Home Depot hates me

[Anonymous]

I have had a Home Depot card since 2005, so I have a pretty lengthy history with them. I was initially approved for $3000 and then they moved me up to $6000 several years ago. In 2012, I went through a divorce and inherited the $6000 debt on the card my ex husband ran up to renovate his new house (he was authorized user but card was in my name). He was supposed to make the payments and didn't so I ended up making them for the past 3 years and finally paid it off. Well, there was only 1 late payment in the 10 year history of this card, but I made only the minimum payment for several years because that is all I could afford. Unfortunately I didn't do as well with the rest of my credit during that time and my credit score really suffered.

So, whenever I paid off a couple hundred dollars, Home Depot would lower my limit. First to $4800, then $4000, then $3500 etc etc and it kept going on like that until finally this year when I was able to just finally pay the whole thing off. They reduced my limit to $500 and even though I've since raised my scores to pretty acceptable bankcard scores, they still won't raise my limit! My income is $147,000 per year, rent is $1150, and I know they are doing a soft pull but won't approve me.

What is wrong? I would like to increase the limit because I am now buying my own house and can use the funds to buy things for the new house.

[Anonymous]

I had a friend who had almost the SAME issue. He had there card for 5 years and never late and he lost his job and had one 60 day late with them. He got another job but they immediately balanced chased him until he was at a $300 limit and they refused to raise it even though he eventually got his credit score back to high 600's. I think his Fico 08 was 690's across three CRA'S. I hate to say this but I would chalk it up and close it. They are NEVER going to raise the limit. They never raised his and he even spoke to someone in the corporate office.

[Callandra]

Just from looking at the scores in your sig, it looks like you are rebuilding? Not sure what is holding down your scores (I know you mentioned one late payment but I'm guesing you have other lates/baddies as well?) but you might want to address those as well but to be honest, I agree with the poster above -- they are probably not going to raise your limit at this point in time. You may as well close the card, get your credit in order, and maybe re-apply down the line (or try Lowe's!). 

[Anonymous]

Thanks, yes I am rebuilding. After my divorce I had a couple years of financial difficulty. That's behind me now, everything paid down or off, util pretty low. I don't want to close the card because I have 10 years good credit history with them. There's no AF so I'll just keep it open, put the occasional purchase on it, PIF. It's not that I really need the card, I could put purchases on other rewards cards and PIF. It's just that I don't understand how or why they did that to me since I always paid them every month on time (except once in 10 years) and carry less than a 10% balance.

Anyway, sorry to hear about your friend - that's terrible! It does sound like the same thing that happened to me.

[Open123]

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@Anonymous wrote:

It's just that I don't understand how or why they did that to me since I always paid them every month on time (except once in 10 years) and carry less than a 10% balance.

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Nothing to understand, really.  

Citi is one of the more rigid lenders, and tends to lag behind other Issuers on relaxing the reins for those rebuilding.  Your CLs are based on computer algorithms that simply lump you into a bucket.

*Edited*  PS - Since any Issuer can balance chase at will or cut us off at the first hint of trouble, why is app'ing for a bonus and closing it to avoid paying the fee considered unethical? 

[Anonymous]

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@Open123 wrote:

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@Anonymous wrote:

It's just that I don't understand how or why they did that to me since I always paid them every month on time (except once in 10 years) and carry less than a 10% balance.

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Nothing to understand, really.  

Citi is one of the more rigid lenders, and tends to lag behind other Issuers on relaxing the reins for those rebuilding.  Your CLs are based on computer algorithms that simply lump you into a bucket.

*Edited*  PS - Since any Issuer can balance chase at will or cut us off at the first hint of trouble, why is app'ing for a bonus and closing it to avoid paying the fee considered unethical? 

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Thank you! This is probably the most direct answer. I will quit chasing THEM into letting me give them more business lol. Once my house closes I'll just use rewards cards or app with Lowe's (I like them better anyway).

[jim44]

IMHO, I wouldn't give up on them yet unless you can't wait for Citi to come around again. I think everyone's experience with Citi's HD varies. I experienced a couple lates on my 1st mortgage and Citi started balance chasing me then. 100% payment history with all my credit prior to my mortgage lates. I had a HD card for over 10 years at that point and my CL was $25k. All increases were automatic except for the 1st request which was a denial and the 2nd when I had requested one myself. So yes, Citi spooks easily. In the OP's case I think once her degros fall off and the HD late payment ages, they will consider an CLI. If she needs a Home Improvement card before then, Lowes is the way to go. Kudos OP, to the credit rebuilding!

[Anonymous]

The hard truth is that lenders don't give a damn about consumers problems. Just in reducing their risk and maximizing profits for the shareholders and CEO.

As far as they are concerned you should be able to pay your bills on time, never be overextended, and your problems are not their problems. Once you have any type of financial difficulty,  they are through with you.

You paid them late, only made minimum payments, and paid other lenders late.  Your scores are in the poor category.  You are a risk to them.

Your only solution which will take time, is to clean up your reports and get your scores into the upper 600's and 700's.

I have been through your pain when my elderly mom was exploited by her attorney and caregiver having her sign things her demented mind didn't understand and causing her 800+ Fico scores to drop as a result of 2 chargeoffs and a 120 day late home equity loan which was used without her knowledge. 

Once I took over again I have gotten her scores into the 710 range from a low of 640, but most lenders just won't offer her the premium cards she used to have anymore. 

It sucks. I wouldn't worry about Home Depot now,  just on doing what you can to clean up your bureaus and rebuild.

[Anonymous]

Thanks! It's really dificult, mostly because I hung in there and paid every creditor I had. Instead of filing BK, which would've stopped the bleeding so I could rebuild, I kept paying and paying and paying until everyone was paid off and in full. Many late payments, but they earned their interest off me and they got paid in full instead of pennies on the dollar. And my credit score suffered because of it. I like how I am a higher credit risk for paying everyone in full (although late) than someone who filed BK 3 years ago just because their score looks better in the scoring model than mine because they were able to stop the late pays, although their creditors got nothing or pennies on the dollar. Just sucks . Of course there are people who have squeaky clean credit and came out of the womb always using credit responsibly and never overextending themselves or having a sudden life experience that caused them to struggle financially. They are called unicorns