Lowes, Verizon and Synchrony

It’s been a big disappointment! I applied for a credit card to pay my Verizon bill, since i bought an iPhone for my daughter Darlene, and it seemed to me it might make it easier to pay if they were on one card.

I did not know that Verizon uses Synchrony Bank for its credit cards, or I might have not applied. I have had a Synchrony Bank card for my Lowes account since before Carolyn died. It has been a revelation of the mind set of capitalist corporations. Details will follow.

Just this week I received a two page letter explaining why they cannot give me the best percentage rate on my new Verizon Synchrony Bank card.

The credit score ranges from 300 to 620. I got a 580 score. Here’s why:

Sum of credit limits across all bank open end accounts is too low.

( Yeah, banks don’t want to open a new account because I paid the old accounts off when I sold the ranch in Nevada.)

Too few accounts currently paid as agreed.

(Yep, I didn’t pay them off monthly as agreed: I paid them off in full as soon as I had the cash.)

Number of mortgage accounts is too low.

(I only have one mortgage on this house. I do not plan on buying another house so I can have another mortgage.)

Too few open installment loans with loan amount of $10,000 or more.

(Yep, I ruined my credit rating by conscientiously paying off my loans and not borrowing any more.)

For years now, every month I have to go to my Lowes store and pay the balance in full. They have screwed up the ID and password and I have not been able get a new one for two years. Probably because my wife died, and it was her account. So I can’t get online to see the balance due.

Also, rather than make the due date on the first of the month, Synchrony Bank makes all payments due on the 25th of each month. With a $25 late fee if you miss it. If you pay on the first of the month with the rest of your bills, you will pay an extra $25 dollars every month on top of their high interest rates. 

Every month on the 20th I go to Lowes and pay off the balance with my debit card. From my Credit Union. I refuse to open an account at a bank until the usury limits come back down. 

That’s probably one more reason my score is so low.

It would be nice if Elizabeth Warren became Vice President. Her bona fides on fighting for the consumers against the banks is on record. But first we would have to move Joe out of the way. He’s been a friend of the banks for many years.