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Macy's Account closed at credit grantor’s request


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Not at all uncommon in the world of co-branded cards.  Was not as common an occurrence back when stores handled their own stuff.  But with the likes of Citi involved, they will pare the unused lines to reduce what they have to earmark for loss reserves.  The chop four months ago was your warning to use the card.  If you did not, they clearly presumed you have no need for the card. 

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2 hours ago, DebtFreeIn04 said:

I think I'll just let it go, will still get 10 years reporting as closed right?  Really have no need for it .My accounts age is good. 24 open accounts and 20 closed 8 yrs. 5 - 18 yr old open accounts. 

Yes, it should hang out for 10 more years.

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The magic of Macy's/Citi is that if you use the card very lightly for a couple of years, they'll nerf your CL to something like $600.  I have a 35 year account relationship with them and, frankly, I'm tired of that crap. 

 

So, I buy a couple of pairs of jockeys once a year.  $600 CL with reported high balance of $8900.  (Nordie's rocks!)

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I had this happen with my Best Buy Citi card a few years ago too. In the letter or email (cant remember now) it mentioned something about inactivity.

I just reapplied last night and was approved for 2K. And have a BK that's just over 2 years old.

Sent from my SM-N950U using Tapatalk

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9 hours ago, DebtFreeIn04 said:

I think I'll just let it go, will still get 10 years reporting as closed right?  Really have no need for it .My accounts age is good. 24 open accounts and 20 closed 8 yrs. 5 - 18 yr old open accounts. 

I had the same experience with a long ago Macy's account, closed for inactivity because I could never find anything I wanted to buy there. The TL did fall off about 10 years after the closure. 

 

Now I just use an Amex Offer if I ever need to buy something at Macy's. With 24 open accounts, there's no need for you to think about that old Macy's any more! One less account to track! 

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It happened to me several years ago.  Macy's was my oldest account and I was upset that there was no warning.  They just closed it and wouldn't reopen it.  I emailed a letter stating that I didn't want it closed and requested reconsideration and in a time of bricks and mortar stores suffering, it makes no sense to cut off an account in good standing that was 35 years old.  Previously, I had gone years without making a purchase with the card and had no issues.  

 

I also advised that I had no incentive whatsoever to do business with Macy's again if they kept my card closed.  They advised that I could always reapply.  I advised that I didn't need another inquiry on my credit report and an account reporting as new to bring the average age of my accounts down when they could simply reopen the 35 year old account.

 

In a form letter, they thanked me for my input. (that form letter and 85 cents might buy a pack of gum).  

 

So far, I haven't given Macy's another dime of my business and the closed account is still on my credit report for probably another 7 years so it's still helping out with my average age of accounts being very long.

 

Moral of story...If you have an old account still open, use it at least once a year.

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5 hours ago, direct said:

It happened to me several years ago.  Macy's was my oldest account and I was upset that there was no warning.  They just closed it and wouldn't reopen it.  I emailed a letter stating that I didn't want it closed and requested reconsideration and in a time of bricks and mortar stores suffering, it makes no sense to cut off an account in good standing that was 35 years old.  Previously, I had gone years without making a purchase with the card and had no issues.  

 

I also advised that I had no incentive whatsoever to do business with Macy's again if they kept my card closed.  They advised that I could always reapply.  I advised that I didn't need another inquiry on my credit report and an account reporting as new to bring the average age of my accounts down when they could simply reopen the 35 year old account.

 

In a form letter, they thanked me for my input. (that form letter and 85 cents might buy a pack of gum).  

 

So far, I haven't given Macy's another dime of my business and the closed account is still on my credit report for probably another 7 years so it's still helping out with my average age of accounts being very long.

 

Moral of story...If you have an old account still open, use it at least once a year.

Sounds like an account opened when Macy's actually handled their own paper...then they (also most other major department store chains) turned card operations over to banks like Chiti (or worse, Suckchrony).  Those moves changed things from customer-centric to the holding bank not caring since they had no need to reward loyalty.  Same thing happened with a lot of gas cards...

 

Side note...back when Macy's was its own servicer, employee numbers served as your account number.  Unfortunately, they tended to turn those off pretty quick after you gave notice. 

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Be careful; with Macy's, it's Dept. Stores National Bank. I believe Macy's owns it; the address is the same as Macy's HQ in Ohio. I had a Macy's card going back to when it was D.M. Read Co. in Bridgeport, CT.  I even worked there during college.  It was merged several times and taken over by other companies. They took an $18.00 remaining balance I refused to pay because of billing irregularities and blew it up to over $300 in a few months.

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3 hours ago, legaleagle2012 said:

Be careful; with Macy's, it's Dept. Stores National Bank. I believe Macy's owns it; the address is the same as Macy's HQ in Ohio. I had a Macy's card going back to when it was D.M. Read Co. in Bridgeport, CT.  I even worked there during college.  It was merged several times and taken over by other companies. They took an $18.00 remaining balance I refused to pay because of billing irregularities and blew it up to over $300 in a few months.

The app runs through the CitiRetail backbone...T&C's are found at https://citiretailservices.citibankonline.com/apply/macys-credit-card?app=UNSOL&siteId=PLCN_MACYS&langId=EN&sc=80002&cmp=A~W~U~Z~4~7~ZZZ0~CL~MA~ZZ#tnc

 

While that references DSNB, there is also a flurry of government filings in 2008 that essentially shows the cards to be Chitibank... https://www.occ.gov/static/cra/craeval/Oct08/24622.pdf

 

Quite frankly, it almost strikes me as the sort of arms-length entity that allows Chiti to bury losses in a part of the book that people won't look at when reviewing 10K and 10Q filings. 

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The current online Macy's agreement says Dept Stores Nat. Bank. (Apparently they have another Macy's card issued by AMEX under a licensing agreement.)  Their store card is rather confusing at best; 

 

Governing Law. Federal law and the law of South Dakota, where we are located, govern the terms and enforcement of this Agreement.

 

Keep this Document for Future Use This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act. What To Do If You Find A Mistake On Your Statement If you think there is an error on your statement, write to us at: Department Stores National Bank P.O. Box 8066 Mason, OH 45040.

 

SD would indicate Citi, but the word "Citibank" does not appear in the agreement. Neither does AMEX. Strange.

 

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On 1/23/2021 at 5:30 AM, legaleagle2012 said:

The current online Macy's agreement says Dept Stores Nat. Bank. (Apparently they have another Macy's card issued by AMEX under a licensing agreement.)  Their store card is rather confusing at best; 

 

Governing Law. Federal law and the law of South Dakota, where we are located, govern the terms and enforcement of this Agreement.

 

Keep this Document for Future Use This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act. What To Do If You Find A Mistake On Your Statement If you think there is an error on your statement, write to us at: Department Stores National Bank P.O. Box 8066 Mason, OH 45040.

 

SD would indicate Citi, but the word "Citibank" does not appear in the agreement. Neither does AMEX. Strange.

 

If you read the documents (and look at the link where the app is hosted), you will see that Chiti is involved...this was part of the reason I posted the entire Citiretailservices link...and the other data shows the intrinsic arms-length relationship between DSNB and Chiti.

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