Hi Everyone, My son (2nd year college student) is new to credit. He pulled all 3 and the only thing on the report is a Macy's closed CC acct. His tradeline reads: MACY's/GECCC Opened: 11/1999 Closed: closed by credit grantor Balance: 387.00 Status as of 10/2002: 120 days past due Revolving account He has 1 hard inq., no other tradelines. My question is should we send Macys a settlement letter for payment in full in exchange for a tradeline deletion or a goodwill letter? What positive tradelines (CC) is good for him to start off with to build credit history? Any student cc advice? His scores are: EQ: 528 EX: 557 TU: 536 Any help is greatly appreciated ... UNLV34
I would suggest trying the goodwill adjustment, but with the goal/objective being to offer full payment in exchange for *re-opening* the account and updating to *Paid/Never Late*. Not sure how Macy's will respond. This serves two purpose's: 1. Removes the negative tradeline, and 2. Restarts a positive credit history with and account that has some *age* to it. jus my $0.02 good luck
Was he under 18 when he had this card? If so, you may be able to get them to remove it. If he can get rid of the tradeline, as a student it will be easy for him to start from scratch. L
Hey Whispers, Looking at this, he was 17 1/2 when this was opened. I know he worked for Macy's during the summer of that year. I am concerned that if he opened this account at that age, was he supposed to be 18 by law? If so, what actions can be taken by Macy's if he signed an agreement for a cc and was not 18? I just contacted the Executive offices of Macys East, found out the president is James Gray, chairman is Harold Kahn. Should I send a goodwill letter there for a response? Any advice is greatly appreciated ... UNLV34
Hey Javan, Thanks for the advice. Here is a draft of the letter we are going to send. Please critique ... Date: 11/11/02 MACYâ??S EAST 151 W. 34th Street New York, NY 10001 Attn: James Gray, President/CEO Re: <UNLV's son> SSN: XXX-XX-XXXX Account # XXXXXXXXXXXXX Dear Mr. Gray, For several years now I have been diligently working toward handling credit responsibly and improving my credit bureau scores. I am hoping that Macys might be willing to help me in this regard. I opened a Macyâ??s account in 1999 when I was beginning my freshman year in college. To say the least, I did not handle the account responsibly. Iâ??m not extremely clear on the details but I think this was what transpired -- I believe the account was closed in 2001. I think it was in 2000 or 2001 when I received an offer to pay some portion of the balance in return for no further collection action being taken. I donâ??t remember whether this communication was directly with Macys or with a collection agency, but at this point it really doesnâ??t matter. As I indicated, I am working very hard toward having an excellent credit picture. I realize this closed account is getting older and that it may/may not have a huge impact on my credit score, but I would still like to make things right. My credit reports (TransUnion, Experian, and Equifax) indicates there is a balance of $387.00, which still shows as past due on my Macyâ??s account. I am more than willing to pay this balance. Would you be willing to: 1. Let me pay the outstanding balance 2. Update all credit reports (Equifax, Experian and Trans Union) credit record for Macys to reflect Pays As Agreed. 3. Consider reactivating my old Macyâ??s account and allowing me a credit line with Macys (anything would be appreciated) so I can show you the dramatic difference in how I handle my financial obligations now? If you will do a check of my credit bureau reports, youâ??ll not see any negative accounts currently on my credit report. My credit needs are now primarily for wanting to establish a business and I am hoping as my credit picture continues to improve I will have access one day to significant credit lines to allow for business decisions Iâ??d like to make. Anything you can do to help me in this regard will be greatly appreciated. Please let me know if there is anything I am able to do to correct my past errors with my Macyâ??s account. Sincerely, <UNLV's Son> <Address of UNLV's son>
DELETE, Not Necessary DELETE, Not Necessary Macy's *granted* a goodwill adjustment to my wife for late payments. So they may consider your request. The letter I sent was to Macy's West, I noticed yours is addressed to Macy's East, not sure if it makes a difference(probably does). I sent mine via PFB and it was sent to James Zimmerman(president of Macy's West) in Phoenix, AZ. The response I recieved was signed by a: Randi J. Phillips Executive Liaison 900-517-2386 ext. 3376 good luck
