Lowes credit card application is also very useful when it comes to finance a big home improvement project or when making purchases in Lowes stores. Nonetheless, like most other retailers, Lowes does have minimum credit score that you will need to meet in order to qualify. Where does this leave us with the question of what credit score is needed to get the Lowes credit card? Okay, let’s look at it in more detail.
Generally, Lowes credit card requirements state that you should have a credit score of 620 or above. Credit rating: 620 falls under the ‘Fair’ credit category. With a 620 FICO, you prove to lenders that you are capable of handling credit on your own, however not at a commendable standard. Credit scores below 620 are generally regarded as too high risk for an unsecured credit card.
Does Lowes provide Credit Cards for people with a poor credit rating?
The answer is no, Lowes does not have its own credit card for bad credit cardholders at the moment. The closest would be the Lowe’s Advantage Card that is issued by Synchrony Bank and it comes with the benchmark credit score requirement of 620. Therefore, if your credit score is below 600, do not expect to be approved instantly. However, Lowes might give you a different discount if you were close to the next threshold level.
What is the best retail card that one can apply for without much difficulty?
Specific approval requirements may significantly differ from one retail card to another. However, store-only credit cards from big box retailers are inferior to traditional unsecured cards offered by banks or credit unions in that the former have a lower credit limit. Some of the easiest retail cards to get approved for with less-than-perfect credit in the 600s include:Some of the easiest retail cards to get approved for with less-than-perfect credit in the 600s include:
Kohl’s Charge Card - This card requires fair credit. Big Lots Credit Card – No credit check JCPenney Credit Card : It is okay if you have low credit score. Best Buy Credit Card – bad credit credit card
Harbor Freight Credit Card – No credit check
However, it is not always true that the easiest retail card is the best one. Despite the higher probability of an initial approval, the rates and terms associated with retail credit cards are less attractive than with general purpose credit cards.
Ways to Increase Your Odds of Getting a Lowes Credit Card
If your credit score falls slightly short of Lowes standards, you still have options to improve your approval odds such as:If your credit score falls slightly short of Lowes standards, you still have options to improve your approval odds such as:
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Applying with a Co-Signer: Applying with a creditworthy co-signer can mitigate these factors and help you meet the approval requirements. However, co-signers are also equally responsible are are therefore important to be noted.
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Getting a Secured Card First: Establishing a good payment record with a secured credit card for poor credit implies that one can handle credit competently to qualify for an unsecured Lowes card.
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Maintaining Low Credit Utilization: Limit utilization ratios to less than 30% on existing revolving credit cards. High utilisation affects credit negatively which is an implication that credit utilisation ratio should be a measure of credit quality.
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Paying Down Debt: The above strategies are quite effective and may lead to an improvement of the credit score within the initial months of practicing them.
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Checking Credit Reports: Ensure all the information provided is negative and accurate, and where there is disagreement with the bureaus, challenge the information with the bureaus. These could be the things that are contributing to the low scores.
- Become an Authorized User: It can also be beneficial to be included as an authorized user on a spouse or family member’s good standing credit card because the positive history will also affect short term scoring when first building credit.
What Other Way Can You Make a Big Purchase at Lowes Other than Their Card?
If you need to finance a major Lowes purchase but can’t get approved for their credit card directly, there are a handful of other options available such as:If you need to finance a major Lowes purchase but can’t get approved for their credit card directly, there are a handful of other options available such as:
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Lowes Project Loan: Promotional financing loans at Lowes include accounts for big projects that range from $500 to $25,000 and are repayable between 6 months and 84 months. It is less about your credit reports than about your income/debt ratios.
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Lowe’s Business Accounts: When buying materials for a business, it is easier to qualify for a Lowes business credit account than personal accounts in many cases. This moves risk away from your own credit report.
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General Purpose Credit Cards: Can be advantageous as a 0% balance transfer credit card or low rate card from your primary bank may have better rates for payments/spending compared to retail store cards.
Personal Loans: Other categories of money also enable you to borrow money at fair interest rates and convenient repayment terms for any purchase or investment. Simply compare the interest rates of loans with the zero percent financing when possible.
The Takeaway
In conclusion, a FICO score of 620 and above is advisable when seeking an instant approval for a Lowes credit card. However, a credit history in the high 500s may still warrant a second look in some instances. If it is lower by under 100 points or so, first, certain basic strategies aimed at credit building or risk compensation could raise your score high enough to clear Lowes minimum score requirements in a couple of months.
