topic Re: Lowes Synchrony Card - Credit Increase Question?? in Credit Cards

Lowes Synchrony Card - Credit Increase Question??

MBOhio2 — Mon, 29 Jun 2020 19:07:11 GMT

I had read some threads here about the Lowes Synchrony card, and decided to get it for a large appliance purchase, related to a kitchen remodel. I went intot he store and applied yesterday and was approved for $5500. Great, but this is not enough for my appliances. So per the advice here, I called Synchrony today, and requested a CLI. I had to put a number on it, so I requested $16k - this covers my appliances with a little buffer. I was denied - no smaller increase, just a complete denial.

I am pretty surprised. I have a high income at $300k + and very good credit (around 760). I do have some other debt, but not anything that should be alarming.

So what is the advice on next steps? Is there a waiting period before I can request a CLI again, though without knowing the reasoning, I assume it would be the same result of denial. I am not in a rush for the appliance, so I could wait for the denial letter and see what it says, but I cannot recall (because I haven't been denied in a LONG time!) - is it going to tell me the specifics of why I was declined?

I can buy the appliances with cash, but did not want to for a couple of reasons that aren't worth explaining, so I'm pretty bummed that I even bothered to take on a new credit card for a measly $5500

Re: Lowes Synchrony Card - Credit Increase Question??

AverageJoesCredit — Mon, 29 Jun 2020 19:17:57 GMT

This is the second post where we see high income earner severely disappointed with their measely approval. Unfortunately another case of not understanding the csrd applying for, you were not denied as your approval shows but just havent reached appropriate time for a cli. Lowes can easily hit 35k with weeks or months but people need to tske into account current environment or at least letting it build some history, even if only a month. These cards do not ususlly start at 20k plus.

If you thought 5.5k was bad, which for a sl on this card, is quite good, try getting 1k. If you arent happy with it you can always close the card and stick it to them. My advice is to temper expectations if you dont research the card before applying. Money gets alot in life but it doesnt always by credit. Try for an increase in a month, its only sp so you wont waste hps

Re: Lowes Synchrony Card - Credit Increase Question??

Jnbmom — Mon, 29 Jun 2020 19:25:23 GMT

A measly 5500?? With everything going on these days and especially with Synch, you should be very happy.

That Card grows pretty fast in a matter of months . I would count your blessings with that card and the amount given what's currently happening .

High income and good scores don't always get you high SLs.

Re: Lowes Synchrony Card - Credit Increase Question??

K-in-Boston — Mon, 29 Jun 2020 19:25:48 GMT

I was also originally approved for $5500, but was able to call and get more immediately. That was 4 years ago, and unfortunately Synchrony has not been throwing out huge starting lines as of late (usually $17k would have been the max recon starting line) and have also been trimming out high risk accounts.

Were you planning to finance at 0% or use the card for the 5% discount? If for the latter, can you buy the appliances separately and pay in full after each transaction? If for the 0%, can you either make some smaller purchases, pay in full and wait maybe a month or so? You can request right online and it is a soft pull. Unlike other Synchrony cards that seem to cap out at $10k for online requests, Lowe's can and will go to $35k.

Re: Lowes Synchrony Card - Credit Increase Question??

MBOhio2 — Mon, 29 Jun 2020 19:33:43 GMT

Thanks to everyone who has commented, and this was exactly the reality check that I needed I had read stories of people receiving significant increases same-day, but I see that those are older stories, so it must be old news.

It sounds like there is still opportunity for an increase, but I may need to wait a few weeks or months, which is fine because I don't need the appliances right away (was just being proactive with the card).

So what's the best strategy for a CLI in the near future? Should I make a large-ish purchase and immediately pay off to show that I can handle a large payoff? Should I use it multiple times (even smaller purchases) over the next couple of weeks to show regular activity? Is there a strategy to getting Synchrony to increase quickly?

Re: Lowes Synchrony Card - Credit Increase Question??

Gmood1 — Mon, 29 Jun 2020 19:40:39 GMT

Large purchase might do it for you.

Try again after you receive the card.

Do you have any other Synchrony CCs? Any payment history with them?

If not, give it a couple of months with usage. They'll open up.

Re: Lowes Synchrony Card - Credit Increase Question??

MBOhio2 — Mon, 29 Jun 2020 19:47:54 GMT

Gmood1 - Thanks for the feedback! I do not have another Synchrony card, so no history with them. Do you know if they have required waiting periods between requests? In other words, if I requested today, will they auto-decline me if I request again, for example, within 30 days? Or are you not aware of any wait period and I can ask as frequently as I want? Just trying to be strategic here

Re: Lowes Synchrony Card - Credit Increase Question??

K-in-Boston — Mon, 29 Jun 2020 19:57:10 GMT

You can literally ask twice a day. 😂

You will get a letter in the mail every time, though. No matter how much you ask, no clock gets reset. If you can take advantage of the 5% discount and maybe buy one appliance now and then pay in full, that might help. If denied maybe wait a month.

Edit: I was pretty aggressive in asking. For what it's worth, $5500 SL recon to $17k same day, $25k at 5 months, $35k at 12 months. At the time, scores roughly where yours are and income a little lower.

Re: Lowes Synchrony Card - Credit Increase Question??

Gmood1 — Mon, 29 Jun 2020 20:52:14 GMT

@MBOhio2

That's most likely why the lower starting limit.

Once they know your payment history. The limit will skyrocket!

I'd think within 90 days you'll get an increase. Especially if you use the card for some large purchases.

Re: Lowes Synchrony Card - Credit Increase Question??

Loquat — Mon, 29 Jun 2020 22:32:42 GMT

It may also be worth calling after you actually get the card and activate it. I know some have initial success with getting a CLI before the card arrives. It has never happened that way for me. I've always had to wait for the card or even a few months after.

It's not really that hard to get the Lowe's card to climb. Now I'm speaking from pre-covid times...I'm not sure what kind of financial loss Synchrony is facing or dealing with at the moment which could have some affect on what they're willing to give these days.

Re: Lowes Synchrony Card - Credit Increase Question??

Aim_High — Tue, 30 Jun 2020 01:15:05 GMT

Glad you've gotten good guidance @MBOhio2 . It sounds like you're on the right track! I have considered this card for the future so this thread has been useful to me also.

Just wondering about something. There was another recent thread about someone being required to submit a video holding their ID as part of application. Did you experience this? It seemed a little different and wondered if Synchrony was starting to do this! Even though AOD FCU was asking for a selfie, it was just a still photo and only holding sign with AOD FCU instead of their ID.

The other thread:

https://ficoforums.myfico.com/t5/Credit-Cards/Lowe-s-Credit-Card-What-a-Joke/td-p/6066032

Re: Lowes Synchrony Card - Credit Increase Question??

K-in-Boston — Mon, 29 Jun 2020 23:55:19 GMT

The other applicant did not have a cell phone with service; we've seen a number of recent Lowe's approvals here (and many other Synchrony accounts) with no other mentions of it, so it was likely just identity verification since they were unable to call, send SMS, etc.

Re: Lowes Synchrony Card - Credit Increase Question??

MBOhio2 — Tue, 30 Jun 2020 00:40:45 GMT

I applied physically in a store yesterday, so I had to provide my ID, but I was there physically, so no photo or video required.

Re: Lowes Synchrony Card - Credit Increase Question??

Anonymous — Tue, 30 Jun 2020 01:59:09 GMT

@MBOhio2 , to give you hope, I was approved 14 months ago with a score around 638. Got a whopping $300 line. In less than four months, with less than $150 in total purchases, I was raised to $6000. Three months after that, a boost to $12,000. Seven months later, with a 702 TU score (713 VS4 score, which they now use), I went to $17,000. That was last week. Last weekend I bought a washer and dryer, and put a $300 payment against them a couple days later. The next day I asked and got bumped to $17k. My income is a little over $90k. With your scores and income, I would believe that some spend over a month or two will crack the vault wide open for you.

Re: Lowes Synchrony Card - Credit Increase Question??

ktl72455 — Fri, 03 Jul 2020 18:29:29 GMT

You can request right online and it is a soft pull.<<<<THIS!!!!

I started out 1,000.00 and they whacked it to 400.00 out of the blue a few months back. I was reading this and thought sure why not try,

I am at 5450.00 now! I only requested 1000.00 LOL!

Re: Lowes Synchrony Card - Credit Increase Question??

ggmorning — Fri, 03 Jul 2020 19:13:50 GMT

I opened a Lowe's card last month, received a $6,000 SL. Waited a month and tried to apply for a CLI with the LUV button and was denied. Received a letter in the mail a few days ago. It cited the account was too new to receive a CLI. I'd say you should be good to go if you give it a few months. I see people on here getting huge CLI from Lowe's all the time. Just need to give it some time. In the mean time make a few purchases and pay them off. If they see absolutely no activity on the card, it may affect your ability to get a CLI. I don't know if you tried the "back door" phone number (I don't know it), but I've seen posts about it and they say that's the best way to get a CLI. YMMV. Good luck.

Re: Lowes Synchrony Card - Credit Increase Question??

Anonymous — Sat, 04 Jul 2020 01:57:37 GMT

@Loquat wrote:
It may also be worth calling after you actually get the card and activate it. I know some have initial success with getting a CLI before the card arrives. It has never happened that way for me. I've always had to wait for the card or even a few months after.

It's not really that hard to get the Lowe's card to climb. Now I'm speaking from pre-covid times...I'm not sure what kind of financial loss Synchrony is facing or dealing with at the moment which could have some affect on what they're willing to give these days.

I've had trouble getting a CLI. I opened at 7300 and was increased to 9200 in 2018. Not too long ago, requested a CLI and was denied. But no biggie, I haven't used it for more than 700 in a month.

Re: Lowes Synchrony Card - Credit Increase Question??

Anonymous — Sat, 04 Jul 2020 02:06:40 GMT

OP, if you do have the cash to pay for the appliances, it's best to buy one at a time or whatever can fit on the card and PIF, then go again with the next appliance, provided you can't earn more than 5% on your money for the duration of any finance deal (must be a 0% or it's a no brainer). Its tough to beat 5% for 6 months or 3 months or whatever deal length they are offering on financing, at 0%. I always take the 5% because I cannot beat that outside of the stock market, which isn't in the equation for the short term or by eventually paying 26.99% after a promo to keep the cash in the market for gains.

If you are spending 10k, that's $500 better than cash. So you can make the smaller initial CL work for you.

Re: Lowes Synchrony Card - Credit Increase Question??

CreditInspired — Sat, 04 Jul 2020 13:10:55 GMT

Happy 4th OP

You've gotten good advice

I also suggest going ahead and buy one large appliance on the Lowes card and PIF. Then next month buy another large appliance and PIF. Then ask for a CLI.

GL2U