Lowes Synchrony Card - Credit Increase Question??

[MBOhio2]

I had read some threads here about the Lowes Synchrony card, and decided to get it for a large appliance purchase, related to a kitchen remodel. I went intot he store and applied yesterday and was approved for $5500. Great, but this is not enough for my appliances. So per the advice here, I called Synchrony today, and requested a CLI. I had to put a number on it, so I requested $16k - this covers my appliances with a  little buffer. I was denied - no smaller increase, just a complete denial.

I am pretty surprised. I have a high income at $300k + and very good credit (around 760). I do have some other debt, but not anything that should be alarming.

So what is the advice on next steps? Is there a waiting period before I can request a CLI again, though without knowing the reasoning, I assume it would be the same result of denial. I am not in a rush for the appliance, so I could wait for the denial letter and see what it says, but I cannot recall (because I haven't been denied in a LONG time!) - is it going to tell me the specifics of why I was declined?

I can buy the appliances with cash, but did not want to for a couple of reasons that aren't worth explaining, so I'm pretty bummed that I even bothered to take on a new credit card for a measly $5500

[AverageJoesCredit]

This is the second post where we see high income earner severely disappointed with their measely approval. Unfortunately another case of not understanding the csrd applying for, you were not denied as your approval  shows but just havent reached appropriate time for a cli. Lowes can easily hit 35k with weeks or months but people need to tske into account current environment or at least letting it build  some history, even if only a month. These cards do not ususlly start at 20k plus. 

If you thought 5.5k was bad, which for a sl on this card, is quite good, try getting 1k. If you arent happy with it you can always close the card and stick it to them. My advice is to temper expectations if you dont research the card before applying. Money gets alot in life but it doesnt always by credit. Try for an increase in a month, its only sp so you wont waste hps 

[Jnbmom]

A measly 5500?? With everything going on these days and especially with Synch, you should be very happy.

That Card grows pretty fast in a matter of months . I would count your blessings with that card and  the amount given what's currently happening .

High income and good scores don't always get you high SLs.

[K-in-Boston]

I was also originally approved for $5500, but was able to call and get more immediately.  That was 4 years ago, and unfortunately Synchrony has not been throwing out huge starting lines as of late (usually $17k would have been the max recon starting line) and have also been trimming out high risk accounts.

Were you planning to finance at 0% or use the card for the 5% discount?   If for the latter, can you buy the appliances separately and pay in full after each transaction?  If for the 0%, can you either make some smaller purchases, pay in full and wait maybe a month or so?  You can request right online and it is a soft pull.  Unlike other Synchrony cards that seem to cap out at $10k for online requests, Lowe's can and will go to $35k.

[MBOhio2]

Thanks to everyone who has commented, and this was exactly the reality check that I needed I had read stories of people receiving significant increases same-day, but I see that those are older stories, so it must be old news.

It sounds like there is still opportunity for an increase, but I may need to wait a few weeks or months, which is fine because I don't need the appliances right away (was just being proactive with the card).

So what's the best strategy for a CLI in the near future? Should I make a large-ish purchase and immediately pay off to show that I can handle a large payoff? Should I use it multiple times (even smaller purchases) over the next couple of weeks to show regular activity? Is there a strategy to getting Synchrony to increase quickly?

[Gmood1]

Large purchase might do it for you.

Try again after you receive the card.

Do you have any other Synchrony CCs? Any payment history with them?

If not, give it a couple of months with usage. They'll open up.

[MBOhio2]

Gmood1 - Thanks for the feedback! I do not have another Synchrony card, so no history with them. Do you know if they have required waiting periods between requests? In other words, if I requested today, will they auto-decline me if I request again, for example, within 30 days? Or are you not aware of any wait period and I can ask as frequently as I want? Just trying to be strategic here

[K-in-Boston]

You can literally ask twice a day.  😂 

You will get a letter in the mail every time, though.  No matter how much you ask, no clock gets reset.  If you can take advantage of the 5% discount and maybe buy one appliance now and then pay in full, that might help.  If denied maybe wait a month.

Edit: I was pretty aggressive in asking.  For what it's worth, $5500 SL recon to $17k same day, $25k at 5 months, $35k at 12 months.  At the time, scores roughly where yours are and income a little lower.

[Gmood1]

@MBOhio2 

That's most likely why the lower starting limit.

Once they know your payment history. The limit will skyrocket!

I'd think within 90 days you'll get an increase. Especially if you use the card for some large purchases.

[Loquat]

It may also be worth calling after you actually get the card and activate it. I know some have initial success with getting a CLI before the card arrives. It has never happened that way for me. I've always had to wait for the card or even a few months after.

It's not really that hard to get the Lowe's card to climb. Now I'm speaking from pre-covid times...I'm not sure what kind of financial loss Synchrony is facing or dealing with at the moment which could have some affect on what they're willing to give these days.