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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...
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.
@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.
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.
@Raisondetre wrote:
@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.
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.
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.