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why wont lowes approve me!!!!

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Contributor

why wont lowes approve me!!!!

so the lowes store card is through synchrony right? i've been declined twice but i have 3 other synchrony cards (paypal credit,walmart and amazon)

why would the lowes card be so hard to get for me?

all 3 fico 08's in the 630's
12 REPLIES
Member

Re: why wont lowes approve me!!!!

I'm on my iPhone so I can't see your scores, but I can tell you that Synchrony has different UW criteria for various card offerings. If you haven't done so, I suggest you reference the credit pulls site to see other's experience in getting this card (as well as any others you may be tempted to app for). If your scores don't align with the minimums you find for approval then you might be better off waiting.

I also recommend you pay attention to the denial letter you'll receive and focus on the reasons listed for denial. This may save you from wasted hps in the future.
Contributor

Re: why wont lowes approve me!!!!

622 fico 08, 1 collection and 1 charge off, no lates in over a yr.

it seems crazy to me though, it's just a store card and they approved me for 3 other ones lol. i really need lowes!!! 

all 3 fico 08's in the 630's
Valued Contributor

Re: why wont lowes approve me!!!!

Did you try Home Depot? Not trying to scare you, but Sync is not very reliable these days with freezing/closing accounts. 

BK 5-2012 Revolving Rebuild Started 6-2016
AMEX ED & SPG | BOA CR | PenFed PR & CR | NFCU FS | Discover IT | Cap1 QS & VENTURE | LOWES | Barclays AVIATOR

Valued Contributor

Re: why wont lowes approve me!!!!

That's a low score. Work on the collection. You really need 660 or so. Remember a higher score with bad marks vs a clean thin file is different for all banks.
Open one, close three. Open one, close three.
Member

Re: why wont lowes approve me!!!!

I'm seeing 660's minimum for Lowes approvals on the site I referenced in my prior response. 620 will work for Amazon and Walmart but it's not quite enough to get into Lowes territory.

Gardening and let your other accounts age, carrying under 10% util should get you where you need to be.

Good luck!
Senior Contributor

Re: why wont lowes approve me!!!!

Your scores are too low.  Do a Google search for Credit Pulls Database and look at the data reported for Lowe's.  Out of maybe 100 approvals on there, you're hard pressed to find 2-3 that were approved with a score below 630.  That means 97-98% of those being approved for the card have higher scores than you.  There are also people denied for the card with higher scores than you:  671, 667, 676, 703, 650, etc. 

 

Based on credit pulls database data, I wouldn't recommend that anyone apply for Lowe's with a score lower than 710.  Around that score is where it looks like approval odds get very high; anything lower than that IMO is too risky.

Frequent Contributor

Re: why wont lowes approve me!!!!


nightrider1 wrote:

so the lowes store card is through synchrony right? i've been declined twice but i have 3 other synchrony cards (paypal credit,walmart and amazon)

why would the lowes card be so hard to get for me?


Besides your current scores looking a too low for the Lowes card in general, based on credit pulls data...Synchrony has been on a warpath to reduce the risk in their portfolio ACROSS ALL PRODUCTS . You may have reached the maximum exposure they want to allow with you right now. Also your payment history, amount paid vs balance owed on your existing Sync Accounts are a big factor in further lending decisions. I would highly suggest that you manage your current accounts wisely, pay down any balances very quickly, and let the Synchrony Bear sleep for a whie. If you dont, you could wake up with all 3 accounts frozen and requests for your 4506-t tax info or all 3 accounts closed.


Jan 2016 FICO 8s EX 505 - EQ 526 - TU 495 *** May 2017 FICO 8s EX 696 - EQ 695 - TU 705 *** INQs - EX 10 - EQ 20 - TU 12 *** TCL $282,650
Contributor

Re: why wont lowes approve me!!!!

yeah i get it.....

it just seems ridiculous for a lender to offer credit from one store but deny you credit at another. makes no sense to me! i mean why would it be riskier to offer me credit at lowes but not at walmart!

i am going to the garden for to foreseeable future and  let my score improve. my uti is about 19% which i'm going to keep at below 10% from here on out and let my accounts age.

from where i was at 6 months ago to today makes me excited! 16 collections removed and no credit cards, to 1 collection and after my app spree the past 2 weeks i now have a qs1,walmart,amazon and paypal credit and a cap1 platinum that was secured but they gave me a 60% cli. all cards i can use and benefit from. i am kinda pissed at myself for the added inquiries i got but oh well. with 6 months or so of good history and age on all my other stuff i should be sitting pretty good.

all 3 fico 08's in the 630's
Contributor

Re: why wont lowes approve me!!!!

The Lowes card is Collection sensitive. My wife applied last year with scores hover around 700 on all 3 CRA's but was denied but she still had a collection showing.  She's over 700 now, no collection even though her Ch 7 BK from 2010 still shows and she was instantly approved and then bumped to 12k trade line.

 

 

Underwriting differs because of the criteria the partners ask syncrony to look for on their branded cards.

TU 778 EQ 755 EX 767
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