Credit Score Needed For Lowes Card

April 9, 2023

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Our credit score is a significant part of our financial sovereignty and freedom. It is a numerical representation of our creditworthiness, i.e., a measure of how reliable a borrower is perceived to be. Lenders pull credit scores to determine whether or not they will approve a loan or new line of credit.

Are you interested in applying for a Lowe’s Card? We’ve got your back. Here is what you need to know about applying for various Lowe’s cards today.

What Credit Score is Needed?: The Basics

Typically, a high credit score will increase your chances of being approved for a loan. Conversely, a low credit score may make it challenging to secure loans or financial assistance of any kind. 

Moreover, it’s good to note that your credit score will impact the interest rate you are offered on a loan or credit card. Higher credit scores will result in lower interest rates, which means you will pay less in interest over the life of the loan.

At Lowe’s, you will need a minimum credit score of 620 based on the FICO system. If your credit score is lower than 620, you won’t be able to apply for a card with Lowe’s – but there are options! Luckily, FICO Scores are updated regularly to reflect consumer practices and financial status shifts. 

Repairing your credit score before applying may improve your odds of success. Working with a Credit Repair professional will assist you in taking the necessary steps to revive your financial confidence. 

What Kinds of Cards Does Lowe’s Offer?

There are two main types of cards to apply for: the Lowe’s Advantage Card and the Lowe’s Business Card. You will need a 620 credit score for both offerings. Before you apply, seek to have your revolving debt utilization ratio below 30%. 

In short, the revolving debt utilization ratio is a benchmark of how much of your available credit you are currently using. If your ratio is above 30%, it is more likely that your application will be denied. 

Applying on the Lowe’s website lets you know if you prequalify for an Advantage Card.

Lastly, a third type of Lowe’s card is the Lowe’s American Express Business Rewards Card. For this, you will need a credit score of 670 to be approved.

Does Lowe’s Use a Soft Pull or a Hard Pull?

Lowe’s employs a hard pull when checking your overall creditworthiness. A hard pull may affect your credit score for 12-24 months and will likely lower it. 

For those unaware, a hard pull of a credit report happens when a creditor requests the entire credit report. A soft pull is a more limited inquiry that would not affect credit scores. 

A hard pull affects your credit score because it may suggest that you are actively seeking credit. This signals to creditors that your ability to repay your debt may be impacted. 

What Credit Bureau is Used by Lowe’s?

When Lowe’s checks a credit score, they use all three major credit bureaus. This includes Equifax, TransUnion, and Experian. Usually, Lowe’s will randomly choose the credit bureau to check the applicant’s credit.

Does Lowe’s Report Late Payments?

Making a late payment can cause a lot of stress and concern. Know that if you apply and get approved for a Lowe’s card, making all payments on time is essential. This is because all late payments and fees will be reported to the credit bureau. Meaning it will show up on your credit report.

How Hard is it to Get Approved For a Lowe’s Card?

If you have a fair credit score, then approval should be a breeze. Remember that having a minimum credit score of 620 will boost your approval odds. 

What Happens if I Apply For a Credit Increase?

Sometimes, various creditors will do a hard pull of your creditworthiness to determine your eligibility for a credit increase. Luckily, you don’t need to worry about that with a Lowe’s Advantage card. A credit increase for this card will not hurt your score.

Ready to Reach Financial Freedom?

Here at Credit Glory, we have a trustworthy and professional staff ready to help you assess your situation. If you have a low credit score getting in the way of your financial well-being, we are ready to change that. We’re here for you, prepared to offer support in repairing your credit and determining your options. 

With a free consultation, our live credit specialist and Credit Repair professionals will guide you toward financial sovereignty and confidence. Reach out to us today – we’ve got your back.

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