Applying for credit cards is usually challenging especially if it is the case of store cards such as the Lowe’s Advantage Card. There are some things that dictate whether you are likely to be approved for the card, with credit score being a major factor. Well, what is the minimum credit score requirement for a Lowe’s credit card?
Lowe’s credit card also known as Lowe’s Advantage Card is a card that is issued by Synchrony Bank. Unfortunately, Synchrony does not disclose the minimum credit score required for approval on its website or in its application. However, some sources have suggested the minimum score to be in the region of 600. This means that for a better chance of being approved, you will need a credit score of 600 and above. The higher the score the better the approval chances a person would stand.
Rating Agencies: What Is a Good Credit Score
Credit scores fall between 300 and 850. In general:
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800+ is a great credit score
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A credit score in the range of 740-799 is considered to be a very good one.
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This is a good range of credit score that ranges from 670 to 739.
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Thus, 580-669 can be considered to be a decent credit score.
- Under 580 is considered as a bad credit score
That means that a credit score of 600 will be something near the lower boundary of a fair credit score. Nevertheless, a fair score is still within the range that most credit card companies consider acceptable for approval.
Lowe’s credit card approval is easily attainable if your score falls in the good to exceptional category (670 or above according to FICO). The higher the better still when it comes to approval odds and interest rates.
How Credit Card Issuers Assess Applications
Whenever you apply for any credit card, the company has to decide whether to issue the card or not based on your credit score. Some of the criteria they consider includes:Some of the criteria they consider includes:
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Your credit score
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The total credit limit you have on other accounts
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Your credit history and the ability to pay your bills on time
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Your credit utilisation ratio (credit/debt)
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Number of credit inquiries made within the past two years and number of accounts opened in the past two years
- That is why bankruptcies and other negative items in the public records
These are aimed at establishing one’s capacity as well as willingness to use credit responsibly. Good credit scores suggest there is less credit risk for the issuers.
Tips for Getting Approved
If your score is on the lower side, it would be beneficial for you to enhance your credit before applying for the card. Some tips include:
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It helps to pay all the bills on time – timely payment is the most important factor affecting credit score.
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Always ensure that credit card balances are kept to the lowest.
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Do not open many new credit accounts within a short period
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Review the reports for any irregularities that may indicate an error or fraudulent actions.
- You can pay with someone else’s card even if you are not the legal card holder
If you want to establish more positive credit history, you might also take a credit-builder account or a secured card. The better news is these can be used responsibly for 6-12 months to increase your scores.
However, if home improvement projects cannot wait, it is advisable to apply for the Lowe’s card with a family or a friend with good credit score. Being a co-applicant, their credit score can positively impact the approval rate due to a higher score.
Advantages of having Lowe’s Advantage Credit Card
The Lowe's Advantage Card provides some nice perks for home improvement projects, including:The Lowe's Advantage Card provides some nice perks for home improvement projects, including:
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Six months 0% interest for any purchase of $299 or more
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Sign up to receive a 5% discount on your first six months of eligible products and services.
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This means that on special financing offers, buyers are able to pay within 90 days on cash equivalent.
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Lowe’s exclusive coupons and Lowe’s credit card specials only
- Synchrony Visa perks such as cell phone damage protection
Just remember, only apply if you are sure you can handle credit responsibly by paying the balance in full every month. Delayed or missed payments harm the credit score and result in higher interest rates. This simply means that credit should be used to ease your operations and not to put you in a fix.
