Macy's dropped my credit limit!

[CountryLivin]

Well, I guess I will not be using my Macy's card for awhile. I had a $1200 limit and went to look at my account statement and there's a notice in my messages saying my account limit was dropped to $100.

The reason they gave for the decrease was too many inquiries. I have 10 on my credit report, and 9 of those are for a car I purchased in 2018 that will be dropping off my reports in February, and they said my credit score was 653.

I have had the Macy's card about 3 years and always paid it off in full! That's fine with me though....I just did my Christmas shopping elsewhere.

[CountryLivin]

I was typing my credit score and put 653 it is actually 673......stupid small keys on this keyboard. LOL

[AverageJoesCredit]

Wow that stinks. Plenty of people out there with large unused limits like myself lol. Guess we should be prepared. If they lower me im ok , been thinking of closing mine anyway as i have way too much Citi exposure

[CountryLivin]

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@AverageJoesCredit wrote:
Wow that stinks. Plenty of people out there with large unused limits like myself lol. Guess we should be prepared. If they lower me im ok , been thinking of closing mine anyway as i have way too much Citi exposure

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I know what you mean! I don't shop at Macy's that often anyway. So it's not a big loss to me. I was just shocked at the reason mostly, as they could clearly see that it was for a car loan!!! I hate that the dealer ran my credit, especially since I had a preapproval already when I went in.

[randomguy1]

Just for inquiries wow?

how does the rest of your profile look like? Utilization?

[CreditCuriosity]

Guessing score/inquiries is part of reason although doubtful full reason.. What is your utilization sitting at?  I suppose at least they didnt close it fully and it can grow back up as your scores go up and inquiries down if you decide to keep..  What is supressing the scores?

[CreditInspired]

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@AverageJoesCredit wrote:
Wow that stinks. Plenty of people out there with large unused limits like myself lol. Guess we should be prepared. If they lower me im ok , been thinking of closing mine anyway as i have way too much Citi exposure

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I agree with you AJC. In the entire time (3.5yrs) I've had the card, I've only used it 3 times. I'm not expecting AA; but if they do so, then maybe that'll decrease my overall Citi internal maximum $ limit and I can get a CLI on my DC and Costco cards.

OP, if what you say is accurate, you can always call Macys, recon, and explain that if they look at your CR closely, they will note that the 9 other inqs were car shopping related and should be bunched together. It's worth a try if you like the card.

[CreditInspired]

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@CountryLivin wrote:

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@AverageJoesCredit wrote:
Wow that stinks. Plenty of people out there with large unused limits like myself lol. Guess we should be prepared. If they lower me im ok , been thinking of closing mine anyway as i have way too much Citi exposure

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I know what you mean! I don't shop at Macy's that often anyway. So it's not a big loss to me. I was just shocked at the reason mostly, as they could clearly see that it was for a car loan!!! I hate that the dealer ran my credit, especially since I had a preapproval already when I went in.

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Lesson learned but in the future, never give your SSN when you have a preapproval, cash, or check in hand, even if they say they can get you a lower APR.

[randomguy1]

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@CreditInspired wrote:

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@CountryLivin wrote:

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@AverageJoesCredit wrote:
Wow that stinks. Plenty of people out there with large unused limits like myself lol. Guess we should be prepared. If they lower me im ok , been thinking of closing mine anyway as i have way too much Citi exposure

---

I know what you mean! I don't shop at Macy's that often anyway. So it's not a big loss to me. I was just shocked at the reason mostly, as they could clearly see that it was for a car loan!!! I hate that the dealer ran my credit, especially since I had a preapproval already when I went in.

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Lesson learned but in the future, never give your SSN when you have a preapproval, cash, or check in hand, even if they say they can get you a lower APR.

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There should be some legislature in place that when your credit is run, they need to list the number of inquiries they will take with your signature on it. Digital or paper disclosure is fine. 95% of the public has no idea that a dealership will possibly run your credit that many times and the possible implications down the road. 

[soxfaininfl]

Macy will drop your limit due to your outside credit changes. They do constant soft pulls to check to see if your scores dropped. Doesn't matter if you have good standing with them. I know I worked in their credit granting department one holiday season. Amex does this also.