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Established Contributor
PurpleHaze
Posts: 717
Registered: ‎03-05-2008
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Macys Card & Furniture Purchases

Went to Macys yesterday minding my own business and found a bedset on sale. Total with additional discount $1100. The limit on my store card is $1400. Currently have a $500 balance. I have read where many of you received an increase when purchasing furniture. Can Macys increase the store card limit, or will they open a new tradeline? If so, is there a hard pull for credit? Do I have to open a new account to get the 0% for 12 mos or 6mos same as cash?

Starting Score: EQ: 633 (12/31/09) TU: 651 (12/31/09)
Current Score: EQ:633 TU: 651
Goal Score: EQ: 700 TU:700


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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Macys Card & Furniture Purchases

I'm pretty sure that Macy's opens a separate major purchases line, but I don't know all the ramifications.

While we wait for others to see this thread, try this. It sounds like they don't pull again, but it will report as an additional and new account:

Macy's Major Purchase Account
* 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
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shyboy
Posts: 378
Registered: ‎08-01-2007
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Re: Macys Card & Furniture Purchases

I don't have a Macys card but i do believe that they give increase your limit for a certain period of time.

 

I would wait for other responses or simply just give them a call.

 

hope this helps 

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Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: Macys Card & Furniture Purchases

It is a new and separate major purchases account. Obtaining same may or may not involve a hard INQ depending on what they see on their systems. It will report as a new account. There may be special APR incentives available on that account, be sure to ask.
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Macys Card & Furniture Purchases

[ Edited ]

Actually it was a year ago last month I think that I also was lured into a new bed purchase at 0%. I went into this also thinking that they'd up my CL to accomodate the bed purchase. We bought one for about $1900 (regret it...not firm enough; not Macy's fault though). They delivered it and set it up within a couple of weeks if I recall.

 

Here's a detailed account. Miahmarie went through this and comes to a conclusion at the end on how they report. Be sure to skip to the end:

 

Loving Macys!

 

On mine, they still report all 3 accounts. One is the revolving store charge card. One is a special event account, and one is a major purchase account.

 

The charge is my normal store card.

 

The special event carried the pruchase of the bed. They report a CL of $2500 to cover the bed and the initial reported balance was I think $1961 at 0%. EQ and EX both factored the balance and the CL. TU was an odd ball and reported the initial balance as the "high balance" and that was the CL that was factored into scoring. So, I started my first month with a maxed out CC which hurt my TU FICO. Today the balance is $781 w/ the $2500 factored into EQ and EX with TU still at $1961.

 

The Major Purchase account is exactly like the Special Event account but it report a $0 balance and a $0 CL from day one until now. It annoyed me in the beginning because of the new credit but I'm over it now. It was a couple of months ago that I contacted Macys about this account. The CSR was very knowledgable (and says that she's gonna visit here at myFICO) and said that the Special Event was just that, special. For some reason, Macys added the second account as a Major Purchase account and that I could use it at any time. She said that all I have to do is go to the store and make a major qualifying purchase like a bed, furniture, etc. Once I do so, then Macys will assign a CL. She also offered to have this TL deleted off my CR. I decided to hold off as in a few years, it will still report as open and really help my history and AAoA.

 

ETA...there was no hard pull on my end.

Message Edited by llecs on 09-04-2009 09:45 PM

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