Applying for credit cards might be challenging, mainly if you have a low credit score or bad credit history. Most retail store have their own retail store credit cards to be used in the shops with an intention of making more sales. Lowes is among the popular home improvement stores that offer their own card. If you are a Lowes customer who often buys home improvement items and equipment, having their credit card can be advantageous for you as you will get to enjoy special financing options, exclusive discounts, and Lowes rewards whenever you shop at Lowes. However, to get a better understanding of what you are up against when applying for a Lowes credit card, it will be useful to know what type of credit score is given priority by Lowes when considering applicants for its credit card.
What Credit Score Do Lowes Accept for Credit Card
The credit score to be used in obtaining a Lowes consumer credit card is between good and excellent. In particular, to have the highest chances for approval, you need to have a FICO credit score of 700 or higher. Candidates who possess scores in the 600s also have a shot at approval, though it is not guaranteed. If your credit score is below 650, you have very low chances of being approved for their card apart from having other good credit scores.
When assessing your application, Lowes uses the FICO score and not Vantage, which is a competitor product. FICO scores are on the 300 to 850 scale. Thus, by aiming at 700 or higher, Lowes is seeking people with good to excellent credit histories before they are allowed to apply for the card and financing. It then means that the higher the score when applying for a loan, the higher the chances of getting an approval.
The Basics of Working with Lowes:Why Lowes Wants You to Have Good Credit
Since Lowes is mainly a physical store focused on home improvement products it cannot afford to take too much risk and offer credit cards and financing to applicants with subpar credit scores. As appliances, tools, home systems and remodeling projects can be very costly products, they apply high cut-off scores for credit risk to their products. Also, credit sales lead to increased sales and customer satisfaction, and therefore, they wish to extend credit to applicants with good scores on financial management.
What Else Lowes Looks At When Considering Credit card Applications
While your credit score is the most important approval factor, Lowes does take a full view of your profile including:While your credit score is the most important approval factor, Lowes does take a full view of your profile including:
Income – Your gross personal or household income that is derived from wages, pensions, dividends, etc. Enough income to be able to reasonably handle more debts is crucial.
Debt-to-income ratio – Lowes want to make sure that the applicant does not have too many debts in relation to the earnings. This assists in identifying the amount of more credit that can be afforded.
Length of credit history – It is beneficial if one has three or more years of good payment history on one or more credits.
Other credit – It is also important to demonstrate that the applicant has appropriately managed instalment credit such as other credit cards.
It is also important not to open too many new lines of credit; recent credit inquiries can also hurt applications.
As you can observe, Lowes applies strict measures to screen applicants to reduce default risk on its financing products. Hence, having a good credit score is mandatory for the consumers who wish to meet the requirements and make use of their credit card.
Strategies to Increase Your Chances
If your current score falls shy of Lowes 670+ score requirements, or you have been declined previously, here are some tips to improve your approval chances:If your current score falls shy of Lowes 670+ score requirements, or you have been declined previously, here are some tips to improve your approval chances:
To reduce credit utilization, it is recommended to pay off more on credit cards and other forms of revolving credit to raise scores.
Ensure to pay all the accounts every month to maintain a good history.
Do not apply for other new credit recently because this will generate more hard inquiries.
Also ensure there is no error on Equifax, Experian and TransUnion reports to be corrected through the process of dispute.
Obtain a secondary card on spouse or family member’s credit card if they have good credit and low credit utilization rate.
Waiting for 6 to 12 months and let your credit profile improve is much easier than attempting another application with Lowes or any other lenders. The last thing you want is another denial record added if success odds are still low. By spending some time in credit score management, one can achieve the 700 plus score that is preferred by most lenders including Lowes.
The Takeaway
The specific consumer credit card qualifications that Lowes wants are quality credit and scores of 700 and above. Although, they also take account of debt levels, income, and history length, the most important factor is your FICO credit score. The first and the most important aspect is to compare current scores across various credit reports. From there you can come up with ways of improving your credit health on areas that may not have met the prime approval zones for the scores you obtained. Although the financing options of Lowes are not numerous but with steady dedication towards creating outstanding credits, they extend quite useful advantages to fit your regular do-it-yourself sessions.
