Applying for credit cards can be challenging when you have a poor credit score because approval is not guaranteed. A lot of shops and stores give their own credit cards to their customers so that the consumers can shop more frequently with their own cards. However, they have tendency to approve lower credit limits than general purpose credit cards do, and they also tend to have more strict criteria for approving the applicants. If you are interested in applying for a Lowes credit card, you might be wondering what credit score is required to get approved. This guide will provide an overview of Lowes’ basic requirements, how to obtain your credit reports and scores, ways to increase your credit score, and other options available if you do not yet qualify.
The minimum FICO credit score required to get the Lowes Advantage Card is 600, as per the official policy of Lowes. This comes under the ‘Fair’ credit rating. It is not very high but applicants with a credit score below 580 will most probably not be approved. This Lowes credit card is from Synchrony Bank and it is issued to consumers with average credit scores in today’s world.
A FICO score can be anything between 300 to 850. As such, a 600 FICO is on the borderline of approvals or slightly below approval. But it is still enough to signal to the lenders that you are a reasonable credit risk. If your score is under 600, then you know that in the recent past you had some credit problems such as credit card payment delays, non-payment, or even receipts of bankruptcy. Even total credit inactivity is another way of having a low score.
How to Protect Your Credit Score
It is advisable to look at the latest credit score before applying for any new credit card to have the best possible shot at approval. Here are a few easy ways to check your score:Here are a few easy ways to check your score:
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Check your free credit report from AnnualCreditReport. com. It is a government-authorized site that allows you to obtain reports from Equifax, Experian, and TransUnion once a year. The reports do not contain the scores but the records of the performance will be presented.
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Visit websites that track your credit such as Credit Karma and Credit Sesame. It is free to sign up with and they offer VantageScores, risk scores calculated a little differently from FICO.
- You can obtain FICO score through MyFICO. com, or directly from the bureaus. For a small fee, it is the closest thing to what lenders are seeing, giving accurate information.
Improving Your Credit Score
However, if your credit score ranges just below 600, there are things that you can do to raise your credit score gradually. It is possible to repair credit score within the shortest time of 6-12 months though it requires effort and consistency. Recommendations include:
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All bills: pay all bills on time as this is the most significant determinant of scores. Set reminders if needed.
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Credit card and revolving loans should be paid down next. It is also helpful owing less than 30% of limits.
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Avoid applying for new credit as this will lower your score; too many inquiries affect scores.
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Some of the things that can be done include: challenging errors with the credit bureaus. Correcting mistakes can give a good score boost.
- If someone has a record of making payments on time, and has low credit utilization ratio, then you can ask them to add you as an authorized user on their credit card. They get added to the reports since they have positive track records.
Review your performance after every two months or so you can do an overall check after every semester and even year. Promoting the right practices in a consistent manner will increase poor scores gradually.
Other Lowes Financing Options
If your credit is not good enough to qualify for a new credit card, Lowes has other ways of financing your next project or purchase. Consider these credit alternatives:
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Lowes Project Card – A kind of credit card that is issued for larger, more expensive home improvement projects, is similar to a construction loan. It is a bit more relaxed than the regular card.
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Lowes Business Accounts - There are business credit accounts that self-employed contractors and construction industry professionals can apply for using an EIN instead of SSN and credit score.
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Lowes Personal Loan - For financing, Lowes partner with financing company to offer installment loan with fixed rate ranging $500- $25, 000. The durations of terms vary from half a year to 7 years. The approval is done based on income and not credit scores as it is the case with most other lenders.
- Layaway Purchase Plan – Lowes old school layaway program allows you to take goods with the promise to pay for them in installments and get them when fully paid without any interest charges. A mere 10% down payment allows the process to begin.
It requires patience to build credit, but opportunities are available even when you have not reached that 600 FICO threshold. Learn how to monitor your reports, establish objectives, and even achieve healthy credit. However, with commitment over some period, Lowes credit approval is possible than we may think.
