Kay Jeweler...Invisible CLI for 1st Time Purchases

[Meya]

Nope, did not know that. I only was told this story from Lane Bryant and Macy's, but Macy's will end up separating the accounts until it is paid off. I think you should have started a new thread on this one in the Credit Cards forum. If you do, make sure it is about Kay's. No one started it yet. There is one for crown Jewelers only. Shoot your best shot As soon as you do, I will delete this one.

Thanks for the info!

[honeyb]

Ok - I called Kay's today to see if the "I am considering your card for holiday usage and the current limit will indeed limit the purchases I make at your store" spin and was told that because the card is new I had two options:

1. Add a joint card-holder and they will increase the limit since it will be based on the additional income, OR

2. Wait 10 months for an auto-CLI

Of course neither option satisfied the spin I gave BUT she was nice enough to inform me that I have an additional $684 above my CL ($1700) for a total of $2384 that I can spend without penalty for my first purchase. I asked to her to repeat it to me again. Yeah, did you all know that?

She said due to taxes and extended plans, it can quickly eat into your CL so they offer an additional temporary CLI for your first purchase.

Now, if I had not called, I would not have known that. I would encourage those who have a new Kay's and Jareds account to call and find out how much additional over your CL can you spend on your first purchase.

[ColoNative]

Ok - I called Kay's today to see if the "I am considering your card for holiday usage and the current limit will indeed limit the purchases I make at your store" spin and was told that because the card is new I had two options:

1. Add a joint card-holder and they will increase the limit since it will be based on the additional income, OR

2. Wait 10 months for an auto-CLI

Of course neither option satisfied the spin I gave BUT she was nice enough to inform me that I have an additional $684 above my CL ($1700) for a total of $2384 that I can spend without penalty for my first purchase. I asked to her to repeat it to me again. Yeah, did you all know that?

She said due to taxes and extended plans, it can quickly eat into your CL so they offer an additional temporary CLI for your first purchase.

Now, if I had not called, I would not have known that. I would encourage those who have a new Kay's and Jareds account to call and find out how much additional over your CL can you spend on your first purchase.

Hey HoneyB. I think that is called expansion and bet careful with it because your credit line is $1700, if you spend over that it will report to the bureaus that you are over your credit line. I know you weren't planning on doing that, but thought I would let others know.

[ColoNative]

Hi honeyb and others:

Just please be careful with that. A lot of creditors have what is known as expansion. Expansion is a cushion if you will or extra credit; however, the account will still report your credit line as it is ($1,700) if you use this expansion feature, let's say you buy $1,800, then the bureaus will show that you are $100 over your limit.

Maybe that isn't the case here but I have seen it happen.

[hjm331]

I don't really but that idea. If you go over your $1,700 limit, they could charge you an overlimit fee and it could prevent your account from remaining in good standing.

[honeyb]

I gotcha, believe me, I will not be going no where near the $1700...LOL

I have learned enough on FG to keep utilization very low. Even if they increased my limit, I could buy more but I still was not going close to my limit.

[honeyb]

ColoNative - thanks for the insight. Hmmm...trying to set me up in a trap huh Kay?

[hjm331]

I wouldn't trust them either. You can spend over $1,700 on your first purchase and they will hit you with an over-the-limit fee. What do you have to fall back on? If you tell them that you were told by a rep that you had another $684 to spend on your first purchase, how will you prove it unless recorded the call.

[Meya]

I agree with you all. That is probably the reason why macy's split the over charges to a seperate account so that it wont harm our cr. What do you all think?

[ColoNative]

I agree with you all. That is probably the reason why macy's split the over charges to a seperate account so that it wont harm our cr. What do you all think?

Macy's credit division is very strange. They open up multiple accounts everytime you sneeze. I still can't get over the opening of a Visa and a seperate store charge-that is two new accounts right away. And then they have the major purchase charge etc.

I've never heard of them splitting two accounts though? What is that about?

[hjm331]

Don't do they have two seperate accounts for jewerly and for furniture?

[ColoNative]

Don't do they have two seperate accounts for jewerly and for furniture?

Yeah, the major purchase and the club account. I just can't imagine having more then one Macy's-it doesn't seem necessary. It's weird too, I've seen it on credit reports, the major purchase or club account has the same account number as your regular card except for the last two digits.

[Meya]

Correct hjm! ColoNative if you are making a large purchase (furniture or whatever) which is way over or too close to you current cc, they will majority of the time, approve the large purchase but on a split account. Now they will halt your current cc until the large balance is paid off. Hey hjm, I think I am going to do this real soon because my husband dad was talking about making a purchase on furniture for Xmas for his wife. I am going to talk him into letting me charge it and give me the money. then I will pay it off in within that month so it can look good for me....lmao!

Ohhhh, don't worry, I am not worried about him, if he even think about crossing me, when I get through with him no member will put a dime in the church collection on Sunday's I'll be telling a testimony every Sunday about his deep dark secrets. I'll make sure they all know where the furniture came from


Oops, sorry Honeyb, I am just all off topic in here. This is not Macy's and the lounge, can you forgive me? Or do you want me to move the posts? I can do it for you. I cant help it, I talk too much

[ColoNative]

Correct hjm! ColoNative if you are making a large purchase (furniture or whatever) which is way over or too close to you current cc, they will majority of the time, approve the large purchase but on a split account. Now they will halt your current cc until the large balance is paid off. Hey hjm, I think I am going to do this real soon because my husband dad was talking about making a purchase on furniture for Xmas for his wife. I am going to talk him into letting me charge it and give me the money. then I will pay it off in within that month so it can look good for me....lmao!

Ohhhh, don't worry, I am not worried about him, if he even think about crossing me, when I get through with him no member will put a dime in the church collection on Sunday's I'll be telling a testimony every Sunday about his deep dark secrets. I'll make sure they all know where the furniture came from


Oops, sorry Honeyb, I am just all off topic in here. This is not Macy's and the lounge, can you forgive me? Or do you want me to move the posts? I can do it for you. I cant help it, I talk too much

Oh, yeah I get it now. The major purchase and club accounts. So you are really going to do that for your father-in-law? Won't that create a new account on your bureau and drag down your account history?

Yes, sorry honeyb, I talk to much too.

[Meya]

No, it is treated as a temporary installment account which evaporates once paid. It only exists when they approve it and it closes when it is paid. This is why I was assuming that the do this so that it does not go on to our reports as an over payment. But now wait a minute, before I carry this story on any further, I am assuming this is true, let me wait until some else who actually done this steps in.

Help someone!