Lowes Credit Card PSA

[GWguy]

Originally Posted by Mousebaby

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!

Yes, same thing, but you use money you already have and secure the loan against those funds. You basically pay back yourself.

Originally Posted by GWguy

Yes, same thing, but you use money you already have and secure the loan against those funds. You basically pay back yourself.

Ok, yes that is what we did, and apparently they frown upon such things. What idiots! Because we are not putting our necks on the chopping block we are a credit risk.

[AiryT]

Originally Posted by Mousebaby

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???

When you don't have any debt they consider your credit history new, your credit score is partially based on how long you've had a credit history. When you pay off long standing accounts, in order to have longevity in your credit history you would need to keep it open and use it occasionally. I found this out some time ago, so even though I rarely use my oldest accounts, I never close them.

[RaspberryBeret]

Just checked our account and our credit limit did not change.
Sure wouldn't mind if they'd reduce the balance due though

[Gemmi]

I had a Lowes credit card for quite a few years. I did not use it very often but it was handy when I needed it. I charged several items which totaled about $14 and some change. I forgot I used the card and it was 2 months before I realized it was way overdue. I paid it and tried to use my card about 6 months later. After my card was declined I called Lowes and was told my card had been canceled. I never received anything in the mail stating this. All I have to say is Lowes sucks.

[GWguy]

Some updated info on Credit Cards.

Your credit card may be re-evaluating you - CNN.com

yeah chase has done that to me in the last yr on both my cards ...

we are raising your rate to 23% Intrest ..... Fork You .... canceled both of them , still making payments @ 8.9% ... also with my Chase Amazon Card I paid that sucker off with my tax rebate and canceled it as well ....

I talked to my Credit Union about wrapping it up and paying it all off and having a Debt Consolidation loan .... but they wanted 10.5% .... so i have one card still active with $500 bucks left on it @ 14% ... and the 2 Chase cards ( Cancled ) but locked in @ 8.9 % so I decided I would finish paying off the 14% card .... and save int interest being under 10.5% I could have gotten on the loan ....

the loan manager said I had ok Credit , but since I had 2 cards near maxed out .... it left me with C+ rating, like most Americans .... but when I paid down some of what was owed my ratings would vastly improve .....

oh and I had a seldom used $ 2000 line of Credit with newegg .... that just got slashed to $ 300 bucks .... they were nice and sent me a letter explaining .... what was owed and how long it had been owed, they felt a reduction was in order ... I was ok with that because their interest was 21 % when I opened the account - hence the seldom used part ...

[punchbuggy]

I had a HELOC for $10,000 for the past 3 years. I got a notice from the bank holding the note that they were closing it due to the value of my home. Never used it and it maintained a zero balance. Took the loan in the first place just in case something major happened to the house. The interest rate was better than than your average credit card. I"m concerned this will affect my credit score in a negative way. My score has been very good. The credit line won't be on attached to my score but the fact that the account was closed will. Do you think it will hurt my score?