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Ok I read a few posts on here about Macy's changing their policy but I would like to know if anyone has any information. Who made the decision to change things and how can the consumer find information? I called Macy's just to verify what I had been hearing and in fact the customer service rep said that there is no longer a credit limit. I don't understand that. Does that mean you can charge an outrageous amount at Macy's? My credit limit just three months ago was at $2,000. She also told me that I can still shop and if there is a problem getting "approved" for the purchase i want, they will work it out. All of this sounds fishy to me, how can they do stuff like this without asking the consumer or even informing us. I asked the rep would a letter go out and she said nope. Is it their goal to weed out the bad customers or are they attempting to eliminate their store cards? Any clarification would be helpful.
I think the powers that be had a meeting and were brainstorming different ideas on how to anger customers and kill business and this is what they came up with.
haha, I suppose so. It just baffles me why they would think this is a smart idea. Either they are trying to get rid of consumers or trying to drive all of us online or something. It doesn't make sense to remove credit limits and for consumers to have to worry every time they shop whether or not their purchases will go through and the fact that they have no intentions of notifiying us of this change is a problem as well. How can you make a major change to accounts and not so much as tweet about it so that we can make a conscious decision whether or not we want to continue to use our store cards. I am thinking about switching over to the amex just so I don't have to play this mind game. Maybe that's their goal. Push customers over to their amex card.
I also was approved for a Macy's account. When I called to get my CL I was also told they do not have them, rather they look at your credit score each time a purchase is made. The rep suggested that I call each time before shopping to ensure the charge would process. I closed the account instead.
The rep also stated that the balance is reported but not the limit, so the card will be maxed out as far as the credit report is concerned. I would highly recommend NOT having a Macy's account!
When they took away the limits, it changed the card type to "Charge" like Amex... The balance does not get scored on most credit reports except I believe TU 04? someone else knows this better. you could also search for past threads, when this first happened some very long threads were going on.
I personally have never called to check if a purchase would go through, when they stopped reporting CL's I had a 10,700 line, so I assume even if they dropped me down considerably I probably wouldn't hit it in one purchase.
People say it's embarrasing to be declined at register or talk to credit, but I'm pretty sure the sales associates are quite use to it these days and it's not a big deal... but it also has not happened to me.
Talk has surfaced that they will be bringing CL's back so we shall see.
I continue to use my Macy's card and am never worried whether or not it will be approved. Were you worried when you had a credit limit? Except for us FICO users, I don't imagine many other people even know or care. I highly doubt they lost a lot of business changing their cards to a charge card. Just my .02.
Has it changed to a charge card where you have to pay the full balance each month. or does it still revovle?
@Wolf3 wrote:Has it changed to a charge card where you have to pay the full balance each month. or does it still revovle?
Still a revolver at 24.5%