topic Re: Tips wanted for Lowes CLI in Credit Cards

Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 21:55:40 GMT

I was approved online for the lowes advantage cc over seven months ago with a $1,000 sl. My TU score was ~690 at that time. Recently hit the online luv button and asked for $8,000 and was denied. My TU has dropped to the ~690s due to high utilization on other cards. I should be able to boost my score to the 700s within the next couple months by lowering my utilization. I’ve seen people here get huge CLIs and would like to increase mine to help with my overall utilization. Im not a huge spender but consistently spend hundreds on lowes each month and PIF on time. I plan on calling credit solutions soon when my TU hits ~700+ and asking for 18k and hopefully get countered 12k-15k. Hope to someday increase this limit to 20k-22k. Ive never called to request a CLI so wondering if this is a reasonable increase or should I request more?

Re: Tips wanted for Lowes CLI

Jnbmom — Sun, 03 Nov 2019 21:57:51 GMT

What were the reasons given in your decline letter?

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:04:31 GMT

You mention high usage on other cards - how high and on how many of your cards? TU score seems to be the big factor for Lowes but your profile will come into play. Paying down other accounts is likely to help a lot.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:05:30 GMT

Have not received the letter yet. I just requested the CLI earlier this week

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:11:35 GMT

Total reported usage was ~80% by the end of this of this month it should report ~35% or less

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:15:06 GMT

The 80% is very likely the issue. If you’re shooting for 35%, try to dig a little deeper and try for 28%. That’ll drop you through an additional scoring threshold and kick in a few more points. Plus, Synchrony is now using VS4.0 for credit decisions, and in my Lowe’s account it lists the most critical factor for VS4.0 scoring as utilization.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:22:01 GMT

Does Synchrony do a HP on an online request for Lowe's card?

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:24:04 GMT

@rsmy1234, if you mean a CLI request, no - it’s a SP just like calling in.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:25:58 GMT

@Anonymous wrote:
@rsmy1234, if you mean a CLI request, no - it’s a SP just like calling in.

Lol, yes that's what I meant, sorry. Not for the card. I'll try the button.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:33:17 GMT

@Anonymous wrote:
Does Synchrony do a HP on an online request for Lowe's card?

I tried the luv button. I put up the shot and it was rejected. It looked like goaltending to me, but ref said blocked shot lol.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:51:52 GMT

@Anonymous wrote:
I was approved online for the lowes advantage cc over seven months ago with a $1,000 sl. My TU score was ~690 at that time. Recently hit the online luv button and asked for $8,000 and was denied. My TU has dropped to the ~690s due to high utilization on other cards. I should be able to boost my score to the 700s within the next couple months by lowering my utilization. I’ve seen people here get huge CLIs and would like to increase mine to help with my overall utilization. Im not a huge spender but consistently spend hundreds on lowes each month and PIF on time. I plan on calling credit solutions soon when my TU hits ~700+ and asking for 18k and hopefully get countered 12k-15k. Hope to someday increase this limit to 20k-22k. Ive never called to request a CLI so wondering if this is a reasonable increase or should I request more?

So for me, I requested online. My CL is 9200, most of my other cards are above 20K. I requested 20K and was denied. My utilization is 1% total, had the card for 2 years. Others have large CLs on their Lowe's card, not me. Not sure what drives this, maybe my low usage. In the winter months, I don't use the card. High balance is about $300. Everytime I need to spend about $100+, Amex has an offer for Lowe's and I use it because it exceeds the 5% on the Lowe's card.

I'll get a letter and give an update for the reasons after I receive it.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:55:24 GMT

Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:56:44 GMT

Probably one of two reasons....

Insufficient experience at current limit (this one is timing related if you're hitting it before the 4th statement cuts)

Max limit per policy (this one means you should probably call credit solutions and bypass the online form because you're too close to 10K)

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:57:57 GMT

@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

Well, the 2 reasons are why you don't have an 850 not why you were denied for the CLI.

The old score and it being under 700 is more likely the reason. If you want to get somewhere with them then you need to get your score up and then call them.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 22:59:30 GMT

@Anonymous wrote:
Probably one of two reasons....

Insufficient experience at current limit (this one is timing related if you're hitting it before the 4th statement cuts)

or

Max limit per policy (this one means you should probably call credit solutions and bypass the online form because you're too close to 10K)

Me or OP? Lol

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 23:02:22 GMT

Anyone... those are really the only reasons they deny anyone a CLI for.

Of course you could be the unicorn that ran up all of his cards and then that would be a reason but, typically that's not the case.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 23:07:30 GMT

@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

I can see the lack of real estate loan information being an issue with getting a large CL with the card. If you own a home, its not uncommon to need to spend a few K on a project or fix, and they know a larger line is needed for such circumstances.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 23:09:12 GMT

@Anonymous wrote:
Anyone... those are really the only reasons they deny anyone a CLI for.

Of course you could be the unicorn that ran up all of his cards and then that would be a reason but, typically that's not the case.

I'll wait until the letter comes and if it seems bogus, I'll call.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 23:16:27 GMT

@Anonymous wrote:
@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent
I can see the lack of real estate loan information being an issue with getting a large CL with the card. If you own a home, its not uncommon to need to spend a few K on a project or fix, and they know a larger line is needed for such circumstances.

Computers don't rationalize a decision. People also run businesses in which they don't have a mortgage on the personal CR and use Lowe's for K's of $$ per month.

The reasons you get on denial letters in the set of 4 are directly related to why your FICO isn't 850 not why you were denied.

Re: Tips wanted for Lowes CLI

Anonymous — Sun, 03 Nov 2019 23:19:06 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent
I can see the lack of real estate loan information being an issue with getting a large CL with the card. If you own a home, its not uncommon to need to spend a few K on a project or fix, and they know a larger line is needed for such circumstances.
Computers don't rationalize a decision. People also run businesses in which they don't have a mortgage on the personal CR and use Lowe's for K's of $$ per month.

The reasons you get on denial letters in the set of 4 are directly related to why your FICO isn't 850 not why you were denied.

The denial letter stated specifically that the lack of home loan info as one of the reasons.