Credit Cards

[Rollercoaster_84]

Does anyone have any pointers regarding credit with Home Depot or Lowe's? We're buying a house, and we want to apply for credit for home improvements (flooring, etc.) with one of these companies. Which is easier to qualify for? DH's score runs about 620-650, mine is 650-670. We have fairly low DTI, some late payments 2+ years ago. I have settled accounts from 3-4 years ago. Help, please!

Thank you!

[Uborrow-Upay]

Hi, Rollercoaster_84!

The best advice I have is to:

1.  Wait until after the closing on your new home before app'ing for anything, and
2.  Apply in-store only, and not online, regardless of which company you choose to do business with.

[Rollercoaster_84]

Thank you. We were planning on waiting until after closing (next week) to apply. Is that long enough, or do we need to wait 30 days or something? If we have the keys in hand, are we good to go?

Also, can you please explain why applying in person is better? thank you!

[Uborrow-Upay]

You'll be good to go after the closing.  Making sure the mortgage loan is finalized is the most important thing here, not the credit card.

As to app'ing, if you're actually in a home improvement store for the app, there won't be any hassles as to verifying your identitiy.  You're standing right there, with ID in hand.  You can also answer any questions in the most advantageous way if there's any ambiguity to any of them.  If choice A or choice B doesn't exactly fit your situation, just tell your story to the credit guy and let him make the choice.  They'll usually make a better one than the applicant would have made.

But aside from the ID thing, credit is needed for that purchase you're planning.  When you go to app, pick out all the things you want to buy on that trip, write 'em down along with the pricing.  Then do the app.  You'll have a definite amount you'll want to buy then and there, and the credit guy will want to see it go through for you so as to make the sale.  

Just don't go hog wild on things you can't really afford right now just to try for a higher initial credit limit.  Those store cards have rates that'll kill you.

Congrats on the new home, Rollercoaster_84!  Wishing you the best with everything!! 

P.S.  BTW, aside from the ID thing, the benefit of app'ing in-store is merely opinion.  But I think it's a good one!

[Rollercoaster_84]

Thank you!

Would we be better off trying to find a non-store card with a lower interest rate? We were planning on trying to find a same-as-cash introductory deal to finance the flooring so that we could pay it off within 6 months, with our tax rebate.

[MidnightVoice]

Lowes do a "project card" that gives 6 months no interest if all paid off in that time.  Min purchase $100.  During the 6 months you can use it for other purchases, but everything must be paid off before that 6 months hits

[tiger67]

Lowes also does no interest for 12 months if paid in full before the 12m is over.

[Lexa]

Lowe's is GEMB, HD is Citi. Both will most likely pull TU though. I think Lowe's will be easier to qualify for. Also, do not go for project card a it is harder to get than regular Lowe's Store card

[jaystay]

Is this is a one-time only deal or does the card always give you 6 months interest free on large pruchases?

[khw]

Lowes store card gives 6 months interest free on purchases over 299 most of the time(maybe always?) and we just got a mailer from home depot offering 12 months no interest free on that store card, I don't know how often they offer that because we don't shop there as much as lowes.