So the title says it all. My Lowe's account has been balance chased down to $100. I only noticed today because I got an alert from FICO. I've been late on ONE payment, this last one, which I alerted them I would be about 3 days late and would be paying the card off...it's been on autopay for over a year. I'm sure the other maxed cards were a huge factor in this. Should I go on and close the card or should I wait it out and try to get my limit back to where it was?
TIA!
*update post below*
@Anonymous wrote:Its free to keep it. you can SP a CLI later and it may recover.
That is true. I think it just really ticked me off to see it at $100 reported limit; then I was further enraged to log in and see it's $110. The tipping point was when I read the letter, whichbasically said though the report they used was old, it was highly unlikely anything had significantly changed. Something like that. IDK, I had a tough night, so that just really sent me flying.
@Anonymous wrote:Keep it if they let you. With multiple maxed cards they may close it in the coming days after payoff, but they may not. Looking at the list of card issuers in your sig, and admittedly assuming they are the ones that are maxed, you may have more AA coming in balance-chasing or closures depending on how quickly the remaining balances are paid off, so I would not close a card myself that may otherwise be allowed to remain open. Having it can help anchor your account ages for a potential rebuild, and as stated above, it may be possible to build the limit back up over time after things are in better control. Good luck!
I knew coming here would get me off the ledge. Thank you!
Yes, those are the ones maxed. Were the ones. I've paid the remaining two down so they aren't maxed, so we will see.
@Legal_Girl wrote:If they keep it open, even at $100 CL, I might keep it open and go in every few months and buy a pack of batteries or something and pay it off each month. Synchrony is normally pretty liberal with CLIs so after a while they may give you a decent increase. Of course, this is just my humble opinion.
Good luck!
Noted! Will do. Thank you!
@UncleB wrote:For what it's worth, back during my financial meltdown of 2007 my Lowe's card was also balance chased; they finally stopped at an odd-ball amount (I think it was $573, or something like that). I had never been late paying Lowe's, but I was having severe difficulties with other lenders which is what got my account flagged.
Anyway, I nearly closed the account out of spite - I had gone to great pains to keep it current - but I tossed the card in my kitchen drawer instead (and it later found its way to a box in my closet), expecting the account to just be closed by lender. Somehow it escaped the axe, and when I came across the card again a few years later I gave it a try, and it still worked.
Fast-forward to today, and that very same account is now my oldest credit card (17 years old), and has a $20k credit limit.
Just my 2¢.
Thank you for your response. I will see what happens when the next statement cuts and just sock drawer it. I paid the trailing interest and am going to request they update my reports to show 0 balance when it posts.