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Macys - Lending standards based in fantasy land

Macys - Lending standards based in fantasy land

Brief history w/ Macys:

01/09 - opened store acct $100 CL
05/09 - Rode the GLI rocket up to $200 CL
10/09 - Macys CLDed me down to $100 CL
11/09 - I spoke to exec CSR who graciously re-opened the account
and re-instated the $200 limit.
01/10 - 12 month old account. Called for GLI and was told
that reinstating the account nov/09, counts as a CLI/GLI and that
I needed to wait 6 months before requesting another.. Smiley Very Happy

Luckily, I now have a choice due to $15K in other tradelines, over half of them as

old as this Macy's garbage.

In the past, Macys has been a great rebuilder and some are still having
great results with them. The moral here is not everyone has that experience.

Sometimes, you have to pull the trigger, as in putting down a sick animal
and for the last 12 months, thats exactly what Macys has been for me.

Good luck to other Macys account holders and a last little tip:

 

Dillards has better sales.. Smiley Tongue
I picked up $500 in mostly Ralph Lauren & Roundtree/Yorke clothes New Years Day for $170.

I'd like to see Macy's beat that deal. 

 

 

The point here is dont close accounts you need, but if Macys is treating you like a leper

and you have enough aged accounts to drop them, then consider it. The FICO they pulled

is currently 691. Not top tier, but certainly worth more than a $200 limit, esp, when I have

$15K in other revolving credit that's managed perfectly and the Macys account is a year

old with never a missed payment. 

 

Message 1 of 9
8 REPLIES
Regular Contributor

Re: Macys - Lending standards based in fantasy land

I'm still not sure what my FICO scores are and I probably won’t be able to retrieve then until after January, but I was approved for a Macy's store card today and my starting limit is: $600. They pulled Experian.


Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Message 2 of 9

Re: Macys - Lending standards based in fantasy land

I truly hope they treat you better than they treated me..

 

Luckily, YMMV, so GOOD LUCK!!!

 

and congratz on the approval!

Message 3 of 9
Regular Contributor

Re: Macys - Lending standards based in fantasy land

Thanks! I was surprised I was even approved. I have A LOT of inquiries on my Experian report.

Starting Score: 665
Current Score: 715
Goal Score: 750


Take the FICO Fitness Challenge


Message 4 of 9
Regular Contributor

Re: Macys - Lending standards based in fantasy land


FastMovingAquaticFowl wrote:

Brief history w/ Macys:

01/09 - opened store acct $100 CL
05/09 - Rode the GLI rocket up to $200 CL
10/09 - Macys CLDed me down to $100 CL
11/09 - I spoke to exec CSR who graciously re-opened the account
and re-instated the $200 limit.
01/10 - 12 month old account. Called for GLI and was told
that reinstating the account nov/09, counts as a CLI/GLI and that
I needed to wait 6 months before requesting another.. Smiley Very Happy

Luckily, I now have a choice due to $15K in other tradelines, over half of them as

old as this Macy's garbage.

In the past, Macys has been a great rebuilder and some are still having
great results with them. The moral here is not everyone has that experience.

Sometimes, you have to pull the trigger, as in putting down a sick animal
and for the last 12 months, thats exactly what Macys has been for me.

Good luck to other Macys account holders and a last little tip:

 

Dillards has better sales.. Smiley Tongue
I picked up $500 in mostly Ralph Lauren & Roundtree/Yorke clothes New Years Day for $170.

I'd like to see Macy's beat that deal. 

 

 

The point here is dont close accounts you need, but if Macys is treating you like a leper

and you have enough aged accounts to drop them, then consider it. The FICO they pulled

is currently 691. Not top tier, but certainly worth more than a $200 limit, esp, when I have

$15K in other revolving credit that's managed perfectly and the Macys account is a year

old with never a missed payment. 

 


So sorry to hear about your bad experience with Macy's.  I was only given a $100 CL when I was approved in April 09, but in less than a year and my CL now sits at 1200 and they approved me for thier Macy's Visa in Nov 09.  (from what I have read here, it's not easy to get)

 

Did you ask to speak to a Supervisor/Manager?  They may have been able to override what the CSR said.

Message 5 of 9
Senior Contributor

Re: Macys - Lending standards based in fantasy land

OP - Did you open that account in store or through the internet?
Message 6 of 9
Regular Contributor

Re: Macys - Lending standards based in fantasy land

I have had Macys for years now and the same thing happened to me, My account limit started at $600 four yrs back but due to inactivity it went to $200 last December and then I called for a CLI to at least $300 and was denied and the lady on the phone then proceeded to tell me that my account limit was now being reduced to $100, talk about bad luck with them. I am scared to call for another increase because they might just tell me "we decided to close your account....happy new year". So for now I just use my limit every month and pay the card off same day so that maybe they might see good history and increase the pathetic $100 limit. 
Started at 586 EQ and 604 TU in 8/2009
565 EQ Oct 09
614 EQ Dec 09
624 EQ Feb 10 ---604 TU Jan 10
643 EQ March 10 --from lender
Current 573 TU (myfico) 632 EQ (from lender) Jan 11
Message 7 of 9
Established Contributor

Re: Macys - Lending standards based in fantasy land

The way I see it is for some reason either these CC companies like r they don't. I got cards that get large CLI's without me asking. I read on here where people r getting large CLI's on a card that I have but I can't get a small 1. For example I only received 1 CLI from Patelco and I have had the card for over 2 and a half years. I just sockdrawer them until they show me some luv.
Advice is what we ask for when we already know the answer but wish we didn't.
Message 8 of 9

Re: Macys - Lending standards based in fantasy land

I opened the Macys garbage store account online before I knew about

Macy's putting a perm negative entry on accounts opened online. 

 

The sad thing is I have $15K in tradelines open and Macys is

acting like a virgin about to be guest of honor at a biker rally

about granting me more than $200. 

 

I went a step further than sock drawer and just closed.

 

No one in the world *needs* a Macys account that's locked

at $200. 

 

Well that and Dillards really does have better sales...Smiley Happy

 

 

Message 9 of 9