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Established Member
NumberCrazy
Posts: 24
Registered: ‎12-02-2008
0

Macy's Visa not Renewed

Well it finally happened to me.  I had been reading about accounts being closed and such.  I had my Macy's Visa closed or not renewed when I called and asked why my new card was not sent in April for a May expiring card.  I called in July wanting to use it and found 2 weeks later, after a second call, that they were not renewing.  I am waiting to see what $5500.00 removed from my credit available will do and start with the other creditors.  I am doing fine on payments and my score is higher than when I obtained the card originally.  I was shooting for a better score and have been working to get there and this happens.  I guess borrowing from the govt at low interest is still not good enough to make money for Macy's ( or Citibank = Department Store National Bank). 

 

So I guess I wanted to let you know the credit crunch is still around and they are still evaluating and going to lower FICO scores as a side effect.  Lower credit available, higher debt to credit ratio, accounts with a balance vs total accounts which could take you above your sweetspot. See this is where I have the issue, I did nothing to prompt this and my score will suffer with a domino effect. Insurance may go up and another creditor may get a weak stomach and bail.  I am getting close to going to all CASH and putting it to the banks.  If we don't charge there is no 3% easy transaction money for them, no possible interest and since it is the highest interest they can charge they suffer and their profits will too. Make them beg for customers........

 

Oh and another bank I have been arguing for 1 ear to have 3 credit enquirys removed that was for one loan.  The credit reporting agency will not remove it without them agreeing.  They keep telling me "we didn't do that" even though I sent them the papers from all three agencies proving it. What a messed up system.

Senior Contributor
score_building
Posts: 3,532
Registered: ‎01-10-2008
0

Re: Macy's Visa not Renewed

If carrying balances at their sky high APR, they may've just done you a favor.

 

Perhaps they'll send the amex since they won't be offering the visa anymore, are you sure that isn't why they didn't renew the old visa?

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Regular Contributor
blacklotus
Posts: 235
Registered: ‎02-14-2010
0

Re: Macy's Visa not Renewed

I want one of the co-branded Macy's Amex's- I shop there alot but don't want to pull the trigger.:smileyindifferent:

 

I might get a store card as I need another store card- it's a toss up between Macy's and Wal-Mart...

 

IMHO OP should call them and ask about it.  Might save a hard pull.


TU Fico 736 EQ Fico 730 (December 2012)
Established Member
NumberCrazy
Posts: 24
Registered: ‎12-02-2008
0

Re: Macy's Visa not Renewed

Not sure about the Amex question.  Was not aware they had one.  I really doubt that is it. They did give and increase to my Macys store, but not enough to offset the loss of CL.

 

I will be calling their number to talk about it and find out the reason.  True the sky high APR is crazy, but I used it infrequently and paid it down quick to keep the postings and for the TL.  At least my TL amount was odd and this will make it even so my 50% utilization will not go above that. I just hope there is not fallout from the others seeing them close tha account.  So strange nothing has changed, but I will see if soemthing is on my report that may have triggered this.

Established Member
NumberCrazy
Posts: 24
Registered: ‎12-02-2008
0

Re: Macy's Visa not Renewed

Found the info on the AMEX.  Still do not think I will be getting one.  That may be the whole issue.  AMEX, I have had in the past, but since I had a bad few years in 2004-2006 I could not get an AMEX.  So they probably prescreened me out. upon renewal.  I am still going to call to find out.

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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Macy's Visa not Renewed

 


NumberCrazy wrote:

Found the info on the AMEX.  Still do not think I will be getting one.  That may be the whole issue.  AMEX, I have had in the past, but since I had a bad few years in 2004-2006 I could not get an AMEX.  So they probably prescreened me out. upon renewal.  I am still going to call to find out.


 

A past history with a "real" AmEx, one issued from the American Express company, will not affect getting an AmEx card from someone else. American Express neither knows nor cares who gets an AmEx card from a different lender.

 

AmEx's from Macy's and BofA and USAA and PenFed and the rest are just cards that are processed through the AmEx network, but they're issued and supported (or not supported) by the bank whose name is on the card. In the case of Macy's, that's DSNB, Department Stores National Bank, which is linked to Citi.

 

This is confusing, I know. You have to separate the lender from the card-processing network. Same thing happens with an HSBC Discover. It's processed through the Discover network, but it's not from Discover Bank, and it doesn't build history with Discover Bank.

 

Anyway, I hope you get it back, in whichever incarnation.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
ifinet
Posts: 552
Registered: ‎03-17-2010
0

Re: Macy's Visa not Renewed

Part of the motive behind Macy's switch to Amex was to earn higher revenues per card swipe. With Macy's staggering around the brink of bankruptcy (they're 96% in debt!), it works in their favor to get rid of cardholders that do not match their description of "ideal cardholder" to maximize their gains. You can call it a desperate measure :smileyindifferent:


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