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Home Depot

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homerunstacy
Regular Contributor

Re: Home Depot

I can not stress this enough -  BE VERY CAREFUL OF HOME DEPOT PROMOS.  It looks like a great deal but read the fine print.  If you don't pay the entire amount off in full before that promo expires in 6 months they will retro back all the interest  to your card and jack your rate to 29.99%.  

 

This is exactly how I got into trouble. I fully had planned on paying it off quickly and then one thing happened after another -  housing market crash, significant other lost most of his income,  emergency home repair after a storm, increased medical expenses.  For a while I could only pay min's on the card.  My CLI with them was/is 5600.   I bought a few big ticket items on several trips over the 299 amt. Bought landscaping and gardening items. Then saw a deal on some end of the season beautiful patio furniture.  We used about 5100 of the credit line all to celebrate our new home and to justify it would add equity to it.  Well the home is now worth 50k less since the crash.   I fell for the same thing with citi/1800mattress and Sears too.  Thank god for FTHB and tax returns that today I am debt free and not a slave to cards.  Not saying this will happen to you but again we never thought it would happen to us either.  

 

*Bought 1st Home on 7/11/07 thanks to myFICO Forums*

4/2013 - FICO: 685
Payment History: Great
Amt of Debt: Not Good
Length: Good
Amt of New Credit: Good

Goal for 2013: Pay down debt! Cross fingers housing market turns around so I can move further south!



Message 21 of 24
cdtotten
Established Contributor

Re: Home Depot

Please keep in mind that all deffered-interest financing arrangements are like this. Any time a store offers 0% interest for 6 or 12 months, it is a deferred interest arrangement. If you do not pay your balance in full by the time the promo period is over, you pay the accrued interest back to the date of purchase. This should not surprise you those because it is diclosed on every statement you receive. Halfway down the statement where it states your interest rate and everything, a box will say "accrued interest" or "deferred interest". This is the amount you would currently owe in interest if not paid off in full by the end of promotion.


Please be careful going forward... that's why these stores offer it. They hope you don't pay it off on time so they can draw there 23-29% interest or so.


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


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Message 22 of 24
Anonymous
Not applicable

Re: Home Depot

ok I have had the HD card since February and just requested a cli. was approved $2000, to put my limit to $3000Smiley Very Happy. the number to a credit advisor is 800-677-0232.

Message 23 of 24
BBYGRL
Established Contributor

Re: Home Depot

I was instantly approved last Feb after I bought my house and they gave me $1k CL. I charged $75 and received a $25 instant rebate. I PIF the balance in April and come to find out my CL increased to $4,500. Um, ok? IMHO the interest rate is still too high but it's good to know I have the card just in case...

10/08 - EX 795 / EQ 816 / TU 806
6/09 - EQ 763 / TU 770

Starting Score (2/2010): TU-767, EQ-745
Current Score (2/2010): TU-767, EQ-745
Goal Score (12/2010): TU-780, EQ-790


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Message 24 of 24
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