05-20-2010 10:54 AM
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!
05-20-2010 11:07 AM
The best advice I have is to:
05-20-2010 11:25 AM
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!
05-20-2010 11:53 AM - edited 05-20-2010 12:07 PM
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!
05-20-2010 12:13 PM
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.
05-20-2010 01:19 PM
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
05-20-2010 02:04 PM
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
05-20-2010 02:44 PM
Is this is a one-time only deal or does the card always give you 6 months interest free on large pruchases?
05-20-2010 03:45 PM
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.
Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.