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

[Creditaddict]

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

[Pushto700]

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@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?

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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.

[Pushto700]

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@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. 

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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.

[Anonymous]

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@Pushto700 wrote:

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@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?

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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.

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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.

[Anonymous]

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@Pushto700 wrote:

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@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.

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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.

[MsKiwi]

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@Anonymous wrote:

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@Pushto700 wrote:

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@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.

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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.

[ShootingStar]

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! 

[Anonymous]

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@MsKiwi wrote:

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@Anonymous wrote:

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@Pushto700 wrote:

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@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.

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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.

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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.

[Anonymous]

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@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! 

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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.

[Anonymous]

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.