Powered by Yahoo! Answers

I already applied for a Macy's visa credit card but I'm not sure if this is good for build my credit history?*

I came from Cuba only 5 months ago and I live in Miami. I've a visa credit card but a bank employee told me I need to get more lines of credit to build a good credit history for my future, so I applied on line for a Macy's visa credit card and now I'm not sure if I did the right thing or not because after that I saw several bad comments in internet about Macy's credit cards and I don't know if better I cancel my card when I'll get it. In addition to, I need to know if I can use this card in any place that accepts visa credit cards, thanks to every one. I need to know if I can use it in any place that accepts visa.

Answers:

1) store credit cards arent the same as regular credit cards stay away from them if you can because your macys card will always be a high interest rate as opposed to a regular say visa card will be lower. thus the lack of movement in your credit score and maybe even a drop from having store cards.

2) store credit cards are usually the easiest way to build your credit. If you have no credit history you will most likley never receive a Mastercard or Amex card. So you should get a store card, not abuse it, and in about 6 months to a year you could probably get a better card. ----however if you do abuse it you are def screwed, they have high interest rates. So id say buy something extremely cheap like $20 or $30 and make the payments for that so you can have some credit history Whatever you do, do not cancel it if you get it. Simply cancelling a credit card will also ruin your credit score Well if its a macys visa card then yes you can use it anywhere they accept visa. If its somply a macys card then no you cannot use it anywhere but macy's

3) Do not close it. Just keep the card and only use it occaisionally. Don't charge more than 30% of your credit line and pay it off asap. Say every other month or something. Do this and it will build your credit. DO NOT GO OVERBOARD WITH IT. You can only use it at macy's i believe. ask macy's store when you get it.

4) It depends on whether you have the Macy's store card that can only be used in Macy's or the Macy's visa which is accepted anywhere Visa is. I have a Macy's card and have no problem with them at all. As long as you pay your bills on time and manage the account well you should never have a bad experience with a company.

*The answers on this page are supplied by users of the Yahoo! Answers forum or by visitors to this site. CreditOptions does not necessarily endorse or agree with the answers provided.