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Valued Member
Posts: 41
Registered: ‎05-30-2009
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Rotten Luck With Macys

I've had a Macys department card since 2003 (aka as soon as I turned legal). I ran into some financial irresponsibility in 2006-2007. Racked up 4 delinquent accounts with 30-180 lates. Made 3 of the 4 current in 2007 and settled 1. Macys was one of the 3 I made current and since then I have been able to GW 3 of the 4 to drop the lates. So now I have only one derog. I have been asking for a GLI since last summer and I keep getting the "increase your usage" line....So  with an original GL of $75 (yes you read correctly 75 whole dollars) I started on a mission to buy every little under $50 item I could find and PIF every month. I called again at the beginning of this year to ask for a GLI and was once again told to "increase my usage". Still flusterated I called the backdoor number this week and was told I was not going to get an GLI because of my derog account. I explained that I have excellent payment history for the part two plus years and the derog was not scheduled to fall off until 2013. I called 2 CSR and was told the same thing. I'm confused so many have commented on how Macys is awesome for GLI, but I don't seem to be their cup of tea. With only $75 and the possibility that my GL is going to remain as such for the next 4 years, I'm tempted to close this account because it is really not worth it. Is there something I'm doing wrong??
Frequent Contributor
Posts: 261
Registered: ‎01-20-2009
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Re: Rotten Luck With Macys

I believe Macys is one of those creditors that you can overpay to effectively increase your credit limit. You can then spend your own money to demonstrate that you need a larger credit limit. I have heard of people doing this with Macys to jump start their credit limits. From what I have read about their CLI guidelines, that one late should be old enough now to not be a factor.

I would never purchase anything just to get a CLI though. Maybe it is time to just let them go and reapply later.

Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: Rotten Luck With Macys

+1  Great advice from hobojon. If you really want a good Macys CL reapplying after your lates are all over 2 yrs of age may be the best way to go.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Rotten Luck With Macys

What exactly is reporting on your CBR concerning this negative account? What is it and how old?

 

If multiple CSR's are telling you this it is probably true. However, do not close this account! Do not close any account that does not have an annual fee. Just put it away. They will not close it for disuse for a long time. Just move on with your program of credit repair/improvement. Eventually they will start allowing you GLI's. You can grow that account from $75 to $2000 or more. Macys is most forgiving and does not hold grudges as long as you don't BK them or settle your account with them. In your case it will just take a little time.

Valued Member
Posts: 41
Registered: ‎05-30-2009
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Re: Rotten Luck With Macys

Well the account the CSRs are eluding to is BofA Visa opened in 2003 and closed in 2006 settled in 2007. They just told me that your EX report is showing a derogatory account. I tried to explain that the account is scheduled to fall off in 2013 and I have paid every account including my Macys account on time for since 2007 but they are not having it. I stopped using the card last year because they wouldn't increase the guideline  then I found the forums and called them again that's when I was told that they would increase it if I used it more. I used it more found the backdoor number on the forum and now I just keep getting hit with this derog that is going to keep reporting until 2013. 
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Rotten Luck With Macys


ucibaqt wrote:
Well the account the CSRs are eluding to is BofA Visa opened in 2003 and closed in 2006 settled in 2007. They just told me that your EX report is showing a derogatory account. I tried to explain that the account is scheduled to fall off in 2013 and I have paid every account including my Macys account on time for since 2007 but they are not having it. I stopped using the card last year because they wouldn't increase the guideline  then I found the forums and called them again that's when I was told that they would increase it if I used it more. I used it more found the backdoor number on the forum and now I just keep getting hit with this derog that is going to keep reporting until 2013. 

This TL was noted paid/settled for less and, as you state, will continue to report until 2013. The account was not paid in full, it was settled for less than you owed. I cannot remember the other specifics of your credit from past posts, but this TL may cause trouble with other app's. I believe you have reported in other threads that this has occured. It may be necessary for you to recon every credit app you make and provide an explanation for this TL until it falls off. The impact of this negative account will diminish over time, but do not expect zero impact. Try to get this TL GW'ed off. Most likely it won't happen, but I would send a letter a month until it falls off. You have nothing to lose and everything to gain.

Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Rotten Luck With Macys


ucibaqt wrote:
I've had a Macys department card since 2003 (aka as soon as I turned legal). I ran into some financial irresponsibility in 2006-2007. Racked up 4 delinquent accounts with 30-180 lates. Made 3 of the 4 current in 2007 and settled 1. Macys was one of the 3 I made current and since then I have been able to GW 3 of the 4 to drop the lates. So now I have only one derog. I have been asking for a GLI since last summer and I keep getting the "increase your usage" line....So  with an original GL of $75 (yes you read correctly 75 whole dollars) I started on a mission to buy every little under $50 item I could find and PIF every month. I called again at the beginning of this year to ask for a GLI and was once again told to "increase my usage". Still flusterated I called the backdoor number this week and was told I was not going to get an GLI because of my derog account. I explained that I have excellent payment history for the part two plus years and the derog was not scheduled to fall off until 2013. I called 2 CSR and was told the same thing. I'm confused so many have commented on how Macys is awesome for GLI, but I don't seem to be their cup of tea. With only $75 and the possibility that my GL is going to remain as such for the next 4 years, I'm tempted to close this account because it is really not worth it. Is there something I'm doing wrong??

Being that this is your oldest TL, do not close it regardless of what the CL is.  It's real value now is age.  Once you close you are on the 10 year clock till it drops off.  Just MO, but I would not lose it.  Macy's is my oldest TL now (2 accounts actually), 21 years.  Without it I would have a 12 or 13 year oldest.

 

 

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
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Re: Rotten Luck With Macys

ucibaqt -

 

You need to read this for some insight:

 

http://www.bankrate.com/finance/credit-cards/how-is-debt-settlement-reported.aspx

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