Lowes Credit Card Denial?
My husband just applied for a Lowes credit card, we recently bought a 250,000 house, he has had a credit card whose balance he pays off every month and he has excellent credit and job history. He got denied. What??!! Does anyone know why this happened or if there is any action that we can take?
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Well the reason probably being you just bought a 250000 house. You shouldn't have applied so soon for the credit card. They will however send you a letter in the mail explaining why. Also there is no action you can take they feel you are a risk to loan money to so didn't. It's there choice you should making you payments on time for 6 months on the house before trying to get another credit card.
There are a hundred reasons why this could have happened. you will get a letter in the mail with the exact reason soon. Usually take four to six weeks. As far as taking action, there is nothing you can do about this at all. Credit card companies reserve the right to deny anyone for any reason even if you do qualify. I guess you guys haven't had that much credit in the past, and that's probably the reason. Another reason is that you just bought the house. It's good for your credit but the way it looks to Lowe's is that you just bought a house and need the credit card because you are low on money. Wait for the letter and that will give you a definite reason. Insufficient credit is probably one of those.
1) You probably have no credit history on a credit card you pay off each month.
2) You probably have too many credit inquires right now because you just bought a home, so no one will extend any more credit to you for about 6 months.
3) The interest rate on that store card can be as high as 30%. Why would you want to pay a third more for the privilege to pay over time? Use cash or that one credit card your husband already has.
I'm desperate for a Lowes credit card applied twice, denied both time but was approved for 4 other credit cards, some by the same bank as Lowes, Why?
Most likely it is because you just bought the house. Unless you paid for the house with cash then the new mortgage will negatively affect your ability to get more new credit for a little while. There are some thing that you can do to get them to reconsider your credit card application but the chances of that being successful is slim. Here is some detailed info on getting a credit card application reconsidered though if you do decide to give it a try: