Very confused about Credit denial
Date: Wed, 05/28/2008 - 07:42
I recently applied for a Macy's charge card and was denied. The letter I received stated past deliquency with their company. I was confused since I have never had a Macy's charge card. So I pulled my credit report from Experian. There is nothing in the negative area about any store credit cards. But there are 2 listings in the GOOD area from Marshall Field's. I am assuming that this is who Macy's is referring to. This card is from 1990. For some reason, it's listed twice, once that there was a $160 balance, and the second time for date 1991 at 0 balance. It says it was closed at the request of the consumer. Then it says purchased from other lender in 2004. I dont remember if I had closed this account, or if it defaulted as it was so long ago. I am just confused as it is showing in my good area, but yet I was denied credit as being deliquent in the past? Shouldnt this have fallen off WAY before it was purchased in 2004? I have pretty bad credit, so I really like having 2 additional positives showing up, but why would I have been denied from them if it's positive?
Thanks for any help!
Lauram, Macy's credit card accounts are offered through Departme
Lauram, Macy's credit card accounts are offered through Department Stores National Bank(DSNB) which a lot of department stores use to offer there customers credit accounts to use at their store. My guess is that Marshall Field's used the same bank to offer credit themselves. If it is stating that it was purchased by another lender in 2004 than more than likely you didn't close the account. I would possibly contact them by using the address provided on your credit report to inquire about its current status. If you are looking for a company that works for people with bad credit you might try Capital One or Household Finance(Household Bank.) They may be able to approve you for a low balance credit card that you can use to help rebuild your credit score.
Good luck
Thanks for the information. Im just confused how it's showing a
Thanks for the information. Im just confused how it's showing as a positive on my credit report, but the bank is stating that it is deliquent. Should I just keep it open? I want to build up my credit score (620 last time I checked) and if I keep that on there if it's positive I guess it can't hurt, but am afraid if I did close it it would drop my score.
yes keep it open, even if you pay it off, you should never close
yes keep it open, even if you pay it off, you should never close an account. I made that mistake in the past and closed out 5 credit cards after I paid them off. My score did drop and when I went to get a cell phone, I got denied.