topic Re: Macys Amex CLD in Credit Cards

Macys Amex CLD

Creditaddict — Tue, 05 Oct 2010 16:58:16 GMT

I will be the first to admit that I have been revolving very large balance... it's next on my debt snowball!

Oct 1 they reduced CL by $700 to sit within a $1 of my balance.

Store card is not being touched, $10,700 still available

Re: Macys Amex CLD

haulingthescoreup — Tue, 05 Oct 2010 17:11:53 GMT

Whew, that was quick.

Good luck with the continuing snowball!

Re: Macys Amex CLD

Red1Blue — Wed, 06 Oct 2010 02:33:39 GMT

@Creditaddict wrote:
I will be the first to admit that I have been revolving very large balance... it's next on my debt snowball!
Oct 1 they reduced CL by $700 to sit within a $1 of my balance.

Store card is not being touched, $10,700 still available

Sorry to hear that.

Re: Macys Amex CLD

Anonymous — Wed, 06 Oct 2010 02:42:48 GMT

It's feels so funny to see "Macy's Amex has arrived!!!" and "Macys Amex CLD" threads side-by-side

Re: Macys Amex CLD

Creditaddict — Wed, 06 Oct 2010 02:43:58 GMT

@Anonymous wrote:
It's feels so funny to see "Macy's Amex has arrived!!!" and "Macys Amex CLD" threads side-by-side

lol, it's actually my 2nd CLD, the first was a $100... yes really a $100!!!

Re: Macys Amex CLD

Anonymous — Wed, 06 Oct 2010 14:08:32 GMT

CA, just pay it off and be done with it to be honest. I am sorry to hear about the CLD. If I may, do you think you could take some $$ of savings and get a secured loan? I mean the CU I work for and other that I know offer a secured loan at like 2% over what they pay you for the savings. I mean this is an easy and a cheap way to pay of the debt and then you pay the secured loan - plus after you pay off the loan - you get your cash back - with interest... what do you think?

Re: Macys Amex CLD

Creditaddict — Wed, 06 Oct 2010 15:09:57 GMT

@Anonymous wrote:
CA, just pay it off and be done with it to be honest. I am sorry to hear about the CLD. If I may, do you think you could take some $$ of savings and get a secured loan? I mean the CU I work for and other that I know offer a secured loan at like 2% over what they pay you for the savings. I mean this is an easy and a cheap way to pay of the debt and then you pay the secured loan - plus after you pay off the loan - you get your cash back - with interest... what do you think?

I actually hadn't thought of that... something to consider, thanks... keep you posted

Re: Macys Amex CLD

haulingthescoreup — Wed, 06 Oct 2010 15:23:53 GMT

For those in a similar position, I'd think long and hard about this. You have to be pretty dang sure that you won't promptly run up your cards again and then have both new CC debt and installment debt to deal with.

This is dynamite (in the bad sense) in the wrong hands...

Re: Macys Amex CLD

Creditaddict — Wed, 06 Oct 2010 15:25:44 GMT

@haulingthescoreup wrote:
For those in a similar position, I'd think long and hard about this. You have to be pretty dang sure that you won't promptly run up your cards again and then have both new CC debt and installment debt to deal with.

This is dynamite (in the bad sense) in the wrong hands...

This is very true... However for me the only reason this card got ran up was for a business expenses and that business is gone now... I tried to keep it running longer than I should have!

Re: Macys Amex CLD

haulingthescoreup — Wed, 06 Oct 2010 15:26:24 GMT

As I said, it was just a general note.

Re: Macys Amex CLD

Creditaddict — Wed, 06 Oct 2010 15:28:19 GMT

@haulingthescoreup wrote:
As I said, it was just a general note.

and at 24.99% a VERY GOOD note

Re: Macys Amex CLD

Anonymous — Wed, 06 Oct 2010 16:27:27 GMT

@haulingthescoreup wrote:
For those in a similar position, I'd think long and hard about this. You have to be pretty dang sure that you won't promptly run up your cards again and then have both new CC debt and installment debt to deal with.

This is dynamite (in the bad sense) in the wrong hands...

I agree with hauling. My advice is based on an assumption that you will be absolutely disciplined to not run up the debt again! Remember - you are putting up your cash for collateral - so you will loose it if you dont pay it. Plus, yes it will be hard for you to deal with two payments!! Thank you hauling for clarifying that for me....

I have had people who have attained the secured loan, paid off the cards and then either closed them or cut the cards so they wouldnt use it - however, I have also had an incident where someone did run the cards back up - so it could go either way - remember - if you cant pay it off immediately with cash then you cant afford it.

Re: Macys Amex CLD

Creditaddict — Wed, 13 Oct 2010 21:01:24 GMT

Since we have the other thread about the store card, thought I would post update here... Got the letter finally yesterday for my $700 CLD

Reasons: escalating balance (true the account is at its limit!)

Small payments in relation to balance (True, it was not #1 on my debt snowball yet, so minimums it was)

but interestingly there is a whole section on the letter stating that this in no way effects my store card limit and your welcome to come shop on your store card (not exact wording)

Re: Macys Amex CLD

Pushto700 — Thu, 14 Oct 2010 18:25:48 GMT

@Creditaddict wrote:
Since we have the other thread about the store card, thought I would post update here... Got the letter finally yesterday for my $700 CLD
Reasons: escalating balance (true the account is at its limit!)
Small payments in relation to balance (True, it was not #1 on my debt snowball yet, so minimums it was)

but interestingly there is a whole section on the letter stating that this in no way effects my store card limit and your welcome to come shop on your store card (not exact wording)

Wow, so mutiple payments (with some creditors) do hurt?

Re: Macys Amex CLD

haulingthescoreup — Thu, 14 Oct 2010 18:33:07 GMT

@Pushto700 wrote:
@Creditaddict wrote:
Since we have the other thread about the store card, thought I would post update here... Got the letter finally yesterday for my $700 CLD
Reasons: escalating balance (true the account is at its limit!)
Small payments in relation to balance (True, it was not #1 on my debt snowball yet, so minimums it was)

but interestingly there is a whole section on the letter stating that this in no way effects my store card limit and your welcome to come shop on your store card (not exact wording)
Wow, so mutiple payments (with some creditors) do hurt?

Ummm, where do you see that? Looks to me that OP posted that he was only making minimums, which typically means that there was just one payment a month. I don't see anything about frequency of payments. Or if there were frequency of payments, that wasn't the reason cited. They said that the payments were too small, not too frequent.

Re: Macys Amex CLD

Pushto700 — Thu, 14 Oct 2010 18:40:40 GMT

@haulingthescoreup wrote:

@Pushto700 wrote:
@Creditaddict wrote:
Since we have the other thread about the store card, thought I would post update here... Got the letter finally yesterday for my $700 CLD
Reasons: escalating balance (true the account is at its limit!)
Small payments in relation to balance (True, it was not #1 on my debt snowball yet, so minimums it was)

but interestingly there is a whole section on the letter stating that this in no way effects my store card limit and your welcome to come shop on your store card (not exact wording)
Wow, so mutiple payments (with some creditors) do hurt?
Ummm, where do you see that? Looks to me that OP posted that he was only making minimums, which typically means that there was just one payment a month. I don't see anything about frequency of payments. Or if there were frequency of payments, that wasn't the reason cited. They said that the payments were too small, not too frequent.

I must have misinterpreted that (small payments) to mean mutiples in a month. I retract.