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Macy's Pay Off????

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BobbyJ
Frequent Contributor
‎03-05-2011 07:52 AM
‎03-05-2011 07:52 AM

Macy's Pay Off????

Hello,

I am torn between paying of my Macys card $684 or using that money to pay down another card.  I have heard many times on here that Macys does not figure into to utilization right now so is it best to leave that balance alone and pay another card?  Will paying off Macys do anything for boosting my credit score at this time?

 

Thanks,

Bobby

Fico 8 Scores: EX: 787 (6/25/21) EQ: 788 (6/12/21) TU: 750 (2/21/21)
Fico 9 Scores: EX: 799 (11/9/20) EQ: 794 (10/13/20)

Ch7 BK Filed on 10/13/2013 - Discharged 1/14/14



Amex Blue Cash Preferred $15K | Amex Gold Card | Citi Costco Visa $7700 | USBank Altitude Go Visa Sig $10K | USBank Cash+ Visa $8K | C1 Savor MC Elite $15K | C1 Venture One $10K | C1 Quicksilver Visa Sig $10K | C1 Quicksilver WMC $10K | Penfed Plat Rewards Visa $9,500 | Penfed Power Cash Rewards Visa $11K | Discover IT $7500 | USAA Pref Rewards Visa $5K | Penfed Path Visa $10K | Logix FCU Plat MC $12K | SDCCU Plat Visa $2,500 | Best Buy Visa $2K | Chase Amazon Prime Visa Sig $500 | Consumers CU Visa Cash Rebate $5K | PNC Points Visa $2500 | JCPenney $1,800 | Abound CU Plat Visa $5K | Lowes $7K | HSN Card $3K | Walmart MasterCard $2K | Walmart Store Card $2K | Kohls $1K | Target Red Card $800 | QVC Card $800
Message 1 of 9
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vish1
Valued Contributor
‎03-05-2011 08:11 AM
‎03-05-2011 08:11 AM

Re: Macy's Pay Off????

 

@BobbyJ wrote:

Hello,

I am torn between paying of my Macys card $684 or using that money to pay down another card.  I have heard many times on here that Macys does not figure into to utilization right now so is it best to leave that balance alone and pay another card?  Will paying off Macys do anything for boosting my credit score at this time?

 

Thanks,

Bobby

 

What do you want to achieve? Are you looking to save money or increase your score? If you are looking to increase your score, what is this for? New card? Auto? Home?

 

You also need to indicate what your other credit accounts look like.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 2 of 9
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BobbyJ
Frequent Contributor
‎03-05-2011 08:26 AM
‎03-05-2011 08:26 AM

Re: Macy's Pay Off????

Mainly looking to increase score.  I have 4 other cards with high utilization.  Not looking to buy, although I may finance my auto with NFCU in the next few months so I trying to increase my score.

 

Fico 8 Scores: EX: 787 (6/25/21) EQ: 788 (6/12/21) TU: 750 (2/21/21)
Fico 9 Scores: EX: 799 (11/9/20) EQ: 794 (10/13/20)

Ch7 BK Filed on 10/13/2013 - Discharged 1/14/14



Amex Blue Cash Preferred $15K | Amex Gold Card | Citi Costco Visa $7700 | USBank Altitude Go Visa Sig $10K | USBank Cash+ Visa $8K | C1 Savor MC Elite $15K | C1 Venture One $10K | C1 Quicksilver Visa Sig $10K | C1 Quicksilver WMC $10K | Penfed Plat Rewards Visa $9,500 | Penfed Power Cash Rewards Visa $11K | Discover IT $7500 | USAA Pref Rewards Visa $5K | Penfed Path Visa $10K | Logix FCU Plat MC $12K | SDCCU Plat Visa $2,500 | Best Buy Visa $2K | Chase Amazon Prime Visa Sig $500 | Consumers CU Visa Cash Rebate $5K | PNC Points Visa $2500 | JCPenney $1,800 | Abound CU Plat Visa $5K | Lowes $7K | HSN Card $3K | Walmart MasterCard $2K | Walmart Store Card $2K | Kohls $1K | Target Red Card $800 | QVC Card $800
Message 3 of 9
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BobbyJ
Frequent Contributor
‎03-05-2011 09:46 AM
‎03-05-2011 09:46 AM

Re: Macy's Pay Off????

So, does it benefit me to pay off my Macys  for scoring purposes?  Should I leave the balance and focus on my other 4 accounts?    Anyone?  

 

 

Fico 8 Scores: EX: 787 (6/25/21) EQ: 788 (6/12/21) TU: 750 (2/21/21)
Fico 9 Scores: EX: 799 (11/9/20) EQ: 794 (10/13/20)

Ch7 BK Filed on 10/13/2013 - Discharged 1/14/14



Amex Blue Cash Preferred $15K | Amex Gold Card | Citi Costco Visa $7700 | USBank Altitude Go Visa Sig $10K | USBank Cash+ Visa $8K | C1 Savor MC Elite $15K | C1 Venture One $10K | C1 Quicksilver Visa Sig $10K | C1 Quicksilver WMC $10K | Penfed Plat Rewards Visa $9,500 | Penfed Power Cash Rewards Visa $11K | Discover IT $7500 | USAA Pref Rewards Visa $5K | Penfed Path Visa $10K | Logix FCU Plat MC $12K | SDCCU Plat Visa $2,500 | Best Buy Visa $2K | Chase Amazon Prime Visa Sig $500 | Consumers CU Visa Cash Rebate $5K | PNC Points Visa $2500 | JCPenney $1,800 | Abound CU Plat Visa $5K | Lowes $7K | HSN Card $3K | Walmart MasterCard $2K | Walmart Store Card $2K | Kohls $1K | Target Red Card $800 | QVC Card $800
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vish1
Valued Contributor
‎03-05-2011 09:51 AM
‎03-05-2011 09:51 AM

Re: Macy's Pay Off????

You should pay the highest util cards first.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 5 of 9
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GWilliam
Valued Member
‎03-12-2011 12:42 PM
‎03-12-2011 12:42 PM

Re: Macy's Pay Off????

Don't pay off your Macy's, instead pay off/down one of your higher utilized cards first, to help your score! Macy's and Bloomingdales don't report CL and will not influence  your card utilization. 

Starting Score: EQ 530 TU 550
Current Score: EQ 693 TU 697
Goal Score: 720+

Take the FICO Fitness Challenge
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Anonymous
Not applicable
‎03-12-2011 12:51 PM
‎03-12-2011 12:51 PM

Re: Macy's Pay Off????

 

@GWilliam wrote:

Don't pay off your Macy's, instead pay off/down one of your higher utilized cards first, to help your score! Macy's and Bloomingdales don't report CL and will not influence  your card utilization. 

 

 JUST REMEMBER TO MAKE YOUR MINIMUM MACYS PAYMENT

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danisgods
Regular Contributor
‎03-12-2011 09:46 PM
‎03-12-2011 09:46 PM

Re: Macy's Pay Off????

macys interest rate is crazy high, think about it....

Starting Score: TU 715 EQ 704
Current Score: TU 715 EQ 704
Goal Score: 760-780

Take the FICO Fitness Challenge
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tsquad131
Frequent Contributor
‎03-12-2011 10:17 PM
‎03-12-2011 10:17 PM

Re: Macy's Pay Off????

yeah i just checked my macys statement and looked at the bottom the interest rate is 25%!!! that is just highway robbery I never will carry a balance on that card or any card unless its one of my CU cards which is a 8.9% interest rate

amazon
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