topic Re: Macy's store card BK policy in Credit Card Applications

Macy's store card BK policy

morgacj2004 — Tue, 11 Aug 2015 23:47:54 GMT

So I finally got the truth out of Macy's regarding their official BK policy. I prev had a Macy's card with a good payment hx. It was not supposed to be IIB but my attny screwed up and included the acct. Unfortunately there was one charge of $60+ left outstanding. So now 3 yrs later I have been battling with Macy's to accept the $60 + fees and mark my acct as paid in full.not IIB. They are hung up about removing the IIB piece but agreed to mark as paid as agreed in full. I re-applied and was declined but I was told the official policy is 4yrs post BK and that they will override the auto decline if I reapply in one years time. I have it marked on my calendar so we will see.

Re: Macy's store card BK policy

TRC_WA — Wed, 12 Aug 2015 00:03:28 GMT

FYI you can't pick and choose what accounts are included in bankruptcy.

It's an all or none deal.

Re: Macy's store card BK policy

morgacj2004 — Wed, 12 Aug 2015 00:24:45 GMT

Thats not exactly true. You can choose not to include an acct if it has a zero balance.

Re: Macy's store card BK policy

SunriseEarth — Wed, 12 Aug 2015 00:35:26 GMT

You are correct on the 4 year policy. Macy's was IIB back in 2005. I applied for Macy's in-store last June and was initally denied. I called the number in the Backdoor Numbers thread and they were able to approve me, once they verified that my BK was more than 4 years old. Unfortunately, it cost an additional HP, but I was back in with an intial CL of $600. I've been able to grow that to $2500, plus a $2900 Special Events line and a $3500 AMEX line.

Re: Macy's store card BK policy

morgacj2004 — Wed, 12 Aug 2015 00:41:01 GMT

Well I can certainly wait a year. Much better than Citibanks 7-10 yr policy.

Re: Macy's store card BK policy

TRC_WA — Wed, 12 Aug 2015 01:13:51 GMT

@morgacj2004 wrote:
Thats not exactly true. You can choose not to include an acct if it has a zero balance.

Which is exactly why your $60 account shows IIB.

Yes it's true that you can leave out $0 balance accounts... but most creditors will close the account once they get wind of the filing anyway... although some slip through the cracks.

Best case scenario is closing the $0 balance accounts before filing because closed at consumer request looks better than closed by credit grantor.

Either way, good luck getting them to drop the IIB status... I would say it's not gonna happen. You know.. it falls under all the "we are obligated to report accurately to the CRA" that you hear from creditors.

Re: Macy's store card BK policy

morgacj2004 — Wed, 12 Aug 2015 04:19:07 GMT

You don't know me. I am an ornery SOB. I will write them a letter each month for the next 7 yrs or until they do something. The attny was supposed to wait until I made the final payment to Macy's but he rushed the filing and several accts were included that didn't need to be. My mistake for using a budget law firm.