Lowe's Card Cancelled

[Appleman]

Just a data point for the board. I received an alert that my Lowe's Card was closed from myFICO

SYNCB/LOWES

Amount $0.00

Paid Loan

This was for my Lowe's Credit card with a $25,000 limit.

The last use was Sept of 2019  so about 8 months.

5-6 new accounts and inquiries last few months (Auto loans, refinanced Auto Loans after COVID, personal loan and an Apple card).

I have other Synchrony products, PayPal, Marvel, and Amazon and all three of those cards receive monthly usage.

Total credit lines were $101,000 with maybe $80 in various balances across all lines.

Now down to $76,000 of available credit with Synchrony. 

Suprised, not surprised but we were debating a few Spring projects with the Lowe's card. Obviously plenty of other options just wanted to provide some data points.

[jmos]

Wow. Thanks for the info.

[Anonymous]

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@Appleman wrote:

Just a data point for the board. I received an alert that my Lowe's Card was closed from myFICO ... just wanted to provide some data points.

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Tough break, though it sounds like you are better equipped than most to "weather the storm."  Thanks for sharing the DPs -- very instructive. 

[M_Smart007]

@Appleman, Sorry for your Lowe's closure

Thank you for providing valuable data points

[Openwater]

Sorry to hear, thanks for the DP's. Seems like if cards don't get use now-a-days, banks are quick to cut them off....

[coldfusion]

$101K in aggregate CL across all accounts is right up against the maxinum Synchrony typically likes to extend to a client even under the best of times.  Unfortunate but not totally unexpected given current conditions and the lack of recent use on the card.

[CreditCuriosity]

Been about 14 months since my lowes card has seen any activety, thankfully still open..  Probably saving grace last purchase was $4400 approx dollar paid off in a few months of defferred financing so maybe they figure i will make a decent size future purchase.  If they keep it open another few months they are likely to see another 3-4k purchase.  

Sorry to hear OP although not going to go to lowes to buy a roll of paper towels to keep it open.  I figure ill roll with the punches and see if my 35k card will remain open only sync card atm.. care credit i also charged 10k on it, but since paid it off and since myself closed that card myself.

[CYBERSAM]

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@Appleman wrote:

Just a data point for the board. I received an alert that my Lowe's Card was closed from myFICO

SYNCB/LOWES

Amount $0.00

Paid Loan

This was for my Lowe's Credit card with a $25,000 limit.

The last use was Sept of 2019  so about 8 months.

5-6 new accounts and inquiries last few months (Auto loans, refinanced Auto Loans after COVID, personal loan and an Apple card).

I have other Synchrony products, PayPal, Marvel, and Amazon and all three of those cards receive monthly usage.

Total credit lines were $101,000 with maybe $80 in various balances across all lines.

Now down to $76,000 of available credit with Synchrony. 

Suprised, not surprised but we were debating a few Spring projects with the Lowe's card. Obviously plenty of other options just wanted to provide some data points.

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Very sorry to hear! This makes me nervous about my new Lowe's card

[kdm31091]

Lowe's was a card that a lot of people went for huge limits on, and were granted, but a lot of the times the usage didn't match up with the limit. So honestly, this isn't that surprising to me. The card hadn't been used in 8 months and had a large limit. No reason for the bank to continue to extend the limit.

Synchrony is obviously tightening up on a lot of things and my guess is the huge unused limits are the first easy thing to cut.

[Appleman]

Like many of you I run off and check my cards when I hear an issuer has closed an account. Usually, there is something that triggers the action and I imagine it was lack of use for this card. Also, as noted, I was over the $100,000 in credit exposure for Synchrony.

My scores have dipped in the last few months with a bit of an inquiry spree but are still solid. Plus my utilization has remained in the 1-3% range.

I admit I spent part of the afternoon adding funds to my Amazon account to show a little use to some other dormant cards.

My hope is it was just one account but given the current economic situation I expect it may not be the last. Heading to the proverbial garden and keeping those balances low....