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Regular Contributor
UpNUp
Posts: 139
Registered: ‎08-20-2008
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How High Is Your Lowes (GEMB) Credit Limit?

I've had my Lowes consumer credit card since June, 08. GE has been very generous with CLI's. I went from 2K to 4K to 5K to 10K.

 

We're planning a major kitchen and bath remodel and just curious as to how high they go with CL's. It's been about 8 months since my last one and my finger is itching real bad to hit that CLI button. My gut tells me they will say I have enough. I always PIF except for the 0% promos of which I just paid one off this month. Zero Balance.

 

Does anyone have a CL higher than 10K? 12K, 15K, 20K?

Moderator Emeritus
beamMEup
Posts: 4,470
Registered: ‎12-31-2008
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Re: How High Is Your Lowes (GEMB) Credit Limit?

Hi Up,

 

What's the interest rate on your Lowe's card?  I don't have one, so I don't know what range they tend to hit.

 

Do you really want to carry a kitchen remodel on a cc?  Does it wind up serving you well, or would you do better with a loan from your bank or cu - possibly at a lower interest rate and probably a gentler hit to your credit report & FICO score?  It's always kinder to FICO to have a large balance on an installment than on a cc.

Just puttin' syrup on something, don't make it pancakes.
Regular Contributor
UpNUp
Posts: 139
Registered: ‎08-20-2008
0

Re: How High Is Your Lowes (GEMB) Credit Limit?

[ Edited ]

beamMEup wrote:

Hi Up,

 

What's the interest rate on your Lowe's card?  I don't have one, so I don't know what range they tend to hit.

 

Do you really want to carry a kitchen remodel on a cc?  Does it wind up serving you well, or would you do better with a loan from your bank or cu - possibly at a lower interest rate and probably a gentler hit to your credit report & FICO score?  It's always kinder to FICO to have a large balance on an installment than on a cc.


Hi Beam:

 

The interest rate is 22.99%. However, I'm not concerned with interest rates because we don't pay any. It would be insane to carry a balance at that rate. We have the cash for the remodel but if we could put most of it on my Lowes CC for the materials for 1 year 0% that would be good. Come to think of it, a couple of months ago they offered 18 months 0%. I love free money. I just don't want to max out my card.

 

I think Lowes has what they call a Project Card @ 7.99 %. I won't carry a balance at that rate or any other rate for that matter.

 

I was just curious as to how high they go.

Regular Contributor
Travis-84
Posts: 187
Registered: ‎05-07-2010
0

Re: How High Is Your Lowes (GEMB) Credit Limit?

I'm a lowes employee. 

 

Off the top of my head, I think the highest I have seen was 15k or so.  I'm not saying they don't go higher, but its just the highest I've seen.

 

And Lowes does have a project card.  THe starting APR is 7.99, but it can be higher depending on your credit.

 

Also, Lowes has your choice of 10% off or 12 months no payments/no interest.  If you have the cash, then taking the 10% off would be a much better deal.  This promotion does end monday though, but a lot of stores (not all) will let you pay for a detail before the promotion ends, then when you do buy (if its in a reasonable time frame) give you the expired promotion.  I can't promise they will do this, but it won't hurt to ask. 

Regular Contributor
UpNUp
Posts: 139
Registered: ‎08-20-2008
0

Re: How High Is Your Lowes (GEMB) Credit Limit?


Travis-84 wrote:

I'm a lowes employee. 

 

Off the top of my head, I think the highest I have seen was 15k or so.  I'm not saying they don't go higher, but its just the highest I've seen.

 

And Lowes does have a project card.  THe starting APR is 7.99, but it can be higher depending on your credit.

 

Also, Lowes has your choice of 10% off or 12 months no payments/no interest.  If you have the cash, then taking the 10% off would be a much better deal.  This promotion does end monday though, but a lot of stores (not all) will let you pay for a detail before the promotion ends, then when you do buy (if its in a reasonable time frame) give you the expired promotion.  I can't promise they will do this, but it won't hurt to ask. 


Hi Travis:

 

I'm not sure I understand the highlited part? Can you clarify?

Regular Contributor
Travis-84
Posts: 187
Registered: ‎05-07-2010
0

Re: How High Is Your Lowes (GEMB) Credit Limit?

If you are going to get your kitchen redone, and meet with a cabinet associate, they will want you to pay a 75.00 detail fee.

 

When you pay this fee, an installer will come out, and measure everything in your kitchen, so when it is time to design and order the cabinets, they will know the measurements are correct.  (If you are having the cabinets installed, the 75.00 will come off the instilation cost.).  If you are having your cabinets installed by lowes, this is a required fee, but if the installer gets the measurements wrong, he is liable, not you.  Consider it cheap insurance.

 

If you were to go to a lowes today, and pay an installer to come out, they might not make it out until Monday or Tuesday, then they have to fax the measurements, you have to meet with somebody in cabinets, to work out the details, etc, so it takes a lot of time.  Lowes knows this, so (at least in my store, YMMV) if you pay to have the installer come out while a promotion is in effect,  we will honor the promotion when you finally pay for your items. 

Regular Contributor
UpNUp
Posts: 139
Registered: ‎08-20-2008
0

Re: How High Is Your Lowes (GEMB) Credit Limit?

Thank you. I'm perfectly clear now. Kind of like when you pay $35 to have an installer come out to measure for carpet.

Regular Contributor
Travis-84
Posts: 187
Registered: ‎05-07-2010
0

Re: How High Is Your Lowes (GEMB) Credit Limit?

Yup, exact same thing.  Cabinets are just a bit more expensive because there is a bit more involved.


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