Lowe's says I am not the kind of customer they desire

[whirlcool]

Guess What...

We too take advantage of the 1 year interest free promotions at Home Depot. We've had the card for 8 years with not one late payment. It had a $6K limit.

We just received a letter from HD last weekend that they are lowering our credit limit to $1,500 due to our "spending patterns". Hell, we just spent $2500.00 with them last November for new appliances for our kitchen and that's already 50% paid off.

I called them and the rep at HD told me that their computer analizes each account and adjusts each account according to a pattern, it's all very complex.

I think we will be shopping elsewhere and close this account. I think it's an insult to a regular customer.

 

[jeffg]

Competition? Like almost all industries, major appliance sales in the U.S. are controlled by a cartel, which pretends to compete with itself: Sears, Lowe's, Home Depot and Best Buy account for nearly 70% of all sales nationwide.

This is why Lowe's and Home Depot can treat their customers like garbage and get away with it.

http://www.wikinvest.com/stock/Sears_Holdings_(SHLD)/Bulls/Sears_gains_appliance_market_share

 

[gyrafoam]

Whirlcool----

HD used to give you whatever limit you wanted just by calling them up. Tell them you are ready to make a major purchase and need a 10k limit or something like that and see if they don't do it. The computer reducing the credit limit automatically is nothing new at HD. They have done it for a long time.
Still, insulting, however.

Also I don't have a lick of sympathy for Lowes. They outsourced a part of THEIR services and are well aware of how their "partner" is treating their clients.
Its all about money and Lowes is just as greedy as the next.

 

[westingman123]

attach a copy of the receipt

AMEN!! And don't send the letter to just anyone, look up the
president of the company and send it to that person. It will be an assistant who opens the letter, of course, but if you take the time to prepare such a complaint you almost always get some satisfaction. It's a sad state of affairs that we, as consumers, have to resort to such maneuvers.

 

[norgeway]

Find a Local Store.

Here in Mocksville we have a local furniture store,We went in..picked out new living room furniture..had it delivered, saved a ton over a big box store,and DID NOT SIGN A THING, Johnny, the owner said, How much can you pay a month, we told him, he said fine, Its just like doing business in the 50s....I love it, none of those big store hassels.

 

[turquoisedude]

That's a really nice idea - doing business with a local store who will be A) Glad to have the business in these tough times and B) will treat you like a CUSTOMER instead of a card number!
Hmmm... Kinda makes me want to throw off the shackles of my "day job" and open a store! Too bad 'The Appliance Queen' won't translate into French with the same connotations... ROFLMAO

 

[goatfarmer]

I agree with Runematic, shop at the local guy, and tell the box stores where to get off.

 

[launderess]

Just For The Record

This is happening to pretty much everyone who has any sort of credit or charge card, so it is nothing "personal".

Many credit/charge card companies are looking at record setting default rates as consumers simply walk away from paying their bills. Some cannot pay because of loss of employment or other reasons, others simply are too over exteneded and figure if it is a choice between paying the rent/mortgage or the credit card, guess which one looses?

Also as more and more consumers are facing tight financial times, they are relying more on those high credit balances, charging up a storm, but making little more if only the monthly minimum payment. Credit card companies see this as a red flag these days because often persons living on their credit cards sooner or later end up in the above group, that is choosing between credit card payments and others, and again the credit card often is the first payment skipped.

True, credit cards do not make "money" from customers who pay off their balances in full each month via interest, but they do make plenty in terms of fees charge to banks and others for processing transactions. What many credit card companies are doing (before new laws take affect next year), is looking at the rather lavish credit limits set over the past years and cutting their exposure so to speak.

We have a Sears card, and NEVER use it for anything that cannot be paid off when the bill arrives. Sears charges something like 27%/per month interest, one would have to be crazy to keep a balance on a card like that. When contacted once to request a lower interest rate, was told that WAS the lowest rate Sears offers. They have even changed some of the fine print in their "interest only" plans, so one has to be real careful when putting anything on a Sears card.

GE Credit like many other credit card companies is not in very good financial shape these days. Considering they run consumer credit cards for a large part of the American retail market ,their exposure in this economic down turn is great.

To break it down like a fraction, banks and credit cards gave what they now consider too much money away when times were good, now they want it back.In the case of unused or little used credit lines it is allot easier to lower limits and or close the account before the money is out the door so to speak.

L.

 

[norgeway]

Accounts

Our local store handles there own accounts...on paper not computer!!!

 

[polkanut]

Here are the numbers...

Lowe's Customer Care: 1-800-445-6937

Consumer Accounts: 1-800-444-1408

 

[launderess]

According To Media Reports

Pesons who telephoned to complain about credit card decreased limits, interest rate increases et al, have had various rates of sucess in reversal. Much depends upon one's history with the company, and or what the policy is from "upstairs".

For instance with Capital One and other cards, the changes in interest rates and such are mandated in such away that the low level service reps have no power or even way to change them. Even when one reaches a supervisor or manager the can do only so much, again depending upon what parameters have been set up by senior management. Clearly credit card companies do not want lower level employees "giving away the house" and falling for every story they hear. Since most of these telehone reps are in Asia or India with a bare grasp of the English language it kind of makes sense. If "Bob", "Mary", "Christine", and the lot can barely read what is printed on the screen in front of them, much less have any sort of conversation that deviates from the scripted responses, it does not bode well trying to negotiate any sort of changes in policy.

L.

 

[soberleaf]

f&*k lowes!

tell em to take their card and shove it where the sun don't shine!

 

[andrewinorlando]

This is a good opportunity for the American public to go back to the old days of paying CASH! When banks and credit card companies realize that they are losing large amounts of business to the old greenback, they'll quickly change their ways.

Just remember something everyone....just because you pay your balance off every month, interest free, DOES NOT mean you are not lining a bank's coffers. They charge the merchant a transaction fee for every single purchase on your card, up to 6% in some cases, so even though you're not paying interest, the merchant, in effect, is. If you can pay cash, then dammit, pay cash, and don't allow banks and CC companies to further profit in this way. This includes purchases made on Visa or MC debit cards also. As inconvenient as this can be for large purchases, it's the only way to start sending the message loud and clear folks. Use cash or checks as much as possible...at the grocery store, department stores, etc., or ask your bank for a plain debit-only card, if they offer one.

Like I said, when they start understanding that American consumers are speaking loud and clear that they won't have this nonsense, it will stop, or they will be very short on profits.

 

[launderess]

Thing Is

Many consumers, not to mention the United States economy itself pretty much depend upon "easy" credit, without it the economy would almost grind to a halt.

By and large wages in the United States have not kept up with inflation for decades now, and households have used credit to bridge the gap between what is in the kitty versus lifestyle wishes and demands. Access to easy credit has almost become a right of every US citizen, you heard Obama and Congress pretty much saying as much as they beat up upon and hurled abuse at credit card companies; all in an effort to get them to loosen up the mousetrap.

Yes, many consumers have stopped using their credit cards, but most of them are comfortable enough that paying cash isn't a problem. With many others living from pay day to pay day, credit cards are the only means most have to make ends meet. Be it putting petrol in the car so they can get to work/take the children to school, to purchasing groceries and the lot.

L.

 

[strongenough78]

Hey Iheartmaytag

You should send them a picture of you buying a new washer and dryer at Sears, along with a picture of your bare butt with a caption underneath saying KISS IT!!

 

[mayguy]

I have given up on the CC 8 years ago after what I've gone with Sears.

I pay cash/check for large purchaes.. If I/we don't have the money, then we don't get it.

The only card I have is my bank card.

You are not the only one. I've heard from other people who cards has been closed by other company out there.. Not just Lowes or HD.

 

[appliances4me]

OMG

all my ge accounts just got closed to my cards best buy and lowes. I always pay them off. I think they want people who carry a balance.

 

[angus]

My question is if the issuer closes the account for whatever reason, what does this do to your overall credit score?

 

[jeffg]

If you're talking about FICO, no one except Equifax knows the answer to that question. They're allowed to judge us, and affect our ability to obtain credit, but exactly how we're judged is none of our business.

 

[launderess]

Angus

FICO scores usually decrease when an account is closed for whatever reason. Even if a person requests a credit grantor close an account, it still can lower the score. This is why many credit consumer groups are advising not to run and close a credit account just to "get even" with a change in terms or such you do not like.

Another thing is that the older the account is the worse the hit to one's FICO score it will be if closed. While the exact nature of caculating FICO scores is unknown except to the aforementioned company, it does seem that the number of accounts, length of time they have been opened, amount of credit used (should never be more than 1/3 of the limit), and of course payment history are all factors.

The above is why so many persons get angry when a credit card company closes their account for "no reason" and without warning. One also needs to watch out for credit limits being decreased without notice. If you have a Visa card with a $5000 limit, and have a balance of $3500, you are using slightly more than 1/3 of the limit. However if that card has it's limit cut to $4000 or worse $3000, you are in trouble. The former means you are now using more than 1/3 of the limit (bad for FICO scores), the later makes you over your limit.

What we try to do is use cards at least once every two months or so, even if a small amount is charged and paid off then the bill arrives. At least this way the account is not seen as "dormant". In fact just purchased some items from Sears yesterday (online), because of a good sale and extra percentage off offer. However at 27% interest, make no mistake about it, that bill will be paid in full when it arrives.

L.