Lowe’s $3500 Business Credit Card: A Path to Financial Success

When it comes to personal and business credit, we understand the importance of taking your financial journey to the next level. In this article, we’ll delve into the Lowe’s $3500 Business Credit Card, a fantastic tool for entrepreneurs looking to elevate their business prospects. But before we dive in, remember that we offer one-on-one consultations to guide you through the intricacies of personal and business credit. Simply check the description below for details on scheduling your consultation.

The Lowe’s for Pros Credit Card: An Overview

Lowe’s offers a range of credit cards, but we recommend steering clear of the purple and yellow card, the American Express Lowe’s for Pros Card, and the preloaded card. Instead, let’s focus on the dark gray and yellow card, which could be the key to your business success.

Feature	Description
Credit Limit	Up to $3,500
Account Type	Net 30 Account
Approval Based On	Experian Business Credit
Credit Activity Reporting	Reported to Dun & Bradstreet
Personal Guarantee	Typically not required
Application Review	Human-reviewed process
Targeted Businesses	Diverse (e.g., construction, real estate)
Application Mode	Online
Invoicing	30-day invoicing system
Potential No Inquiry Approval	Possible, based on the author’s experience
Usage Pressure	No immediate pressure to use extensively

Benefits of Lowe’s $3500 Business Credit Card

While these benefits are enticing, it’s always crucial for businesses to understand the terms and conditions and use the card responsibly to avoid potential drawbacks or high interest rates.

• Credit Limit: The card offers a credit limit of up to $3,500, providing businesses with ample room to make necessary purchases.
• Net 30 Account: It functions as a net 30 account, giving businesses a revolving credit line where they receive an invoice to be paid within 30 days. This can help with cash flow management.
• No Personal Guarantee (PG) Required: The card does not typically require a personal guarantee, meaning that the business owner’s personal assets are not at risk if the business defaults on payments.
• Build Business Credit Profile: The card activity is reported to Dun & Bradstreet, allowing businesses to establish or improve their credit profile with this major credit agency.
• Unique Application Process: While the approval decision is based on Experian business credit, any defaults will be reported to Dun & Bradstreet. This dual reporting can be beneficial for building credit with both bureaus.
• Versatility: The card is beneficial for a wide range of businesses, including construction, real estate, home flipping, house pressure washing, car detailing, and more.
• Manageable Initial Spending: There’s no pressure to use the card extensively right away. As per the article, even small purchases can help establish a positive account on one’s credit profile.

Eligibility Criteria For Lowe’s $3500 Business Credit Card

Here are some potential eligibility criteria that one needs to fulfill before getting a card.

Business Credit Score:

Lowe’s bases its approval decision primarily on your Experian business credit. Therefore, a decent Experian business credit score is likely necessary.

Valid Business Information:

Applicants will need to provide accurate and verifiable business information such as:

• Company’s name
• Tax ID
• Industry
• Business address
• Phone number
• Email
• Number of employees

Dun & Bradstreet Number:

Given that credit activity is reported to Dun & Bradstreet, having a D-U-N-S number (Dun & Bradstreet number) might be necessary, as indicated in the application steps.

Proof of Business:

While not explicitly mentioned, many business credit card issuers require proof of business, such as:

• Business license
• Articles of incorporation
• Financial statements

Operating History:

Some business credit cards have requirements around how long the business has been operating. However, it’s not explicitly mentioned for this card.

Application Process for Lowe’s $3500 Business Credit Card

Lowe’s takes a slightly different approach when it comes to their business credit card. They primarily base their approval decision on your Experian business credit, but here’s the catch—they report your credit activity to Dun & Bradstreet. This means that if you ever default on this card, the collection will be reported to Dun & Bradstreet, not Experian, even though they made their initial decision based on your Experian credit.

While this approach might be less common, knowing what you’re getting into from the start is essential. I applied for this card in early 2021 and was approved for a $3,500 credit limit with no inquiries. The process was straightforward and hassle-free.

Applying for the Lowe’s $3500 Business Credit Card Step by Step

To start your journey with the Lowe’s $3500 Business Credit Card, follow these steps:

1. Click here to access the application page.
2. Fill in your company’s name, tax ID, industry, business address, phone number, email, and the number of employees.
3. Request a credit line that suits your needs, but keep it reasonable, especially if you’re building your credit. Starting with a lower limit, such as $2,000 to $3,000, increases your chances of approval.
4. Provide your Dun & Bradstreet number, which you should have obtained if you followed our guidance.

Things To Keep in Mind

Here are some tips one needs to remember while applying for a credit card. Moreover, these tips are based on my personal experience. Let’s check them out.

The Ideal Fit for Various Businesses

This Lowe’s $3500 business credit card is a versatile tool that can benefit a wide range of businesses. Whether you’re in the flooring, painting, construction, real estate, home flipping, house pressure washing, car detailing, or tile business, this card can be a game-changer. It functions as a net 30 account with a revolving credit line. This means that after making purchases, you’ll receive an invoice to be paid within 30 days.

Building Credit with Responsibility

When I first obtained this card, I didn’t use it extensively. I made a few small purchases totaling around $100 to $200 within the first six months. My primary goal was to establish a positive account on my Dun & Bradstreet profile while keeping my personal guarantee (PG) intact. Remember, this card doesn’t require a PG, which is a significant advantage.

Avoiding Personal Guarantees (PG)

During the application process, Lowe’s may present you with the option to provide a personal guarantee (PG). Do not check this box if you wish to avoid a PG. Make sure it remains unchecked before clicking “Continue.” Remember, a PG can put your personal assets at risk, so proceed with caution.

The Decision Process

After completing the application, Lowe’s will inform you that they will make a decision within seven to ten days. Unlike many credit card applications processed solely by machines, Lowe’s prefers to have a human review each application. This personal touch ensures that your business is a good fit for their credit card.

Frequently Asked Questions