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New Contributor
Want2BDebtFreeNow
Posts: 73
Registered: ‎10-15-2007

What should I do with my Macy's card

Quesion:

 

I opened this Macy's account about 2 1/2 years ago but I don't use it as I am trying to get out of debt and the interest is out of control.  I have read on the forums not to close credit cards.  However what I am affraid of is that they will close it for me if I don't use it.  I think the last time I used it was like in January of this year, bought a pair of shoes and then paid it off before the statement generated. What I am afraid of is that they will close it for non use. It has a tiny credit line. I think like $400.00.

 

My AAoA is at 6.something from the SWA I pulled earlier.

 

What would you do?  

MacYsdsnb 5/2010$0Pays account as agreedNo

Details

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
New Contributor
Want2BDebtFreeNow
Posts: 73
Registered: ‎10-15-2007

Re: What should I do with my Macy's card

After posting this I decided to log into my Macys.com account just to see when then last purchase I made was and it was in Feb. (off topic) anyway I saw the CLI button and before I even clicked on it I did a search on here to see if they are Hard Inquiries or soft and came across a thread from a person who said that she got auto CLI's so I decided to look and see what my CL was with them. It's been increased to $1,500The only way I could find out was by looking at the statements since they don't post it on the regular pageIt's weird that they never sent me a letter telling me about the higher CL!

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Frequent Contributor
Imua
Posts: 291
Registered: ‎01-17-2009

Re: What should I do with my Macy's card

i was just going to reply to your first post to keep the card and use it once or twice a year but PIF to avoid the interest.

now it looks like you'll probably decide to keep the card :smileyhappy:

 

congrats on your CLI


BofA visa $9.4k ... BofA Cash Rewards visa sig $10k ... Cap 1 Venture1 visa sig $10k ...
Chase Freedom visa $10k ... Macy's $1.5k ... Macy's Amex $5k ... Sam's Club $6.3k
myFICOs as of 3/25/14:...EX=809 .... EQ=802....TU=787
Frequent Contributor
wallyworld123
Posts: 455
Registered: ‎01-04-2012

Re: What should I do with my Macy's card

oh wow thats good congrats on the increase yes keep the card!

New Contributor
Want2BDebtFreeNow
Posts: 73
Registered: ‎10-15-2007

Re: What should I do with my Macy's card


Imua wrote:

i was just going to reply to your first post to keep the card and use it once or twice a year but PIF to avoid the interest.

now it looks like you'll probably decide to keep the card :smileyhappy:

 

congrats on your CLI


Thank you & absolutely.  I might go by the mall tomorrow and get a new pair of dress shoes. I just have to be really careful with going into a mall.  Unfortunately I have a bit of a shopping addiction and I've been working on getting out of debt since I joined these boards. I guess with age comes with wisdom. This year is my first year where I don't have a car payment anymore!

As of 11/14/2012 EQ: 672

5 inqs in the last year - October 25, 2012, July 05, 2012, July 03, 2012, June 18, 2012, February 16, 2012

(Report reads them as 3) Your applications for credit in the past year
3 inquiries

Last account opened June 2012

Average age of your accounts
6 years

Number of your accounts with a missed payment
0 accounts

Ratio of your revolving balances to your credit limits
82% (Ouch)
Regular Contributor
Fresh-Start
Posts: 238
Registered: ‎10-18-2012

Re: What should I do with my Macy's card


Want2BDebtFreeNow wrote:

Imua wrote:

i was just going to reply to your first post to keep the card and use it once or twice a year but PIF to avoid the interest.

now it looks like you'll probably decide to keep the card :smileyhappy:

 

congrats on your CLI


Thank you & absolutely.  I might go by the mall tomorrow and get a new pair of dress shoes. I just have to be really careful with going into a mall.  Unfortunately I have a bit of a shopping addiction and I've been working on getting out of debt since I joined these boards. I guess with age comes with wisdom. This year is my first year where I don't have a car payment anymore!



+1  You are so not alone! I'm with you on this!  I went on a bit of a shopping spree over the last two months so my UTL is high right now.  Working on keeping those balances off and staying CLEAR of the malls and the websites online because I recently discovered online shopping too! LOL!!!! 

 

I'm taking a close look at my credit cards and plan to pay a few of them all the way to zero and sock drawer them.  I'll take them out once a year as suggested on this board for a small purchase so they won't be closed for inactivity.

 

And congrat's on your Macy's CLI! 

Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012

Re: What should I do with my Macy's card

IF you NEED the shoes, then get the shoes.

 

If you do not NEED the shoes, then go in there and get something from the registers counters that's a buck or two, and that will keep the card active for another year.

Established Contributor
bahbahd
Posts: 729
Registered: ‎08-12-2011

Re: What should I do with my Macy's card

[ Edited ]

FYI, I've had almost every store card I've ever had close on their own due to lack of usage. Two Macy's cards were from Meier & Frank and Marshal Fields both being bought by Macy's. Bloomingdales, Nordstroms, and I'm sure a couple of others all closed.  The only one that did not close due to usage was a GE banana republic that I charged $209 on one month and forgot about the card and it CO.  That was a huge PITA mistake. Still a blackmark I have not been able to get rid of early.

 

It's funny how the closed cards do not show on my CR but the one CO sure does.

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012

Re: What should I do with my Macy's card

+1 repo

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: What should I do with my Macy's card


Repo-ed wrote:

IF you NEED the shoes, then get the shoes.

 

If you do not NEED the shoes, then go in there and get something from the registers counters that's a buck or two, and that will keep the card active for another year.


macy's has nice chocolate bars =)


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758

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