topic Re: Lowe's (Synchrony) CLI request and AMEX offer in Credit Card Applications

Lowe's (Synchrony) CLI request and AMEX offer

Anonymous — Mon, 03 Jul 2017 03:07:48 GMT

I've had the card for about 3 months. They approved me for $2400 in the store to buy a riding lawnmower plus ten percent off with their veteran's discount. I've since paid off the $1772 for the mower but left 150 on the card to get the account under 7% utilization and to have one card reporting a balance. I don't know why but I asked for 25K. The feedback given said I'd be notified of their decision in 7 to 10 business days. What can I expect?

Also, I decided to see if AMEX had any offers for me and lo and behold there were two; one for a Blue Cash Everyday and an AMEX Everyday. Both cards offer a higher limit after the fifth month if their conditions are met. Are AMEX pre-qual offers reliable? I only have three cards and overall utilization is around 3%; a USAA Classic Platinum, a secure Discover, both with a zero balance. That being said, is it too much too soon to apply for another card? I've had all three for less than three months and my file is pretty thin (AAoA is around 4 years), as is, and my scores seem to be moving up on a weekly basis and I'd hate to interrupt that. Any advice?

Re: Lowe's (Synchrony) CLI request and AMEX offer

austinguy907 — Mon, 03 Jul 2017 03:33:28 GMT

7-10 means no soup for you on Lowe's

not sure why since Synch usually doesn't mind a dirty file which seems to be the case with your scores hovering in the 650's and being offered Amex credit steps.

Amex is reliable in the fact that they're being very specific in the offer they're giving you.

If you can live w/o the new card and get everything over 700-720 you'll be in a better spot for a SL with Amex. That offer should change to the regular 0% offer with a bonus attached. Then you should be able to pick up the $150/$1000 offer on BCE and whatever the ED offer is right now.

Potentially you don't have a dirty file with an AAOA of 4 years but, adding 3 new accounts could have supressed your scores considerably if you didn't have much there to begin with for CC's. Waiting is the best approach though if you don't want to be fighting the $500-$1500 barrier with Amex and make the most of your 3X CLI options.

I know it's hard but, waiting until the new cards hit 1 year would be ideal.

Re: Lowe's (Synchrony) CLI request and AMEX offer

Anonymous — Mon, 03 Jul 2017 04:30:52 GMT

True, it's very hard. When you come from a position of crap credit to kinda, sorta, maybe okay credit and see offers from AMEX you're thunderstruck with temptation and want to jump right in. That said, I think your advice is sound and I'll take it.

As for the three cards, I don't believe they've suppressed my scores because previous to that I had no cards to speak of, just my car loan on a revolving line of credit. After the cards my scores immediately jumped from the 500's to the 600's and have steadily grown since.

Re: Lowe's (Synchrony) CLI request and AMEX offer

austinguy907 — Mon, 03 Jul 2017 05:37:53 GMT

Good to see things are moving in the right direction! I wasn't 100% on what was keeping them down considering the AAOA. It's a marathon though and slow / steady wins the race.

Been there, done that, and got the t-shirt to prove it.