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boredone
Posts: 1
Registered: ‎02-11-2013
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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
awdsmama
Posts: 755
Registered: ‎01-20-2012
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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

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