Re: Lowe’s CC Approval

Anonymous · ‎05-13-2019

I’m new here, so if I’m posting in the wrong place, forgive me. I’ve been lurking around over the months, and this forum has been incredibly helpful, so I wanted to share some data points.

When I was in college in the early 2000’s, I mismanaged my credit and ended up seeking bankruptcy protection. From that time until November 2018, I avoided credit altogether. In November, my credit file with all three CRAs was literally blank.

In November 2018 I opened a secured card with Discover. I deposited $600. I’ve used the card extensively since then, and I PIF three to four times a month. Beginning in November, I started checking my REAL FICO scores through Experian. They were not able to generate a score for me until May 1, 2019. On May 1, 2019, I had two inquiries, 6 months AAoA, six months AAoOA, 1% util. My Experian FICO8 score was 744. My TU FICO was 733, and Equifax was 740. All files contained the same info.

After they generated a score, I went on what folks refer to as a mini app spree. For each CRA, I researched which issuers pull them, and I strategized to take two hard inq hits per report, so I’ll start with TU.

Applied for both Synchrony Lowe’s and Marvel MC. Approved for both. Starting limit on Lowe’s was $300, and Marvel was $1000. I received the cards earlier this week, but the accounts popped up on my reports last week.

I immediately called Synchrony Credit Solutions for a CLI on Lowe’s. My call was routed to an overseas call center. I asked for a $15,000 limit thinking I’d shoot for the stars. After a few moments on hold, the rep came back and told me it was approved for the full amount. I about dropped the phone because I was not expecting $300 to turn into $15k.

Marvel was a different story. I called Credit Solutions and was routed to the overseas call center. The rep told me that underwriting for Marvel is handled by the US call center, so she transferred me. As soon as the rep in the US greeted me, I got this feeling in my gut she wasn’t going to be helpful. I’m sure everyone knows what I’m talking about. Anyway, I requested a $10,000 limit. DECLINED!

My household income is $255k. My individual is $125k. I’m stating both because I was asked by Lowe’s for household and Marvel asked for individual. I asked for clarification so I provided accurate info. The Marvel rep told me that when one applies initially, they ask for household, but for CLI it’s individual. I’m not sure if she just made that up or if it’s actually Synchrony’s policy. Anyone ever heard of this?

Those are the only two Synchrony cards I’m applying for until at least a year. I don’t want to upset them and have them send me a “blue envelope.” Lol I’ve read that they’re sometimes very persnickety.

Next I applied for AmEx Gold. Instantly approved. A few days later I read that if you apply for a new AmEx and currently have one, AmEx will only do a HP if you’re approved. So I figured “what the heck” and applied for the AmEx ED. I was denied due to lack of established credit history. They also did a HARD PULL, which I was not expecting.

Does anyone have any suggestions as to which direction I should go in as far as issuers who pull EQ and don’t mind thin files?

Since the two Synchrony accounts reported to all three CRAs, my scores dipped significantly (though only temporarily, as I’ve read), and they are as follows: EX 690; EQ 694; TU 688.

Thanks!

jaxstraw · ‎05-13-2019

Known EQ pullers ...... Langley FCU, DCU, Alliant, PenFed

All Cedit Unions but CU's are definitely a good mix into a portfolio.

Jax

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Then you are a fool. Be thankful that when God gave you a face, he gave you a fool's face

AverageJoesCredit · ‎05-13-2019

Unfortunately, when Marvel saw an income of only $125k instead of $255k, i believe they must have believed you would not be able to handle 10k in credit limit.

Jk

. Different Underwriting and way tougher than Lowes. It will grow but give it a couple statements. Even though you have thin file, your income will open alot of Doors. Check out the prequal pages for Discover and Amex, Cap One and Chase.

Congrats again

Anonymous · ‎05-13-2019

Thanks! Are the underwriting criteria used for Synchrony co-branded credit cards more stringent than underwriting for their store cards, or are there exceptions?

Anonymous · ‎05-13-2019

Synchrony guards their majors a lot more than their store cards. You’re usually in for a 4-6 month wait for a CLI on a Sync major and for some reason, they’re very stingy with Marvel. The largest SL I have seen on one lately (going back about halfway through last year) was $2K.

Comgrats on your successes though! Lots of doors should be open to you shortly as AJC said.