topic macys re-instatement after charge-off? in Credit Cards

macys re-instatement after charge-off?

CreditDrama85 — Sun, 14 Sep 2008 17:09:43 GMT

i had an account with macys with a balance of $2,300 and a credit line of $2,000. the account was charged-off because i couldnt afford it and the minimum payments got too high.

i recently got an offer from the collection company handling it saying that if i made arrangements with them and paid the balance, i could receive a new macys credit card?

has this ever happened to anyone before, the accoutn has been closed for over 1 year?

if they honor their word and re-instate the account, what will the cl be?

will i keep the same account# and have the charge-off status removed or do they issue a new account#?

i would like to hear from ppl if this has ever happened to you before. the account has been charged off for so long, i dont know if this would even help to pay it.

Re: macys re-instatement after charge-off?

Anonymous — Sun, 14 Sep 2008 18:25:43 GMT

Never trust a CA>

Re: macys re-instatement after charge-off?

ready2buy — Sun, 14 Sep 2008 21:01:07 GMT

I got the same letter from a collection agency as well.

To make a long story short, I paid the CA and was told to wait 30 days from date payment posted, then contact Macy's to set up a new account.

5 days after payment posted, I contacted Macy's and I told them what I had done. I was told they did receive the payment, but I must call back 30 days after payment posted to set up new account. Macy's said the account would be reported as charged off/paid and a new account would be opened.

I called back 30 days after payment posted and a new account was set up equal to the amount I paid the CA ($300, which was the total amount due since 2004) and I received a new card in the mail.

Not really sure what this will do to my credit, but at least I have a store card to add to my secured Visa. Good payment history should help out in the long run.

I hope this helped.

Re: macys re-instatement after charge-off?

Anonymous — Mon, 15 Sep 2008 23:21:44 GMT

If you don't mine me asking, what ca was handling your charged off account?

Re: macys re-instatement after charge-off?

jmbfl — Tue, 16 Sep 2008 19:20:12 GMT

This is a far worse program than the used to offer. They used to reinstate you for the amount you paid in (paying the old account off in full over three months) and remove the old account. This was done directly with them - not through a CA. If you have questions call Macys directly and ask them. I would imagine any deal a CA can get you you can get better directly from Macys.

Re: macys re-instatement after charge-off?

Anonymous — Tue, 16 Sep 2008 19:26:32 GMT

A paid chargeoff is pretty much the same as an unpaid chargeoff. There are some companies who will look past it but some will still consider you a risk.

Re: macys re-instatement after charge-off?

jmbfl — Tue, 16 Sep 2008 19:44:35 GMT

A resolved baddie is always far better than an unresolved baddie. If you can resurrect your Macys account they will be very good to you. (See my other posts.) If you do not resurrect your Macys account you will be blacklisted for life. It's your choice.

Re: macys re-instatement after charge-off?

Anonymous — Tue, 16 Sep 2008 20:01:13 GMT

Yes, I was in that situation some years back. Ran up a Macys bill of about $700 - couldn't pay it, and it was charged off.

The CA - think it was Midland, sent me a letter saying basically what was offered to you. If I paid my balance, their client, Macys, would offer me a new CC. Sure enough - I was in a position to pay the bill and about 1 month later received a new Macys card with a new account number. For a period of time, I had 2 Macys accounts showing up. The baddie and the new one - but a letter to Macys got the old one removed.

If I recall, the new CL was small. I think it was $200 or something. But, it was a start. Now, my limit with Macys is 11.5k.

I would accept that offer.

Re: macys re-instatement after charge-off?

ready2buy — Thu, 18 Sep 2008 01:59:58 GMT

I am not 100% sure but I believe the name was Island National Group LLC with a New York address. They also offered a settlement at a 55% discount, but no new account would be opened. I just PIF and got a new account opened in the amount of the Past Due amount. ($275) Not bad.

Re: macys re-instatement after charge-off?

ready2buy — Thu, 18 Sep 2008 02:07:57 GMT

Cobra19 Thanks for the input. I have both accounts showing up also. I am working on a letter to send to Macy's right now.

Re: macys re-instatement after charge-off?

jose06 — Thu, 18 Sep 2008 03:53:37 GMT

I recently paid off a charged off Macy's acoount in the store, after 10 years. I week later, a new account was open for the amount I owed. which was 300.

I thought that this was immpossible.

Do any 1 know which other companies follow this routine ?

Re: macys re-instatement after charge-off?

jmbfl — Thu, 18 Sep 2008 05:51:44 GMT

Yes - AMEX and Discover by invitation only.

Do not go around blindly paying off your CO'ed amounts without knowing exactly whan the deal is in advance or you will be sorely disappointed and a lot poorer.

Re: macys re-instatement after charge-off?

Anonymous — Sat, 02 Feb 2013 04:26:36 GMT

Hi can Anyone share the letter written to Macy's to get the baddie removed ?