Reply
New Visitor
Posts: 1
Registered: ‎02-11-2013
0

Question about Lowes Card and building credit

I just got appoved for my first credit card today.  I decided to start with Lowes since we're remodeling and have been spending quite a bit there... and will probably be spending there the rest of my life.  The card only has a limit of $300, but it's a foot in the door.  I got the card mainly to help increase my limited credit.  I have a mortage which is six months old, all on-time payments, but that's the extent of my credit history.  I would like to take full advantage of the 5% cash back but I don't want to hurt my credit at all. 

 

My question is, could I make large purchases and save the 5%, pay it off immediately, and it not affect my credit negatively.  I've read that I should only use about 10% of my credit limit, so should I only spend around $30 a month?  Any tips for using the card would be appreciated since I am a complete newb to the credit world.

Established Contributor
Posts: 756
Registered: ‎01-20-2012
0

Re: Question about Lowes Card and building credit


boredone wrote:

I just got appoved for my first credit card today.  I decided to start with Lowes since we're remodeling and have been spending quite a bit there... and will probably be spending there the rest of my life.  The card only has a limit of $300, but it's a foot in the door.  I got the card mainly to help increase my limited credit.  I have a mortage which is six months old, all on-time payments, but that's the extent of my credit history.  I would like to take full advantage of the 5% cash back but I don't want to hurt my credit at all. 

 

My question is, could I make large purchases and save the 5%, pay it off immediately, and it not affect my credit negatively.  I've read that I should only use about 10% of my credit limit, so should I only spend around $30 a month?  Any tips for using the card would be appreciated since I am a complete newb to the credit world.



Question for you:  do you know what report Lowes pulled and what your actual Fico is on that report?  

I'm curious as I want to app for that card in the next week or two!

Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.