topic Re: Multiple Macy's accounts showing up on credit report in Credit Cards

Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 06:56:05 GMT

On 9/08 I opened a Macy’s store account in order to get a discount on a mattress purchase. I specifically requested only a store account but discovered a Macy’s store and Macy’s Visa account were opened. When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa). Three were opened on 9/08 and one in 11/08. As I am trying to refinance my mortgage I would like to improve my current score of 742. What steps should I take to correct this. If I have them cancel these accounts will this hurt my score?

Re: Multiple Macy's accounts showing up on credit report

Scamp — Wed, 21 Jan 2009 14:59:08 GMT

cal801 wrote:
On 9/08 I opened a Macy’s store account in order to get a discount on a mattress purchase. I specifically requested only a store account but discovered a Macy’s store and Macy’s Visa account were opened. When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa). Three were opened on 9/08 and one in 11/08. As I am trying to refinance my mortgage I would like to improve my current score of 742. What steps should I take to correct this. If I have them cancel these accounts will this hurt my score?

Welcome to the Forums, cal801!

Please read Closing Credit Cards as a start to answering your question, and the post back with any additional questions you may have. There may be other things you can do to improve your score, but reading that is your first step.

Welcome again!

Re: Multiple Macy's accounts showing up on credit report

wmarat — Wed, 21 Jan 2009 15:39:12 GMT

Even if you close accounts, they stay on your report for up to 10 years. So account closing, probably won't increase your score, besides you already took the hit, let them age.

Re: Multiple Macy's accounts showing up on credit report

oracles — Wed, 21 Jan 2009 15:56:10 GMT

I would definitely call Macys and make them aware of this situation. You maybe able to get them to delete the extra 3 accounts and any other inquiries that may have been used. Don't speak to a frontline rep, go higher in the chain. These extra accounts have cost you points and reduce your AAofA. This is definitely hurting your score somewhat. However I would also see what your score is and see if it did major damage to your score. If it only dropped minimally (1-3 pts) then depending on when you are going to apply for a mortgage, you may get these pts back my that time.

hope this helps and keep us updated

Re: Multiple Macy's accounts showing up on credit report

arjames01 — Wed, 21 Jan 2009 16:36:32 GMT

If you app'ed in store there should have been a check box that said "consider me only for a macy's" or something along this lines. If that box isn't check it'll open you for the store card and the visa part, if you qualify.

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 17:10:08 GMT

@Anonymous wrote:
On 9/08 I opened a Macy’s store account in order to get a discount on a mattress purchase. I specifically requested only a store account but discovered a Macy’s store and Macy’s Visa account were opened. When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa). Three were opened on 9/08 and one in 11/08. As I am trying to refinance my mortgage I would like to improve my current score of 742. What steps should I take to correct this. If I have them cancel these accounts will this hurt my score?

We were just discussing Macy's the other day. I was asking about the levels of their cards. (Red, Gold, Platinum, Elite)

Is it possible they upgraded you to the other cards and reported them as a new TL?

Re: Multiple Macy's accounts showing up on credit report

arjames01 — Wed, 21 Jan 2009 17:13:42 GMT

That shouldn't happen. The color only shows us how much of a shopper you are. And it also gives you more perks such as free gift wrapping, shipping etc. It's basically a measure of loyalty. It shouldn't report as a new account, since it techinically is not.

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 17:14:17 GMT

I can't remember if I checked or did not check though I do remember making sure to do whatever it was to not be considered for a visa - checking it if that was the step I needed to take. The sales person and I even discussed that I did not want a visa, but perhaps when they did the credit approval over the phone he submitted it incorrectly. I am okay with the Visa as it lowers my debt to credit available ratio, but I am concerned about the other 2 store charge accounts that appeared to be open for no reason. I would like to have them removed but was concerned that would hurt my credit score more as it shows accounts being closed. Is it worse to show 4 account opened in 2008 and left alone or 4 accounts opened in 2008 and 2 closed in 2009?

Re: Multiple Macy's accounts showing up on credit report

oracles — Wed, 21 Jan 2009 17:21:20 GMT

@Anonymous wrote:
I can't remember if I checked or did not check though I do remember making sure to do whatever it was to not be considered for a visa - checking it if that was the step I needed to take. The sales person and I even discussed that I did not want a visa, but perhaps when they did the credit approval over the phone he submitted it incorrectly. I am okay with the Visa as it lowers my debt to credit available ratio, but I am concerned about the other 2 store charge accounts that appeared to be open for no reason. I would like to have them removed but was concerned that would hurt my credit score more as it shows accounts being closed. Is it worse to show 4 account opened in 2008 and left alone or 4 accounts opened in 2008 and 2 closed in 2009?

i would see if they can delete the two extra tradelines off of your report.

You may also want to dispute the tradelines as not yours with the CBs.

However once again readwhat i posted earlier about aging.

I would not close the accounts if they can not delete the lines.

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 17:24:17 GMT

Also be very very careful when having a TL deleted. I have read in these forums that some creditors will delete all your TL's from the reports, even the ones you want on there.

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 17:33:21 GMT

So I finally found someone at Macy's that could explain this to me.

Macy's store account 1 - revolving regular account
Macy's store account 2 - 12 month no interest account (for the mattress I purchased and the reason I opened the account)
Macy's store account 3 - different account opened with no balance to be used if I don't pay off balance of 12 month not interest account within 12 month.
Macy's Visa - shouldn't have been opened but I will deal with it

I am not sure how many points this has cost me on my score, but my attempt to save a little money on a mattress (which ironically is defective) may have cost me much more when I try to refinance.

Ugh!

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 17:40:40 GMT

It almost makes sense, but what happens to number 3 if you do pay off number 2 before the deadline?

Re: Multiple Macy's accounts showing up on credit report

Creditaddict — Wed, 21 Jan 2009 17:41:18 GMT

Glad you figured it out, was just about to post and tell you all about Macy's.

In the long run it will help your score most likely, but could hurt you right now, but I LOVE my Macy's card!

Re: Multiple Macy's accounts showing up on credit report

oracles — Wed, 21 Jan 2009 17:50:42 GMT

I agree with CA,

It makes somewhat sense, alittle confused on account 3 but oh well.

But with time this will help your score.

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Wed, 21 Jan 2009 17:52:33 GMT

I imagine they do close it, but then again, I wonder how that will look on my report. I am really curious as to how much opening 4 accounts changed my score. I certainly know better now, but knowing it could be the difference of .2 or more on a mortgage rate is very frustrating.

Re: Multiple Macy's accounts showing up on credit report

Imua — Wed, 21 Jan 2009 17:57:58 GMT

cal801 wrote:
********* When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa). *******

did your macy's visa show up as a TL on TU?

i'm curious because i have just the opposite problem as you regarding macy's accts - only the store card ($1500 CL) shows up on TU, but the visa ($5000 CL) doesn't (they both show up on the other CR's) . without the macy's visa on TU, it looks to TU that my available credit is less than it really is, thus TU has me at 11% util (the others have me at 3-5%), and my TU score at 704 is almost 80 points lower than the others!

Re: Multiple Macy's accounts showing up on credit report

oracles — Wed, 21 Jan 2009 18:07:44 GMT

@Imua wrote:
cal801 wrote:
********* When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa). *******
did your macy's visa show up as a TL on TU?
i'm curious because i have just the opposite problem as you regarding macy's accts - only the store card ($1500 CL) shows up on TU, but the visa ($5000 CL) doesn't (they both show up on the other CR's) . without the macy's visa on TU, it looks to TU that my available credit is less than it really is, thus TU has me at 11% util (the others have me at 3-5%), and my TU score at 704 is almost 80 points lower than the others!

Hi Imua:

you should definitely call macys and ask to speak to a manager and let them know your TL is not reporting to TU.

Re: Multiple Macy's accounts showing up on credit report

Imua — Wed, 21 Jan 2009 18:18:34 GMT

@oracles wrote:
@Imua wrote:
cal801 wrote:
********* When checking my credit report I noticed that my report showed four accounts opened last year – all from Macy’s (three store one Visa). *******
did your macy's visa show up as a TL on TU?
i'm curious because i have just the opposite problem as you regarding macy's accts - only the store card ($1500 CL) shows up on TU, but the visa ($5000 CL) doesn't (they both show up on the other CR's) . without the macy's visa on TU, it looks to TU that my available credit is less than it really is, thus TU has me at 11% util (the others have me at 3-5%), and my TU score at 704 is almost 80 points lower than the others!

Hi Imua:

you should definitely call macys and ask to speak to a manager and let them know your TL is not reporting to TU.

thanks. i thought it was odd that only 1 showed up

Re: Multiple Macy's accounts showing up on credit report

Anonymous — Sun, 25 Jan 2009 16:04:42 GMT

@Anonymous wrote:
As I am trying to refinance my mortgage I would like to improve my current score of 742. What steps should I take to correct this. If I have them cancel these accounts will this hurt my score?

I know this wasn't the question specifically, but if your middle FICO score is 742, you should have no problem qualifying for the best rates. At most lenders the top tier starts at 720-740.

Re: Multiple Macy's accounts showing up on credit report

Creditaddict — Sun, 25 Jan 2009 16:47:05 GMT

you have already also taken the score hit if any on the new accounts, so you my as well leave them and let them age a few months and you will gain those points back. closing them will possibly just hurt your score more depending on util, etc. but I agree your tier 1 financing no matter what right now!