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Lowes closed my credit card account; in the process of getting mortgage.

Member

Lowes closed my credit card account; in the process of getting mortgage.

Lowes closed my credit card with a $200 balance.  I received a letter stating that after pulling a new credit report, they decided to close my account.  I do not understand this as my credit score has drastically increased in the last six months.  I did have two 30 days late last year; one in May and one in August.  I am wondering if Lowe's closing my account is going to negatively affect my credit score, thus messing up our mortgage application.  I contacted Lowes and spoke with the representative, supervisor and manager on duty; all stated that they could not reactivate the account (which was just closed last week) but I could try to put a request in writing although I probably wouldn't get much of a different response.  We were planning on closing on a house by the end of August.  Any advice?

Message 1 of 5
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Mega Contributor

Re: Lowes closed my credit card account; in the process of getting mortgage.


jcdavis4 wrote:

Lowes closed my credit card with a $200 balance.  I received a letter stating that after pulling a new credit report, they decided to close my account.  I do not understand this as my credit score has drastically increased in the last six months.  I did have two 30 days late last year; one in May and one in August.  I am wondering if Lowe's closing my account is going to negatively affect my credit score, thus messing up our mortgage application.  I contacted Lowes and spoke with the representative, supervisor and manager on duty; all stated that they could not reactivate the account (which was just closed last week) but I could try to put a request in writing although I probably wouldn't get much of a different response.  We were planning on closing on a house by the end of August.  Any advice?


Unfortunately they seen something they did not like on your reports.

 

Give this # a call

 

1877 379 8173

 

State your case to them and they may be able to help you. Good luck!!!




EQ FICO 548 3/3/16
Message 2 of 5
Epic Contributor

Re: Lowes closed my credit card account; in the process of getting mortgage.

This seems like old GE, I hope with number posted above you can get a real person that can do a SP for new report and see what's going on... if these negatives are before the account was open, they should be able to see that and fix it... Keep us posted what they say.

What was limit and when you open?

Message 3 of 5
Valued Contributor

Re: Lowes closed my credit card account; in the process of getting mortgage.

Just pay off the balance and the FICO difference will be minimal assuming no other major balances outstanding that the CL on the Lowes card was negating.  The card will still count towards your AAoA for ten years.

Message 4 of 5
Member

Re: Lowes closed my credit card account; in the process of getting mortgage.

After a few more efforts, Lowes stuck with their decision and did not reopen my account.  I went ahead and paid off the balance and it has reported to myfico.  It doesn't look like it is hurting my credit, yet.  Thanks for all of your advice!

Message 5 of 5