There are many people who find themselves getting approved for credit cards at Lowes which can be a good way of making home improvements or purchasing home improvement items. The only disadvantage is that you will have to provide a good credit history to be able to borrow. Now let’s find out the credit score needed to be approved for a Lowes credit card. Well let’s have a closer look at them.
Companies consider a FICO credit score of 670 or better to be good or very good depending on the lender. FICO scores vary from 300 to 850. The higher the number, the better it is. Here's a quick rundown of the different credit tiers:Here's a quick rundown of the different credit tiers:
-
800-850 = Exceptional
-
740-799 = Very Good
-
670-739 = Good
-
580-669 = Fair
- Under 580 = Poor
As you can imagine, to apply for most of the credit cards and financing offers, you would need a score of 670 or above. The closer your score is to 800, the better for the tests.
What Credit Score Does Lowes Use?
The particular credit score that an applicant needs to meet in order to secure a Lowes credit card depends on the type of credit card. Lowes has a credit card that is accepted in store only and another one that is a Mastercard that can be used everywhere.
Lowes Advantage Card
The Lowes Advantage card is a proprietary card; it can only be used at Lowes stores. It usually has less stringent credit standards than those of regular credit cards. Some of the reports show that applicants have secured approval with their credit score rating as low as 550. Nonetheless, scores between 600 and 650 should be considered optimal for the highest probability of approval.
Lowes Mastercard
Lowes Mastercard can only be used at Lowes stores while the Lowes Mastercard can be used anywhere Mastercard is accepted which is more convenient. However, it comes with a number of conditions that must be met before one qualifies for the program. This means that most applicants will have to have credit scores ranging from 670 to 700 to be considered for the loan. Good approval chances begin at 720 and above.
Qualifies as an Excellent Credit Score for Lowes
It is noteworthy that even a credit score of 550 can be used for Lowes-only store card; however, the chances of getting the instant approval if you have a score more than 700 are higher. Here are the recommendations:
-
Good: 670
-
Better: 700
- Best: 720+
It is reasonable to assume that the higher one’s credit score is, the higher the credit limit assigned to him at the onset of a new Lowes card.
That being said, the impact of credit utilization on the chances is an important question that requires an answer.
When considering credit applications, there is more than your base credit score that is taken into consideration, and this is your credit utilization ratio. This checks your credit utilization ratio, which is the extent to which you are using your available credit on all the cards. As a benchmark:
-
Below 30% = Good
-
30-50% = Good
- More than 50% = Poor
Your credit utilization is the percentage of your credit limit that you use and the lower it is, the better the chances of being approved for a new credit card. Before applying for the new credit, it is possible to reduce this ration by paying off the balances on the existing cards.
What Affects Your Credit Score
Your score is a three-digit figure that depends on many factors. The most important criteria include:The most important criteria include:
-
Credit record – Do you pay all your creditors on a regular basis every month? Delays in payments can significantly affect scores.
-
Credit utilization – Paying little attention to the ratio between the amount of money you borrowed and the credit limit available to you lowers the score.
-
Credit history – It is usually preferable to have a long credit history.
-
Credit mix – The different categories of credit including credit cards, auto loans, and mortgages among others are good.
- New credit inquiries – It is when you have been applying for credit in the recent past which makes the lenders have a bad impression about you.
Checking Your Credit Score
The only way to find out your current credit score is by using your credit report. Each consumer can request one free copy of credit report annually from AnnualCreditReport. com. You can also check your latest score and report for a small fee at the websites such as MyFICO. com or Credit. com. It is recommended that you should monitor your credit every now and then to avoid situations when something goes wrong and jeopardizes your possibility for Lowes card approval.
Improving Your Credit Score
However, if your credit score is currently below 600, then it is advisable not to apply for a Lowes card immediately and instead consider credit repair. Steps to boost your score can include:Steps to boost your score can include:
-
This means that all the bills that are in every individual’s name must be paid strictly on time.
-
Reduce credit card balances
-
Reduce credit application
-
Gather all your credit reports and ensure you correct any mistake that appears on them.
- You should also consider credit counseling if necessary
It is advisable to aim for a moderate and gradual increase in your score, from 50 to 100 and more points within 6 to 12 months. This can place the approval for a Lowes card within grasp.
The Takeaway
While Lowes makes their store-only card easily accessible to those with bad credit, the Mastercard requires at least 670 credit score. For one to receive instant approval and initial credit limit higher than average, the credit score should be above 700. By actively observing your credit reports and practicing good money management, you will be on track for acquiring Lowes card acceptance.
