Macy's Special Purchase

[llecs]

Wanted to throw out an FYI. DW and I bought a mattress through Macys last month. My CL was too low for a mattress, but the rep said that they are offering a special promotions where the puchase is tacked on to your account and payments are handled separately. So we bought one.

They will code special purchases as "SEAT-Special Event". Well, unbeknownst to me until 5 minutes ago, Macys will open a new account and it will report as a new account. They gave me $2500 CL for the $2k mattress purchase. My EX FICO did drop 16 points. Besides the new accounts, my utilization increased.

So, cons: new account and may impact your utilization. Pros: 0% interest for 2 yrs and once paid, this account will go a long way to help my utilization. It is coded as a revolving charge account.

[jmbfl]

I did mention in this forum recently that Macys will open "special purchases" account for a major purchase (mattresses, carpeting, applicances) separate from your regular revolving account. There is a minimum amount for a purchase to be alotted to this account and receive the special APR and I don't know what that is. Of course if your CL is large enough (mine is $3K) you could make the purchase on your regular account - but then the purchase would receive the regular terms.

Overall this is a good thing. It does report as another, new TL. It did tank your score a bit, but that will fade quickly. (If you look at a PFICO score be ready for a real drop! PFICO is highly biased against new accounts.) In the long run (after you pay of this purchase) it will be difficult to keep this TL active/open. It really is a one shot deal unless you buy something major every two years or so.

[wmarat]

I have read somewhere that those speciality aftaccounts CL 's are decreased to $500 after paid off. (I have speciality account too.)

[llecs]

Thanks for the info. $500? That's harsh. What's the incentive to use it again? I wonder.

[wmarat]

Probably, they want you to use it permanently.

[llecs]

Update:

If you have a Macys store card, you can (with approval I think; no hard pull anyway) purchase large ticket items during various events they have.

But buyer beware. When you do this via the store card, you will end up with 3 Macys accounts on your credit report. One is for the store card (FLEX - Revolving account). Another is for the special purchases (SEAT - Special Event) and that is fine by me; I'd understand that. Then there is the third. I haven't figured that one out yet. I'll call them later today when it is more quiet in this office.

To complicate things, TU is not reporting a CL for the Special purchase (a mattress). The account is labled as a revolving charge account and my $1960 purchase shows against a $0 CL thus I bet FICO is reading as a maxed out account.

[Anonymous]

LLecs, so you have three accounts as well? So this was not just me? Oh boy...that sucks. My apologies. I know I got a good deal financially, but from a FICO standpoint it is yucky.

It is just crazy. I would definitely ask to be upgraded they should put you up in a good card that gets some free services, it will only last a year, but hey every little bit helps. Here is the email they sent confirming my Elite upgrade.



Thank you for taking the time to contact us about your Macy's account. I am happy to review your request.

I am pleased to inform you that your account has qualified for an upgrade to our Elite Star Rewards status and with this card you enjoy 2% rewards point on purchases and 18 complimentary services including gift wrap, basic alterations, and local delivery up to $60.

A new card will be sent to your mailing address. You should receive this new card within 7-10 business days. Thank you for being one of our Best Customers.

If you have further questions or comments, please contact Macy's Credit Customer Service online at http://www.macys.com and selecting Macy's Credit Card, or by telephone Monday through Saturday 9:00am-9:00pm and Sunday 11:00am-8:00pm at 1-866-593-2543.

Sincerely,

Nicholas Sanders
Credit Customer Service



I do plan to take advantage of it....heck I more than earned it with the foul up on my CR's.

In case you don't have it the actual credit department phone number is 800-458-6229.

Hopefully you get a better explanation than I did.--I chalk it up to a lesson learned!

[llecs]

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miahmarie wrote:
LLecs, so you have three accounts as well? So this was not just me? Oh boy...that sucks. My apologies. I know I got a good deal financially, but from a FICO standpoint it is yucky.

It is just crazy. I would definitely ask to be upgraded they should put you up in a good card that gets some free services, it will only last a year, but hey every little bit helps. Here is the email they sent confirming my Elite upgrade.



Thank you for taking the time to contact us about your Macy's account. I am happy to review your request.

I am pleased to inform you that your account has qualified for an upgrade to our Elite Star Rewards status and with this card you enjoy 2% rewards point on purchases and 18 complimentary services including gift wrap, basic alterations, and local delivery up to $60.

A new card will be sent to your mailing address. You should receive this new card within 7-10 business days. Thank you for being one of our Best Customers.

If you have further questions or comments, please contact Macy's Credit Customer Service online at http://www.macys.com and selecting Macy's Credit Card, or by telephone Monday through Saturday 9:00am-9:00pm and Sunday 11:00am-8:00pm at 1-866-593-2543.

Sincerely,

Nicholas Sanders
Credit Customer Service



I do plan to take advantage of it....heck I more than earned it with the foul up on my CR's.

In case you don't have it the actual credit department phone number is 800-458-6229.

Hopefully you get a better explanation than I did.--I chalk it up to a lesson learned!

---

No apologies needed. DW and I decided to do this long before last month. We just thought we had to get our CL higher first. And in your case, that didn't work anyway. Maybe they will let you transfer from one account to another.

With TU not reporting the CL, I need to PIF ASAP. I'll call them today to get the 411 on the 3rd acct. I too will ask for the Elite card.