Lowes card concerns

stealthc63 · ‎06-12-2015

So after a successful app spree this month I have managed to acquire 5 new accounts adding 57k of available credit to my profile. I am so close to the 100k mark and am debating on applying for the Lowes card to get me there. My concern is once all of these accounts report to the CRA's one of the banks is going to close down my new account or lower my CL. The banks I app'd with were Chase, Cap1 and Barclays. I think Im mostly scared of Chase at this point. I just got my beautiful Ritz in the mail and I dont want to lose it or my 17k credit line. I've already put 2k on the card and plan on paying the majority of that down before the statement cuts. Does anyone have any experience or thoughts they can share on the matter. I swear after I app for the Lowes I'm gardening for at least a year lol.

Anonymous · ‎06-12-2015

@stealthc63 wrote:
So after a successful app spree this month I have managed to acquire 5 new accounts adding 57k of available credit to my profile. I am so close to the 100k mark and am debating on applying for the Lowes card to get me there. My concern is once all of these accounts report to the CRA's one of the banks is going to close down my new account or lower my CL. The banks I app'd with were Chase, Cap1 and Barclays. I think Im mostly scared of Chase at this point. I just got my beautiful Ritz in the mail and I dont want to lose it or my 17k credit line. I've already put 2k on the card and plan on paying the majority of that down before the statement cuts. Does anyone have any experience or thoughts they can share on the matter. I swear after I app for the Lowes I'm gardening for at least a year lol.

Your chances of any AA are very low. Go ahead and apply for the Lowes card if you can use the card.

stealthc63 · ‎06-12-2015

Ok, should I wait until my 17k ritz reports? As of right now my highest reporting limit is 5600. I want to make sure I get the highest SL possible from this card when I apply. Thanks for your help.

DaveInAZ · ‎06-12-2015

@stealthc63 wrote:
Ok, should I wait until my 17k ritz reports? As of right now my highest reporting limit is 5600. I want to make sure I get the highest SL possible from this card when I apply. Thanks for your help.

I would app before that new credit account reports, the high CL won't have much if any affect on your chances of success. But be aware they usually give low SLs with the online app, some report only getting a couple hundred, I got $700 back in Jan with scores around 700. Immediately call the backdoor # for credit analyst and tell them you have several home improvement projects, plan to spend a couple grand, and ask for the CL that you want. I asked the credit analyst for $5k and was approved. Others will no doubt quickly chime in with" "No! Ask for $25,000 CL (Synchrony's max) and let them counter". Your choice, I wanted $5k CL and felt that was appropriate for my financial & credit situation and needs, and would rather get what I ask for instead of playing Let's Make a Deal.