If you are curious why your Lowe's credit card application was denied, you have come to the right place! Applying for a new credit card and then getting rejected can be frustrating. 

Before we start discussing what steps to take next, let's explore some of the most common reasons your Lowe's credit card application may have been declined. 

From payment history and credit utilization to income requirements, we'll walk through exactly why your initial application may not have been approved and give you tips on how to improve it down the road.

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What Is the Lowe’s Credit Card?

The Lowe's Advantage credit card is a great way to save on home improvement projects. With no annual fee, enjoy 5% off everyday purchases at Lowe's or six months of special financing on purchases of $299 or more. 

You'll get exclusive discounts and email offers, plus access to monthly payments with the Synchrony Car Care app. Plus, you can take advantage of extra savings by linking to your MyLowe's account online.

Features

The Lowe's Advantage Card allows you to save on all eligible purchases with an everyday discount of 5%, perfect for big investments like appliances and flooring. Plus, it offers special financing of up to $2,000 with fixed monthly payments at 7.99% APR (note that this goes up to 26.99% if you use the card outside the special financing offer).

Not only is this great for big purchases, but it also helps lighten the burden by allowing you to pay over time. With the Lowe's Advantage Card, you can enjoy the convenience and savings needed to finance your next home project.

However, remember that you can only use this credit card at Lowe’s.

Rewards

As mentioned, when it comes to Lowe’s credit card benefits, the biggest reward here is the 5% discount. However, you can choose from the 5% discount or two other rewards, which include:

• 6 months of special financing ($299 minimum purchase required)
• 84 months of fixed payments with reduced APR ($2,000 minimum purchase required)

This is great if you’re remodeling a home or are building your first house. However, if you don’t spend much at Lowe’s and are only an occasional shopper, the latter two rewards might not mean much to you. For everyday expenses, the 5% discount is decent.

Fees

Annual fee: $0 for the Lowe’s credit card as of 2023.

APR: 0% - 7.99% intro APR for 6 - 84 months, 26.99% APR after that.

Management

Managing your Lowe’s Advantage Card is a breeze. Sign in to the secure online account management portal, accessible from Lowes.com, to view and make payments on your credit card bill. 

With AutoPay, you can arrange for automatic monthly payments, so you never miss a due date. In addition to paying online, you can also mail a payment or pay in person at a Lowe’s store location. 

Forms of accepted payment include checks (physical or electronic), money orders, and similar instruments issued by an American bank. If you need assistance with something that cannot be done online, call Lowe’s credit card customer service number at 1-888-840-7651 for help. They’re usually pretty responsive.

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Lowe’s Credit Card Credit Score Requirements

You typically need a “fair” credit score to get approved for a Lowe’s credit card. This means you’ll need a credit score of at least 580 to qualify. However, some online forums note it’s best to have at least a score of 600 for a stronger application.

This is lower than other credit cards, and it’s likely because you cannot use this card outside of Lowe’s, so there is somewhat less risk associated for lenders. Ultimately, Synchrony Bank is the credit card issuer for this card, and they’ll look at other factors such as your total debt, income, and any recently missed payments for other accounts.

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How to Apply for a Lowe’s Credit Card

If you want to apply for the Lowe's Advantage Credit Card, you have a few simple options. 

You can visit Lowes.com and click the "Apply Now" button to complete an online application. You will need to provide personal data such as your name, address, and Social Security number. If you prefer an in-store experience, simply ask about applying for credit at a register or customer service desk. 

It's also worth noting that Lowe's often runs special sign-up offers that are only available for those who applied in person. Those with fair or better credit scores usually get approved within a few days.

Why Your Lowe’s Credit Card Application Was Denied

It depends on your individual application. However, the most common reason is that your credit score was too low or there are other worrying issues on your credit report. Here are a few of the main reasons why your Lowe’s credit card application might have been denied:

• Credit score: Your credit score reflects your financial history, and lenders often use this information to assess your ability to responsibly manage any new debt they issue. A low credit score may indicate that you have difficulty managing debt or paying bills on time, making lenders less likely to approve your application. 
• Late payments: Late payments hurt your credit score. However, in many cases, lenders look at payment history to evaluate a borrower's creditworthiness as it can indicate their future ability to repay. 
• Debt-to-income ratio: Most lenders use your DTI ratio to determine your ability to take on more debt. A higher DTI indicates that you already have significant amounts of debt, which could make it difficult for you to manage new, additional payments. 
• Credit history: Limited or no credit history is a common reason a credit card application might be denied. Without a credit history, it can be difficult to demonstrate your ability to manage and pay off debt responsibly. As a result, lenders may interpret your lack of credit as an unfamiliarity with the financial world or even outright riskiness when it comes to managing money.

Regardless of the reason, the credit card issuer, which is Synchrony Bank in this case, will send you a letter explaining the reasons for the denial.

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Lowe’s Credit Card Application Denied: Next Steps

Follow these steps if your Lowe’s credit card application was denied (or any other credit card application; these tips apply for any credit card application denial).

• Read the denial letter: Never ignore your credit card application denial letter. The issuer will state the specific reason(s) for the denial. It could involve your credit report or score, and you’re entitled to a free copy to check its accuracy.
• Check your credit report: Request a free copy of the credit report used in the decision within 60 days to check for any errors you can dispute. After updates, ask the issuer to review your application again.
• Identify what’s hurting your credit score: If your credit report has no errors, it will still provide some insight into what’s affecting your score. Look at any missed payments or high credit usage and see how you can improve your score.
• Repair your credit score: Start by paying your bills on time and reducing your credit card balances. Pay attention to your credit usage and try to stay under 30%. You can also look into improving your credit mix. Small changes add up!

As you repair your score, you might look into a secured credit card. 

These are secured with a small deposit (around $200 in most cases) and are therefore open to most people regardless of their credit score. You can make on-time payments for small purchases and slowly build your credit over time. 

Eventually, you should get your deposit back and then be able to use the card like a normal unsecured credit card. Or, you could…

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Improve Your Credit With Cheese Credit Builder

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Not only will you be able to show creditworthiness to credit reporting agencies, but you'll also be able to build credit history quickly because your monthly payments are reported to the credit bureaus. 

With no credit check and no upfront fee, you can apply and get started in minutes. Plus, our autosave feature kicks in after you get rolling, so you don't have to worry about manually setting up payments.

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