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Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 8:12 am
by tigermilk
A bit of a funny/awkward situation - went shopping with my wife, MIL, and SIL the other day. All of them were buying purses, and when my wife was bring rung up, the salesperson asked if we had a Macy's card, which we don't (anymore). She said if we opened an account we'd save another 20%. $40 is $40, right? So we said sure, we'll open up an account. After a few minutes of entering data and waiting for the processing, the salesperson said that we could not get a credit card. My brain went into fast-processing mode to understand why, as I've been gainfully employed by the same employer for 30 years, six figure income, have a paid-off home, no car loans, credit cards pain in full each month, etc. Further, I'm a 401k (rather TSP) millionaire, yet here I was denied a credit card! Then I remembered...a couple of years ago our main credit card had fraudulent charges. Between that happening again (seemed like at least the 6th time), the OPM identity breach, and having IRS issues with folks trying to assume my identity, enough was enough. I put a hold on our credit. That is the only explanation I can come up with for not getting that Macy's card. However, the head scratcher for me is that over the summer I co-signed a mortgage for my MIL; she was in the process of moving near us and hadn't sold her other house. Being the nice SIL and all, I didn't want her to pull from her 401k for a down payment (take a bigger tax hit, significantly drop her balance, etc, so a short-term loan was ideal as we had the cash to cover) or monthly payments (cash flow issues while she was moving), so we paid the down payment in cash and cosigned. I was able to be a co-signer on a $220k loan, yet could not get a credit card for a $240 purse :confused

Lessons learned - either call the credit agencies in advance or just stick with the cards in my pocket.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 8:19 am
by Billionaire
I'm guessing it's because of the hold you have on your credit. If it's currently in place, you'll get denied. The Macy's salesperson probably wasn't in a position to tell you why it was denied.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 8:27 am
by RickBoglehead
Could have done a temp unfreeze and she could have tried again.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 8:30 am
by Cheez-It Guy
This happened to my parents at Home Depot a while back because they forgot I had frozen their credit or did not realize all the impacts. No big deal, and confirmation that the freeze works!

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 8:38 am
by JediMisty
Cheez-It Guy wrote: Sun Dec 29, 2019 8:30 am This happened to my parents at Home Depot a while back because they forgot I had frozen their credit or did not realize all the impacts. No big deal, and confirmation that the freeze works!
+1. Same thing happened to me, but it was a Lowe's credit card after I had frozen my credit. Now, it's the excuse I use when I'm badgered at the checkout line to get a card. (I often get the "offer" to open a store card twice more after saying "no, thanks")

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 8:40 am
by furwut
From time to time I like to take out new credit cards for the signup bonuses- it’s an easy $150. Last 2 times I forget to unfreeze my credit before applying :oops:.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:09 am
by JMacDonald
Join the crowd! I was recently turned down for a JetBlue CC. I unfroze two of the three companies, but could not unfreeze Experian for some unknown reason so I applied anyway. Barclays sent me a letter wanting to see my tax returns. Well, that was a bridge too far for me as I have never had to produce my tax returns before. I waited and finally manage to open Experian and applied again. I got another letter stating I was denied because of too many applications. Now I have what I consider to be perfect credit, but apparently Barclays doesn't think so. So much for Barclays.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:36 am
by ruhigste
RickBoglehead wrote: Sun Dec 29, 2019 8:27 am Could have done a temp unfreeze and she could have tried again.
I had to do this last weekend to join a credit union. I couldn't get transunion to unfreeze, so they accepted one of the other two instead. Nice. Hughes Federal Credit Union. Easiest way to get cash at this resort.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 10:41 am
by Freefun
I’m denied all the time due to my freezes. That’s the intent. I haven’t applied for anything but strange folks do using my identity.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 10:58 am
by Broken Man 1999
JMacDonald wrote: Sun Dec 29, 2019 9:09 am Join the crowd! I was recently turned down for a JetBlue CC. I unfroze two of the three companies, but could not unfreeze Experian for some unknown reason so I applied anyway. Barclays sent me a letter wanting to see my tax returns. Well, that was a bridge too far for me as I have never had to produce my tax returns before. I waited and finally manage to open Experian and applied again. I got another letter stating I was denied because of too many applications. Now I have what I consider to be perfect credit, but apparently Barclays doesn't think so. So much for Barclays.
I have had good experiences with Barclays thus far. When I started bumping up to 50% utilization on my Priceline Visa card I asked Barclays to increase my credit limit from $12,000 to $20,000. I had not even thought about the fact my credit was frozen at all three major companies. I received a letter that stated they were unable to do a credit pull, but they would honor my request. I do have a several year history with them, and I'm not sure why they even wanted to do a pull anyway.

But, to your point, I wouldn't send my tax returns to any credit card company, have never had to do so, and no intent to do so, willingly. Maybe when DW and/or DDs want to put me in a home, I might have to do so. Though, at thaat point I doubt I would know, or care all that much.

Broken Man 1999

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 12:21 pm
by michaeljc70
I think you are right that it is the hold on your report. $40 may be $40, but you can get much bigger rewards than that for opening a credit card (depending on your monthly spending). Pretty much every credit inquiry is a small hit to your credit and I wouldn't waste it for $40. I don't open a new credit card for less than a $500 reward. I got $700 from Venture Capital card a few months ago. Even if you don't charge a lot, I think you can do better than $40.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 12:52 pm
by fru-gal
Lost a $100 bonus for getting an Amazon credit card because I forgot to unfreeze my credit. They've never offered again, probably the fail caused them to think I'm a bad credit risk.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 2:53 pm
by deltaneutral83
Let's address the main issue which is using a credit pull to get $40. There are at least ten credit cards that will give you $500 for sign up alone.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 7:25 pm
by michaelingp
I had very similar situation at LL Bean. I'm not sure whether I remembered the freeze, or the sales help informed me. The critical piece was they told me which credit bureau they use. I went outside and temporarily unfroze on my phone, which was a little painful due to the small display and keyboard but was doable. Within a half hour I had my discount.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 7:36 pm
by celia
tigermilk wrote: Sun Dec 29, 2019 8:12 am ...the salesperson asked if we had a Macy's card, which we don't (anymore)...
I don't think the credit freeze is necessarily the problem. When you closed the account, you may have made it a "permanent" close. I would call the store and confirm the reason with them, just to be sure.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:00 pm
by abuss368
It is probably related to freezing the credit. I have heard of this before.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:01 pm
by abuss368
We have a couple of store credit cards that are used for discounts and perks. I can not wait for the day my spouse closes them and we simply use our one main credit card. Less! Less! Less!

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:09 pm
by stoptothink
abuss368 wrote: Sun Dec 29, 2019 9:01 pm We have a couple of store credit cards that are used for discounts and perks. I can not wait for the day my spouse closes them and we simply use our one main credit card. Less! Less! Less!
The only one we have ever opened is Old Navy, that's because we got 50% of the initial shopping trip purchase. I believe we also get 15% off every purchase at Banana Republic outlet if using the card. We bought clothes for our kids for about the next 3yrs that day and I'm not sure it has been used a single time since.

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:12 pm
by abuss368
stoptothink wrote: Sun Dec 29, 2019 9:09 pm
abuss368 wrote: Sun Dec 29, 2019 9:01 pm We have a couple of store credit cards that are used for discounts and perks. I can not wait for the day my spouse closes them and we simply use our one main credit card. Less! Less! Less!
The only one we have ever opened is Old Navy, that's because we got 50% of the initial shopping trip purchase. I believe we also get 15% off every purchase at Banana Republic outlet if using the card. We bought clothes for our kids for about the next 3yrs that day and I'm not sure it has been used a single time since.
Funny you mention that! Old Navy is on of the two cards we have for all the perks. Helps when needing to buy the kids clothes! The other card is Kohl's which gives a lot of perks. Spouse loves them!

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:40 pm
by Larry2623
Not a good idea to take a hit on credit for $40 for a store credit card...much better deals for opening a cc

Re: Could not get a Macy's store credit card!

Posted: Sun Dec 29, 2019 9:56 pm
by rich126
I usually avoid store cards and had a bad experience with a Macy card years ago.

I have excellent credit but a credit union refused to allow me to open an account claiming someone else was using my ss#. They refused any details, told me to contact the police. The police said without evidence from the bank, which they refused to give me directly they couldn’t do anything. Seemed like a catch 22 situation.

I would have been more worried but I had obtained a number of credit cards, a refi on a mortgage and never had a problem prior or after the denial by the cu. Not sure what they thought was going on but Maybe they mistyped something. This happened a decade ago.