My current Macy's retail card limit is $600. Started on December at $100 (they had to summon the board of directors to grant it; January: A $100 increase; March: Another $200; Today: Another $200 but this time they pulled an Equifax CR. So that's 3 increases in 5 months: Not bad, but can anyone share his/ her tips for negotiating higher (or more frequent) Macy's increases? Thanks. Saar
Were these increases asked for by you or do they increase them automatically every few months if the account is in good standing?
Macy c/s needs to see a minimum of 4 months activity and paid on time history for c/s to even be able to grant increases.Saaaame routine, ask for increase but only without pulling hard inquiry and just based on credit history w/Macys. $300 increase should be easy without supervisor getting involved. Ask for name and employee number or extention number in case hard inquiry shows up. vj
None of the increases were automatic. They have a rule (which can be overridden, as you can see from my record), not to grant the first increase before they see a 3-month payment history, and then again every three months. So the second increase was easy - had to request it, but it was done by the book; The first & third, however, had to be negotiated. VJ, if you have a special way of getting increases of $300 (or more) w/o spending much, I'm all ears. Saar
Re: Macy's Risk Scores Saar, I have no special way for for getting increases from Macy's. My Macy's acct was open in 7/00 for $800. In Dec 2000 I did the procedure I outlined and they ask me if 400.00 more was enough. I said fine and Note -no new inquiry. I was really feeling like I made it sound easier than it really was to you and was starting to feel you really need more information to be able to pull it off. So here goes. I've preached a lot about internal credit scores and Macy's too, uses there own (R-scores). When they report your acct to the CRA's every month its not just a simplex one-way exchange but rather a duplex exchange. They know if you've had any more 30 day lates on your report since last month, your new debt ratios...Their R-Score generates a number between 1 and 900 every month.This score works just the opposite of fico, much like the bankruptcy risk scores generated by the CRAs in that the lower the score, the better. In reality, any double digit score (100 or less) is enough for cust/service to value their relationship with you. When they do pull its usually with experian (65-75%) I keep my balances low and pay in full w/them every month.When they say you don't charge much I honesty explain that because the c/l is so low I pay cash rather than go over my c/l without thinking and use visa/MC for larger purchases. I thought I should give Macy's a call and did. I was offered a new major purchase acct with 90 days interest free and I declined it. Don't want or need another acct. but asked if we could just increase c/l by $300-400.Said we can do better than that and increased it $1000.00 and I think that was his limit without supervisor approval.Now $2.2K c/l, 0 balance,only open 9 months.If you want an increase you have to ask as they stopped automatically giving increases at 12 months.I owe about 30K on cc.,no lates, no overs, 7 inquiries (3 in last year).Midwest morgage (E-Loan) is gone. Try and find out about where your R-Score is first.Just ask if your R-Score is under 100 yet. If much over 100 there's little hope except to call back in a month or two. C/s would not tell me what my R-Score was but did say it was under 40. I'll try and be more indepth when I post as I take assumed knowledge level for granted.This is all good stuff to know.Any other question, ask. And, try and be nice to c/s. Have a great weekend. VJ
Re: Macy's Risk Scores you'll get a macy's premier soon, then after spending another $1000 they'll offer you a macy's visa as well. Takes about 12 months and some spending there, but they are easy. Every time my gf has called they have given her more line. I tell her to do this to increase her balance ratios about every 2 months
Re: Macy's Risk Scores Thanks VJ & Sam. VJ: You seem to know their credit policies inside & out. It was nice to learn about their R-scores, although I'm not sure I can utilize it to get higher/ more frequent increases. Would appreciate any tips/ info you may have. I'm not really sure whether they pulled a CR. The increase denial letter (overridden today by a rep) says they checked Equifax, but my Equifax CR doesn't show them pulling it. Also, last time I asked for a supervisor there, it was as if I was transferred to another rep who was unfriendly and repeated the same stuff I've already heard. I doubt I'd be spending enough ($500-$1000 @ Macy's annually) to get their Premier card, unless they solicit it while settling for standards more lenient than they're willing to admit. Thanks a lot for your post, it was very informative. Saar
Re: Macy's Risk Scores Saar, Glad to help if I can.I've watched you do the same for other people on this board and usually applaud your efforts.(except maybe that E-Loan thing where I said be gentle, it will go away, and you wanted their heads, stuffed, hanging on your wall.) First call Macys and just confirm your balance with a rep, also confirm no lates , no overlimits, ask if its a good account with no derogotories.Ask if your R-Score is getting closer to 100 yet.They won't tell your score but they'll will say yes or no to questions about it. Try and wait 4 months before new request for increase. Make sure you charge something every month and pay in full when you get the bill otherwise the month doesn't count as history, doesn't have to be a lot even $5-10 dollars new charges/month to count towards new minimum 4 month history.When you call in 4 months and ask if account is in good standing and no derogs,don't go any farther if rep isn't nice.Call back next day,try again with new rep. A lot of this is subjective and reps do have some leeway but if you get a bad rep and your not happy with their answers and ask for a supervisor chances are there going to transfer you to the meanest supervisor thats working that day.Whats the fascination/importance with Macy's? Should also explain my 4 month rule.I believe there is a tendency by c/s to classify the people who call in every 3 months as the more desperate for credit profile and don't even ask for increases if you have a balance with them. Find out approx R-Score in next 4 months and then repost. Oh and if you ask for a credit increase and don't tell them they may not do a hard inquiry , they will, automatically. Re-check equifax and experian in a few days for inquiry. Best of Luck. (Translation; you make your own luck with what you know and how badly you really want it.) You should do quite well. VJ
Re: Macy's Risk Scores I have a lazarus acct which is ran by the same place fds bank (federated department stores bank). I have done the same as vj has posted. I call every 3 months and like clockwork I get the $200 increase. Call before you have given them another 3 months history and you'll get a denial letter based on your current r score. my equifax report show lazarus r score inquiry done as an account review (ar). i started with a $100 limit. 3 mos went from 100 to 300. 3 mos went from 300 to 500, 3 mos went from 500 to 700 and finally went from 700 to 900. so if you call every three months in a year's time your limit would go up as much as 200 x 4 or 800.00. so after a couple to three year's time you could have a limit of 1600 or so. My problem is I can't seem to get a macy's card. I have a couple old chargeoffs on my report and a paid collection. The only way I managed to get lazarus card was convincing the guy in new accts to give me a $100 limit.
