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Getting Approved For Lowes Special Financing?

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Anonymous
Not applicable

Getting Approved For Lowes Special Financing?

I am closing on my home at the end of this month. I need to make some improvements to the flooring and water heater.  My credit score is between 685-700 depending on which credit bureau it is.  I have applied for Walmart in the past and was denies. This was several months ago when my scores were much lower.  I still have a public record showing for my Chapter 13 bankruptcy. It will fall off my credit in February 2017.   I have a couple of questions.

 

1. Is the Lowes special financing a bad option? It spreads payments out for major purchases at a lower interest rate.

 

2. What are my chances of getting approved for this card?  Once I close on house and the mortgage is reporting will it increase my odds of getting approved.  I don't want another pull on my credit if I am going to get denied.

 

 

 

 

 

 

 

 

 

 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Getting Approved For Lowes Special Financing?

Congrats on the closing of your house! Your score is in the range of approval for Lowes. I was approved last Nov, with a 665 Trans. What were your scores previously when denied by Synch before? What did they specify for reasons of denial other than Bankruptcy?
Message 2 of 8
Anonymous
Not applicable

Re: Getting Approved For Lowes Special Financing?

If you are getting denied for the Walmart card, was Synchrony included in your BK?  If so, how much did you burn them for?

Message 3 of 8
Anonymous
Not applicable

Re: Getting Approved For Lowes Special Financing?

My scores were much lower around 590 - 620  when I applied to Walmart not long after my bankrupcy was discharged. IIt might have been 1 month or so after discharge. I had a Chapter 13. I think the ony reason Synchrony gave was the bankruptcy/delinquent accounts.  There were items I was disputing and I beieve all of my accounts that were included in my bankruptcy have now  dropped off of my credit.  I did not include Synchrony in my BK. I don't think I had a card they are associated with. I had Capital One, Target, Chase Bank, Fingerhut and Orchard Bank plus my auto loan.  I have about 10-13 inquiries on my credit. Some of these were from me trying to re-establish my credit. Once I re-estabished wth Captal One and Fingerhut and got denied from Walmart I stopped applying for other cards.   I also have the more recent pulls from the mortgage company

 

It has now been 14 months since BK discharge and all of my new credit is between 12-14 months old with all payments on time. Trans Union credit tracker  has me at 700  I'm not sure about Equfax or Experian it should be about the same. I have  not checked in a while. My mortgage company told me my mortgage score was 680.

 

I either need Lowe's or Home Depot or some sort of home repair loan so that I can make some repairs the seller would not fix.  Some are cosmetic such as really old carpet/linolium. He had dogs and the carpet has to go. It's only 2 rooms of carpet but it's nasty. The rest of the floors are laminate except the kitchen. I will also be needing a new water heater in the near future.The current one is 15 years old.  I bought the house for  $119,000 and it appraised for $133,000.  I have a VA loan and you are not allowed to borrow extra for repairs. The seller was already losing money and paying a good part of closing costs so I did not insist on the water heater.

 

My house has good bones but it needs lots of TLC and I will have to do this in baby steps over the next year or two..

 

 

 

 

 

 

Message 4 of 8
RaiseMyScoreASAP
Regular Contributor

Re: Getting Approved For Lowes Special Financing?


@Anonymous wrote:

I am closing on my home at the end of this month. I need to make some improvements to the flooring and water heater.  My credit score is between 685-700 depending on which credit bureau it is.  I have applied for Walmart in the past and was denies. This was several months ago when my scores were much lower.  I still have a public record showing for my Chapter 13 bankruptcy. It will fall off my credit in February 2017.   I have a couple of questions.

 

1. Is the Lowes special financing a bad option? It spreads payments out for major purchases at a lower interest rate.

 

2. What are my chances of getting approved for this card?  Once I close on house and the mortgage is reporting will it increase my odds of getting approved.  I don't want another pull on my credit if I am going to get denied.

 

 

 

 

 

 

 

 

 

 


I was initially approved for only $800. I called them and told them I was doing home repairs and updates and it was pretty useless to me. They asked me how much the project would cost $10,000. They gave me $10,000.  

 

However, I had a BAD experience with having Lowe's contractors. You think you are going to be protected. You are not. My one and only bathroom was demoed on June 3. 8 weeks later nothing had happened. No shower or sink for 8 weeks? That's when I fired them. Just be very careful in having the Lowe's contractors do the work. You will regret it.  Before the delay I recommended Lowe's to neighbor. They experienced the same tie up. Lowe's took up their floors and then disappeared.

Message 5 of 8
Anonymous
Not applicable

Re: Getting Approved For Lowes Special Financing?

Thanks for sharing your exprience with Lowes and your neighbors. I think I will check into other options.

 

 

 

 

 

 

 

Message 6 of 8
Anonymous
Not applicable

Re: Getting Approved For Lowes Special Financing?

I've used Lowes for several large home projects and never have had an issue.

Message 7 of 8
pipeguy
Senior Contributor

Re: Getting Approved For Lowes Special Financing?

I used Lowes a couple of years ago for a new roof, just under $10k and used their contactor along with the 84 month "project financing" at 5.99%. Little bit of confusion (for lack of a better word) between the onsite "sales associate" and the actual work, but other than that the contrator was great, the work perfect and done in one day and the financing was as advertised. I maintain a $30k Lowes account and a $25k HD account (plus the DW has a $10k HD) to take care of home and property expenses/costs/repairs. I favor Lowes over HD, but I think this will vary depending on your local store/area. 

 

You'll probably be better off  applying in the store after you have the purchase/project priced - they want the sale, you want the financing and if you have a $8000 project a $3000 credit line is worthless - but you ask for $15k because you have other projects in the works too - leverage HD against Lowes, they both want your business. 

Message 8 of 8
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