Finally Approved for a Lowe's Card!!! as well as several others.

[Anonymous]

Hi all,
I've been on this board for less than a month and have learned a lot. I don't necessarily need to rebuild my credit since I don't have any derogs but I do need to improve it.

I opened a Crown Jewelers account 2 weeks ago (probably won't report until next week), was approved for a Kay Jewelers account at $900, app'd at Jared's yesterday and was approved( I assume for the same amount as Kay since they are under the same parent company), and I just applied for a Lowe's card and was approved but I don't know what the amount is yet, probably will be $300 but no biggy.

My EQ is a 594 and MY TU is a 620, haven't pulled EX yet. I'm just really excited that I was finally approved by Lowe's, I've tried about 3 times in the past year or so. Between these accounts my utilization will be cut in half so that will be really good.

One last thing, I was speaking with a credit specialist at Wells Fargo Financial yesterday(was seeing about refinancing my house to a 10 year instead of 30 year) and he told me that I have a short credit history and he can't get an approval until I have 3 years of credit history since that is how long it takes to show an established credit history. I know that topic has come up several times but it seems like no one can really answer this. Do you think he is correct?

[Anonymous]

Sorry I cant answer that question: however I can tell you congrats on the cards, and good luck with improving your CR!

[haulingthescoreup]

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@Anonymous wrote:

....One last thing, I was speaking with a credit specialist at Wells Fargo Financial yesterday(was seeing about refinancing my house to a 10 year instead of 30 year) and he told me that I have a short credit history and he can't get an approval until I have 3 years of credit history since that is how long it takes to show an established credit history. I know that topic has come up several times but it seems like no one can really answer this. Do you think he is correct?

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It might be correct for their lending standards. You can't get credit scores until you have had 6 months of credit, with at least something open within the last six months, but that's a different issue from what a specific lender wants to see in an applicant for a given credit product.

It's very possible that another lender would let you refi now, but maybe not at the best rate.

As you are finding, it's easier to get a CC than a mortgage refi with a short history, especially in this day and age.

Congrats on the Lowe's card!