03-29-2010 12:34 PM
I have had a Macys card since Dec 09 (600.00 ) limit. I have never missed a payment , never maxed out the card, and I always paid over the minimum payment on the card. I was checking my credit report online today and it showed that Macys have cut my credit limit from 600.00 to 250.00, no warning, no letter no nothing , they just reduced my limit. I callde them and they advised that they have the right to cut my limt at anytime without warning and that in order to give me another increase they would have to do a hard pull on my report. I have not missed any payments on any of my other cards or car note etc...no late payments either. I know my score dropped a little bc I just got a new car that im financing and opened up a couple of other credit accounts but again I have no missed payments.
Has this happened to anyone else with a macys account?? If so did they raise it back up without doing a hard pull? The real reason its bothering me is because they reduced my limit it now seems like im almost maxed out on my card and I know that doesnt look good. Any feed back would be greatly appreciated. Thanks
04-02-2010 02:12 PM
Yes they started doing this to people last year at this time without giving you a legit reason for it. My advice to you is pay off the card in full then if you use it pay it off each month.
04-03-2010 11:31 AM
Macy*s has probably changed or is starting to use a new internal risk model to determine what the CL and GL should be.
I would just keep the card for shopping Macy*s online, make sure it stays paid off and if you ever charge on it--immediately make a payment (same day). You can make a same-day payment in-store by going to the customer service desk or asking the clerk if you can pay the account at the register.
I've ordered on their website before and submitted the payment immediately after buying something every few months just to keep the account open.
04-05-2010 07:15 AM
Chilly, maybe this story will make you feel a little better:
I just recently started working for Macy's (modeling women's lingere....just kidding, I fix computers ) and you have to have one of two things to get your employee discount: A store card, or a prepaid account.
Needless to say, I didn't want the prepaid account, too much hassle, so I applied for the card. My starting limit? $50.
As if that wasn't insulting enough, they enclosed a coupon for $15 off a purchase of $100 or more.
I figure, I will probably (hopefully!) get some auto-CLI's as long as I keep the account in good shape, and drop the balances on some of my other debts. If not, I guess I am not getting discounts on anything except one pair of pants at a time!
04-05-2010 07:36 AM
In 2001 I was laid off my job and took a job working for Meier & Frank which later became Macys. I started with a pre-paid card because I couldn't qualify for a store card. I worked there for 9 months while I was looking for a different job. After I quit I thought that was the end of the card but I took a part time job in 2006 with Macys over the Holiday and they issued me a credit card for $200, not a pre-paid. They issued it with the original date of the card I got while working with Meier & Frank back in 2001. Now, in 2010 my credit limit is $3,200! They just keep upping my credit limit. They have been really good to me so I can't complain. They even approved a major purchase account for a mattress set of $750. So, hopefully it will grow in time. The only thing I do not like is I made a $500 payment and they put the whole amount on my regular charge instead of the mattress. So, I guess I have to pay it totally off to get them to start paying on the mattress.
06-02-2010 02:32 PM
I know how you feel, I have had my account with Macy's for five years, I had a credit limit of $3500, I too paid on time and almost always paid off the balances at the end of every month and out of the blue had my credit limit dropped to $480 dlls. I closed my account immediately, I will not do business with a company who reward the customers who pay on time and are responsible in this manner. Good luck
06-02-2010 03:44 PM
How do you know? My limit don't even show anymore!
You can still see your credit limit if you log into your Macy's account. The CL still exists, it just isn't reported.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.