Has anyone had a problem with Macy's Visa issued by Department Stores National Bank?I was asked 2 yrs ago at Macy's to open an account. I was rebuilding my credit at the time and did not want to but I tried as the salesgirl was especially nice- Well I got it and it was a Macy's Visa not just a store card- I used it and paid it off- was never late- I did not go late on other accounts and... |
You may not think it's bad, but you don't meet the standards for Dept. Stores National Bank, like it or not even if you think your history is OK.
The credit reporting companies only collect information. They cannot help you with a lenders decision.
You need to get rid of some misconceptions like Experian, etc can do anything about this...every lender makes its own decisions and can do anything they want.
If you're going to buy a house make sure there are no outstanding collection or past due accounts. Go ahead and close the Macys card if you don't intend to use it again.
i don't recommend you closing out that card. That is 2 years of history in your credit file and especially if you are purchasing a home soon you don't want to do anything that could possibly hurt your chances at home financing. Limit the number of inquiries on your credit, don't close or open up any more lines of credit and try to have as close to zero balances on all your credit cards. As far as the Macy's Visa card goes, they have the right to cancel you but i don't know your credit nor do i know their qualifications. good luck on things!
I hate to tell you this but I work with customers everyday. Everyone of them tell me that they deserve a lower rate because they have excellent credit. When I look at the score, they only score 650 or so. Some of them score a bit better but not all.
Also credit report agency is not there to help you. They only there to report the fact. You can't rely on them for assistant. They can't give you advice because if something is wrong, you can blame them. It's not their job.
To you, it may be not so bad but bank looks at a big picture. They don't just look at one incident on your credit report. One 30 day is not a big deal but if the customer is repeatedly late on their payment, bank considers it risk. They are there to loan money, they have to protect their asset to make sure the person they loan the money is qualified.
