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Lowes new score

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Anonymous
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Re: Lowes new score

1 - Your Lowe's account provides you with a monthly TU FICO 08 score. 

 

2 - Asking for $30k from Lowe's will not result in a HP.  I went from $3k to $30k with a 2 minute phone call and it was a SP.

Message 11 of 20
Anonymous
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Re: Lowes new score

Thanks for encouragement everyone. I did online chat. She asked for income and how much requesting. I told her my income and asking for 20k. I got scared...lol..... said I was doing renovations. And she looked over my account which only has a balance of $14.00 on it with limit of 6k and I have paid on time. She gave me an increase of another 6k. Said could not approve whole amount requested and that I would be getting letter in mail stating why in 7 - 10 days.

I know it has to do with overall high utilization of 50% and past delinquency from college loan that will be falling off my report at end of this year, I believe.

But hey...6k is better than being rejected for whole amount. That increase bring overall utilization down to 42% now. I will work over the next several months to get that down then ask for more.

Also I will ask my other Credit Cards for increase later on since not enough time has passed since getting 3 new cards and I do have one of my cards maxed out which I know hurts score.....
Message 12 of 20
Anonymous
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Re: Lowes new score


@Anonymous wrote:
Thanks for encouragement everyone. I did online chat. She asked for income and how much requesting. I told her my income and asking for 20k. I got scared...lol..... said I was doing renovations. And she looked over my account which only has a balance of $14.00 on it with limit of 6k and I have paid on time. She gave me an increase of another 6k. Said could not approve whole amount requested and that I would be getting letter in mail stating why in 7 - 10 days.

I know it has to do with overall high utilization of 50% and past delinquency from college loan that will be falling off my report at end of this year, I believe.

But hey...6k is better than being rejected for whole amount. That increase bring overall utilization down to 42% now. I will work over the next several months to get that down then ask for more.

Also I will ask my other Credit Cards for increase later on since not enough time has passed since getting 3 new cards and I do have one of my cards maxed out which I know hurts score.....

Awesome!  Glad it worked out for you.

Message 13 of 20
Anonymous
Not applicable

Re: Lowes new score

Favorable CLI request results diminish quickly when aggregate utilization is over 29% and even more when over 49%.  Some will argue that even being in the 9%-29% range can result in less favorable results than if aggregate utilization is from 1%-9%.  It really is in everyone's best interest to have their utilization as low as possible prior to requesting CLIs, especially if you can only do a CLI request every X number of days/months depending on the creditor.  With Synchrony/Lowe's it doesn't really matter, as you can request another CLI with them next week if you want and if your aggregate utilization drops significantly by then you'll likely get what you want.

Message 14 of 20
Anonymous
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Re: Lowes new score

OK got ya. That helps alot. Thanks.
Message 15 of 20
Anonymous
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Re: Lowes new score


@Anonymous wrote:

Favorable CLI request results diminish quickly when aggregate utilization is over 29% and even more when over 49%.  Some will argue that even being in the 9%-29% range can result in less favorable results than if aggregate utilization is from 1%-9%.  It really is in everyone's best interest to have their utilization as low as possible prior to requesting CLIs, especially if you can only do a CLI request every X number of days/months depending on the creditor.  With Synchrony/Lowe's it doesn't really matter, as you can request another CLI with them next week if you want and if your aggregate utilization drops significantly by then you'll likely get what you want.


Note that BBS is mentioning aggregate or total utilization (which counts all CLs together).  In that I am certain he is right.  Keep your total U very low for best CLI results.

 

Someone posted a reference to an internal Wells Fargo memorandum (intended it sounded like for WF staff only) a year or two ago.  It seemed to say that WF viewed 21-29% as the ideal sweet spot for individual utilization (on the specific card for which the CLI was being requested).  More than 29% began to imply risk to WF.  But less than 21% suggested that the person already had a big enough CL and didn't need more.

 

I have no idea whether other CC issuers would look at this a similar way.  And I am certain that you should never allow a belief in a phantom advanatge of 22% to cause you to spend extra money simply to get up that high -- the loss of money from spending anything more than you absolutely need to, and the 22% benefit may be an illusion.  Nor should one ever carry a balance unless you really need to.

 

But.... if you can easily raise your individual util to 22% on the card in question without a dime more spending than you would if you used only debit cards, then perhaps it's a reasonable choice.  Certainly the memo itself seemed plausible as far as it went.

Message 16 of 20
Anonymous
Not applicable

Re: Lowes new score

One small note, the highlest limit that you can ask for with Lowes without POI is $35K and that is what you should ask for as they will counter if necessary.  When I was approved initially for the card, the limit was $501 and in one CLI request, it went to $35K and probably would have received more if I was willing to give them tax returns which I was not.

Message 17 of 20
Anonymous
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Re: Lowes new score

$501?  That's quite an odd SL.

Message 18 of 20
Anonymous
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Re: Lowes new score

What is poi?
Message 19 of 20
Anonymous
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Re: Lowes new score


@Anonymous wrote:
What is poi?

Proof of Income.  It can also be referred to as "IV" or Income Verification.

Message 20 of 20
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