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Multiple Macy's accounts showing up on credit report

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Anonymous
Not applicable

Re: Multiple Macy's accounts showing up on credit report

So I finally found someone at Macy's that could explain this to me.

 

  • Macy's store account 1 - revolving regular account
  • Macy's store account 2 - 12 month no interest account (for the mattress I purchased and the reason I opened the account)
  • Macy's store account 3 - different account opened with no balance to be used if I don't pay off balance of 12 month not interest account within 12 month.  
  • Macy's Visa - shouldn't have been opened but I will deal with it

 

I am not sure how many points this has cost me on my score, but my attempt to save a little money on a mattress (which ironically is defective) may have cost me much more when I try to refinance.

 

Ugh!

 

Message 11 of 23
Anonymous
Not applicable

Re: Multiple Macy's accounts showing up on credit report

It almost makes sense, but what happens to number 3 if you do pay off number 2 before the deadline?

Message 12 of 23
Creditaddict
Legendary Contributor

Re: Multiple Macy's accounts showing up on credit report

Glad you figured it out, was just about to post and tell you all about Macy's.

In the long run it will help your score most likely, but could hurt you right now, but I LOVE my Macy's card! 

Message 13 of 23
oracles
Valued Contributor

Re: Multiple Macy's accounts showing up on credit report

I agree with CA,

 

It makes somewhat sense, alittle confused on account 3 but oh well.

 

But with time this will help your score.

Message 14 of 23
Anonymous
Not applicable

Re: Multiple Macy's accounts showing up on credit report

I imagine they do close it, but then again, I wonder how that will look on my report.  I am really curious as to how much opening 4 accounts changed my score.  I certainly know better now, but knowing it could be the difference of .2 or more on a mortgage rate is very frustrating.
Message 15 of 23
Imua
Frequent Contributor

Re: Multiple Macy's accounts showing up on credit report


cal801 wrote: 
********* When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa).  *******

did your macy's visa show up as a TL on TU?

i'm curious because i have just the opposite problem as you regarding macy's accts - only the store card ($1500 CL) shows up on TU, but the visa ($5000 CL) doesn't (they both show up on the other CR's) .  without the macy's visa on TU, it looks to TU that my available credit is less than it really is, thus TU has me at 11% util (the others have me at 3-5%), and my TU score at 704 is almost 80 points lower than the others!

Message 16 of 23
oracles
Valued Contributor

Re: Multiple Macy's accounts showing up on credit report


@Imua wrote:

cal801 wrote: 
********* When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa).  *******

did your macy's visa show up as a TL on TU?

i'm curious because i have just the opposite problem as you regarding macy's accts - only the store card ($1500 CL) shows up on TU, but the visa ($5000 CL) doesn't (they both show up on the other CR's) .  without the macy's visa on TU, it looks to TU that my available credit is less than it really is, thus TU has me at 11% util (the others have me at 3-5%), and my TU score at 704 is almost 80 points lower than the others!


 

Hi Imua:

 

you should definitely call macys and ask to speak to a manager and let them know your TL is not reporting to TU.

Message 17 of 23
Imua
Frequent Contributor

Re: Multiple Macy's accounts showing up on credit report


@oracles wrote:

@Imua wrote:

cal801 wrote: 
********* When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa).  *******

did your macy's visa show up as a TL on TU?

i'm curious because i have just the opposite problem as you regarding macy's accts - only the store card ($1500 CL) shows up on TU, but the visa ($5000 CL) doesn't (they both show up on the other CR's) .  without the macy's visa on TU, it looks to TU that my available credit is less than it really is, thus TU has me at 11% util (the others have me at 3-5%), and my TU score at 704 is almost 80 points lower than the others!


 

Hi Imua:

 

you should definitely call macys and ask to speak to a manager and let them know your TL is not reporting to TU.


thanks.  i thought it was odd that only 1 showed up
Message 18 of 23
Anonymous
Not applicable

Re: Multiple Macy's accounts showing up on credit report


@Anonymous wrote:
  As I  am trying to refinance my mortgage  I would like to improve my current score of 742.  What steps should I take to correct this.  If I have them cancel these accounts will this hurt my score?  

I know this wasn't the question specifically, but if your middle FICO score is 742, you should have no problem qualifying for the best rates. At most lenders the top tier starts at 720-740.

Message 19 of 23
Creditaddict
Legendary Contributor

Re: Multiple Macy's accounts showing up on credit report

you have already also taken the score hit if any on the new accounts, so you my as well leave them and let them age a few months and you will gain those points back. closing them will possibly just hurt your score more depending on util, etc. but I agree your tier 1 financing no matter what right now!
Message 20 of 23
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