I went in to Macy's yesterday to see if I could find a nice anniversary gift for DW at the jewelry counter, completely unaware that they were running a pre-sale on jewelry, including half-off a ring that I'd been eyeing but thought was too expensive. Needless to say, I took a final "this is the last time you guys I swear" plunge and opened a Special Accounts line to my Macy's card, made my purchase (the ring plus a less expensive pendant necklace to bring the purchase price up to qualify for the 24-month 0% financing), and later got on live chat to find out what CL the jewelry line was.
And that's where the inconvenience begins. Turns out the CL was $2100 -- not a bad line but in the face of a $1800 purchase (incl tax and protection plan on the ring), it presented a utilization problem (85%, ugh). First thing I tried was to have them recon the CL but that was a no-go: the system wouldn't let them because the account was brand new. I'm considering returning the necklace to recoup $200, but will that cause me to lose the financing (dipping the merch total below the $1500 threshold)? A large payment now is an obvious solution but it seems like I can't pay just to the Special Accounts as it's tethered to the main store account, and I've got about $400 on that right now so I'd have to pay that down entirely before payments can go to The jewelry line with the 0%, right (per the CC Act)?
It looks like the store card and Special Accounts, though reported separately, are billed on the same statement with the same due date, is that right? If so, does that give me a bit of time until the jewelry line is reported to the CCBs? Payment due date on the store line is Oct 18.
And that's where the inconvenience begins. Turns out the CL was $2100 -- not a bad line but in the face of a $1800 purchase (incl tax and protection plan on the ring), it presented a utilization problem (85%, ugh). First thing I tried was to have them recon the CL but that was a no-go: the system wouldn't let them because the account was brand new. I'm considering returning the necklace to recoup $200, but will that cause me to lose the financing (dipping the merch total below the $1500 threshold)? A large payment now is an obvious solution but it seems like I can't pay just to the Special Accounts as it's tethered to the main store account, and I've got about $400 on that right now so I'd have to pay that down entirely before payments can go to The jewelry line with the 0%, right (per the CC Act)?
It looks like the store card and Special Accounts, though reported separately, are billed on the same statement with the same due date, is that right? If so, does that give me a bit of time until the jewelry line is reported to the CCBs? Payment due date on the store line is Oct 18.
Also, how is the Special Accounts line typically reported? As a revolver or installment?
Thanks CA, you're the best! I was starting to panic a little about how my other accounts would react when a brand new revolver shows up with such high util right away.
@sarux3 wrote:
I went in to Macy's yesterday to see if I could find a nice anniversary gift for DW at the jewelry counter, completely unaware that they were running a pre-sale on jewelry, including half-off a ring that I'd been eyeing but thought was too expensive. Needless to say, I took a final "this is the last time you guys I swear" plunge and opened a Special Accounts line to my Macy's card, made my purchase (the ring plus a less expensive pendant necklace to bring the purchase price up to qualify for the 24-month 0% financing), and later got on live chat to find out what CL the jewelry line was.
And that's where the inconvenience begins. Turns out the CL was $2100 -- not a bad line but in the face of a $1800 purchase (incl tax and protection plan on the ring), it presented a utilization problem (85%, ugh). First thing I tried was to have them recon the CL but that was a no-go: the system wouldn't let them because the account was brand new. I'm considering returning the necklace to recoup $200, but will that cause me to lose the financing (dipping the merch total below the $1500 threshold)? A large payment now is an obvious solution but it seems like I can't pay just to the Special Accounts as it's tethered to the main store account, and I've got about $400 on that right now so I'd have to pay that down entirely before payments can go to The jewelry line with the 0%, right (per the CC Act)?
It looks like the store card and Special Accounts, though reported separately, are billed on the same statement with the same due date, is that right? If so, does that give me a bit of time until the jewelry line is reported to the CCBs? Payment due date on the store line is Oct 18.
I bought furniture from them last November/December - used the Special Event Purchase account. I was told the account would report to the credit bureau, it never did. I've since paid off my furniture and have not seen or heard a lick on my credit report about the special event account.
My advice about making payments while using the regular revolving account. What I would do is make a large payment, X payment for revolving acct and X payment for special event account = one payment. I had to either have the funds diverted from the revolving account to special event via chat or call in. At one point they said it will take approximately 2 months for them to apply my payment, so i complained and was placed into contact with a lady that can update the payments immediately once it has posted to your account. If you'd like her contact information, let me know and I'll be more than glad to share with you.
mine was a hp.