To receive a Lowe's credit card, applicants must have an up-to-date and clean credit record with few or no recent negative marks on their report, according to Finance Globe. As per FICO recommendations, a score of 603 is advised for a higher chance of approval but is not compulsory.Continue Reading
There are various other factors that are considered when appraising an application for a Lowe's credit card, according to Finance Globe. The card is intended for personal use of consumers with a fair credit rating. Synchrony Bank states that a credit score/FICO alone does not alone guarantee or imply approval for any of its products. Therefore, while the FICO score is an important deciding factor, other financial information is also taken into account when deciding the creditworthiness of an individual.
Debt-to-income ratio, current credit accounts nearing the maximum amount and 30-plus day delinquencies and other information pertaining to an individual's finances are also taken into account to determine credit worthiness. The general approval rate for a Lowe's credit card averages 66 percent of the users surveyed, states Finance Globe. On analyzing various information, including credit scores, the rates by Synchrony Bank and household income, it was found that the closer a candidate's FICO score is to 603, the higher the chance of approval.Learn more about Credit & Lending