Home Depot Card

[Spacenut]

I have a Home Depot Card (and have had it for several years) and received a "notice of change of terms" with the last statement. It says that it is raising the APR starting the next billing cycle. I called the toll free number to help understand the change. I have had no issues with paying my bills, nothing wrong with my FICO score, and no indication with a problem with my account. I was told by the representative that it was not my account, but that the recent economic issues facing the banking industry was forcing a global change to their service. 

Two questions: 1. Is this true, is anyone else experiencing this change? 2. If I opt out to keep my existing rates, which effectively closes my account, will this adversely effect my FICO score?

Thanks in advance for any insight. 

[oracles]

Hi Spacenut and welcome to the forums

If you search on here, you will see many people who have had their apr's increased due to economic issues.

I do not know about home depot in particular but across the credt card industry, this is happening.

Closing your card will definitely effect your score because you have reduced your available credit limit and your balances are still the same. Therefore your util% has increased and your score has decrease.

however if you are not currently looking to buy something big (ie car, house) take the hit if it means you are going to save alot of money in interest.

hope this helps and keep us updated

[Spacenut]

Makes sense Oracles, thanks for your insight.

[oracles]

No problem, keep us updated

[Jayleesmimi]

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@Spacenut wrote:

I have a Home Depot Card (and have had it for several years) and received a "notice of change of terms" with the last statement. It says that it is raising the APR starting the next billing cycle. I called the toll free number to help understand the change. I have had no issues with paying my bills, nothing wrong with my FICO score, and no indication with a problem with my account. I was told by the representative that it was not my account, but that the recent economic issues facing the banking industry was forcing a global change to their service. 

Two questions: 1. Is this true, is anyone else experiencing this change? 2. If I opt out to keep my existing rates, which effectively closes my account, will this adversely effect my FICO score?

Thanks in advance for any insight. 

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Yes, I recieved the same notice of the APR raising.  It's true.

I'm keeping the card even so, because I do not carry a balance. I PIF before my statement cuts if I use it.

[Anonymous]

Spacenut, I have a card do that recently, and I just transferred the balance to a 2.99% offer on one of my other cards and put theirs in the sock drawer!