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department store credit card upgrade

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New Visitor

department store credit card upgrade

I got notices from both, Macy's and Bloomingdales, that they are offering to upgrade my department credit cards to Visa. I had my Gap card switch from just store card to visa last year. What are the pro's or con's of upgrading to visa cards? I'm not going to be using them anywhere else anyhow, as I have other primary cards I preffer. Is there adverse affect on my CR if I upgrade? What are my chouices, can I decline the offer? and if I do want to upgrade, will they be pulling a hard credit check and establish a new credit card.

Any input is welcomed.

 

Lana

Message 1 of 7
6 REPLIES
Frequent Contributor

Re: department store credit card upgrade

Hi Lana, they both most likely would require a hard inquiry, but you could always call and ask.  For Bloomingdale's and Macy's the Visa lines of credit would report as separate from you store lines of credit, so you would essentially go from having two accounts to four accounts.  The extra accounts would probably help your utility by adding additional credit lines (Bloomie's line of credit is sep. from visa line, and same for Macy's).  If they do require hard inquiries, that may have a minor effect your score.  Also the new ages on the lines of credit may affect your score also (I'm not sure if the visa lines will keep the same age as the store lines or if they show up as new).  Generally the upgrades do upgrade your rewards as well.  So I don't see why not =)  You get to increase your available credit and keep your store cards in the mix.  You will probably get a $25.00 off coupon with the Bloomie's upgrade as well.

Current:
TU (5/14/14): 796 (Inquiries; 8/23/13)
EQ (3/23/14): 791 (Inquiries: 8/23/13)
EX (9/24/13): 780 (Inquiries: 7/2/12; 11/20/12; 7/30/13; 8/23/13)

Goals: No new inquiries for 2014, 800 for all CRs by 12/31/14
Message 2 of 7
New Visitor

Re: department store credit card upgrade

Thanks for the info. You covered what I needed to know. Lana

Message 3 of 7
Valued Contributor

Re: department store credit card upgrade

My upgrade to Macy's Visa was hard free.
IN VINO VERITAS.
Message 4 of 7
Highlighted
Moderator Emeritus

Re: department store credit card upgrade

I don't have a Macy's or a Bloomie's account, so my question is purely hypothetical. Smiley Happy

 

If you upgrade from a Macy's store card to a Macy's Visa, for example, I understand that the Visa shows as a separate account on one's CR, but how is the Visa portion of the account aged?  Does it show the same open date as the original store card or does it show as completely brand spanking new?

 

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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 5 of 7
Valued Contributor

Re: department store credit card upgrade

No, it is new account.


cheddar wrote:

I don't have a Macy's or a Bloomie's account, so my question is purely hypothetical. Smiley Happy

 

If you upgrade from a Macy's store card to a Macy's Visa, for example, I understand that the Visa shows as a separate account on one's CR, but how is the Visa portion of the account aged?  Does it show the same open date as the original store card or does it show as completely brand spanking new?

 


 

IN VINO VERITAS.
Message 6 of 7
Moderator Emeritus

Re: department store credit card upgrade


wmarat wrote:

No, it is new account.


 

Thanks.  That's a bummer.

 

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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 7 of 7