"Can't Get Approved!"

Macy's Credit Card® Review
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Written by: fchristie on 2008-06-25

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fchristie's review: Callout Comment I thought sure from reading the other reviews that I would get this card. The first time I applied my scores were a little higher (595-602). But I was denied! I tried to call to inquire, they said my score isn't high enough... That's it! I said I know of several people with lower scores than mine who have been approved. They said they have their own scoring system and mine wasn't high enough. I haven't declared bankruptcy; and I've never had an account with them. What up with that? I applied online.


Comment 1 by ding
Denied? User Icon on 2008-06-25

Remarks Hi, from what I have read you need to go into the store and apply... That way they can actually verify your idenity. However I could be wrong... Did you have any co's or late payments? How about hight utilizations? Have you inquired a lot for other cards? The scores that you gave were from all 3 bureas? And which did they pull?
Comment 2 by meya
So Sorry User Icon on 2008-06-25

Remarks This is another example of how creditors use their own scoring methods to make approvals. Scores are not the only factor that creditors use when they make their final decisions. How about your credit history? Did you default with other creditors? How many new accounts or inquiries that you have? These are some of the examples that creditors base their decision on.

I say give it about 5-6 months and try again, this will give you a better chance because between that timing your scores will increase and you will have a longer history with the current cards that you have. Just make sure that you pay on time and keep utilization low. This is very important when you are out applying for cards. Scores are the least of your worries when you are not applying for credit.

Hope this helps!
Comment 3 by fchristie
Thanks User Icon on 2008-06-25

Remarks Thanks for the help. I'll keep those ideas in mind. I do have a charge off on my history but it has been paid in full. All my balance are pretty low; but I do have a few new inquires (maybe 4). I think they pulled Experian and I believe my score was 595 at the time.
Comment 4 by cireone
MACYS User Icon on 2008-06-25

Remarks Macy's is unpredictable. Ive tried applying online and getting denied about two years ago. Then December of that same year I was browsing for Christmas gifts int he store and I guess one of the associates asked if I wanted to apply out of boredom and commission. I was with my friend and they got approved instantly. I was hesitant and wanted to save the embarrassment. I did it anyways. The computer took a few minutes and low and behold, I was approved. I was so excited and happy. The same went for Target, online denial in-store approval. I don't know if there is a formula or just better chances in store but it seems to be better in-store.
Comment 5 by wildrage2
To Be Honest... User Icon on 2008-06-26

Remarks I think 2 major things that creditors look at (besides your score) is utilization and new accounts. These are 2 things that can kill you, regardless of how high your score is.
Comment 6 by kmoney
So True User Icon on 2008-06-26

Remarks This is so true, if they see that you have opened up a couple new accounts within a short amount of time, this would definitely cause you to get denied. Like everyone else on the board says, just wait a couple of months and then go into MACY's and I bet you will get approved.
Comment 7 by hjm331
Reason User Icon on 2008-06-26

Remarks The reason why they denied you is because of the new accounts you opened in a short period of time. Creditors get nervous when they see a consumer open new accounts in a short period of time because it makes the consumer look desperate and they think that the consumer will rack up charges on their card and will not be able to pay them back. They want to see those new accounts age to make sure that you are able to make payments and support the charges on their card.
Comment 8 by meya
There You Go! User Icon on 2008-06-26

Remarks Everyone in the comments hit it right on the nose! These are very important key notes to remember fchristie. Oh and you are welcome from the info, and yes the main reason for your denial is from the info you just provided. Dont worry though, give it 6 months to one year and try again in-store!
Comment 9 by danny
Try Again For The Holidays!! User Icon on 2008-07-19

Remarks I'd say wait until late Nov or early Dec when the holiday rush is in full swing. Go in the store or call them to apply. The number to apply by phone is on the website. Don't apply online.

I mostly don't like to apply in person in case I'm declined, at least on the phone you don't have to be ashamed.
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