topic Re: Macy’s credit card.. in Credit Card Applications

Macy’s credit card..

Anonymous — Sat, 11 Aug 2018 19:19:15 GMT

Hi all! Hoping I can get some direction before submitting an application for Macy’s. My credit scores ranges 650-705
EX 705 with 10 inqs
EQ 650 with 10 inqs
TU 690 with 3 inqs

I just started out with credit last March and I have no derogs on either TU or EX. Medical bills on EQ And one Verizon C/O

I need a store card to help with my profile.
Right now I have OpenSky, Capital one Quicksilver, NFCU cash rewards and Barclay Apple rewards. All except Opensky were opened this year.
Should I pull the trigger and apply for the store card? Or should I wait?

Re: Macy’s credit card..

Anonymous — Sat, 11 Aug 2018 19:41:34 GMT

I was just approved for a Macy’s card with similar situation as yours. Tho I only received a $100 SL.

Re: Macy’s credit card..

Anonymous — Sat, 11 Aug 2018 19:43:53 GMT

Hi, thanks for responding. Do you remember what CB they pulled for your report?

Re: Macy’s credit card..

Anonymous — Sat, 11 Aug 2018 19:48:41 GMT

I’m in OH and they pulled Equifax

Re: Macy’s credit card..

Anonymous — Sat, 11 Aug 2018 19:58:00 GMT

Do you remember what your scores or profile looked like on EQ? I have 4 medical collections (totaling 400 bucks and a c/o) it’s my worst report and I live in NJ

Re: Macy’s credit card..

Anonymous — Sat, 11 Aug 2018 20:19:37 GMT

Fico 8 is at like 620

Re: Macy’s credit card..

xaximus — Sun, 12 Aug 2018 04:02:54 GMT

IMO - I would see if you can clear off the CO with Verizon (depending on what the charge is and if you can fight it).

As far as the medical bills - AFAIK - it's possible to reach out to billing and see if they can recall the bill - another thing you can try is called charity case (or something along those lines where they either reduce the debt or cancel it completely) however, YEMV.

As far as your scores go, IMHO - you might get approved but may have a low limit. I would suggest clearing the baddies up first before applying.

Good luck!

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 04:12:06 GMT

Get the card only if it will benefit you based on your spending, you don't need a "store card" to help with your credit profile (credit mix), it will just be viewed and scored as another CC, wherever you got that information from is wrong. If anything, it is said that having a store card can negatively affect your insurance score (credit based insurance score).

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 06:04:00 GMT

@Anonymous wrote:
Get the card only if it will benefit you based on your spending

This!

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 13:10:29 GMT

Was told a store card is necessary for my credit profile. How accurate is this?

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 13:23:57 GMT

@Anonymous wrote:
Was told a store card is necessary for my credit profile. How accurate is this?

Totally inaccurate.

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 13:48:49 GMT

What do you recommend for a well rounded profile?

Re: Macy’s credit card..

shadanat — Sun, 12 Aug 2018 13:54:19 GMT

Do you have an installment loan reporting?

You don't need a store card. You have five cards already and 3-5 is enough. If your limits are low, I would work on building on those. NFCU will grow.

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 14:39:58 GMT

That’s the thing... I don’t have an installment loan. Only the 4 cc’s. Now giving me an average age of 7 months but my longest card is 1.5 year.

Re: Macy’s credit card..

CreditInspired — Sun, 12 Aug 2018 14:52:39 GMT

OP
I was getting ready to say the same thing @Oldman said. You definitely do NOT need a store card to help with your profile.

Re: Macy’s credit card..

CreditInspired — Sun, 12 Aug 2018 15:21:47 GMT

IMHO, since your AAOA is only 7 mos and you have a couple of derogs, I suggest gardening for at least 6-12 mos while, as another poster said, work on getting the derogs taken care of. I suggest not applying for anymore CCs until then.

GL2U

Re: Macy’s credit card..

shadanat — Sun, 12 Aug 2018 15:09:19 GMT

When you add a new account, it drops your average age.

I would look into getting a secured shared loan. NFCU offers one and so does Self-Lender. It will help improve your credit mix.

Then just garden and you will see the growth.

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 15:46:23 GMT

Are you speaking of the pledge loan? I can open one for $250 (does the amount matter?) also, thanks won’t be applying for anymore cards... just read somewhere that I needed a store card, installment loan and revolving accounts for a well rounded profile. Not applying for another card for 6 months.

Re: Macy’s credit card..

Anonymous — Sun, 12 Aug 2018 15:52:08 GMT

@Anonymous wrote:
Are you speaking of the pledge loan? I can open one for $250 (does the amount matter?) also, thanks won’t be applying for anymore cards... just read somewhere that I needed a store card, installment loan and revolving accounts for a well rounded profile. Not applying for another card for 6 months.

Amount does not matter. Fico does not care whether it's a $100 intallment loan or $5,000 loan -- just make sure it's not a personal loan. Personal loans can be harmful to your scores because they are indicator that the consumer is a high rish borrower.