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Mrstot

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I have 7 credit cards that are in good standing. I want to apply for a lowes. Is to many cards bad
for my credit score. would you apply for one?

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I Currently have 20 Credit Cards,
Oldest Credit Card Account is 24 years old. 

I also have a Lowes Credit Card. 

*** ALL OF MY CREDIT CARDS have a 0 Balance on them ***  If anything is changed on them it is paid off the next day.

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How many is too many?

Rather than the actual number of cards, Your goal should be:

 "Available credit"; total of the limits on all your cards, equal to 1 years income.

But never owe more than 3 months worth of income on all cards combined.  With time This will get you the highest scores.  

and An Emergenacy fund in savings equal to at least 6 month of income is always a good idea. 

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In general your credit scores don't get penalized for having too many accounts. Where too many accounts can hurt you is if it burns up your "debt to income ratio" and that could prevent you from future credit if you run into issues there. As far as the Lowe's Card, it depends on how you would want to use it. If financing something over a longer period of time, it may be ok, but the reason I don't want one is because if you use it as a regular card for small purchases through the month rather than for extended financing it is not good. You get charged interest from the time of purchase and their is no grace period, so even if you pay your bill in full each month, you will still be paying interest if using the Lowe's card.

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Any of the Lowe's credit cards, business or consumer, take 5% off your total.  Certain promotions and amounts, offer deferred payments. The consumer account through Synchrony Bank has a high interest rate of almost 25%.

If you intend to get this card,  make sure it's paid in full so you don't pay interest.

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