Lowes Card - Got it!

[FICOnater2007]

Since earlier this week, my scores with the "big 3 CRA's" are:

EX 675

EQ 631

TU 665

Last month I got a bump of about 20 points on EX for opening a share-secured VISA through a credit union.  Today I applied for a Lowes card and got it.  According to various sources, one should have a variety of differing credit lines and types.

Currently we just have the home mortgage (8 years down, 22 more to go...); my Honda (3 years to go...); wife's Honda (2 months to go...); wife's student loans; the share-secured VISA; and now the Lowes card.  All other bills are paid off.

Now as much as I LOVE the eye-candy at Lowes (Power tools? Check! Appliances? Check! Building Materials? Check!) we usually use our debit cards to pay for things and I AM NOT tempted to use this card other than to build some credit with small purchases.

The approval process was quick and painless.  They asked some confirmation questions in multiple choice format after accessing my CR, then voila' approved in less than 5 minutes.  Almost made me feel human again!

FICOnater2007

[FICOnater2007]

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Now as much as I LOVE the eye-candy at Lowes (Power tools? Check! Appliances? Check! Building Materials? Check!) we usually use our debit cards to pay for things and I AM NOT tempted to use this card other than to build some credit with small purchases.

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I just reviewed what I wrote and realized the Freudian slip!  "Build some credit" with a Lowes card??? They ought to hire me in the marketing department for Heaven's sake!

FICOnater2007

[Anonymous]

If you don't mind me asking, what credit limit did they give you?   

[Anonymous]

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FICOnater2007 wrote:

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build some credit with small purchases.

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I just reviewed what I wrote and realized the Freudian slip!  "Build some credit" with a Lowes card??? They ought to hire me in the marketing department for Heaven's sake!

FICOnater2007

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Ha ha... very good!

[FICOnater2007]

Hello,

Sorry, I forgot to mention that!  It was $400 even.  I'll probably contact them in about 3 months to see if they will increase the limit based on payment history.

Good luck,

FICOnater2007

[Tuscani]

Totally off topic.. But I read a story in my local paper about Lowes recently. In the local paper there is a crime section. Now, I live in what I consider to be a respectiable suburb. So the usual stories tend to be kids breaking windows or teenages speeding (sad this makes this paper, I know). However, the recent story had me laughing hyterically. It reads:

"Indecent exposure: An officer saw a naked man and woman having sex on pallets outside Lowes about 2:45 a.m. June 24. The 27-year-old woman and 22-year-old man were cited for indecent exposure."

[fused]

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Tuscani wrote:

Totally off topic.. But I read a story in my local paper about Lowes recently. In the local paper there is a crime section. Now, I live in what I consider to be a respectiable suburb. So the usual stories tend to be kids breaking windows or teenages speeding (sad this makes this paper, I know). However, the recent story had me laughing hyterically. It reads:

"Indecent exposure: An officer saw a naked man and woman having sex on pallets outside Lowes about 2:45 a.m. June 24. The 27-year-old woman and 22-year-old man were cited for indecent exposure."

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Tuscani, I find you guilty of threadjacking!

[FICOnater2007]

Tuscani,

All I can say is thank God they were naked!  It would have been really weird if they were trying to have sex in public fully clothed!

FICOnater2007

[Anonymous]

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FICOnater2007 wrote:

Hello,

Sorry, I forgot to mention that!  It was $400 even.  I'll probably contact them in about 3 months to see if they will increase the limit based on payment history.

Good luck,

FICOnater2007

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It seems common that places like Lowes, Home Depot advertise a lot to buy new $1000 - $4000 worth of appliances and apply for their credit card to get special financing or discounts but then they seem to give out tiny credit lines and waste the customers time.   I need 3 new appliances next month but am afraid to apply and only get $300 and then get dinged for a new inquiry and account that won't help my purchase.    Anyone else found this out?

[FICOnater2007]

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flyers wrote:

It seems common that places like Lowes, Home Depot advertise a lot to buy new $1000 - $4000 worth of appliances and apply for their credit card to get special financing or discounts but then they seem to give out tiny credit lines and waste the customers time.   I need 3 new appliances next month but am afraid to apply and only get $300 and then get dinged for a new inquiry and account that won't help my purchase.    Anyone else found this out?

Hi Flyers,

You're right, they use these tactics to get people to buy and offer the credit card as a way to defer payment (or rather...for them to make MORE $$$ through the 21.99% APR...) on what you just purchased.  Fortunately, I just applied via the Internet and wasn't in a store.

For me, I was just getting the card to diversify and improve my credit.  I had already checked my PLUS SCORE guestimator and the inquiry from Lowes should not have much effect on my score.

Good luck,

FICOnater2007