Macy's CLD

[mattayy]

Just looked at my statement for my Macy's card and my credit limit went from $7,500 to $100! I called them and they said the reason is because they sent documents out in the mail that need to be returned so in the meantime my account is frozen. I got the documents in the mail today and it's an income verification form. It says that if I don't return it in the next 30 days my account will be closed. I have only had this card for 6 months and rarely shop at Macy's. Sounds like a pain to return the papers in the mail think I'll just let them close the account  

[Sooners2013]

what kind of income verification?  A 4506 or simply them asking what your income is? 

[SunriseEarth]

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@mattayy wrote:

Just looked at my statement for my Macy's card and my credit limit went from $7,500 to $100! I called them and they said the reason is because they sent documents out in the mail that need to be returned so in the meantime my account is frozen. I got the documents in the mail today and it's an income verification form. It says that if I don't return it in the next 30 days my account will be closed. I have only had this card for 6 months and rarely shop at Macy's. Sounds like a pain to return the papers in the mail think I'll just let them close the account  

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Considering that your Macy's CL seems to have vastly outpaced your CLs on every other CC in your signature, I think letting the account close is a very bad idea.  It's not unreasonable for your lenders to request proof of income (I had to do it a few months ago for a Cap One CLI request).  I'd strongly urge you to reconsider.

[mattayy]

4506

[mattayy]

The problem is now that I am lookin gat the form is it is for last year. I was a full time student and didn't get my job until the beginning of this year. Last year I was only making 32k a year as a student but now I make 85k but it mentions this tax form is the ONLY form of verification they will accept. 

[SunriseEarth]

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@mattayy wrote:

4506

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Hmm.  Some people find the release of tax info too intrusive, while others don't care.  I personally wouldn't have an issue completing it, but I could easily understand why someone would refuse.

[SunriseEarth]

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@mattayy wrote:

The problem is now that I am lookin gat the form is it is for last year. I was a full time student and didn't get my job until the beginning of this year. Last year I was only making 32k a year as a student but now I make 85k but it mentions this tax form is the ONLY form of verification they will accept. 

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That situation comes up a lot.   If they question it, it seems that paystubs could be provided in addition to this information at a later time.  

[fungoman]

What income were you submitting when they took you from 100 on original approval to 7500 through all the CLI's?

[john398]

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@fungoman wrote:

What income were you submitting when they took you from 100 on original approval to 7500 through all the CLI's?

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wow thats a big increase via chat, I wonder why they AA 2 months after

[mattayy]

I was submitting the 85k