Tips wanted for Lowes CLI

[Anonymous]

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@Anonymous wrote:
I was approved online for the lowes advantage cc over seven months ago with a $1,000 sl. My TU score was ~690 at that time. Recently hit the online luv button and asked for $8,000 and was denied. My TU has dropped to the ~690s due to high utilization on other cards. I should be able to boost my score to the 700s within the next couple months by lowering my utilization. I’ve seen people here get huge CLIs and would like to increase mine to help with my overall utilization. Im not a huge spender but consistently spend hundreds on lowes each month and PIF on time. I plan on calling credit solutions soon when my TU hits ~700+ and asking for 18k and hopefully get countered 12k-15k. Hope to someday increase this limit to 20k-22k. Ive never called to request a CLI so wondering if this is a reasonable increase or should I request more?

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So for me, I requested online. My CL is 9200, most of my other cards are above 20K. I requested 20K and was denied. My utilization is 1% total, had the card for 2 years. Others have large CLs on their Lowe's card, not me. Not sure what drives this, maybe my low usage. In the winter months,  I don't use the card. High balance is about $300. Everytime I need to spend about $100+, Amex has an offer for Lowe's and I use it because it exceeds the 5% on the Lowe's card.

I'll get a letter and give an update for the reasons after I receive it. 

[Anonymous]

Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

[Anonymous]

Probably one of two reasons....

Insufficient experience at current limit  (this one is timing related if you're hitting it before the 4th statement cuts)

or 

Max limit per policy  (this one means you should probably call credit solutions and bypass the online form because you're too close to 10K)

[Anonymous]

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@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

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Well, the 2 reasons are why you don't have an 850 not why you were denied for the CLI.

The old score and it being under 700 is more likely the reason.  If you want to get somewhere with them then you need to get your score up and then call them.

[Anonymous]

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@Anonymous wrote:

Probably one of two reasons....

Insufficient experience at current limit  (this one is timing related if you're hitting it before the 4th statement cuts)

or 

Max limit per policy  (this one means you should probably call credit solutions and bypass the online form because you're too close to 10K)

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Me or OP? Lol

[Anonymous]

Anyone... those are really the only reasons they deny anyone a CLI for.

Of course you could be the unicorn that ran up all of his cards and then that would be a reason but, typically that's not the case.

[Anonymous]

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@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

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I can see the lack of real estate loan information being an issue with getting a large CL with the card. If you own a home, its not uncommon to need to spend a few K on a project or fix, and they know a larger line is needed for such circumstances. 

[Anonymous]

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@Anonymous wrote:

Anyone... those are really the only reasons they deny anyone a CLI for.

Of course you could be the unicorn that ran up all of his cards and then that would be a reason but, typically that's not the case.

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I'll wait until the letter comes and if it seems bogus,  I'll call.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

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I can see the lack of real estate loan information being an issue with getting a large CL with the card. If you own a home, its not uncommon to need to spend a few K on a project or fix, and they know a larger line is needed for such circumstances. 

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Computers don't rationalize a decision.  People also run businesses in which they don't have a mortgage on the personal CR and use Lowe's for K's of $$ per month.  

The reasons you get on denial letters in the set of 4 are directly related to why your FICO isn't 850 not why you were denied.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Just received the letter from Synchrony. First thing I noticed is that the score they have is dated August 1st and its 629 (utilization was most likely higher at that time). Reasons behind the denial are:
Lack of real estate secured loan information
Average time since accounts opened is too recent

---

I can see the lack of real estate loan information being an issue with getting a large CL with the card. If you own a home, its not uncommon to need to spend a few K on a project or fix, and they know a larger line is needed for such circumstances. 

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Computers don't rationalize a decision.  People also run businesses in which they don't have a mortgage on the personal CR and use Lowe's for K's of $$ per month.  

The reasons you get on denial letters in the set of 4 are directly related to why your FICO isn't 850 not why you were denied.

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The denial letter stated specifically that the lack of home loan info as one of the reasons.