Lowe’s credit is not issued by Lowe’s but by Synchrony bank:
Lowe’s Credit Card Issuer: It’s crucial to remember that Lowe’s credit cards are issued by Synchrony Bank, not Lowe’s itself. Therefore, the decision to approve a new card rests with Synchrony, not Lowe’s.
Factors that Synchrony Bank will use to determine if you can or will get approved after bankruptcy:
Creditworthiness Assessment: When assessing your creditworthiness, Synchrony analyzes your credit report, considering factors like:
- Type and date of bankruptcy: Chapter 7 typically has a longer impact than Chapter 13. Recent bankruptcies raise more caution than those farther in the past.
- Credit score: While bankruptcy significantly impacts your score, its rebuilding over time and responsible financial practices post-bankruptcy are considered.
- Debt-to-income ratio: A low ratio demonstrates your ability to manage debt, increasing your approval chances.
- Previous credit history with Lowe’s: If you had a Lowe’s card before the bankruptcy and maintained good standing, it may positively influence the decision.
Anecdotal Evidence: Online forums and communities suggest mixed experiences with Lowe’s credit card approvals after bankruptcy. Some individuals report getting approved soon after discharge, while others face rejections for several years.
Obtaining a Lowe’s credit card after filing for bankruptcy is possible, but the timeframe for approval varies and is influenced by individual circumstances and credit history. According to discussions on the myFICO® Forums, individuals have had different experiences:
- One forum user mentioned being approved for a Lowe’s card a little over two years after their bankruptcy was discharged. However, this person noted that when they initially checked for pre-approval, they received a response indicating “prior unsatisfactory account”
.Another user shared their success in obtaining a Lowe’s credit card post Chapter 7 bankruptcy. This suggests that while there is no set timeframe, approval can depend on various factors such as the individual’s credit score and history since the bankruptcy.
General Recommendations when trying to get a Lowe’s credit card after BK:
- Wait: Allow sufficient time for your credit score to rebuild and demonstrate responsible financial conduct before applying. A year or two after discharge is often recommended.
- Build credit: Utilize secured cards or credit builder loans to rebuild your credit history and improve your score.
- Pay down existing debt: Lowering your debt-to-income ratio strengthens your application.
- Apply in-store: Some anecdotes suggest applying in-store might offer a better chance than online applications.
- Be transparent: Explain your bankruptcy situation honestly during the application process.
Individual circumstances vary greatly, and there’s no guarantee of approval or denial before submitting an application. The best approach is to consult with a financial advisor or credit counselor for personalized advice on rebuilding your credit and increasing your chances of obtaining a Lowe’s credit card after bankruptcy.
It’s important to remember that each lender has its own criteria for credit approval, and experiences can vary widely based on individual credit situations. Additionally, the impact of a bankruptcy on one’s credit score and history can influence the likelihood of approval for new credit, including store cards like Lowe’s. It’s always a good idea to rebuild and stabilize your credit before applying for new credit cards to increase your chances of approval.
