If one has been approved for a Lowes credit card, this can be useful for financing a large home improvement project or for purchasing necessary products for the home. However, Lowes does have certain credit score requirements that you will need to fulfill in order to qualify for the offer. So in this article, we are going to explain in detail the credit score requirements that you will need to be approved for Lowes credit card.
The credit score that a card holder needs to attain a Lowes credit card is reasonable and typical with other retail credit cards. In particular, you will need, as a rule, a FICO credit score of at least 600 for approval. Since those with low credit scores will not be able to qualify for the financial instrument in question, they are likely to be impacted.
Please remember that the credit score of 600 is mostly considered as a fair credit rating. It is not good, but it does show some creditworthiness and responsibility with debt. For those who have very good credit or exceptional credit, with a credit score of 740 and above, they will not have a problem qualifying.
On the other hand, those with credit score below 580, are definitely going to be out of Lowes credit score standards. You generally have to have at least a 600 to have a shot at it.
What Credit Score Is Considered Good?
The most commonly used scoring system is from FICO where credit scores reach from 300 to 850. In general:
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800+ is referred to as outstanding
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It is very good 740-799
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670-739 is good
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580-669 is fair
- Anything below 580 is regarded as very poor.
Interest rates and other terms depend on credit score, and if it is high, then one can get the best rates and deals. If the score is of the FICO variety, then 670 and above is considered good, while 740 plus is considered very good to excellent. For most of the credit cards, you need to have a good to very good credit score in order to qualify.
The average FICO score, which is used in the United States, is 710. Therefore, to be better than the average score of most students, you will need to be above seven hundred. Min credit score to apply for Lowes card is 600 FICO, which is just below the national average.
He also listed some of the factors that affect the credit score
The most important factors that impact your credit score include:The most important factors that impact your credit score include:
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Payment history
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Amounts owed
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This enables the credit reporting body to consider the length of credit history of an individual.
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New credit applications
- Credit mix
Past evidence and the amount of money due are often the most important predictors. That means the failure to pay any bill on time and keeping credit card balances and other types of revolving debt low in relation to their limits. To build a good credit score, it is important to keep abreast with such areas as indicated above.
This is also where length of credit history comes in – more credit history equals higher credit score. It also reduces the scores for some period when an individual applies for a new credit to purchase goods and services.
Ways to Rebuild Your Credit Score
Well, if you currently do not have the best credit score but want to get one, it is possible to do that with some time and effort. Actions you can take include:Actions you can take include:
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Ensure that all the bills are paid on time – this may require the use of alarms.
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It is also important to reduce balances and avoid charging cards to the limit.
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Avoid excessive credit card applications
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Review your credit reports for inaccuracies and contest them as needed
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Watch your scores – your target should be above 700
- Look at secured cards when attempting credit repair
If credit is managed responsibly for six months to a year, one can note tangible changes. So just wait and keep on applying for the right credit card and do only those activities which directly impact FICO scoring models month after month.
In time, you will be in a better standing credit wise to apply and perhaps get approved for a Lowes credit card.
How to Get Approved for Lowes Card
While a FICO score starting at 600 is recommended for the best approval odds, Lowes does also consider other factors beyond your credit score alone, including:While a FICO score starting at 600 is recommended for the best approval odds, Lowes does also consider other factors beyond your credit score alone, including:
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Income – Confirm adequate cash flows to handle any credit line.
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Current liabilities – Should not be oversaturated with debt.
- Other credit accounts – credit must be of reasonable and varied credit type
Applicants who do not meet the basic requirements should consider waiting for at least half a year and using all the time to improve credit and financial standing. This can enhance one’s status thus increasing the probability of being approved in the future.
Advantages of having the Lowes Card
Assuming you meet credit requirements, there are excellent benefits to having a Lowes credit card, including:Assuming you meet credit requirements, there are excellent benefits to having a Lowes credit card, including:
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Special financing offers – Deferred or lower interest introductory rates
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Extra 5% off select items – Lowes card offer
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Free delivery – For selected merchandise
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Coupons – An opportunity for 10% rebate through points
- Mobile wallet – Can be recharged into Apple/Google Pay
But for those who are into home improvement projects and are loyal to Lowes, the additional saving and rebates can prove to be very beneficial in the long run. Thus, it’s recommended to pay for the card in full every billing cycle in order to avoid accruing interest.
Minimum Credit Standards
An applicant needs to have a minimum FICO score of 600 in order to be approved for Lowes credit card. They do not meet approval requirements if the scores are below 580. Only applicants with good or better credit in the range of 670+ will enjoy a better chance of approval. However, if your score requires some reinforcement first, concentrate on the factors that affect FICO models by the practice of sound financial behavior. In 6-12 months you can then apply for the Lowes card again as your credit profile will be basic enough.
