topic Re: Macy's CLD - don't ever pay after due date! in Credit Cards

Macy's CLD - dont ever pay after due date!

Boonie — Wed, 23 Jun 2010 23:18:37 GMT

I recently changed banks (dumped my bank for a CU). Anyway, I was 2 days late on my Macy's account payment and they CLD me $1,100. This was the first late payment on my account! Now my limit is a measley $100! I called and they removed 50% of the late charge, but that was it. My affection for Macy's is waning. Luckily, in this scenario, they no longer report credit limits.

Is there another number I could call to see if they would reconsider? What are the chances of restoring my credit limit?

Re: Macy's CLD - dont ever pay after due date!

Anonymous — Thu, 24 Jun 2010 00:04:41 GMT

My payment is due on the 1st of the month. I made my payment on the 1st, it didn't post till the 2nd and they CLD from 1500.00 to 970.00 !

Re: Macy's CLD - dont ever pay after due date!

Boonie — Thu, 24 Jun 2010 00:53:24 GMT

I was told by Macy's C/S that if you use their online payment system it is free and posts that same day (if entered before end of business for that day). Also, just as an FYI, Macy's apparently will not report late payments until they reach the 60 day level. Not that I would ever take that chance!

Re: Macy's CLD - dont ever pay after due date!

Anonymous — Thu, 24 Jun 2010 03:16:06 GMT

@Boonie wrote:
I recently changed banks (dumped my bank for a CU). Anyway, I was 2 days late on my Macy's account payment and they CLD me $1,100. This was the first late payment on my account! Now my limit is a measley $100! I called and they removed 50% of the late charge, but that was it. My affection for Macy's is waning. Luckily, in this scenario, they no longer report credit limits.

Is there another number I could call to see if they would reconsider? What are the chances of restoring my credit limit?

Did they give you any indication how long you will remain in purgatory?

Re: Macy's CLD - dont ever pay after due date!

REgnlor — Thu, 24 Jun 2010 13:37:51 GMT

Never be late is the Macy's mantra! I am a recovering "one day late payment maker". It's been about a year now and I was demoted from a $900 CL to $300 for my dasterdly deed. Currently, I'm at $1900 and since they've started doing hard inq I may be there a while!

Re: Macy's CLD - dont ever pay after due date!

Boonie — Thu, 24 Jun 2010 13:44:40 GMT

The C/S rep told me to make a few small purchases and keep good payments for the next 6 months and then apply against for a CLI. I had just received a CLI from $600 to $1,200 in March! I am debating on closing this account.

Re: Macy's CLD - dont ever pay after due date!

Anonymous — Wed, 06 Oct 2010 16:53:29 GMT

@Anonymous wrote:
My payment is due on the 1st of the month. I made my payment on the 1st, it didn't post till the 2nd and they CLD from 1500.00 to 970.00 !

Same here. I have lost ALL love for Macy's, no need for them...have a bunch of outher cards anyway (2 BB Rewardzone MC's, 2 Cap One's, a Firestone, a CU secured I opened before being approved for the other cards, & an Orchard Bank MC). I wrote their corp office (email), filed a BB complaint, and filed the complaint with my state attorney general. They are balance chasing me. Went from 400 to 100 to 400 (after I lit into them) to 800 (request CLI) & missed payment by 4 days (marriage) on a 30 dollar total balance, and they dropped me from 800 to 400...2 mos later dropped me to 7 dollars above my then balance of 283 (which was a recent purchase).

They are the ONLY one's BC me. Orchard recently gave an auto CLI. Macy's can drop dead.

I don't care what they do anymore....If they close it, then let them do it. I will just keep the card open and showing and never use it.

Re: Macy's CLD - dont ever pay after due date!

Creditaddict — Wed, 06 Oct 2010 17:00:07 GMT

@Anonymous wrote:
@Anonymous wrote:
My payment is due on the 1st of the month. I made my payment on the 1st, it didn't post till the 2nd and they CLD from 1500.00 to 970.00 !
Same here. I have lost ALL love for Macy's, no need for them...have a bunch of outher cards anyway (2 BB Rewardzone MC's, 2 Cap One's, a Firestone, a CU secured I opened before being approved for the other cards, & an Orchard Bank MC). I wrote their corp office (email), filed a BB complaint, and filed the complaint with my state attorney general. They are balance chasing me. Went from 400 to 100 to 400 (after I lit into them) to 800 (request CLI) & missed payment by 4 days (marriage) on a 30 dollar total balance, and they dropped me from 800 to 400...2 mos later dropped me to 7 dollars above my then balance of 283 (which was a recent purchase).

They are the ONLY one's BC me. Orchard recently gave an auto CLI. Macy's can drop dead.

I don't care what they do anymore....If they close it, then let them do it. I will just keep the card open and showing and never use it.

Now that the store card does not report CL, it's not really effecting you that they CLD you unless your trying to spend a large amount and in that case it's been my experience they are pretty easy to get approvals in store for purchases above your CL.

Re: Macy's CLD - dont ever pay after due date!

Anonymous — Wed, 06 Oct 2010 17:08:34 GMT

@Creditaddict wrote:

@Anonymous wrote:
@Anonymous wrote:
My payment is due on the 1st of the month. I made my payment on the 1st, it didn't post till the 2nd and they CLD from 1500.00 to 970.00 !
Same here. I have lost ALL love for Macy's, no need for them...have a bunch of outher cards anyway (2 BB Rewardzone MC's, 2 Cap One's, a Firestone, a CU secured I opened before being approved for the other cards, & an Orchard Bank MC). I wrote their corp office (email), filed a BB complaint, and filed the complaint with my state attorney general. They are balance chasing me. Went from 400 to 100 to 400 (after I lit into them) to 800 (request CLI) & missed payment by 4 days (marriage) on a 30 dollar total balance, and they dropped me from 800 to 400...2 mos later dropped me to 7 dollars above my then balance of 283 (which was a recent purchase).

They are the ONLY one's BC me. Orchard recently gave an auto CLI. Macy's can drop dead.

I don't care what they do anymore....If they close it, then let them do it. I will just keep the card open and showing and never use it.
Now that the store card does not report CL, it's not really effecting you that they CLD you unless your trying to spend a large amount and in that case it's been my experience they are pretty easy to get approvals in store for purchases above your CL.

I am well aware of that fact. The stain is also if you have a balance (no matter how small) the utilization ration is usually 100% for that card alone which kills any ratio if you have any other cards. I will never allow a hard Inquiry either (rep recently pulled on w/o requesting permission, & they are deleting that), it is merely the principle of the sudden decrease (w/o warning) that I am referring to.

I also have spoken and written their corp office in AZ, and the are NOT budging. I have wrestled with them before (pre CC laws, & when limits stopped reporrting in March 2010), but each call with the new laws on the books have netted few good results.

Re: Macy's CLD - don't ever pay after due date!

Scuba — Wed, 06 Oct 2010 17:10:17 GMT

I thought under the new law, the lender could not immediately lower your credit line.

I believe if you are one day late, they can't immediately jack your interest rate so I guess I was thinking they couldn't immediately lower the CL.

I guess I was wrong.

Re: Macy's CLD - don't ever pay after due date!

Creditaddict — Wed, 06 Oct 2010 17:12:33 GMT

My Macy's Store is reported as a charge card like the amex charge cards, so it shouldn't be in util. figures, no?

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Wed, 06 Oct 2010 17:20:30 GMT

@Creditaddict wrote:
My Macy's Store is reported as a charge card like the amex charge cards, so it shouldn't be in util. figures, no?

On the CR (EQ) breakdown, the amount is listed (Scorewatch) in the total of revolving credit...which leads me to believe it is figured into the utilization of outstanding revolving debt.

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Wed, 06 Oct 2010 17:23:43 GMT

@Scuba wrote:
I thought under the new law, the lender could not immediately lower your credit line.

I believe if you are one day late, they can't immediately jack your interest rate so I guess I was thinking they couldn't immediately lower the CL.

I guess I was wrong.

My belief is that they want to continue this practice (instant CLD's for any reason), reason being they are reporting as a "charge" and not "credit" limit, and refer to their limits as "guidelines", and they suddenly stopped reporting limits to the CB's, only balances.

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Thu, 07 Oct 2010 01:00:46 GMT

@Anonymous wrote:
@Creditaddict wrote:
My Macy's Store is reported as a charge card like the amex charge cards, so it shouldn't be in util. figures, no?
On the CR (EQ) breakdown, the amount is listed (Scorewatch) in the total of revolving credit...which leads me to believe it is figured into the utilization of outstanding revolving debt.

For Macy's AmEx / Visa the limit is reported and figured into utilization, but for the store card it does not.

It is impossible for the store card to figure into utilization since Macy's does not report a limit so the CRAs have no way to know.

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Thu, 07 Oct 2010 01:10:21 GMT

@Anonymous wrote:
@Scuba wrote:
I thought under the new law, the lender could not immediately lower your credit line.

I believe if you are one day late, they can't immediately jack your interest rate so I guess I was thinking they couldn't immediately lower the CL.

I guess I was wrong.
My belief is that they want to continue this practice (instant CLD's for any reason), reason being they are reporting as a "charge" and not "credit" limit, and refer to their limits as "guidelines", and they suddenly stopped reporting limits to the CB's, only balances.

It's not "for any reason." You paid late.

For sure, it does suck being CLD'd, but you only have yourself to blame. Why should any creditor care that you paid late because you got married or any other reason? The fact is you were late, many people will come up with any number of excuses why they paid late, a creditor sees a late payment as an increased possibility of default and limits their exposure. Get over it.

Re: Macy's CLD - don't ever pay after due date!

MsKiwi — Thu, 07 Oct 2010 05:29:28 GMT

@Anonymous wrote:
@Anonymous wrote:
@Scuba wrote:
I thought under the new law, the lender could not immediately lower your credit line.

I believe if you are one day late, they can't immediately jack your interest rate so I guess I was thinking they couldn't immediately lower the CL.

I guess I was wrong.
My belief is that they want to continue this practice (instant CLD's for any reason), reason being they are reporting as a "charge" and not "credit" limit, and refer to their limits as "guidelines", and they suddenly stopped reporting limits to the CB's, only balances.

It's not "for any reason." You paid late.

For sure, it does suck being CLD'd, but you only have yourself to blame. Why should any creditor care that you paid late because you got married or any other reason? The fact is you were late, many people will come up with any number of excuses why they paid late, a creditor sees a late payment as an increased possibility of default and limits their exposure. Get over it.

Not to sound cocky but I have to agree 100%. I was laid off for 3 months this year and I made sure nothing got paid late. I thank my stars for having the insight for a 6 month savings. I only paid the minimums while laid off but never paid late.

Re: Macy's CLD - don't ever pay after due date!

ShootingStar — Thu, 07 Oct 2010 09:35:12 GMT

Yeah -- I'm sure they hear a gazillion different "excuses" every day. Whenever I know I'll be out of town or busy during ol' "bill paying time" -- I make certain I pay WELL in advance of it ever being close to late.

As my lovely professors used to say back in college -- "It is your responsibility to ensure assignments are on time. There are many of you and one of me and the onus is on you!"

Outside of being knocked out and in a 15 day coma -- I aim never to be late!

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Thu, 07 Oct 2010 09:26:48 GMT

@MsKiwi wrote:
@Anonymous wrote:
@Anonymous wrote:
@Scuba wrote:
I thought under the new law, the lender could not immediately lower your credit line.

I believe if you are one day late, they can't immediately jack your interest rate so I guess I was thinking they couldn't immediately lower the CL.

I guess I was wrong.
My belief is that they want to continue this practice (instant CLD's for any reason), reason being they are reporting as a "charge" and not "credit" limit, and refer to their limits as "guidelines", and they suddenly stopped reporting limits to the CB's, only balances.

It's not "for any reason." You paid late.

For sure, it does suck being CLD'd, but you only have yourself to blame. Why should any creditor care that you paid late because you got married or any other reason? The fact is you were late, many people will come up with any number of excuses why they paid late, a creditor sees a late payment as an increased possibility of default and limits their exposure. Get over it.
Not to sound cocky but I have to agree 100%. I was laid off for 3 months this year and I made sure nothing got paid late. I thank my stars for having the insight for a 6 month savings. I only paid the minimums while laid off but never paid late.

If everybody had your economic acumen there wouldn't be any of the "Woe is me, the world is coming to an end because my big, bad credit card company didn't find the humor in my negligent failure to make payments as promised" threads.

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Thu, 07 Oct 2010 09:30:08 GMT

@ShootingStar wrote:
Yeah -- I'm sure they hear a gazillion different "excuses" every day. Whenever I know I'll be out of town or busy during ol "bill paying time" -- I make certain I pay WELL in advance of it every being close to late.

As my lovely professors used to say back in college -- "It is your responsibility to ensure assignments are on time. There are many of you and one of me and the onus is on you!" Outside of being knocked out and in a 15 day coma -- I aim never to be late!

It's called personal responsibility and it looks like you've got it.

You know, ya just have to wonder ... maybe God invented free automatic BillPay for a reason.

Re: Macy's CLD - don't ever pay after due date!

Anonymous — Thu, 07 Oct 2010 10:05:22 GMT

Wow....pretty harsh responses. I've never missed or been late on a payment in my life but with three young kids, a busy practice and all the other issues in life I can see how it might happen. I've harped on this before but I still think it's true. There's a difference between companies who can't wait for you to screw up (no mater how small) so they can unleash the full fury of the contract on you vs. companies who respond reasonably to the occasional minor infraction. I only bank/have CC with companies who have a solid record of cooperation with their clients. If a bank or CC company is garbage the only think you can do is not give a penny of your hard earned money to them.