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Synchrony closed Lowe’s card but says I prequalify for a new one?

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Ltown81
Member

Synchrony closed Lowe’s card but says I prequalify for a new one?

I opened a lowes card about a month ago and bought a lawn mower which about maxed it. I paid a little over the minimum every month and never missed a payment. A few months ago I asked for a cli and they denied it. Then the next day I got a letter saying they were closing my account. My credit is not great fico 630-660 depending on month. My other syncrony cards (Amazon and Sweetwater) have been fine. So the Lowe's account has been sitting there for 3 months closed. I have made payments like am supposed to, but have not paid it off. 

Today for fun I went to the Lowe's site and tried to prequalify for the same card. It said I was prequalified with a 1000 limit. I am half tempted to go the next step and see if they actually give me another card. I also am pausing because I don't want a wasted inquiry and I don't want them to go after any of my other synchrony accounts. Anyone been in a similar situation before? Thanks 

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MissLiz
Established Contributor

Re: Synchrony closed Lowe’s card but says I prequalify for a new one?

Not worth the risk, imo. Sync is a FAFO lender. You could get denied, then see your other cards closed as well. 

“A woman’s best protection is a little money of her own.” – Clare Boothe Luce
Message 2 of 3
zerofire
Valued Contributor

Re: Synchrony closed Lowe’s card but says I prequalify for a new one?

I am fairly certain that pre-approval is a ghost. Synchrony Bank has an existing policy that you cannot open the same account type for 1yr after it is closed. You cannot get another Lowe's card at this time even though technically you would qualify. If you had a Amazon store card and closed it by either side you would have to wait a year too. Any application you file for a Lowe's card will be denied.

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