Lowes Credit Card PSA

[onebdzee]

Originally Posted by BS Gal

I hope DR takes his blood pressure meds before he sees this. Lowes is his home away from home.

Lately it's mine, too....I don't have a credit card with them though

I had one a long time ago and canceled it when they gave me a this crap about how my credit report wasn't good and they were going to raise my rate to 21%....they didn't send me any notice and luckily I looked at the bill....I asked them who's credit they were looking at as mine was excellant and they were full of it

Bank of America tried to do the same thing to me about 5 months ago to my business card....I laughed at them when they told me I didn't make enough and my credit history with them wasn't good(I always pay it off early)....they were trying to raise my rate from 4% to 21%

Needless to say, I got it straight, paid off the card and haven't used it since

[nomoney]

Originally Posted by USWWarrior

Earlier this summer, I had the same thing happen to me with my VISA's. I had 2, both had $0.00 balance, both had not been used for about 3 months and neither were never late. As I checked my mail, yes I open the bill knowing the balance was zero, I saw they reduced my credit limit on both cards. Mind you, this was 2 different banks.

I called, they could not offer a solid explanation. I cancelled both account right there. Said I do not like doing business with companies that do not take the time to notify good-standing customers. I mean a simple form letter would have been enough for me. Telling me, because of this or that, we reduced your credit limit. But for me to find out without a courtesy notice, I told them to keep there credit, I didnt need it.

Now to my point, that was early in the summer, way BEFORE this current crisis. That tells me the banks KNEW this was going to happen and began circling the wagons earlier this year.

Uhmmm, where was the white house and congress earlier this year. If the banks knew it, I bet they did.

Same thing happened to BFs card way back late spring as well. No explanation, nothing.

[Chasey_Lane]

Originally Posted by desertrat

Screw 'em, they can keep their 21% card.

That's what I said, too. Hubby and I will either pay cash or use another credit card to pay for things, no biggie. It's just really crappy of Lowes to do this - they lost a lot of our business.

That's what Lowe's said to us and we have always paid it off pretty quickly and have never been late. We have had problems getting credit lately and I found out that it's because we refinanced and closed all of our credit accounts so now they consider it that we have no credit and we are a risk. What kind of is that???

[GWguy]

I can see everyone getting upset if they use the card alot, and use it for large purchases which bump near the credit limit. However, if you are not using the card alot, and you never go near the limit, then it just shouldn't be a big deal. What most folks don't realize is that when they apply for credit, a loan, whatever, the lender not only looks at how well you pay off your bills, but also how much credit you have available to you. The more cards at higher limits you have, the greater your credit risk. The higher the credit risk, the lower your magic credit number.

I found this out years ago when someone simply upped my credit on one card to $10K at the same time I was applying for a loan. The loan agent questioned the new limit. I canceled that card same day.

Originally Posted by GWguy

I can see everyone getting upset if they use the card alot, and use it for large purchases which bump near the credit limit. However, if you are not using the card alot, and you never go near the limit, then it just shouldn't be a big deal. What most folks don't realize is that when they apply for credit, a loan, whatever, the lender not only looks at how well you pay off your bills, but also how much credit you have available to you. The more cards at higher limits you have, the greater your credit risk. The higher the credit risk, the lower your magic credit number.

I found this out years ago when someone simply upped my credit on one card to $10K at the same time I was applying for a loan. The loan agent questioned the new limit. I canceled that card same day.

Thing is they also frown upon you not having any credit cards at all which is stupid! If I don't have credit cards I have more cash to pay for what I need, so it's just plain stupid to do that. I don't get it!

[desertrat (Premo)]

Originally Posted by GWguy

I can see everyone getting upset if they use the card alot, and use it for large purchases which bump near the credit limit. However, if you are not using the card alot, and you never go near the limit, then it just shouldn't be a big deal. What most folks don't realize is that when they apply for credit, a loan, whatever, the lender not only looks at how well you pay off your bills, but also how much credit you have available to you. The more cards at higher limits you have, the greater your credit risk. The higher the credit risk, the lower your magic credit number.

I found this out years ago when someone simply upped my credit on one card to $10K at the same time I was applying for a loan. The loan agent questioned the new limit. I canceled that card same day.

Yeah, I've got one that keeps bumping my ceiling up. I need to call them.

[GWguy]

Originally Posted by Mousebaby

Thing is they also frown upon you not having any credit cards at all which is stupid! If I don't have credit cards I have more cash to pay for what I need, so it's just plain stupid to do that. I don't get it!

That's true too. I had one insurance company raise my rates because I didn't have a history of a car loan. I don't NEED a car loan! If I need money for a new vehicle, I use a secured line of credit, which doesn't count as a car loan.

[Joebagel]

I find this funny since yesterday when i used my Lowes Credit Card the lady at the register told me i was pre-approved for a Lowes Credit Card.

Originally Posted by GWguy

That's true too. I had one insurance company raise my rates because I didn't have a history of a car loan. I don't NEED a car loan! If I need money for a new vehicle, I use a secured line of credit, which doesn't count as a car loan.

Is that like when you use your own bank to buy the car? Because that is what we did and they are pissing all over our credit score and it's pissing me off! We had excellent credit and because we paid off a bunch of stuff by refinancing we got our credit score screwed!