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Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Lowes only approved me for $1,000?!?!?!?

I'm completely lost here.  I am planning on having a new roof put on my shop and figured it would be a great time to get a Lowes card.  I make 92k per year, my Wife makes 35k per year, we have zero debt except for our mortgage which is $800 per month and 2 vehicle loans which are $200 and $250 each.  We have zero credit card debt.  I was only approved for $1,000 for a Lowes card and when I called to ask about this getting lifted they told me due to the mortgage and 2 auto loans that our debt to income ratio is to high.  This makes ZERO sense to me unless they look at it in the fact that the total still owed on the mortgage is 120k and also factor in the cars which are 15k and 9k.

 

Any thoughts on this?

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Senior Contributor
KennyRS
Posts: 4,709
Registered: ‎01-15-2009
0

Re: Lowes only approved me for $1,000?!?!?!?

Call credit solutions and that 1k can easily turn into 10k or 15,20,25.
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:771(8/25) - EQ04:761(7/25) - EQ08:790(8/25) - TU08:795(8/25)
Goal Score: 800+
Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Re: Lowes only approved me for $1,000?!?!?!?

Isn't that a credit repair company?  I also should have added that I have an 805 credit score and my Wife has a 795.

Community Leader
Senior Contributor
KennyRS
Posts: 4,709
Registered: ‎01-15-2009
0

Re: Lowes only approved me for $1,000?!?!?!?


tehdrizzle wrote:

Isn't that a credit repair company?  I also should have added that I have an 805 credit score and my Wife has a 795.


Credit Solutions is not a repair company... GE Money bank is who backs Lowe's card. They can increase your credit line very easily with a SP, not HP.

 

"GE Moneybank: 866-519-6441 (Credit Analyst/Credit Solutions)
GECRB -Credit Solutions 877-379-8173"

 

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/m-p/408066

 

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:771(8/25) - EQ04:761(7/25) - EQ08:790(8/25) - TU08:795(8/25)
Goal Score: 800+
Established Member
tehdrizzle
Posts: 21
Registered: ‎06-23-2012
0

Re: Lowes only approved me for $1,000?!?!?!?

Awesome, thank you!

Community Leader
Senior Contributor
KennyRS
Posts: 4,709
Registered: ‎01-15-2009
0

Re: Lowes only approved me for $1,000?!?!?!?


tehdrizzle wrote:

Awesome, thank you!


Anytime. :smileyhappy:

Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:771(8/25) - EQ04:761(7/25) - EQ08:790(8/25) - TU08:795(8/25)
Goal Score: 800+
Regular Contributor
CenturyChild
Posts: 201
Registered: ‎08-06-2012
0

Re: Lowes only approved me for $1,000?!?!?!?

Call them or PM them from your account. They upped my initial limit hours after approval.

--Gardening until 12-2014--

Average Starting FICO 585 (6-12)
Current FICO 685 as of (3-14)
Valued Contributor
-Wade-
Posts: 12,561
Registered: ‎08-13-2013
0

Re: Lowes only approved me for $1,000?!?!?!?


tehdrizzle wrote:

I'm completely lost here.  I am planning on having a new roof put on my shop and figured it would be a great time to get a Lowes card.  I make 92k per year, my Wife makes 35k per year, we have zero debt except for our mortgage which is $800 per month and 2 vehicle loans which are $200 and $250 each.  We have zero credit card debt.  I was only approved for $1,000 for a Lowes card and when I called to ask about this getting lifted they told me due to the mortgage and 2 auto loans that our debt to income ratio is to high.  This makes ZERO sense to me unless they look at it in the fact that the total still owed on the mortgage is 120k and also factor in the cars which are 15k and 9k.

 

Any thoughts on this?


Congrats on your approval :smileyhappy:

*** Old user name newportguy*** Current Score: myFico EQ - 806 (04/04/2014) Discover TU Fico - 808 (07/03/2014) myFico EX - 804 ( 07/08/2014 ) ******* Amex - BCP 10 K * Discover - IT 10.5 K * U.S. Bank Cash + Visa Signature 8.8 K * PenFed - Cash Rewards 5 K * Amex - GDSM 5 K ****** FICO 800 Club Member ******* EQ 806 *** TU 808 *** EX 804 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 830's Scores ******
Senior Contributor
yudeology101
Posts: 4,586
Registered: ‎06-21-2012
0

Re: Lowes only approved me for $1,000?!?!?!?


KennyRS wrote:
Call credit solutions and that 1k can easily turn into 10k or 15,20,25.

+1, ask for $40k and they'll counter and meet you somewhere in the middle :smileywink:

JPM Ritz Carlton $8k I UMP Club $8k I CSP $5k | Chase Hyatt $5k I AMEX Green NPSL I AMEX Delta $2k I Citi AA $2k | C1 QS $4.5k
BOA UNC-CH Alumni $6k I Hawaiian WEMC $3k I Arrival $3.5k I IT $1.5k | Merrill+ $2k | Lowes $12k | TJX $1.55k | +6more
Scores: EQ:671 (FICO 11) EX:686 (FICO N/C) TU:686 (FICO N/C) *8-5-14*
Overall UTIL: 14% *Gardening Since: 8/1/14*
------------------------------------------------------------
Need to stay out of trouble.... Go Heels!!! ... GC Watchlist ( #1 as of 12-12-13)
Community Leader
Senior Contributor
KennyRS
Posts: 4,709
Registered: ‎01-15-2009
0

Re: Lowes only approved me for $1,000?!?!?!?

It's funny and weird that I've never called CS. I've always wanted to, but I've just never been that motivated. I figured that I would eventually get to where I wanted with their luv button. I completely understand the OP calling for sure, planned purchases would be my motivation, as well. My HD is 20k and Lowe's is 10k. For the longest time Lowe's was beating HD in the CLI department. lol

40k is a whopper of an amount! lol Some people can pull that off though, me I would be like uhmmmm I just need more. lol

Best of luck, OP.
Starting Score: EQ04: 748 (1/31/14) - TU08: 755 (1/06/14)
Current Score:EX08:771(8/25) - EQ04:761(7/25) - EQ08:790(8/25) - TU08:795(8/25)
Goal Score: 800+

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