Lowe's 7-10 Day Message with FICO >790

[jeepbrew]

Just closed on a 2nd home May 1, and decided to app for a Lowe's card, primarily for the 5% off all purchases.  Needed to purchase a new fridge, washer, dryer, & lawn mower.  Anyway, applied online and got the 7-10 day message.  They pulled TU.  My TU FICO is 791, and the VS4.0 score that Synchrony provides is 807.  CC Utilization is <6%, and DTI, even after my second mortgage (which isn't on report since we just closed that same day), is <25%.  I have over 150k in available credit.  Anyway, I was admittedly expecting an instant approval and hoped to use the card to purchase the needed appliances, but instead I put them on my Amex.  

The only negative item on my report is the fact that, prior to that inquiry, I had 4 inqiries in the last 6 months.  That's b/c of the mortgage shopping.  We have closed on two mortgages in the last 5 months - one primary residence, one lake house.  

Are the inquiries likely the reason for the 7-10 day letter (and probable denial)?

Update:  It was indeed a verification step.  After verification, I was approved.  $10k starting limit.  

[Jnbmom]

It my experience 7-10 days is in most cases a denial .

Not sure that doesn't seem like excessive inquires though ?

[GApeachy]

It'd be nice to have gotten that approval and this time last year you would have.  Synchrony may be tapped out for the time being.  Or not tapped out but gun shy.  Sorry if it's a decline.  Did you try the Home Depot preapproval link?

[jeepbrew]

Nah - not really interested in a Home Depot card... plus, I already bought all of the appliances and lawn mower from Lowes that same day.  Really just wanted the card for the 5% off... not a huge deal.  

[Anonymous]

---

@jeepbrew wrote:

Just closed on a 2nd home May 1, and decided to app for a Lowe's card, primarily for the 5% off all purchases.  Needed to purchase a new fridge, washer, dryer, & lawn mower.  Anyway, applied online and got the 7-10 day message.  They pulled TU.  My TU FICO is 791, and the VS4.0 score that Synchrony provides is 807.  CC Utilization is <6%, and DTI, even after my second mortgage (which isn't on report since we just closed that same day), is <25%.  I have over 150k in available credit.  Anyway, I was admittedly expecting an instant approval and hoped to use the card to purchase the needed appliances, but instead I put them on my Amex.  

The only negative item on my report is the fact that, prior to that inquiry, I had 4 inqiries in the last 6 months.  That's b/c of the mortgage shopping.  We have closed on two mortgages in the last 5 months - one primary residence, one lake house.  

Are the inquiries likely the reason for the 7-10 day letter (and probable denial)?

---

So I read an article about synchrony and due to the pandemic and some mismanagement, and solely words from the article, it said they have scaled back on unused credit and tightened their approvals, speculation in the article said some leadership change is coming in the not too distant future, but I'm sure you can google synchrony tightens credit limits or something along those lines and find it, good luck!

[Gmood1]

Possibly it's verification. I've seen the 7 to 10 days and it wasn't a denial.

[CreditCrusader]

---

@Gmood1 wrote:

Possibly it's verification. I've seen the 7 to 10 days and it wasn't a denial.

---

Same here. In fact, two of my Comenity cards had the 7-10 day message and they asked the same three security verification questions both times before telling me I was approved.

[SFLSpotter9210]

I wouldn't sweat it to be honest. I just applied and was instantly approved for 6k with a 760 vantage 4. Like others have said probably just verification of identity is all. And I have same or more inquiries and new accounts. Congratulation's on the closing of second house enjoy. 

[K-in-Boston]

OP has been approved.  New thread located here: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Lowe-s-Approved-After-7-10-Day-Message/m-p/60...