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Lowe's approval with a very weird limit

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Valued Member

Lowe's approval with a very weird limit

Just got approved for the card with a limit of $3037. I called 1-877-379-8173 but they said no for a higher limit (35K). Scores around 730-740, clean file, AAoA around 1.7 years. Only 1 new account last six months which hasn't reported yet (Chase Sapphire $24000). I'm dissapointed since with this Lowe's account i'll be 5/24. I'm hesitating between canceling the account before it gets reported or leaving it( i heard they report them fast). Any advice would be appreciated.
Message 1 of 11
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Senior Contributor

Re: Lowe's approval very weird limit

DH got his cli before one month had even passed and went, me too actually, from 2K to 30K.  You might wanna hit the mess out of that "luv" button.  

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Personal Cards

Biz cards

Closed still reporting
23 cards, 3 loans, oldest 1996.
Scores
(Fico 8- Exp. 744/ TU 788/ EQ 756)
Message 2 of 11
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Senior Contributor

Re: Lowe's approval very weird limit

Cancelling the card before it reports will not stop it from reporting, so you might as well hang onto it.

Call them in another month or so and try again with the CLI.




F8 EQ: 804 | EX: 794 | TU: 801 | Accounts: 2/6 4/12 9/24
Happy practitioner of AZE9or10or11 | Team Finances > FICO
Message 3 of 11
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Moderator

Re: Lowe's approval very weird limit

Congrats on your new card 

 

The advice would be to be patient, wait a bit, then ask for CLI. Those cards can grow 

 

If you cancel, you get nothing but  HP and new account penalty even if you close it

 

Congrats again  

Message 4 of 11
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Valued Contributor

Re: Lowe's approval very weird limit


@BlueSea wrote:

Just got approved for the card with a limit of $3037. I called 1-877-379-8173 but they said no for a higher limit (35K). Scores around 730-740, clean file, AAoA around 1.7 years. Only 1 new account last six months which hasn't reported yet (Chase Sapphire $24000). I'm dissapointed since with this Lowe's account i'll be 5/24. I'm hesitating between canceling the account before it gets reported or leaving it( i heard they report them fast). Any advice would be appreciated.


Just take it easy...continue to take care of your credit and it will grow like wild fire.....Smiley Happy

American Express Business Gold(NPSL 10k) Chase CSP (25k) Pier 1(23.5k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until Aug 2020

FICO 8 Scores EX 702 EQ 705 TU(1) 718
AAOA 4.6yrs TCL=300,700
Message 5 of 11
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Epic Contributor

Re: Lowe's approval very weird limit

Congrats on your weird Lowe's Approval

Message 6 of 11
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Valued Contributor

Re: Lowe's approval very weird limit

That is a very odd limit. Congrats on the approval though! And as others have said, don't close the card as it will still report.
Message 7 of 11
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Moderator

Re: Lowe's approval very weird limit

Keep the card and in 4 months call them again and ask for the CLI, they will counter if they cannot give you the full amount. Your AAoA is low so they want to see some more action on what you have before granting more. Treat it right and it will grow quickly, grats on getting it not all do who app for it Smiley Happy

Message 8 of 11
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Valued Contributor

Re: Lowe's approval very weird limit

Congratulations on your approval! I think back to my re-building time and what I would have given for that card or any card with any credit limit.

Message 9 of 11
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Valued Member

Re: Lowe's approval very weird limit

Thank you all for giving me advice. I decided to keep the card and buy a thankless water heater. After all I didn't get a $500 limit and it's not that bad. With time it will hopefully grow.
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