I called Macy's last week, shortly after spending my way to a $353 balance on a $400 card. Last time, in march, it was easy to go from $200 to $400. This time, they asked if they could pull a credit report, I said yes, and they said no increase. They pulled Experian, the worst report about my credit. A couple of days ago, they mailed me a notice about the reasons. Excessive credit obligations, percentage of retail cards under a year old, and percentage of satisfactory bank cards. The second is a novel reason, at least to me. Guarding against spend-and-default binges, I presume. The third is probably a code phrase for excessive utilization, since my bank cards are otherwise quite satisfactory. The three derogatory items on the Experian report were NOT mentioned. So anyone with derogatories should realize that certain retail cards are within reach. New accounts and utilization may count for more than derogatory items do.
When they asked to pull a report, why didn't you say no? They have the capability of giving you an increase based on your account performance alone. How do you think I went from $200 limit in 10/00 to a $2300 limit in 10/01? They never once pulled a report. I only got an increase 1 time with out calling by going over my limit on purpose and CS raised it. The other 3 times I just called and asked for one and I specifically asked what they could do WITH OUT pulling a report (I said I was in the middle of a mortgage and didn't want to screw that up! ). So I don't get it???
My increases with NEXT CARD were conditional on NO CREDIT REPORT... SAID not interested if you must pull a credit report... Approved 3 times that way for $2,000 each...(when I forgot to say no credit report, they pulled and I was denied)...but was approved a couple of months later for my third time (no credit report)...
I said yes because it seemed as if pulling a report was necessary before granting an increase. Plus, I was caught off guard and didn't have much time to think about it. Remember, MP$40, this was last week, well before I could read anything you posted tonight. But thank you for your helpful suggestion. If Macy's grants frequent line increases in small amounts, then I really can't afford an inquiry each time I ask for an increase.
Here's some info on my account: Opened in late 1992 Limit: $300 Was closed do to delinquancy in ~February 1999 Re-Opened in Oct. 2000 after faxing them documents and throwing myself at their mercy. So it went from: $300 $0 $200 $500 $1500 $1800 $2300 Maybe it's a possibility that I get increases easier due to the fact that I've had the account for a long time???
George, I appreciate the good points you raised. Maybe I need to think bigger, and save my time, effort, and inquiries for major bank cards. I really enjoy my smaller cards, at least those without annual fees, and tend to think about them a lot. I like your strategy (also used by MP$40) of bypassing credit reports when possible. I guess a report just gives them new excuses to turn me down. Those strange excuses that Macy's gave me, for example. I just never thought Macy's would ask to pull a credit report, so I wasn't prepared to say no.
MP$40, Here's another possibility I've considered. Maybe my payment record led them to ask for, or even to require, a credit report in my case. My account dates from 10/2000, the same month you reopened your account. But I would guess you pay far more than the minimum every month, whereas some months I have paid the minimum $6 or $7 just to get a payment in on time. Maybe your account performance exempts you from credit checks, so that certain issues are never raised. Whatever the reasons, I'm still very impressed by your current credit limit. Your strategy sounds like a good one.
Well I aint gonna lie (and it's no secret here)....I have told a few *white lies* to get my increases! LOL...it seams as though they want to hear some reason why you need an increase.....so I give them one. But still.....I ALWAYS pay more than the minimum on my cards.....even if it's by $5. I read somewhere that some banks do look at how much you pay a month and it is favorable if you pay more than the minimum. Generally, I always send Macy's around $30/mo. My balance has never been over $1k. What I'm trying to figure out is how I became delinquent on my account. The minimum payment for balances under $XXX is like $5! My limit was $300.....how could I have not had $5??? I'm still trying to figure that out.
Maybe you went over your limit and they wanted a larger payment (minimum payment plus amount over credit limit?)
No cause I went down there with a balance transfer check from FUSA for $322.xx. So that's not it..... I'm really bugged about this. I mean, $5????? Oh well....doesn't matter now.
Citibank (Click Citi) turned me down for a limit increase specifically because I made low payments, which in my case meant paying only the minimum.
ON MY HIGHER INTEREST RATE CARDS...NOT THE 2.99% OR 0.00%...if the minimum payment is like $146.00...I PAY $200.00...I just round up to the next HUNDRED...
I always round up (or try to) as well! I figured out the Macy's thing. I was almost at my limit and when I missed a payment, I was hit with a late payment fee, then probably an over the limit fee which meant that I had to pay the minumum due plus what I was over which was arond $60 or $70. I didn't have the money at the time so I BT'd to FUSA. I see now.... $322 was another number, sorry.
Well one time I was getting married and needed to buy bride's maids dresses! LOL.... That was good for a $1k increase!
I hope the wedding was beautiful too! LOL... I also stated that I didn't want an inquiry pulled as my fiance and I were in the middle of buying a house and I didn't want my scored lowered! LOL... Hope we got that house! )
Interesting!! I see what you mean when you say "by any means necessary"! Thanks for the ideas. I'm thinking that you may need some major purchases for that new house...
