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I've had a Macy's Visa since April of '08. I have received several GLI's in the past year. I haven't requested one since Nov of '08. For about the first 9 months I always paid every statement in full. Since about February I have been carrying a balance, but I always make more than the minimum payment. Today I just made a 1,000 payment. My credit line is at 7,000 but I would like to increase it to help with utilization. I am just wondering if in this economic downturn they may view my change in payment pattern as a bad thing and deny my request. Any one have any thoughts?

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For the type of request you are considering making, their are virtually no differences in the results now than 1,3, or 5 years in the past.

 

As long as you have gone since your last GLI on this account, you'll likely get an increase if you ask for it. You just made a payment of $1,000, so I would wait until your billing cycle ends this month and call for a GLI.

 

You are likely going to be better off asking for a specific amount for your GLI, rather than just saying " the best you can do ".

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For the type of request you are considering making, their are virtually no differences in the results now than 1,3, or 5 years in the past.

 

As long as you have gone since your last GLI on this account, you'll likely get an increase if you ask for it. You just made a payment of $1,000, so I would wait until your billing cycle ends this month and call for a GLI.

 

You are likely going to be better off asking for a specific amount for your GLI, rather than just saying " the best you can do ".

 

 

 

Good thing I posted. I was going to call tomorrow since the payment posted today. Why is it that I should wait until the billing cycle ends? Just curious. I was thinking of asking for 10,000. Is that too much do you think? That would really help my utilization right now.

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For the type of request you are considering making, their are virtually no differences in the results now than 1,3, or 5 years in the past.

 

As long as you have gone since your last GLI on this account, you'll likely get an increase if you ask for it. You just made a payment of $1,000, so I would wait until your billing cycle ends this month and call for a GLI.

 

You are likely going to be better off asking for a specific amount for your GLI, rather than just saying " the best you can do ".

 

 

 

Good thing I posted. I was going to call tomorrow since the payment posted today. Why is it that I should wait until the billing cycle ends? Just curious. I was thinking of asking for 10,000. Is that too much do you think? That would really help my utilization right now.

 

No. last year this time i went from 6k to 12k with one phone call.

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For the type of request you are considering making, their are virtually no differences in the results now than 1,3, or 5 years in the past.

 

As long as you have gone since your last GLI on this account, you'll likely get an increase if you ask for it. You just made a payment of $1,000, so I would wait until your billing cycle ends this month and call for a GLI.

 

You are likely going to be better off asking for a specific amount for your GLI, rather than just saying " the best you can do ".

 

 

 

Good thing I posted. I was going to call tomorrow since the payment posted today. Why is it that I should wait until the billing cycle ends? Just curious. I was thinking of asking for 10,000. Is that too much do you think? That would really help my utilization right now.

 

No. last year this time i went from 6k to 12k with one phone call.

 

 

 

 

Hmmm, that would be even better! However I'm afraid to press my luck too much! :ph34r:

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Good thing I posted. I was going to call tomorrow since the payment posted today. Why is it that I should wait until the billing cycle ends? Just curious. I was thinking of asking for 10,000. Is that too much do you think? That would really help my utilization right now.

 

Because our GLI software is built to value a series of on time payments, and waiting until your billing cycle ends will increase the number of billing cycles with on time payments by one if you wait until after the billing cycle ends.

 

Not critical, but often helpful, to wait.

 

Asking for $10,000 additional on a store account? Not likely you're going to get that much. Most times, we'll ask what you'll be purchasing and set up a major purchase account instead. It is rare for a manager (a $10,000 increase on a store account would require a manager to review your account while you are on the telephone) to care about your utilization percent, they'll want to know what you are going to use it for--and why you need so much all of a sudden.

 

On the other hand, they'll likely respond with something like " Well, we can't approve a $10,000 increase, but would you be happy with a $4,000 increase instead?

 

The higher the increase you ask for, the greater the chance one of the managers reviewing your account may decide to pull your credit to approve such a large increase, and I don't think you want to pay that price for this GLI. Sometimes they pull a hard inquiry, and you don't want that.

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Good thing I posted. I was going to call tomorrow since the payment posted today. Why is it that I should wait until the billing cycle ends? Just curious. I was thinking of asking for 10,000. Is that too much do you think? That would really help my utilization right now.

 

Because our GLI software is built to value a series of on time payments, and waiting until your billing cycle ends will increase the number of billing cycles with on time payments by one if you wait until after the billing cycle ends.

 

Not critical, but often helpful, to wait.

 

Asking for $10,000 additional on a store account? Not likely you're going to get that much. Most times, we'll ask what you'll be purchasing and set up a major purchase account instead. It is rare for a manager (a $10,000 increase on a store account would require a manager to review your account while you are on the telephone) to care about your utilization percent, they'll want to know what you are going to use it for--and why you need so much all of a sudden.

 

On the other hand, they'll likely respond with something like " Well, we can't approve a $10,000 increase, but would you be happy with a $4,000 increase instead?

 

The higher the increase you ask for, the greater the chance one of the managers reviewing your account may decide to pull your credit to approve such a large increase, and I don't think you want to pay that price for this GLI. Sometimes they pull a hard inquiry, and you don't want that.

 

Bubba, I've read in several of these Macys thread where you mention the csr wanting to setup a major purchase account upon the customer requesting an increase. What is the advantage to Macys to setup an additional rather than placing the additional credit available on the store account. Does it enourage more purchases? It seems that creating additional smaller limit account would be less advantageous to Macys. It definitely is less useful (and not good for the customers score with the hits and low limits) to the customer. Just curious...

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Bubba, I've read in several of these Macys thread where you mention the csr wanting to setup a major purchase account upon the customer requesting an increase. What is the advantage to Macys to setup an additional rather than placing the additional credit available on the store account. Does it enourage more purchases? It seems that creating additional smaller limit account would be less advantageous to Macys. It definitely is less useful (and not good for the customers score with the hits and low limits) to the customer. Just curious...

 

Trevor:

 

We set up special terms with the major purchase, tabletop (jewelry and fine china), or special events type account. Generally, they are all deferred payments plans of some type.

 

They can include:

 

24 months, no interest, no payments until end of deferrment

12 months, no interest, no payments " "

6 months, no interest, no payments " "

3 months, no interest, no payments " "

12 month, no interest, minimum payments

 

Each and every one of these, as you can see, vary from the standard revolving account on the Macy's and Bloomies card. We call them account types, and it is most significant to know that each one reports separately to the CRA's. If a person understands the system, and has an excellent payment history to go along with moderate to good external credit, that person can get new reporting accounts without hard inquiries--by piggy backing on their history.

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Bubba, I've read in several of these Macys thread where you mention the csr wanting to setup a major purchase account upon the customer requesting an increase. What is the advantage to Macys to setup an additional rather than placing the additional credit available on the store account. Does it enourage more purchases? It seems that creating additional smaller limit account would be less advantageous to Macys. It definitely is less useful (and not good for the customers score with the hits and low limits) to the customer. Just curious...

 

Trevor:

 

We set up special terms with the major purchase, tabletop (jewelry and fine china), or special events type account. Generally, they are all deferred payments plans of some type.

 

They can include:

 

24 months, no interest, no payments until end of deferrment

12 months, no interest, no payments " "

6 months, no interest, no payments " "

3 months, no interest, no payments " "

12 month, no interest, minimum payments

 

Each and every one of these, as you can see, vary from the standard revolving account on the Macy's and Bloomies card. We call them account types, and it is most significant to know that each one reports separately to the CRA's. If a person understands the system, and has an excellent payment history to go along with moderate to good external credit, that person can get new reporting accounts without hard inquiries--by piggy backing on their history.

 

I suppose the no interest float would be an encouragement to some customers, and likely draw more purchase value for Macys for that reason. But the customer would need to take the score hit for the additional account(s)

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I suppose the no interest float would be an encouragement to some customers, and likely draw more purchase value for Macys for that reason. But the customer would need to take the score hit for the additional account(s)

 

You'd be amazed at how many special payment plans Macy's has on their credit accounts. With some 30 million revolving accounts on file, I would venture to say that 30-40% have had a deferred type account added to their revolving account at some point.

 

That being said, I'd also venture to say that less than 2% of all those with this type of account reporting on their CR even know it is there.....or that it reports separately.

 

It is a huge revenue source, the extra sales from special financing. Macy's bills over $20 Billion each and every year, so these account types are a vital component of those sales.

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Good thing I posted. I was going to call tomorrow since the payment posted today. Why is it that I should wait until the billing cycle ends? Just curious. I was thinking of asking for 10,000. Is that too much do you think? That would really help my utilization right now.

 

Because our GLI software is built to value a series of on time payments, and waiting until your billing cycle ends will increase the number of billing cycles with on time payments by one if you wait until after the billing cycle ends.

 

Not critical, but often helpful, to wait.

 

Asking for $10,000 additional on a store account? Not likely you're going to get that much. Most times, we'll ask what you'll be purchasing and set up a major purchase account instead. It is rare for a manager (a $10,000 increase on a store account would require a manager to review your account while you are on the telephone) to care about your utilization percent, they'll want to know what you are going to use it for--and why you need so much all of a sudden.

 

On the other hand, they'll likely respond with something like " Well, we can't approve a $10,000 increase, but would you be happy with a $4,000 increase instead?

 

The higher the increase you ask for, the greater the chance one of the managers reviewing your account may decide to pull your credit to approve such a large increase, and I don't think you want to pay that price for this GLI. Sometimes they pull a hard inquiry, and you don't want that.

 

 

 

lol - I'm sorry, I meant 10,000 total! :P That would be 3,000 increase. Is that a reasonable request to not trigger a hard pull?

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lol - I'm sorry, I meant 10,000 total! That would be 3,000 increase. Is that a reasonable request to not trigger a hard pull?

 

Yes, that is very possible.

 

My advice: When you call, make sure the CSR truly knows the difference between a soft and hard inquiry. Once you are sure they truly understand a hard from a soft, tell them you want to increase the GL by $3,000 but you do not want a hard pull. Why? Tell them you are refinancing, and your score will drop if they do a hard pull.

 

The CSR will put you on hold to get approval from a manager. Before they put you on hold, make sure they understand they must tell the manager not to pull a hard inquiry.

 

If you cannot get them to do it without a hard inquiry, say thanks and hang up.

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Hey Bubba, if I have a toy card Macy*s that hasn't been utilized (card lost 10 years ago) but it is STILL reporting on my credit, showing open, will this impact me in any way if I applied for a new Macy*s account since there's no real way I can get the old card back much less get Macy*s to re-issue my original card to me?

 

If so, is it even worth it? Schwab VISA pays 2% cash (to a brokerage account) whilst a $1K-$2K initial Macy*s would net me..._______? The few times I visit Macy*s about 2-3x a year I rarely spend over $400, and my old Macy*s card has been CLD'd down to a paltry $100 buxx. For a limit like that, charging a box of tampons would put it over-utilization. :lol:

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lol - I'm sorry, I meant 10,000 total! That would be 3,000 increase. Is that a reasonable request to not trigger a hard pull?

 

Yes, that is very possible.

 

My advice: When you call, make sure the CSR truly knows the difference between a soft and hard inquiry. Once you are sure they truly understand a hard from a soft, tell them you want to increase the GL by $3,000 but you do not want a hard pull. Why? Tell them you are refinancing, and your score will drop if they do a hard pull.

 

The CSR will put you on hold to get approval from a manager. Before they put you on hold, make sure they understand they must tell the manager not to pull a hard inquiry.

 

If you cannot get them to do it without a hard inquiry, say thanks and hang up.

 

 

 

OK, Thanks so much!!

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For the type of request you are considering making, their are virtually no differences in the results now than 1,3, or 5 years in the past.

 

As long as you have gone since your last GLI on this account, you'll likely get an increase if you ask for it. You just made a payment of $1,000, so I would wait until your billing cycle ends this month and call for a GLI.

 

You are likely going to be better off asking for a specific amount for your GLI, rather than just saying " the best you can do ".

 

 

 

I just noticed my billing cycle closes on the date the payment was due and posted. Do you mean I should wait for the next billing cycle to end or just the one where I posted the payment that was just credited?

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For the type of request you are considering making, their are virtually no differences in the results now than 1,3, or 5 years in the past.

 

As long as you have gone since your last GLI on this account, you'll likely get an increase if you ask for it. You just made a payment of $1,000, so I would wait until your billing cycle ends this month and call for a GLI.

 

You are likely going to be better off asking for a specific amount for your GLI, rather than just saying " the best you can do ".

 

I just noticed my billing cycle closes on the date the payment was due and posted. Do you mean I should wait for the next billing cycle to end or just the one where I posted the payment that was just credited?

 

Call now, since the billing cycle with the $1,000 payment has ended.

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Hey Bubba, if I have a toy card Macy*s that hasn't been utilized (card lost 10 years ago) but it is STILL reporting on my credit, showing open, will this impact me in any way if I applied for a new Macy*s account since there's no real way I can get the old card back much less get Macy*s to re-issue my original card to me?

 

If so, is it even worth it? Schwab VISA pays 2% cash (to a brokerage account) whilst a $1K-$2K initial Macy*s would net me..._______? The few times I visit Macy*s about 2-3x a year I rarely spend over $400, and my old Macy*s card has been CLD'd down to a paltry $100 buxx. For a limit like that, charging a box of tampons would put it over-utilization. :lol:

 

 

You don't want to get them to reissue the old one, just leave it untouched. Go into a store--not online--and purchase something, they'll ask if you want to apply for a Macy's card. Say yes, and if they offer a VISA, take it--one inquiry for two reporting accounts. The old $100 account will be ignored, since it is inactive.

 

I cannot even guess whether it'll be worth it. For high Experian scores, we regularly give $1700 to $2000 for in store accounts, often coupled with VISA accounts with an additional $2,000-$10,000 just for VISA use (outside Macy's).

 

The $100 limit can happen with late payments over a period of time, but in your situation it was CLD'd due to extended inactivity. It is very unlikely you'll be given a new card with a toy limit, unless your Experian score is very low.

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This topic has me plotting a way to get a 4k limit soon...

 

Hm, wonder if they're more willing to give GLIs in November/December for the holiday season...?

 

In this economic climate, 6 months is a long, long, time. No telling what the next six months may bring.

 

You can likely ask for a GLI now, and again in Nov/Dec, since more than 3 months separates the two dates.

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BubbaG: I already requested a GLI earlier this month, got +700. Didn't know to ask for more (had not studied CB yet, had not discovered your enlightening posts!), plus I was still hurting from Chase kicking my butt and not giving me the full amount I asked them for (fear of rejection!). Plus it was given by an overseas person, but that's a whole 'nother story...anyways, I guess I should try buy something every month or so to show what a good customer I am (I always PIF with QuickPay as soon as it appears on macys.com)! If I was rolling in cash I'd have the leather sofa I am coveting...

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BubbaG: I already requested a GLI earlier this month, got +700. Didn't know to ask for more (had not studied CB yet, had not discovered your enlightening posts!), plus I was still hurting from Chase kicking my butt and not giving me the full amount I asked them for (fear of rejection!). Plus it was given by an overseas person, but that's a whole 'nother story...anyways, I guess I should try buy something every month or so to show what a good customer I am (I always PIF with QuickPay as soon as it appears on macys.com)! If I was rolling in cash I'd have the leather sofa I am coveting...

 

Paying as soon as it appears on macys.com might not be the best thing for your credit score. You might want to let the billing cycle end, and then pay it a few days later. That way it reports to the CRA's with a balance every now and again.

 

General rule of Macy's GLI's: the more you use the account and pay it off, the better.

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Paying as soon as it appears on macys.com might not be the best thing for your credit score. You might want to let the billing cycle end, and then pay it a few days later. That way it reports to the CRA's with a balance every now and again.

 

General rule of Macy's GLI's: the more you use the account and pay it off, the better.

 

It's reported a balance before...12/07, 4/08, and 10/08. I just don't want to get whacked with interest or mysterious finance charges.

 

Actually just came back from the mall, but the stuff I liked either was not in my size or wasn't on sale...plus I already made a Macy's purchase this month.

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