topic Re: Lowes Card - New Home purchase in Credit Card Applications

Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 02:00:18 GMT

Hello all,

I close on my house July 12th 2019, a large part to the help I have received in this forum.

My question is, what do you guys think my odds are for getting a Lowes card with the following information?

EQ - 678

TU - 654

EX - 662

AAoA - (on MyFico - 4y 0m) (On CK - 1y 1m)

BK7 - 2y 1m

Util @ 17% (will be less by closing and applying for card)

CAPITAL ONE Quicksilver $280/$500

CAPITAL ONE BANK USA NA$197/$500

CREDIT ONE BANK $161/$800 (will be paid off next billing statement)

MERRICK BANK $15/$550 (Netflix & HBO Now subscriptions)Got rid of cable

FIRST PREMIER BANK $10/$600 (Monthly Fee, Oldest Card)

FIRST PREMIER BANK $8/$700 (Monthly Fee, 2nd Oldes card)

CB INDIGO $0/$300

Re: Lowes Card - New Home purchase

CramEiko — Mon, 24 Jun 2019 02:55:16 GMT

Hopefully someone comes by to help answer this for you. I know Lowe's is very score driven. The higher the score the more CL they give you. I would imagine Citi would be tougher.

Best of Luck!

Re: Lowes Card - New Home purchase

mikesonthemend — Mon, 24 Jun 2019 04:30:47 GMT

@Anonymous wrote:
Hello all,

I close on my house July 12th 2019, a large part to the help I have received in this forum. Mega Kudos!

My question is, what do you guys think my odds are for getting a Lowes card with the following information?

EQ - 678
TU - 654
EX - 662

AAoA - (on MyFico - 4y 0m) (On CK - 1y 1m)
BK7 - 2y 1m
Util @ 17% (will be less by closing and applying for card)

CAPITAL ONE Quicksilver $280/$500
CAPITAL ONE BANK USA NA$197/$500
CREDIT ONE BANK $161/$800 (will be paid off next billing statement)
MERRICK BANK $15/$550 (Netflix & HBO Now subscriptions)Got rid of cable
FIRST PREMIER BANK $10/$600 (Monthly Fee, Oldest Card)
FIRST PREMIER BANK $8/$700 (Monthly Fee, 2nd Oldes card)
CB INDIGO $0/$300

You are solid with the Synchrony Lowes card with the 5% discount on all purchases. No idea about starting limit, but when your mortgage starts reporting your credit world will open wide.

See if someone around these parts can loan you an axe to cut First Permier, Indigo, Credit One, and Merrick.

Start looking at Amex and Discover pre-qual and then wait.

Congratuations on your new house!!!

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 04:43:47 GMT

Thanks guys!! Those cards you mentioned are going as soon as I have the keys in my hand, that is the first order of business, then work to get lowes and garden until I can get the Discover it card or Amex then garden garden garden!!

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 06:18:18 GMT

Congrats on the new house!

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 10:39:59 GMT

Your TU is high enough now to get the Lowe’s card although your limit won’t be much. I would pay off all of your tiny balances along with as much of the rest as is possible (basically, go into AZEO), let your mortgage report, and then go for the card. And congrats on the house!!

Re: Lowes Card - New Home purchase

Shooting-For-800 — Mon, 24 Jun 2019 12:29:11 GMT

Lowes will probably be a very low limit but boy can it grow!

Congrats and GL!

Re: Lowes Card - New Home purchase

M_Smart007 — Mon, 24 Jun 2019 13:33:11 GMT

Congats on The House!

personally i'd go with Message # 6

GL2U

Re: Lowes Card - New Home purchase

jmos — Mon, 24 Jun 2019 19:30:49 GMT

Hi. Just curious. It's been 2 years and 1 month since the BK7. Did you burn Lowes in your BK7?

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 19:49:22 GMT

I did not burn lowes or synchrony in bk7.

Thank you all for the guidance and suggestions, I will update after app in mid August when mortgage his credit profile.

One last thing, app after keys in hand or after mortgage hits credit profile on TU? Or try both and see if it works on either, they will be more than a month apart.

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 20:46:05 GMT

agree with everyone else. You should be good to get a low limit lowes account. My account grew to $30k limit in three years just by calling the backdoor UW number, however, I would suggest you apply for the card in the store, because if approved the associates have the ability to call in and request a higher limit based on what type of work you are trying to get done. Hope this helps.

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 21:38:24 GMT

@Anonymous wrote:
I close on my house July 12th 2019, a large part to the help I have received in this forum. Congrats! Biggest ticket item you'll ever finance.

EQ - 678
TU - 654
EX - 662

AAoA - (on MyFico - 4y 0m) (On CK - 1y 1m)
BK7 - 2y 1m --- this is going to be the biggesr hurdle to oevrcome until it hits about 5 years
Util @ 17% (will be less by closing and applying for card)

CAPITAL ONE Quicksilver $280/$500
CAPITAL ONE BANK USA NA$197/$500
~~CREDIT ONE BANK $161/$800 (will be paid off next billing statement)~~
~~MERRICK BANK $15/$550 (Netflix & HBO Now subscriptions)Got rid of cable~~
~~FIRST PREMIER BANK $10/$600 (Monthly Fee, Oldest Card)~~
~~FIRST PREMIER BANK $8/$700 (Monthly Fee, 2nd Oldes card)~~
~~CB INDIGO $0/$300~~

Ok, so looking things over the big thing to try to do is get out of toy land. You don't want Toy R Us limits w/ a house to take care of. You already mentioned killing off the Red items above. The BK is going to be an issue with most of the major lenders due to it being 2 years old at this point. Some recon calls can overturn the computer decision like the auto denials w/ Chase when they see a BK. Amex kind of flip flops around 5 years post discharge. I don't recall how bad Barclay's is with it but, the Uber might be a way in the door with your TU. Of course hit all of the pre-approval sites and see what pops up.

https://doctorofcredit.com/view-personalized-credit-card-offers/

The mortgage typically takes 2-6 months before it will report which is why most have a little spree before it does. I personally think the mortgage shows lenders you're more stable than w/o. Of course there's a small dip in scores when it reports as a new account but the points are minimal.

If you can scrub some dirt off your file in the meantime that would probably help improve your chances further.

Re: Lowes Card - New Home purchase

Anonymous — Mon, 24 Jun 2019 23:48:27 GMT

Thank you Obscure-Expert.

I will work on scrubbing dirt, and all the red cards will be gone shortly after I close, I just looked, and it will not affect my AAoA by much, only one of the reds has more age then the cap ones, by 1 month, so deleting those reds will be a good thing for sure.

So I am understanding I should do the little spree after close but before mortgage hits reports?

Re: Lowes Card - New Home purchase

chiefone4u — Tue, 25 Jun 2019 00:06:35 GMT

My scores were close to yours when I closed on our house in February 2019 (charge off credit card, no bk though).

I applied and was approved for $500 limit with Home Depot card about 3 hours after receiving the keys.

Three weeks later US Bank reported the loan and I applied for Lowe's card (hoping a mortgage reporting would result in higher limit), instant approval $1,000. In April I hit the luv button and asked for $25k, countered (and accepted) $12k (new limit $13k).

Congratulations on your home and best of luck on your future app with Lowe's!

Re: Lowes Card - New Home purchase

Anonymous — Tue, 25 Jun 2019 00:15:13 GMT

@chiefone4u

Thank you for the information

That gives me some kind of hope, I was thinking of HD, but I am a vet, and they require all kinds of hoops to jump through to get the 10% military discount, so since I found that out, I am 100% Lowes, that discount is even better then the everyday 5% they give.

So I will wait for mortgage to hit reports (Financing with American Financing out of Denver not sure how fast they report it) then app Lowes and if approved look for the love button in august-september area, new house did not come with a fridge, and the DW really wants a gas range, house came with electric flat top, so I figured a just get the trifecta ($3500 which includes everything I need to run gas to the kitchen) and replace fridge, range, dishwasher with matching brands and color, she deserves it for sure!!

Re: Lowes Card - New Home purchase

Anonymous — Tue, 25 Jun 2019 00:24:49 GMT

I think it's a 90/10 split on before/after it reports. It doesn't really make a difference other than the stability factor w/ a manual review. You don't lose many points when it starts reporting anyway.

It comes down to need/preference.

Picking up a package of 3 big ticket items like that and running a gas line sounds like a project. Matching appliances are nice for resale too.

Re: Lowes Card - New Home purchase

Anonymous — Tue, 25 Jun 2019 00:28:27 GMT

I am very comfortable with the gas line, lol

Will make the DW very happy, and the resale note is nice.... we bought the house for 10k under appraisal, so we have a little equity from the start.

After appliances fully finishing the basement will be the next project (Hence the Lowes card) it is currently about 80% finished, still needs carpet and another bedroom, because the main room is entirely too big, unless I made it a theatre lol

Re: Lowes Card - New Home purchase

Anonymous — Tue, 25 Jun 2019 00:33:32 GMT

Basement.... I think hockey rink would be more appropriate

Down in the south we call those parking garages.

Re: Lowes Card - New Home purchase

Anonymous — Tue, 25 Jun 2019 00:35:34 GMT

Just have to wait until Novemberish here and Hockey rinks happen naturally in your driveway lol

Where at in the south? I lived (stationed in) Savannah, GA for about 7 years, been here in colorado for about 5 now, northern colorado that is

Re: Lowes Card - New Home purchase

Anonymous — Tue, 25 Jun 2019 01:20:01 GMT

TX.... we fit many states in our foot print.