Lowes: You sneaky little %$@#&*€

[Anonymous]

I posted a few days ago about my Wal-Mart Close Date being inconsistent as well as the thought that Lowes was too. Well, turns out they are most definitely inconsistent. Lowes payment is due on the 21st of the month and my statement had still not closed as of Saturday so I call them up to ask why? I searched the T&C and couldn't find any info on a close date before calling. The rep let's me know that sometimes there is a delay and that she apologized for the inconvenience. She then proceeds to tell me that according to her system, my statement had closed that morning (28th) but it hadn't updated in my online account due to the weekend and that she could already see that since my statement had closed, my next statement would close 4/27. I asked her if she was sure because why would it not update on my end? Anyways, I decided to go to Lowes to purchase a riding lawn mower that I had been waiting to get AFTER my statement closed (mistake), made the purchase and went about my business. Well Sunday morning, the statement had still not closed so I started to get a little nervous. So, guess what?? My statement closed at midnight last night with the now posted $1300 charge... eekkk. This now puts my UTIL around 60% on this card. And while my scores will recover this is not going to be good for someone who just had all scores tank due to too many new accounts open, too low AAOA and too many cards with balances (which have now been paid off for the most part but not all updated yet). I should have listened to my gut and not listened to the rep and waited until I saw that my statement had closed. Uuggghhhh lesson learned ***rant over***

[StartingOver10]

I'm sorry to hear about your experience. I totally agree with you - listening to the CSR is taking a gamble that the info is correct. I have a theory about these store cards (its probably my imagination so feel free to criticize):

Theory:  Just before your statement due date (maybe 3 to 5 days) the store marketing department sends lots of sales and/or discount emails and texts to get you in and spending so you end up with a higher balance when the statement closes.  I don't fall for this tactic, but I'm sure many people don't track their due dates.  This is especially evident with Synchrony Bank backed cards (IMO).  Also, I have noticed that Synchrony Bank backed cards are slow to update your zero balance to the CRAs. In fact, this January Walmart totally skipped reporting my zero balance account until I called in to have it report. Took an extra week beyond the normal reporting date.

This has the net effect of showing inflated receivables (your debt is the lenders receivable) at any given time.

For those of you in the business, can you enlighten the OP and myself?

[Anonymous]

I totally agree with your theory. It's a little backhanded of them to say the least. I've also noticed that when I make a purchase close to due date or statement cut, the charge posts super fast but it's at the beginning or middle of new billing cycle, it takes forever. My last Lowes purchase before this one took 5 days to post... 5 days and the one before, about 4. Now that I needed my statement to close this time without the charge? Less than 2 days. Same with Wal-Mart. This can't be a coincidence??

[StartingOver10]

I have noticed the same thing. Posting times vary by your due date...which seems unlikely on its face but it has happened too many times to be a coincidence IMO.

[Anonymous]

Exactly! It was definitely my fault for listening to the CSR who gets paid for pushing this BS. Lesson learned. Now that I've paid off my Wal-Mart and Amazon cards, I wonder if mine will also have a delay in reporting. I will be watching that like a hawk.

[Anonymous]

Think positive.  You have a new riding mower.  I got mine last summer from Lowes.  What kind did you get.

[TRC_WA]

It isn't anything I'd stress over.

I just had my $6700 SM card go from a $182 balance reported to $4900 and my EQ dropped 6 points... EX 3.... TU 2.

I'm sending the payoff this week and will recover the points at the next statement cut.

I'm not buying a house or a car anytime soon so the UTI game isn't something I need to play right now.

Life will go on.

[Anonymous]

How long have you had the account?  5+ months?

If more than 5 months, just go do the live CHAT thing in your account and ask for a credit increase to $25,000

Utilization problem solved... enjoy the riding mower, those things are too cool.

[Anonymous]

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@Anonymous wrote:
My statement closed at midnight last night with the now posted $1300 charge... eekkk. This now puts my UTIL around 60% on this card. And while my scores will recover this is not going to be good for someone who just had all scores tank due to too many new accounts open, too low AAOA and too many cards with balances (which have now been paid off for the most part but not all updated yet). I should have listened to my gut and not listened to the rep and waited until I saw that my statement had closed. Uuggghhhh lesson learned ***rant over***

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What's your current CL? If you're not at $25k yet, ask for a CLI via chat. Go big -- ask for the $25k! If they can't do $25k, they'll counter with something that should still help out your UTIL.

[Anonymous]

I've already asked for a CLI but they wouldn't budge as my scores already tanked (original post). What my plan was: to pay almost all of my cards off (which I did but only 2 have updated) watch my scores climb over the next month, have the mower report next month so that's the only large balance. That plan was screwed with this closing date. So, now my score will tank again before the climb. Like my sig, the struggle is real.