topic Re: Lowes card approval odds? in Credit Cards

Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 03:46:13 GMT

Considering the Lowes card and can't prequalify for the Home Depot one, sadly.

Current Fico Scores (Just Pulled):

Experian: 644

Equifax: 628

Transunion: 645

I know Lowes is through Sync Bank. I have a Secured Amazon card through them, 42% Util. I have had this card for 5 months, no lates. I got a wal-mart card through Sync Bank as well, last month. Current util is 38%, and my first payment isn't due yet.

Total credit util: 25%

Have a dismissed chapter 13 case on file.

Have 5 collections on experian, and 4 on the other two reports.

Any insight is appreciated.

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 03:51:59 GMT

50/50 until you get the UTIL down.

Get the usage down and it shouldn't be much trouble to pick up the card. One thing to keep in mind is not getting too many store cards on your CR since they're captive unless they offer the V/MC options. Also, too many too soon w/ Synch can be counter productive for not only CL's but, the chance of an audit resulting in a complete shutdown.

Re: Lowes card approval odds?

Jnbmom — Mon, 08 Jul 2019 03:52:28 GMT

Synchrony lowes like a to pull TU as least in my experience. I am not sure if your score is high enough though. You might want to get your utlilzation down to under 8.9%. How old are the collections?

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 04:02:26 GMT

Could getting a 3rd card start an audit?

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 04:05:16 GMT

1 from 2014 - Paid

1 from 2017 - $253

2 from 2018 - $122 and $268

1 from 2019 - $696

All unpaid are medical. The ones from 2017 and 2018 are due to unemployment.

@Jnbmom wrote:
Synchrony lowes like a to pull TU as least in my experience. I am not sure if your score is high enough though. You might want to get your utlilzation down to under 8.9%. How old are the collections?

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 09:29:36 GMT

Strictly going by score on TU, I’m pretty sure you’d get it, although very likely with a limit at the minimum $300. The collections are very recent and unpaid though. I don’t honestly know how Synch feels about that stuff but that would be my more immediate concern. I’d deal with those before apping - those collections and a borderline TU may get you a denial.

Re: Lowes card approval odds?

Jnbmom — Mon, 08 Jul 2019 09:44:31 GMT

@Anonymous wrote:
Strictly going by score on TU, I’m pretty sure you’d get it, although very likely with a limit at the minimum $300. The collections are very recent and unpaid though. I don’t honestly know how Synch feels about that stuff but that would be my more immediate concern. I’d deal with those before apping - those collections and a borderline TU may get you a denial.

I think the recent collection will seriously hurt your chances

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 09:45:39 GMT

I would say get your util down to under 10%, then think about applying, good chance when that happens.

Re: Lowes card approval odds?

CreditInspired — Mon, 08 Jul 2019 18:09:30 GMT

Are the collections after the BK? If yes, that would be 3 not-so-good marks against you: high UT, fair scores, and collections.

If I were you, I would take care of those collections first (see about PFD), then get UT down to <8.9%, which doing so will boost your scores.

Re: Lowes card approval odds?

AverageJoesCredit — Mon, 08 Jul 2019 13:20:16 GMT

Definetly work on your collections and improve your scores. Too many Sync cards too fast can be problematic but not fatal. Use your current Sync cards to build history and see where you are in December

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 17:58:41 GMT

How about October? Lol.
I’ll have all of my balances on every card to zero.

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 17:59:08 GMT

A couple are after the BK.

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 18:00:31 GMT

Thank you. I’ll be paying balances down soon and should get a score jump from that. I was also considering using CS 360 while I do that. Would that be a good idea?

Re: Lowes card approval odds?

CreditInspired — Mon, 08 Jul 2019 18:15:10 GMT

@Anonymous wrote:
How about October? Lol.
I’ll have all of my balances on every card to zero.

IMHO, October only if you have taken care of the collections.

Also, do not pay all balances down to $0; you'll lose a few points. Leave a $5-10 balance on one card.

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 18:31:04 GMT

Thank you for your input! I'll leave one with a balance below 8.9%.

Should I try CS 360 while I am paying down balances? To see if I can get anything removed that way before tackling the collections?

Re: Lowes card approval odds?

CreditInspired — Mon, 08 Jul 2019 18:49:46 GMT

@Anonymous wrote:
Thank you for your input! I'll leave one with a balance below 8.9%.
Should I try CS 360 while I am paying down balances? To see if I can get anything removed that way before tackling the collections?

If you have to pay CS 360 to get collections removed, the answer is no. You can call each collection company involved and ask if they would negotiate a payoff and do a pay for delete (PFD).

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 18:52:24 GMT

@Anonymous wrote:
Thank you for your input! I'll leave one with a balance below 8.9%.
Should I try CS 360 while I am paying down balances? To see if I can get anything removed that way before tackling the collections?

CS360 and other credit "repair" companies are all scammers that charge you money for things you can do yourself. Just take a trip to the Rebuilding section of this forum and ask for help.

Re: Lowes card approval odds?

FinStar — Mon, 08 Jul 2019 18:54:01 GMT

@CreditInspired wrote:
@Anonymous wrote:
Thank you for your input! I'll leave one with a balance below 8.9%.
Should I try CS 360 while I am paying down balances? To see if I can get anything removed that way before tackling the collections?
If you have to pay CS 360 to get collections removed, the answer is no. You can call each collection company involved and ask if they would negotiate a payoff and do a pay for delete (PFD).

To add, if the referenced entity engages in any sort of "credit repair" aspects, please be aware that such discussions are not permitted on the myFICO forums @Anonymous.

The link to such guidelines is referenced below:

https://ficoforums.myfico.com/t5/User-Guidelines-General/FICO-FORUMS-CREDIT-REPAIR-DISCUSSION-GUIDELINES/m-p/7261?jump=true

Re: Lowes card approval odds?

Anonymous — Mon, 08 Jul 2019 19:37:54 GMT

I apologize. I was just asking because it is free service. It won’t happen again.

Re: Lowes card approval odds?

Anonymous — Tue, 09 Jul 2019 03:14:29 GMT

I'd hold off on apping. My incredibly conservative approach is to never app for a product until utilization is in an ideal place, the with possible lone exception being if someone is sitting on a 0% offer for a period of time. If one has elevated (non-ideal) utilization on interest-bearing lines of credit, it's a sign of risk and IMO taking on more risk in acquiring another card isn't the financially responsible move to make.