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Home Depot CLD

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tcbofade
Super Contributor

Home Depot CLD

OK folks, I'm doing SOMETHING wrong and I can't see it.  I need some help.

 

DW and I bought a home at the end of 2013.  After closing, she opened several new credit card accounts including a Hope Depot card that opened with a $5500 credit line.

 

I know from others experiences not to leave Home Depot unused for long... so we have purchased something or other at least every six months, sometimes carried a balance, sometimes paid in full, never a late payment, never approached 30% utilization on that card.

 

In the name of full disclosure, we've had OTHER accounts maxed out for quite some time...most of 2015 in fact.  Never a late payment or over the limit anywhere, but we had quite a few cards maxed out for quite a while....no troubles, no AA.

 

As our financial situation has improved in 2016, I am proud to report that we have ZERO accounts maxed out.  Balances are going down, utilization is improving, credit scores are going up....

 

...and NOW we get an email that Home Depot has slashed her CL to $500.

 

I'll add that we were keeping that card open and empty because we KNOW that we're going to have to purchase an air conditioner eventually, and wanted the long term financing deal that they offer.

 

So we used the account...never over utilized it, never a late payment or any problems with it...and now, NOW that our situation is IMPROVING, they slash her credit line.

 

**bleep**?

 

*edit...  I got bleeped...  Smiley Surprised*

 

That was supposed to say, "Whiskey Tango Foxtrot"....

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 1 of 12
11 REPLIES 11
myjourney
Super Contributor

Re: Home Depot CLD

Its all good lowe's with a higher limit has the family name on it Smiley Wink

So the AC is still a go whenever

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 12
Kirmie2010
Established Contributor

Re: Home Depot CLD

Ive carried a high balance on half my cards ffor a bit, started paying some cards down (double or triple payments) and presto  Macy's took my limit to 100 dollars.  Its the only card that did it. 

 

I cant stand Lowe's, some employee kicked me out as a kid and I was'nt doing anything at all, walking around looking at stuff.  Took my mom 45 mintues to figure out I was standing out in front of the store when she was ready to leave.

 

Sucks they lowered your limit, hopefully its the only one they lower Smiley Happy

 

*edit*
its your other cards, high balances that is doing it.  (IMHO)

Message 3 of 12
tcbofade
Super Contributor

Re: Home Depot CLD


@Kirmie2010 wrote:

Ive carried a high balance on half my cards ffor a bit, started paying some cards down (double or triple payments) and presto  Macy's took my limit to 100 dollars.  Its the only card that did it. 

 

I cant stand Lowe's, some employee kicked me out as a kid and I was'nt doing anything at all, walking around looking at stuff.  Took my mom 45 mintues to figure out I was standing out in front of the store when she was ready to leave.

 

Sucks they lowered your limit, hopefully its the only one they lower Smiley Happy

 

*edit*
its your other cards, high balances that is doing it.  (IMHO)


...and if they had done it last year, I'd agree with you.

 

Where I'm stuck is the whole NOW, and for the last three or four months or so, our balances are going DOWN.... our UTIL is going down... our SCORES are going UP, and NOW they CLD???

 

 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 4 of 12
kdm31091
Super Contributor

Re: Home Depot CLD

Didn't she recently add some inquiries/applications? You mentioned in the garden club. That could have been a trigger point too -- credit seeking along with the high balances, and AA can follow. Sorry to hear it; luckily Home Depot isn't a must have card for most people.

Message 5 of 12
tcbofade
Super Contributor

Re: Home Depot CLD


@kdm31091 wrote:

Didn't she recently add some inquiries/applications? You mentioned in the garden club. That could have been a trigger point too -- credit seeking along with the high balances, and AA can follow. Sorry to hear it; luckily Home Depot isn't a must have card for most people.


She did, and it isn't.  (Thank you for that...)

 

 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 6 of 12
tcbofade
Super Contributor

Re: Home Depot CLD


@myjourney wrote:

Its all good lowe's with a higher limit has the family name on it Smiley Wink

So the AC is still a go whenever


We both have Lowes cards, but we both have balances on our Lowes cards...both on the 5.99% 84 month low interest plan.  (we've met Smiley Tongue)

 

BETWEEN them, we could probably pull of an AC, but then we'd lose the financing deal, I fear.

 

AC is already running this year and working just fine so far.  Honestly, we didn't expect it to make it through LAST year, so we're just keeping our fingers crossed at the moment.  Smiley Happy

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 7 of 12
myjourney
Super Contributor

Re: Home Depot CLD


@tcbofade wrote:

@myjourney wrote:

Its all good lowe's with a higher limit has the family name on it Smiley Wink

So the AC is still a go whenever


We both have Lowes cards, but we both have balances on our Lowes cards...both on the 5.99% 84 month low interest plan.  (we've met Smiley Tongue)

 

BETWEEN them, we could probably pull of an AC, but then we'd lose the financing deal, I fear.

 

AC is already running this year and working just fine so far.  Honestly, we didn't expect it to make it through LAST year, so we're just keeping our fingers crossed at the moment.  Smiley Happy


Call credit solutions and say the AC went out and we need to bump it to 25k or whatever amount HD card was Smiley Wink 

UTL purposes

Oh X 2

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 8 of 12
Anonymous
Not applicable

Re: Home Depot CLD

DH has $20k CL, I have $10k. We've been paying the 0% for two years. I just paid off his remaining $13k and paid mine down to $5k (offer on that ends in July). Fingers crossed they don't hit us. But wouldn't be the end of the world if they do. Looking forward to DH getting a nice score bump.
Message 9 of 12
Anonymous
Not applicable

Re: Home Depot CLD

Something triggered a account review for whatever reason. New accounts and inquiries most common reason unless something popped up as derogatory on her credit reports.
Message 10 of 12
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