topic Re: Macy's Star Rewards Card in Credit Cards

Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 18:26:37 GMT

I've had this account for 4 years because I was young and dumb and wanted to get the 15% discount. I haven't used the card and the CL is $100. When I checked my credit report, the one thing that was hurting my score was this revovling credit account because I wasn't using it. My question is, should I close the account or keep it open? I called them the other day, and they said that my account is inactive and I could not reactivate it and that they will mail me why I could not activate it. They offered to open a new account but I said no. However, I did not get anything in the mail yet.

Re: Macy's Star Rewards Card

kc12286 — Thu, 10 Mar 2011 18:33:04 GMT

@Anonymous wrote:
I've had this account for 4 years because I was young and dumb and wanted to get the 15% discount. I haven't used the card and the CL is $100. When I checked my credit report, the one thing that was hurting my score was this revovling credit account because I wasn't using it. My question is, should I close the account or keep it open? I called them the other day, and they said that my account is inactive and I could not reactivate it and that they will mail me why I could not activate it. They offered to open a new account but I said no. However, I did not get anything in the mail yet.

I have a Macys card as well. And I'm not sure what my current limit is, but I do know they like to flucuate limits. Over the summer, I was trying to make a purchase, which initially got declined, had the store call and was approved for an increase. Made my purchase and paid for the purchase within two payments. I went back to Macys for a sale only to find out they had again reduced my limit. I've never had any major cards reduce my limit the way Macys does.

Anyway, if it's really hurting your score closing the account might be something to consider. Maybe someone else can confirm this, but I believe the account will stay on for 10 years.

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 18:45:06 GMT

I just checked Macy's website and it says my account is closed?!! I wasn't informed of this.

Re: Macy's Star Rewards Card

kc12286 — Thu, 10 Mar 2011 18:56:18 GMT

I would call them and inquire about it. It could show up as a "negative" on your report and hurt your score.

Edit: To clarify, it depends if they provide a description of why the account was closed. Ex - if it says something like "account closed by credit grantor" this will most likely show up as a negative. This is what happened to me in one case. If it says "account closed by customer" it shouldn't hurt you too much, if at all.

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 18:54:58 GMT

Just called a Macy's agent and he says I will be getting mail "soon" stating why my account was closed. I asked him will this affect my credit? He said no and that it should benefit it..

Re: Macy's Star Rewards Card

kc12286 — Thu, 10 Mar 2011 18:57:36 GMT

Well Macys is a store card, but the card that was closed in my case was also a store card. I don't know you'll have to wait for the letter and pull your scores again at a later point. It's hard to tell.

Re: Macy's Star Rewards Card

MarineVietVet — Thu, 10 Mar 2011 19:04:04 GMT

@kc12286 wrote:
I would call them and inquire about it. It could show up as a "negative" on your report and hurt your score.

Edit: To clarify, it depends if they provide a description of why the account was closed. Ex - if it says something like "account closed by credit grantor" this will most likely show up as a negative. This is what happened to me in one case. If it says "account closed by customer" it shouldn't hurt you too much, if at all.

This used to be the case but with all the turmoil of the past few years and with all the accounts closed by CCC's the notation of "closed by credit grantor" doesn't mean anything to a score.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 19:08:40 GMT

How long should I wait til I pull my credit report again?

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 19:10:27 GMT

I might be missing something. (Hey, it happens!) If the CSR stated your account was closed, I'm not sure why you are surprised to see that it shows as closed when you check online. Some credit grantors will close accounts due to inactivity, so if it's important to keep an account open, the general advice is to use it on occasion. Every few months or so depending on the credit grantor.

It doesn't matter one smidgeon if the account was closed by grantor or by you. Who the account was closed by doesn't affect your FICO, nor has it ever been an issue for me on a manual review. You're fine. I think it can just shake you up a little when you first see it. Don't take it personally - it's not like being de-friended on Facebook or anything. It's just a card closed for lack of being used. But it's really a non-issue.

Meantime, this account will continue to report for about ten years - which is a good thing. It will help your AAofA.

I'm curious about your OriginalPost - where did you receive the comment that this account was hurting you? That doesn't sound FICO-ish, unless there are other issues with this account.

ETA: out-typed by MVV once again this AM! Dude - how many cups of coffee did you have this AM? Oh, wait. That's probably not it. I'm just too darn wordy.

Re: Macy's Star Rewards Card

Red1Blue — Thu, 10 Mar 2011 19:12:14 GMT

It is very common for ccc to close the accounts due to inactivity. HSBC closed my HSBC Discover. If I were you, I would not worry too much about it.

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 19:27:14 GMT

I pulled my credit report from Merchants Information Solutions (http://www.merchantsinfo.com/).. which was I was referred to.

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 19:34:40 GMT

Ah, the link didn't work for me. But that explains it.

When you get a chance pull a FICO score from here. Either an EQ or a TU.

The advice that comes with your score is worth paying attention to.

I would ignore any advice that comes with any other report/score that you pull.

When you get your report/FICO score, you'll get lots of help info, like "What's Helping Your FICO Score," "What's Hurting your FICO Score" and a FICO Score simulator that helps you know how different choices will impact your score. Google "myFICO discount codes" to save a few bucks.

The best part is you will get solid advice. And you'll know where to best focus your attention.

Hope that helps!

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 19:36:27 GMT

Nice! I will definately pull one. Thanks

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 19:42:18 GMT

Great! Let us know how it turns out.

Re: Macy's Star Rewards Card

Anonymous — Thu, 10 Mar 2011 20:13:47 GMT

Just pulled my TransUnion score. I scored a 701.

The three things thats hurting my score are:

You have not established a long revolving credit history.
There is no recent activity on your credit cards.
You have a short credit history.

I also have 4 inquiries that might be affecting my score.

My Macy's account was recently closed how will this impact my score?

Re: Macy's Star Rewards Card

Anonymous — Sat, 12 Mar 2011 06:52:22 GMT

bump

Re: Macy's Star Rewards Card

MarineVietVet — Sat, 12 Mar 2011 16:54:03 GMT

@Anonymous wrote:
Just pulled my TransUnion score. I scored a 701.

The three things thats hurting my score are:

You have not established a long revolving credit history.
There is no recent activity on your credit cards.
You have a short credit history.

I also have 4 inquiries that might be affecting my score.

My Macy's account was recently closed how will this impact my score?

If you had no balance on the Macy's card and no balances on any other cards then there won't be any impact from closing the Macy's. If you happen to have balances on other accounts then losing the CL of the Macy's card would raise your utilization and that could have an effect.

Here is an excellent thread about Closing Credit Cards .

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".