Received the Lowe's Decline Letter via Email

[celticslegends]

It's been a week since the decline, but finally received the electronic letter. Still doesn't make sense why they denied me, as I already have a Walmart and Amazon card with good limits. One question I had is the credit score range on the letter said it ranges between 300-620. They said my score was 440. Where do those numbers come from? Aren't scores rated up to 850? I know my official score isn't 440. They pulled TU and my score is 677.

I would like some feedback if anybody has it to give. Thanks!

[Calistal]

Sounds like they're using their own internal scoring system.  That's pretty common for most companies.  That's the only thing that comes to mind with that score range.  Please - someone else chime in if I'm wrong.

[CreditCuriosity]

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@Calistal wrote:

Sounds like they're using their own internal scoring system.  That's pretty common for most companies.  That's the only thing that comes to mind with that score range.  Please - someone else chime in if I'm wrong.

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you are correct their internal score of you

[Anonymous]

An interesting corollary and presumably a SP since they didn't provide any score in my AA letter.

I used "chat" to request a $40K CL, up from $17K, anticipating a counteroffer.

Denied, "We are not able to assign the credit line you requested because it exceeds the amount of increase our policy allows".

The implication that a $25 or $30K is good? Hmmm?

[NichelleN]

I also have Amazon and Walmart but was declined for Lowe's. I don't recall the score they included on the letter. But I remember being SHOCKED until I figured out they were using an internal scoring system.

I'm still rebuilding my credit though and put it in the 'come back and re-apply later' column. My credit is starting to look pretty good but there must have been something in there that didn't suit them.

[NichelleN]

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@Anonymous wrote:

An interesting corollary and presumably a SP since they didn't provide any score in my AA letter.

I used "chat" to request a $40K CL, up from $17K, anticipating a counteroffer.

Denied, "We are not able to assign the credit line you requested because it exceeds the amount of increase our policy allows".

The implication that a $25 or $30K is good? Hmmm?

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No counter offer? That seems so odd.

[celticslegends]

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@NichelleN wrote:

I also have Amazon and Walmart but was declined for Lowe's. I don't recall the score they included on the letter. But I remember being SHOCKED until I figured out they were using an internal scoring system.

I'm still rebuilding my credit though and put it in the 'come back and re-apply later' column. My credit is starting to look pretty good but there must have been something in there that didn't suit them.

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How long have you had Amazon and Walmart? Maybe they want to give me some time to do well with Amazon and Walmart first before giving me another card. Who knows? I thought that scoring was strange though. They have their own scores.

[Anonymous]

I have Walmart, Amazon, Lowes, and Sam's Club (went for MC, but didn't get it).  Each one was 2 months apart.  Got Walmart in December, Amazon in February, Lowes in April, and Sam's Club this month.  Don't know if this made a difference in regards to approval.

[NichelleN]

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@celticslegends wrote:

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@NichelleN wrote:

I also have Amazon and Walmart but was declined for Lowe's. I don't recall the score they included on the letter. But I remember being SHOCKED until I figured out they were using an internal scoring system.

I'm still rebuilding my credit though and put it in the 'come back and re-apply later' column. My credit is starting to look pretty good but there must have been something in there that didn't suit them.

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How long have you had Amazon and Walmart? Maybe they want to give me some time to do well with Amazon and Walmart first before giving me another card. Who knows? I thought that scoring was strange though. They have their own scores.

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I've only had Walmart and Amazon for one statement cycle. It's still VERY early.

[gdale6]

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@NichelleN wrote:

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@celticslegends wrote:

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@NichelleN wrote:

I also have Amazon and Walmart but was declined for Lowe's. I don't recall the score they included on the letter. But I remember being SHOCKED until I figured out they were using an internal scoring system.

I'm still rebuilding my credit though and put it in the 'come back and re-apply later' column. My credit is starting to look pretty good but there must have been something in there that didn't suit them.

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How long have you had Amazon and Walmart? Maybe they want to give me some time to do well with Amazon and Walmart first before giving me another card. Who knows? I thought that scoring was strange though. They have their own scores.

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I've only had Walmart and Amazon for one statement cycle. It's still VERY early.

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This is most likely why you got denied, they see it as agressive credit seeking, let these 2 report for 6 months then app again.