Decent Lowe's CLI before account closure

[DeeBee78]

My Lowe's card is going the way of the dodo as part of my 2017 Cardpurgeocalypse™. It's been at $10,000 for over a year now, and I've used it pretty regularly for the 0% financing on large purchases and 5% off of smaller purchases. I just paid off the 0% balance on the fridge I bought my mother. 

I hadn't asked them for a CLI online before, so I thought I would try it before reaching out to Credit Solutions. I put in my income, and requested $25,000. The wheel spun for a moment and came back with a counter offer of $17,000. 

[pipeguy]

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@DeeBee78 wrote:

My Lowe's card is going the way of the dodo as part of my 2017 Cardpurgeocalypse™. It's been at $10,000 for over a year now, and I've used it pretty regularly for the 0% financing on large purchases and 5% off of smaller purchases. I just paid off the 0% balance on the fridge I bought my mother. 

I hadn't asked them for a CLI online before, so I thought I would try it before reaching out to Credit Solutions. I put in my income, and requested $25,000. The wheel spun for a moment and came back with a counter offer of $17,000. 

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Congrats on the CLI I guess... but a question. Why would you close a card that offers 0% financing that you use on a regular basis and then request a CLI when you expect to close it?  

I'm not dumping on you .... just trying to understand the logic.

[AverageJoesCredit]

Try saying that 10 times fast Cardpurgeocalypse. Lol . But good question pipeguy

[DeeBee78]

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@pipeguy wrote:

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@DeeBee78 wrote:

My Lowe's card is going the way of the dodo as part of my 2017 Cardpurgeocalypse™. It's been at $10,000 for over a year now, and I've used it pretty regularly for the 0% financing on large purchases and 5% off of smaller purchases. I just paid off the 0% balance on the fridge I bought my mother. 

I hadn't asked them for a CLI online before, so I thought I would try it before reaching out to Credit Solutions. I put in my income, and requested $25,000. The wheel spun for a moment and came back with a counter offer of $17,000. 

---

Congrats on the CLI I guess... but a question. Why would you close a card that offers 0% financing that you use on a regular basis and then request a CLI when you expect to close it?  

I'm not dumping on you .... just trying to understand the logic.

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Well, I only did one 0% offer on it, and it wasn't really necesary. I had the cash, but they were having a promotion, so I did it. The rest of my spend has been stuff that I've gotten the standard 5% discount on - but mostly stuff I can get elsewhere for cheaper. Now I have a decent portfolio of cards, and can probably get a 0% APR from Discover down the road if I need to. 

The CLI was simply psychologial, to see how high I could get the limit before I close it.  I'm not closing it for a while, but it will be gone after it hits two years of age this summer. 

[pipeguy]

OP, thanks for the answer.

If I can make a suggestion it would be to keep the Lowes card open, especially with your new limit because this card, along with Home Depot can be a very useful account especially for home needs and they don't seem to mind if you go months without using it - and the $17k sure helps in the over all utility catagory. Personally I have a $35k CL with Lowes, and the wife has a $20k CL, with Home Depot I have a $25k, and the wife has a $10k. I/we expect to do a lot of home refurb in the next year or two and $90k of preapproved - low interest "construction/remodel" financing in place is very useful.

Do we use either Lowes or HD that much, especially for everyday spending, no but when projects come up the 0% 6-12-18 month option or the extended 84 month 4.99% (which I think they just increased to 7.99%) are cheaper than any other card I have for say a $10k new roof or a $800 new lawn mower. I just purchased $400 worth of flooring at Lowes and took the 5% cash back - paid it as soon as the charge posted. 

I have a ton of bank cards, some currently running 0% promotions. I recently used BlisPay for a $900 garage door repair 2% back and no payments for 6 months. All I'm suggesting is that cards like Lowes can be very useful being in the mix - but at the same time I'd never carry a regular balance on Lowes or HD at 26.99% APR.

BTW, I do NOT work for Lowes or HD  

[Anonymous]

+1

[Gmood1]

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@pipeguy wrote:

OP, thanks for the answer.

If I can make a suggestion it would be to keep the Lowes card open, especially with your new limit because this card, along with Home Depot can be a very useful account especially for home needs and they don't seem to mind if you go months without using it - and the $17k sure helps in the over all utility catagory. Personally I have a $35k CL with Lowes, and the wife has a $20k CL, with Home Depot I have a $25k, and the wife has a $10k. I/we expect to do a lot of home refurb in the next year or two and $90k of preapproved - low interest "construction/remodel" financing in place is very useful.

Do we use either Lowes or HD that much, especially for everyday spending, no but when projects come up the 0% 6-12-18 month option or the extended 84 month 4.99% (which I think they just increased to 7.99%) are cheaper than any other card I have for say a $10k new roof or a $800 new lawn mower. I just purchased $400 worth of flooring at Lowes and took the 5% cash back - paid it as soon as the charge posted. 

I have a ton of bank cards, some currently running 0% promotions. I recently used BlisPay for a $900 garage door repair 2% back and no payments for 6 months. All I'm suggesting is that cards like Lowes can be very useful being in the mix - but at the same time I'd never carry a regular balance on Lowes or HD at 26.99% APR.

BTW, I do NOT work for Lowes or HD  

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I was thinking the same thing. Though I don't use my Lowe's card weekly. The card has come in handy since opening it only 3 months ago. I can think of several cards in my line up I'd say bye bye to long before I give up this Lowe's card. Lol

That 5% has saved me a good chunk. Buying new washer, dryer, battery powered lawnmower and supplies for home upgrades. 

[AverageJoesCredit]

Lol,Pipeguy doesnt work for Lowes or Home Depot, just Ace lol JK,

Yeah i agree thats probably one of Syncs best cards that gives monster limits and for you homeowners, probably a good ace to up your sleeve( oh snap, no pun intended there Pipeguy, wink wink )

[steelers1]

If you were going to close it then why would you bother asking for a CLI?

A CLI is NEVER guaranteed to be a soft pull (ask the Comenity folks as of lately)

The bear at Synchrony should be avoided being poked especially if you have no intentions on keeping it.

Unless of course you don't mind turning over your tax transcripts.

[Anonymous]

Hello DeeBee, Is your request for Lowes CLI got soft pull or hard pull? I have my Lowes card for >2 years, and I never ask for CLI. If it is a softpull, I want to try to request for CLI. Thank you for your reply.