so at some point we should see a credit limit once we log in to our account?

I have great news for Macy's card holders!!! I was on the phone with a rep about 4 days ago! They have always used what they call a "guidline", which means you can always go over what your established limit is set at in their system. Well this month they are going back to reporting credit limits on their customers credit bureaus, thats going to have such a positive impact on an Macy's card holders credit bureau! In otherwords they are going back to set limits! This is much needed good news for people wanting to boost their utilization!!!

Thanks for the info guys. I have a Macy's card with no pre-set limit. I won't be using it too much now that I know.

Derek is right, it could potentially affect your credit score in a bad way. With more popular cards creditors report both credit limits and balances, creating your utilization. For example, say your credit limit is $1,000 and the balance is $250 that month; your report would indicate a 25% utilization. With a no pre-set spending limit (a.k.a charge card from American Express) only the balance is reported to the credit agency, making your utilization go up! So if you had a $500 balance on your charge card one month it shows up as 100% utilization... or if the balance was $10 one month it still shows up as 100% utilization.

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[/HR]Example of a credit report]

Card: American Express Zync (charge card no pre-set spending limit):
Balance: $500
Reporting limit: n/a
Utilization: 100%

Card: Discover More Card
Balance: $650
Reporting limit: $1,000
Utilization: 65%


Total balances: $1,150
Total utilization: 115% (high!)

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Typically maintaining a 25% utilization is a good way to improve your credit score & report.


PS. Were you thinking about obtaining a no pre-set spending limit card?

It will hurt you credit score unless you have enough available credit to make up for the difference. I would NEVER recommend a no pre set limit to anyone.

How does a "no pre set spending limit" affect the calculation of your credit score and your debt/equity ratio?