topic Re: Lowe's Card Cancelled in Credit Cards

Lowe's Card Cancelled

Appleman — Fri, 22 May 2020 17:01:15 GMT

Just a data point for the board. I received an alert that my Lowe's Card was closed from myFICO

SYNCB/LOWES

Amount $0.00

Paid Loan

This was for my Lowe's Credit card with a $25,000 limit.

The last use was Sept of 2019 so about 8 months.

5-6 new accounts and inquiries last few months (Auto loans, refinanced Auto Loans after COVID, personal loan and an Apple card).

I have other Synchrony products, PayPal, Marvel, and Amazon and all three of those cards receive monthly usage.

Total credit lines were $101,000 with maybe $80 in various balances across all lines.

Now down to $76,000 of available credit with Synchrony.

Suprised, not surprised but we were debating a few Spring projects with the Lowe's card. Obviously plenty of other options just wanted to provide some data points.

Re: Lowe's Card Cancelled

jmos — Fri, 22 May 2020 17:03:51 GMT

Wow. Thanks for the info.

Re: Lowe's Card Cancelled

Anonymous — Fri, 22 May 2020 18:03:41 GMT

@Appleman wrote:
Just a data point for the board. I received an alert that my Lowe's Card was closed from myFICO ... just wanted to provide some data points.

Tough break, though it sounds like you are better equipped than most to "weather the storm." Thanks for sharing the DPs -- very instructive.

Re: Lowe's Card Cancelled

M_Smart007 — Fri, 22 May 2020 17:04:27 GMT

@Appleman, Sorry for your Lowe's closure

Thank you for providing valuable data points

Re: Lowe's Card Cancelled

Openwater — Fri, 22 May 2020 17:15:59 GMT

Sorry to hear, thanks for the DP's. Seems like if cards don't get use now-a-days, banks are quick to cut them off....

Re: Lowe's Card Cancelled

coldfusion — Fri, 22 May 2020 18:30:09 GMT

$101K in aggregate CL across all accounts is right up against the maxinum Synchrony typically likes to extend to a client even under the best of times. Unfortunate but not totally unexpected given current conditions and the lack of recent use on the card.

Re: Lowe's Card Cancelled

CreditCuriosity — Fri, 22 May 2020 18:43:17 GMT

Been about 14 months since my lowes card has seen any activety, thankfully still open.. Probably saving grace last purchase was $4400 approx dollar paid off in a few months of defferred financing so maybe they figure i will make a decent size future purchase. If they keep it open another few months they are likely to see another 3-4k purchase.

Sorry to hear OP although not going to go to lowes to buy a roll of paper towels to keep it open. I figure ill roll with the punches and see if my 35k card will remain open only sync card atm.. care credit i also charged 10k on it, but since paid it off and since myself closed that card myself.

Re: Lowe's Card Cancelled

CYBERSAM — Fri, 22 May 2020 19:31:14 GMT

@Appleman wrote:
Just a data point for the board. I received an alert that my Lowe's Card was closed from myFICO

SYNCB/LOWES
Amount $0.00
Paid Loan

This was for my Lowe's Credit card with a $25,000 limit.
The last use was Sept of 2019 so about 8 months.
5-6 new accounts and inquiries last few months (Auto loans, refinanced Auto Loans after COVID, personal loan and an Apple card).

I have other Synchrony products, PayPal, Marvel, and Amazon and all three of those cards receive monthly usage.
Total credit lines were $101,000 with maybe $80 in various balances across all lines.
Now down to $76,000 of available credit with Synchrony.

Suprised, not surprised but we were debating a few Spring projects with the Lowe's card. Obviously plenty of other options just wanted to provide some data points.

Very sorry to hear! This makes me nervous about my new Lowe's card

Re: Lowe's Card Cancelled

kdm31091 — Fri, 22 May 2020 19:56:21 GMT

Lowe's was a card that a lot of people went for huge limits on, and were granted, but a lot of the times the usage didn't match up with the limit. So honestly, this isn't that surprising to me. The card hadn't been used in 8 months and had a large limit. No reason for the bank to continue to extend the limit.

Synchrony is obviously tightening up on a lot of things and my guess is the huge unused limits are the first easy thing to cut.

Re: Lowe's Card Cancelled

Appleman — Fri, 22 May 2020 20:02:44 GMT

Like many of you I run off and check my cards when I hear an issuer has closed an account. Usually, there is something that triggers the action and I imagine it was lack of use for this card. Also, as noted, I was over the $100,000 in credit exposure for Synchrony.

My scores have dipped in the last few months with a bit of an inquiry spree but are still solid. Plus my utilization has remained in the 1-3% range.

I admit I spent part of the afternoon adding funds to my Amazon account to show a little use to some other dormant cards.

My hope is it was just one account but given the current economic situation I expect it may not be the last. Heading to the proverbial garden and keeping those balances low....

Re: Lowe's Card Cancelled

AverageJoesCredit — Fri, 22 May 2020 20:10:12 GMT

@CreditCuriosity wrote:
Been about 14 months since my lowes card has seen any activety, thankfully still open.. Probably saving grace last purchase was $4400 approx dollar paid off in a few months of defferred financing so maybe they figure i will make a decent size future purchase. If they keep it open another few months they are likely to see another 3-4k purchase.

Sorry to hear OP although not going to go to lowes to buy a roll of paper towels to keep it open. I figure ill roll with the punches and see if my 35k card will remain open only sync card atm.. care credit i also charged 10k on it, but since paid it off and since myself closed that card myself.

I dont know CC, 14 months non use is 14 months non use no matter how much your last purchase was for. Im sure countless people have spent big money on their credit cards but thats not gonna save someone if the bank says time to cut.

Re: Lowe's Card Cancelled

kdm31091 — Fri, 22 May 2020 20:19:21 GMT

@AverageJoesCredit wrote:
@CreditCuriosity wrote:
Been about 14 months since my lowes card has seen any activety, thankfully still open.. Probably saving grace last purchase was $4400 approx dollar paid off in a few months of defferred financing so maybe they figure i will make a decent size future purchase. If they keep it open another few months they are likely to see another 3-4k purchase.

Sorry to hear OP although not going to go to lowes to buy a roll of paper towels to keep it open. I figure ill roll with the punches and see if my 35k card will remain open only sync card atm.. care credit i also charged 10k on it, but since paid it off and since myself closed that card myself.
I dont know CC, 14 months non use is 14 months non use no matter how much your last purchase was for. Im sure countless people have spent big money on their credit cards but thats not gonna save someone if the bank says time to cut.

I agree. Even if you did spend a lot of money on the card 14 months ago it's still 14 months ago. If you have to go out of your way to use it you probably don't care if it gets closed, but I would think it's definitely possible or even probable.

Re: Lowe's Card Cancelled

Tonya-E — Tue, 26 May 2020 04:22:30 GMT

Sorry to hear that OP. It’s sucks when they start the card closures. It seems to be spreading like wildfire right now too with the pandemic. I just checked my Lowe’s account to see if it was still open. It appears to be clear for now. But my last use was in Aug. so I could be up for the chopping block. I will make a small charge on it to see what happens. It’s hard to put regular use on this one as there are usually many months in between purchases. At the end of the day if they close it then it is what it is.

Re: Lowe's Card Cancelled

emptypockets — Wed, 27 May 2020 15:00:06 GMT

They cancelled mine too $35k limit. Last used about 4 mos ago. Still have Amazon, Sam's and Marvel. Easy come, easy go.

Re: Lowe's Card Cancelled

AverageJoesCredit — Wed, 27 May 2020 20:18:43 GMT

@emptypockets wrote:
They cancelled mine too $35k limit. Last used about 4 mos ago. Still have Amazon, Sam's and Marvel. Easy come, easy go.

4 months non usage is ridiculous. What are your current scores/ balances?

Re: Lowe's Card Cancelled

Anonymous — Thu, 28 May 2020 01:08:57 GMT

Sorry to hear.

Sounds more like the typical "COVID-19 - Overexposure" dilemma many have experienced here recently, rather than a lack of use.

Re: Lowe's Card Cancelled

Credit-hoarder — Thu, 28 May 2020 01:21:42 GMT

Sorry to hear OP. I've had mine for 5 years now and never charged more than $200 on it--and the limit has been $17K for at least 3 years. Last used it in January and it's still open. Tried several times over the years to get it to $25K but was always denied--I think my TU score was/is a little too low for their liking.

Re: Lowe's Card Cancelled

Appleman — Fri, 29 May 2020 00:25:03 GMT

I received the letter from Synchrony in the snail mail today.

We are sorry to inform you that we have closed the credit line on your account. The principal reasons for our decision are listed below.

No Recent Activity On This Account

Number of Months Since Last Purchase On This Account

(it was interesting that they capitalized each word in the reasons, at least it was not all caps)

My wife went ahead and got her a Lowe's card, I'll make sure she uses it on occasion!

Re: Lowe's Card Cancelled

Gmood1 — Fri, 29 May 2020 11:34:11 GMT

I find it very easy using my Lowe's card. I think there's a $10 purchase on it now.

There's always something needed around the house, inside or out.

And if I'm not in the mood to drive there. I order online and have it delivered like Amazon. Just bought several hundred bags of pine bark a few months ago on a 10% off weekend for card holders. That was enough in savings to cover the tractor and trailer delivery fee.

I then took that amount and transferred it to a 1.99% no fee BT CC that I hadn't used in several years.

Paid it off 2 months later.

Basically showed use on two CCs, with one purchase. And didn't cost me anything. And if it did, it was a few cents.

Sorry for the closure OP. Definitely have to be creative in these times, in order to show some usage on the cards that aren't used regularly.

Re: Lowe's Card Cancelled

AverageJoesCredit — Fri, 29 May 2020 11:42:06 GMT

Funny story, which i believe to be true , last i checked. There are no Lowes in PR yet Lowes will ship to PR. There are Home Depots in PR yet HD will not ship to PR, go figure