What Credit Score is Needed for a Lowe’s Card?
March 8th, 2012 | Author: Stephanie
For those who are looking to make some renovations on their home or make a large home appliance purchase, a Lowe’s card is a great choice. Lowe’s is a popular home improvement store and they offer two basic types of credit cards. They offer what is called a project card to small contractors and home builders, offering excellent terms as well as a credit limit of up to $30,000. But they also offer a consumer credit card that is perfect for those who are looking to make upgrades or repairs on their home or those who need to make a large home appliance purchase.
Lowe’s cards can be used for anything within the Lowe’s home improvement store and is a great tool to keep a budget on home projects as well as to control spending. Similar to department store cards, a Lowe’s card gives cardholders unique savings and membership perks that those who pay with a traditional credit or debit card do gain access to.
This is a card that is better suited for those with good to excellent credit as the limits given are generally higher than that of most department store cards due to the more costly nature of home improvement projects. It is recommended that you have a
credit score of at least 607 before applying, though your chances of approval are better with higher credit scores and a score of at least 607 does not guarantee that you will be approved. A higher score though, also does not necessarily mean you will be approved either. They also take into effect income, as well as credit history. A lack of credit or negative judgments are not going to increase your chances of approval.
The interest rate on this card is a variable APR of about 24%. This is on par with many other department store cards, but is also higher than what one might expect with a decent credit score and a traditional credit card. This is a great option for large purchases that can be paid down within the grace period or for those who plan on carrying a small balance and only using the card occasionally. This allows one to take advantage of the perks associated with the card, without having to pay the hefty interest rates which can really add up over time. This is not the best card for those with less than perfect credit and those with low credit scores or negative judgments on their credit history are unlikely to be approved, and those with low, but acceptable credit scores are only likely to be approved for a small line of credit.