Limit lowered on Lowes card

[Raisondetre]

Husband was instantly approved for a Lowes card last October with a SL of $2k, we had just bought our home and he decided to go for it at the register at Lowes. Never any CLIs but all has been fine with it, we use it if we go to Lowe's and always PIF. I went to go pay the bill last month and it showed they dropped the limit by $510. Odd, so we waited for a possible letter to come. We got the letter and couldn't believe it, their reason for dropping the limit was due to not making enough payments on the mortgage. What? Of course not many payments have been made, we haven't even lived here for a whole year yet (closed the very end of September last year, didn't have to make our first payment till November).

Is this a normal thing Synchrony does? I could see if there was something bad that popped up on my husbands credit report, there's nothing bad there though. This was the only reason they came up with, which almost sounds ridiculous but might not be if this is how Synchrony works.

Will they ever raise it back or actually give a CLI? I'm just afraid they're going to try to lower it again due to the same reason. If they could do it once, what stops them from doing it again?

[tcbofade]

Hmmm.  No, I've never heard of Lowe's lowering a limit without new negative information appearing on a CR.

Continue to use the card, PIF, and you can request a CLI every four months or so...

[Raisondetre]

Yeah, that's why I thought it was weird. $510 less isn't going to make or break anything for us, their reason was just odd. We definitely do plan to keep using it and PIF.

[CreditInspired]

Hi OP and welcome to MyFICO

Yep, I agree that this reason doesn’t make sense at all. If I were you, I would call them.

In the meantime, a few questions. Have you been applying for new credit since you purchased your home? What’s your AAOA and AoYA? Have you paid even one mortgage payment late? Are you only making min pymts on other cards? Have your FICO scores dropped since getting your Lowe’s card?

I’m only asking these questions because Lowe’s reason just makes no sense and am trying to understand if there are any underlying reasons for their AA.

[AverageJoesCredit]

Just call up Credit Solutions and ask for $25 k lol, wouldnt be suprised to see you get increase. My guess is possible non use for various months?

[Anonymous]

Quite often when Sync slashes your limits and there isn’t actual AA involved, you can just login online and request a CLI and go right back where you were or beyond. 

Its all a glitch in the matrix. If you punch in $10K, you might just get it lol. 

If not, you can call Credit Solutions like AJC suggests and they’ll likely be able to do something. 

[Raisondetre]

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@CreditInspired wrote:
Hi OP and welcome to MyFICO

Yep, I agree that this reason doesn’t make sense at all. If I were you, I would call them.

In the meantime, a few questions. Have you been applying for new credit since you purchased your home? What’s your AAOA and AoYA? Have you paid even one mortgage payment late? Are you only making min pymts on other cards? Have your FICO scores dropped since getting your Lowe’s card?

I’m only asking these questions because Lowe’s reason just makes no sense and am trying to understand if there are any underlying reasons for their AA.

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He hasn't applied for anything since the Lowe's card. Thinking about it now, I think he actually applied for that card the same day we closed on the house. I think his AAOA is around 5 years now and the youngest account is 11 months old (Lowes card). Definitely no late mortgage payments, we have it set to autopay and I always double check every month that it's getting paid. No minimum payments either, we try to pay over minimum if we carry a balance or we pay in full. His FICO score did in fact drop when the mortgage hit his credit report, which I don't think happened till February or maybe March. I forget how many points it dropped but I do remember it kind of shocking him. His scores are in the mid 600s now and rising.

I'm wondering now if maybe it's because we don't really use the card but just for small items here and there. The biggest purchase on that card was only for $500 or $600 and that was on the day he applied for the card. I'll try suggesting for him to call and see what can be done.

[CreditInspired]

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@Raisondetre wrote:

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@CreditInspired wrote:
Hi OP and welcome to MyFICO

Yep, I agree that this reason doesn’t make sense at all. If I were you, I would call them.

In the meantime, a few questions. Have you been applying for new credit since you purchased your home? What’s your AAOA and AoYA? Have you paid even one mortgage payment late? Are you only making min pymts on other cards? Have your FICO scores dropped since getting your Lowe’s card?

I’m only asking these questions because Lowe’s reason just makes no sense and am trying to understand if there are any underlying reasons for their AA.

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He hasn't applied for anything since the Lowe's card. Thinking about it now, I think he actually applied for that card the same day we closed on the house. I think his AAOA is around 5 years now and the youngest account is 11 months old (Lowes card). Definitely no late mortgage payments, we have it set to autopay and I always double check every month that it's getting paid. No minimum payments either, we try to pay over minimum if we carry a balance or we pay in full. His FICO score did in fact drop when the mortgage hit his credit report, which I don't think happened till February or maybe March. I forget how many points it dropped but I do remember it kind of shocking him. His scores are in the mid 600s now and rising.

I'm wondering now if maybe it's because we don't really use the card but just for small items here and there. The biggest purchase on that card was only for $500 or $600 and that was on the day he applied for the card. I'll try suggesting for him to call and see what can be done.

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Thanks for the response. It's so cuckoo for Lowe's to do AA. Yep, definitely call and ask for a reason because people buy homes everyday and apply for credit at basically the same time. IMO, it's the best time to apply. When I closed almost 2 years ago, I applied for the AmX ED and asked for a CLI on my NFCU cashRewards 3 days after I closed.

Keeping my fingers crossed that Lowes will reconsider.