topic Re: Approval odds for Macy's card in Credit Cards

Approval odds for Macy's card

codesingh — Tue, 22 Oct 2013 14:41:21 GMT

Hey all...I am planning to buy some jewelry from macy's...they have another extra 20% on jewelry for opening a macy's cc account. could you please she some light on how the cc company for macy's card/system views the application? what do they/system look for in the application for approval?

Re: Approval odds for Macy's card

Anonymous — Tue, 22 Oct 2013 14:45:37 GMT

Glancing at your signature you don't have anything to worry about, methinks. Macy's is stingy with CLs sometimes, mine is $400 lol. They are also quick to report lates and very stingy with goodwills, so make triple sure you are never late with them. Also, watch out for having 2 accounts, you will have a separate account number for in-store and out of store purchases (with the Macy's Amex), make sure you pay the correct account. Stories abound of them reporting lates while you autopay into the wrong account with no balance.

Re: Approval odds for Macy's card

codesingh — Tue, 22 Oct 2013 14:50:38 GMT

@Anonymous wrote:
Glancing at your signature you don't have anything to worry about, methinks. Macy's is stingy with CLs sometimes, mine is $400 lol. They are also quick to report lates and very stingy with goodwills, so make triple sure you are never late with them. Also, watch out for having 2 accounts, you will have a separate account number for in-store and out of store purchases (with the Macy's Amex), make sure you pay the correct account. Stories abound of them reporting lates while you autopay into the wrong account with no balance.

Thx for a quick thought/eval navyox...my signature is a little old, please re-eval with the following info (my fear is that i had too many recent accounts).

Another thing I want to know is...what CBR does the macy's cc does a hard pull on?

Most Recent Account Opened: September 2013
Inquiry: 10 on each CBR
Score: 720 or above across the board
Average Age of Acc: 1.3 years
Total Credit History: 11 years
Number of cards: about 10 revolving cc cards apped/approved within 2013...alarming!!
Credit Use: 8%
Total Credit Line: ~100k

Re: Approval odds for Macy's card

FinStar — Tue, 22 Oct 2013 14:50:48 GMT

Macy's is just like any other lender. It is backed by DSNB (a Citi affiliate). No one will be able to give you specifics since only Macy's/DSNB knows the criteria for approval. If you want the most optimal opportunity for an approval, your FICO scores would need to hover north of 700, a relatively clean profile (no major recent derogs), a minimum number of inquiries as possible and low utililization. This also would depend if you are applying for the store or the AMEX version.

Re: Approval odds for Macy's card

FinStar — Tue, 22 Oct 2013 14:52:20 GMT

@codesingh wrote:
@Anonymous wrote:
Glancing at your signature you don't have anything to worry about, methinks. Macy's is stingy with CLs sometimes, mine is $400 lol. They are also quick to report lates and very stingy with goodwills, so make triple sure you are never late with them. Also, watch out for having 2 accounts, you will have a separate account number for in-store and out of store purchases (with the Macy's Amex), make sure you pay the correct account. Stories abound of them reporting lates while you autopay into the wrong account with no balance.
Thx for a quick thought/eval navyox...my signature is a little old, please re-eval with the following info (my fear is that i had too many recent accounts).
Another thing I want to know is...what CBR does the macy's cc does a hard pull on?

Most Recent Account Opened: September 2013
Inquiry: 10 on each CBR
Score: 720 or above across the board
Average Age of Acc: 1.3 years
Total Credit History: 11 years
Number of cards: about 10 revolving cc cards apped/approved within 2013...alarming!!
Credit Use: 8%
Total Credit Line: ~100k

Macy's can pull EQ, EX or TU. Any of the 3 CRAs.

Re: Approval odds for Macy's card

mnavas — Tue, 22 Oct 2013 15:07:12 GMT

Since you have many inquiries and new accs, you're most likely going to get approved for the store version card... To increase your approval chances and have a good CL... Apply in the store while you're shopping... oh and for jewlery they have some financing options but you need to spend certain amount of money and they'll also create another new tradeline for this purpose (Club account)

Re: Approval odds for Macy's card

kroberts67 — Tue, 22 Oct 2013 15:09:06 GMT

Macy's pulled EX for me (I'm in CA). They denied me in store once or twice then a month later when I noticed my score shot up a little bit and I got cocky I applied online... they gave me $100 credit. I called to inquiry what the heck I'm supposed to do with $100 and they upped it to $800, apparently I just had to make the intial call. I was in the beginning of my rebuilding so I did have unpaid baddies so not sure why they gave me that kind of line. I used the card frequently (especially at xmas!) and treat it well and 6 mos later I got an auto CLI to $2500. My credit is clean now but I really can't tell you why they gave it to me in the first place the way my credit looked at the time!

Re: Approval odds for Macy's card

Anonymous — Tue, 22 Oct 2013 15:11:32 GMT

In my opnion the worst that will happen is you get a approved with a tiny CL. Definitely apply in-store though, you get extra % off everything the day you open the account, so make it count IMO.

Re: Approval odds for Macy's card

FinStar — Tue, 22 Oct 2013 15:12:49 GMT

@mnavas wrote:
Since you have many inquiries and new accs, you're most likely going to get approved for the store version card... To increase your approval chances and have a good CL... Apply in the store while you're shopping... oh and for jewlery they have some financing options but you need to spend certain amount of money and they'll also create another new tradeline for this purpose (Club account)

This may prove trivial since the OP has gone on a major app "fiesta" and with that many inquiries and/or too many recent new accounts may hinge on a low CL, if approved.

Re: Approval odds for Macy's card

Creditaddict — Tue, 22 Oct 2013 16:28:43 GMT

I don't think you will have any issues getting both store and Amex line approved when you apply in store. Applying in store also usually elimindates the stupid toy credit lines although they still do start a bit lower then some expect but can grow fast.

Re: Approval odds for Macy's card

codesingh — Tue, 22 Oct 2013 16:45:32 GMT

@FinStar wrote:
Macy's is just like any other lender. It is backed by DSNB (a Citi affiliate). No one will be able to give you specifics since only Macy's/DSNB knows the criteria for approval. If you want the most optimal opportunity for an approval, your FICO scores would need to hover north of 700, a relatively clean profile (no major recent derogs), a minimum number of inquiries as possible and low utililization. This also would depend if you are applying for the store or the AMEX version.

FinStar: Thanks for the info...Citi doesn't like me for some reason. I have an account with them but still...they probably don't like because they are inq. sensitive?

Anywho...do you think DSNB will have anything to do with how Citi like or doesn't like me? How does an affiliate bank work in ragards to the bigger bank it is related to? How does the subsidiary bank work... in terms of looking at the credit application?

Re: Approval odds for Macy's card

codesingh — Tue, 22 Oct 2013 16:48:59 GMT

@Anonymous wrote:
In my opnion the worst that will happen is you get a approved with a tiny CL. Definitely apply in-store though, you get extra % off everything the day you open the account, so make it count IMO.

navyox - Thanks!

Well..if the reason for me to app in store for the card is going to be for the purchase(and hence the 20% extra) of over 700% item, could guess-tell me how that would affect approval of my in-store application since a tiny CL at their descretion may not help the transaction on hold at the register...

Re: Approval odds for Macy's card

codesingh — Tue, 22 Oct 2013 16:52:04 GMT

@mnavas wrote:
Since you have many inquiries and new accs, you're most likely going to get approved for the store version card... To increase your approval chances and have a good CL... Apply in the store while you're shopping... oh and for jewlery they have some financing options but you need to spend certain amount of money and they'll also create another new tradeline for this purpose (Club account)

Thank you mnavas: So if I go with their financing option, I may be better chance of approval or it doesn't matter. I don't care about whether it is store or amex card, I just would like to take advantage of extra 20% off on high $ amount for account opening. Financing application vs. plain application...?

Re: Approval odds for Macy's card

FinStar — Tue, 22 Oct 2013 17:01:23 GMT

@codesingh wrote:
@FinStar wrote:
Macy's is just like any other lender. It is backed by DSNB (a Citi affiliate). No one will be able to give you specifics since only Macy's/DSNB knows the criteria for approval. If you want the most optimal opportunity for an approval, your FICO scores would need to hover north of 700, a relatively clean profile (no major recent derogs), a minimum number of inquiries as possible and low utililization. This also would depend if you are applying for the store or the AMEX version.
FinStar: Thanks for the info...Citi doesn't like me for some reason. I have an account with them but still...they probably don't like because they are inq. sensitive?
Anywho...do you think DSNB will have anything to do with how Citi like or doesn't like me? How does an affiliate bank work in ragards to the bigger bank it is related to? How does the subsidiary bank work... in terms of looking at the credit application?

AFAIK, Citi in it of itself would not have any direct influence since DSNB is the actual underwriter for the Macy's and Bloomingdale's card programs. Potentially, the issue you may run into (if approved > low CL), is the slew of new accounts recently opened/number if inquiries. However, barring that aside, if your CR files are thick enough to absorb all the inquiry impacts including the reduced AAoA, then you can potentially give it a shot and see. But, don't apply online - apply in-store instead and try for the AMEX version when prompted.