I wanted to provide some insight on my recent failures and success with Synchrony Lowes with the intention of potentially providing some data points for those whom also has this store card.
2021
I started the account back in April 2021 where they hard pulled through Transunion, I live in NY not sure if they pull elsewhere in other states. I apologize I also don't recall what was my SL nor my credit score at the time but I know it was below 680 with a salary of 110k.
CL DECREASE NOV 28, 2021
I was going through hardship and they sent a letter notifying me that my limit was reduced to $100 dollars... ouch. I believe at this time my amazon synchrony card got charged off with a balance of $875 while being 90 days late. The highest balance on the amazon card was 2100 which I paid down to $875 prior to that charge off. The letter provided at the time stated the following key factors for the reduction
Trans Score 594 Dated NOV 04, 2021
- Lack Of Real Estate Secured Loan Information (Basically a wierd way of saying I don't have a mortgage loan)
- Too Many Inquiries
- Delinquent Or Derogatory Accounts
- Too Many Bankcards With High Balance Compared To Credit Limit ( I believe I was at 50% total utilization at the time)
2022
CLI Increase Attempt #1 APRIL 20, 2022
Denied although the account was in good standing, I spent around $200 with this card even with the $100 CL and paid it in full each time. It was denied most likely because the charge off was really hitting my credit at this time and it was with the same bank.
Trans Score 552 Dated FEB 24, 2022
- Lack Of Real Estate Secured Loan Information (Basically a wierd way of saying I don't have a mortgage loan)
- Too Many Revolving Accounts With High Balance
- Delinquent Or Derogatory Status On Accounts Is Too Recent
- Too Many Bankcards With High Balance Compared To Credit Limit (Don't recall the utilization but it was under 50% most likely closer to 40%)
- Number Of Inquires Was A Factor In Determining Score
CLI Increase Attempt #2 MAY 20, 2022 LOL
I requested for a credit limit increase to $10k with a reported income of $120k. I was approved for $5k with a score of 641. The charged off account reported as paid off finally, but is still to this present day labeled as a charge off. I don't recall spending anything between these two CLI requests I just simply applied again.
Trans Score 641 Dated MAY 20, 2022
- Lack Of Real Estate Secured Loan Information (Basically a wierd way of saying I don't have a mortgage loan)
- Too Many Revolving Accounts With High Balance
- Delinquent Or Derogatory Accounts
- Balances On Accounts Too High Compared To Credit Limits And Loan Amounts (I was under 15% utilization, but my personal loan was at 90%. Never missed a payment and even paid extra each month it was just a stupid high interest rate at 23%.)
- Too Many Inquiries
CLI Increase Attempt #3 NOV 29, 2022
I spent around $200 dollars between Jun 2022 till this time without carrying any balance between each month. I requested for $20k with a reported income of $200k and was denied. I do not know why they pulled a report from so far back.
Trans Score 621 Dated August 25, 2022
- Lack Of Real Estate Secured Loan Information
- Delinquent Or Derogatory Accounts
- Balance On Bankcards Are Too High Compared With Credit Limits ( I don't recall the utilizaiton, but total was below 30% it may have been a single card over 50%)
- Not Enough Balance Paid Down Over Time On Retail Accounts
2023
CLI Increase Attempt #4 JAN 10, 2023
I requested for a $20k limit again with a reported income of $200k and was approved for $6k. I carried a balance of $450 in december and paid it off in full before requesting the CLI. The paid off balance wasn't reported to the bureaus yet.
Trans Score 647 Dated December 15, 2022
- Delinquent Or Derogatory Status On Accounts Is Too Recent (Most likely stemming from the charge off I had no late payments in 2022 and I have a 99% ontime history)
- Not Enough Available Credit On Revolving Accounts (Not sure why it was saying this I truly think its because I carry a high utilization on of my cards cause I pay all my bills iwth it, but total utilization was less than 10%)
- Not Enough Balance Paid Down Over Time On Retail Accounts
- Lack Of First Mortgage Account Information
- Number Of Inquiries Was A Factor In Determining Score
CLI Increase Attempt #5 FEB 20, 2023
I spent pennies around this time about $20 across 3 transactions, I literally came in to buy a stick of gum once. I was denied with a reported income of $240k requesting to increase it to $25k. This was actually the first time I actually expected to be approved, because I managed to simutanously get my best buy card to 8k, macys, to 13k, and bloomingdales to 13k. I also spent countless hours between january till then working on my credit. I had 15 hard inquiries with transunion at the time and I managed to drop it down to 4 which shot my score to 725.
It did not list a score and only had one reason for denial.
- Insufficient experience at your current credit limit
I don't know if this means they didn't even bother checking my credit because I didn't spend enough yet or my score was good enough where it wasn't the reason for denial. I intend on spending no more than $100 on the card within the next 30 days probably through at least 3 transactions. As of right now the charge off is still displaying on my credit and I wasn't aware of pay to delete at the time I paid off the balance.
I hope this someone will find value in this post. Feel free to ask me any questions I turned on my notifications.
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