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Lowes CL at $300...why?

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CreditInspired
Community Leader
Super Contributor

Re: Lowes CL at $300...why?


@Anonymous wrote:

I recently paid off all of my debt, minus my house and car.  I have 2 open credit cards:  CapitalOne (2k limit) and CreditOne (500 limit).  Both cards are at a $0 balance I occassionally charge then pay it off in full.  My car is at a $19k balance and my house is at a $287k balance.  I wanted to get a Lowes credit card because I have some projects at my house that I would like to finish.  One project in particular is a new fence.  I applied and received a $300 CL.  How on earth do I get it to at least $5k? 

 

 

MyFICO Score 8:  Equifax 648, TU 633, Experian 645


Your only two CCs should not be reporting a $0 balance. Let at least 1% report on one of the cards then pay off before statement cuts. Having only 2 CCs also is not helping your score. So at least now having the Lowes puts you at 3 CCs and that will help a tiny bit. So, have 2 cards report $0 and 1 card report at least 1%.

 

GL to you.


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 11 of 12
Anonymous
Not applicable

Re: Lowes CL at $300...why?

You should work on getting those late payments and collection removed.  Getting all of that negative information removed will likely result in around 100 points added to you score.  At that point with scores in the low-mid 700's you can ask for whatever you want from Lowe's and likely get it.  Go from a $300 limit to $20k if you want with a simple phone call.  The constraint here is your negative account information, which I strongly recommend you work on.

Message 12 of 12
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