Macy's Star Rewards Card

Anonymous · ‎03-10-2011

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.

kc12286 · ‎03-10-2011

@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.

In the Garden Club since: 07/05/2017

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724

Anonymous · ‎03-10-2011

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

kc12286 · ‎03-10-2011

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.

In the Garden Club since: 07/05/2017

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724

Anonymous · ‎03-10-2011

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..

kc12286 · ‎03-10-2011

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.

In the Garden Club since: 07/05/2017

6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724

MarineVietVet · ‎03-10-2011

@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".

Anonymous · ‎03-10-2011

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

Anonymous · ‎03-10-2011

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.

Red1Blue · ‎03-10-2011

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.