: ‎10-16-2008
0

Macy's CC Reinstatement Program

I've read somewhere that Macy's hasa reinstatement program for CC in charged-off and collection status.Does anyone know anything about how this program works?

 

Do they re-open the same account number and allow you to keep your original open date? Do they remove lates? New tradeline? Anyone been through this program? Any feedback would be appreciated. Wanting to call myself but scared I might reactivate the SOL.

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Bringing my credit back to life day by day...
05/01/15: EQ:583 (FICO); TU: 554 (FICO); EX: 580 (FICO)
04/15/15: EQ:569 (FICO); TU: 563 (FICO); EX: 580 (FICO)
01/20/15: EQ:511 (FICO); TU: 521 (FAKO)
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
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Re: Macy's CC Reinstatement Program

The program allows you to pay charged off accounts.  Upon repayment, you will receive an account equal to the amount you pay.  The account is not the old account, that is gone.  You will receive a "new" account and new open date.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
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Regular Contributor
Posts: 188
Registered: ‎10-16-2008
0

Re: Macy's CC Reinstatement Program

Thanks for the info txjohn.

 

Do you know if there are any particular standards that they use to determine if you will be granted a new account or if it will automatically be granted upon request with the repayment of the account?

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Bringing my credit back to life day by day...
05/01/15: EQ:583 (FICO); TU: 554 (FICO); EX: 580 (FICO)
04/15/15: EQ:569 (FICO); TU: 563 (FICO); EX: 580 (FICO)
01/20/15: EQ:511 (FICO); TU: 521 (FAKO)
Regular Contributor
Posts: 148
Registered: ‎08-27-2008
0

Re: Macy's CC Reinstatement Program

As long as you pay off the charged off balance, they will open a new account for you. This happened to me, I had a $200ish CO from 15+ yrs ago. I paid it off after they declined my inital cc application. Once it was paid, they opened a new account for me with a $300 CL. That was last summer; they have CLI'd me up to $1,400 at this point.

 

Macy's is a great outfit. Very fair, very easy to work with.

New Contributor
Posts: 53
Registered: ‎11-28-2008
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Re: Macy's CC Reinstatement Program

I paid my charge off, and I got a new account opened.  Be aware that they may do a hard pull on your credit.  This happened to me. 
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Regular Contributor
Posts: 188
Registered: ‎10-16-2008
0

Re: Macy's CC Reinstatement Program

Thanks for all the feedback. I'm going to pay it off and see what happens.
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Bringing my credit back to life day by day...
05/01/15: EQ:583 (FICO); TU: 554 (FICO); EX: 580 (FICO)
04/15/15: EQ:569 (FICO); TU: 563 (FICO); EX: 580 (FICO)
01/20/15: EQ:511 (FICO); TU: 521 (FAKO)
Valued Member
Posts: 48
Registered: ‎04-29-2009
0

Re: Macy's CC Reinstatement Program

My account is closed and was paid off in March of this year. Do you know if I will be able to participate in the reinstatement program with an already paid account?
Valued Member
Posts: 47
Registered: ‎05-29-2009
0

Re: Macy's CC Reinstatement Program

I have read all the threads I could find on this subject and have to add an additional line of thought here. My daughter had a Macy's card which was one card 2 lines of credit, store credit and a visa card. When her purse was stolen in 2005 her cards were all stolen. A police report was issued and a copy forwarded to Macy's. No illicit charges were made on the card but no statements were issued for 4 billing cycles.

  When she called to find out why she never received a new card they told her to go to a store and reapply. Her balance was paid in full at that time. However her visa portion of the card had a balance of around a grand. We have tried to pay it since 2005 and finally  I got a number directly to the department familiar with the account and tried to pay in full period. There was NO chance they would take payment and stated it was now a charge off (visa portion) and gave me a number of a collection agency who I called and they have no record of the account! Macy's told me (there collection department) that they ONLY will reinstate cards less than 90 days delinquent and there were no programs to reissue a new card period. There collections department seemed to be on the ball but would not take payment period. So if there is really I "reinstatement program" I would love to find that out!

Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: Macy's CC Reinstatement Program


keninmiami wrote:

I have read all the threads I could find on this subject and have to add an additional line of thought here. My daughter had a Macy's card which was one card 2 lines of credit, store credit and a visa card. When her purse was stolen in 2005 her cards were all stolen. A police report was issued and a copy forwarded to Macy's. No illicit charges were made on the card but no statements were issued for 4 billing cycles.

  When she called to find out why she never received a new card they told her to go to a store and reapply. Her balance was paid in full at that time. However her visa portion of the card had a balance of around a grand. We have tried to pay it since 2005 and finally  I got a number directly to the department familiar with the account and tried to pay in full period. There was NO chance they would take payment and stated it was now a charge off (visa portion) and gave me a number of a collection agency who I called and they have no record of the account! Macy's told me (there collection department) that they ONLY will reinstate cards less than 90 days delinquent and there were no programs to reissue a new card period. There collections department seemed to be on the ball but would not take payment period. So if there is really I "reinstatement program" I would love to find that out!


 

I don't believe I've ever read a worse endorsement for a credit card! My only experience with stolen cards was several years ago and involved at least 4 different cards. I called all the companies immediately and had new cards within days. There was no need to reapply for credit and no new account "opened since" dates.

 

I had considered applying for this card in the future since I've read so many good things about it here...you just convinced me otherwise!!!

Valued Member
Posts: 47
Registered: ‎05-29-2009
0

Re: Macy's CC Reinstatement Program

    I could not believe the attitude esp.. Since the store card portion was paid in full in a store that she goes to weekly. The collections department found the account, was very helpful stating exactly what they can and cannot do. I was told under NO circumstances do they ever take payment on accounts that are collections period.

   They report as overdue on the CRA reports. I just found that is was so unproductive to refuse payment esp.. Since I would pay in full including 3 thousand dollars in fees! This does NOT report as a collection anywhere in her reports. I was flabbergasted thinking how many times when a business owed me money I would take it when they offered it! Just makes no sense. (Yes they had a very small department and my contact remembered me the 3 times I called and said we cannot take the payment and I sent copies of police report to refresh memories still no go. I would like to hear it from the horses mouth. Yes it does not report as collections even though they show it in the files as so. 

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