Regular Contributor
Posts: 114
Registered: ‎02-07-2009

Lowes or Home Depot thinking of applying/ OR Credit Union?

I need to purchase a refrigerator and Funiture.  We are still waiting to close on our house and with closing and other stuff I do not want to use up my reserves.  I have to wait until we close before doing anything.  I have one loan Auto 3 year no lates.  What is my best option Credit Union I have been a member of one for over 20 years I thought of getting a line of credit with them would be my best option since I have $ in savings.  I have never applyed for any credit from them.


I have a BR that was in Aug 2003.  I do have a lates that are just about two years ago CC that I paid off and closed Dec. 2007 & Jan 2008.  I just paid off one car 4 years no lates. 


The only credit I have applied for over the past two years was my home loan.  My 120 days ran out and they had to run my credit again other than that nothing.  Before I apply for anything I want to be sure I quailfy.


My Fico Scores July 2009 TU 687 EQ 648 EX 692 (Note got my EX from my LO)


Any advise would be great.  I been told not having a active CC is hurting my scores.  Also my score should improve once the lates hit there two year anniversary.

New Member
Posts: 9
Registered: ‎05-04-2009

Re: Lowes or Home Depot thinking of applying/ OR Credit Union?

Have you yet been through final underwriting for mortgage?  If not, WAIT until you apply for any additional credit.  Especially if your DTI is tight.  You don't want to do anything at this point that could jeopardize/slow up the underwriting process.


If your DTI is tight, you may find it difficult initially to get a loan after the mortgage for such purchases but you should have an easier time getting approved for a credit card.  Keep in mind that, initially, your credit score will take a hit after the mortgage gets reported due to high balance of mortgage, unless you are putting down a hefty %.  I purchased last fall and was surprized by that.   Maybe advisable to apply for credit card right after mortgage is finalized, before it hits reports.  Either that, or wait 6 months to add the positive history.


Check regarding both those home stores.  Both can be fairly particular.  I wish I had looked into them more before applying. I was declined by both and am waiting to lower my existing balances before giving Menards a shot.

Regular Contributor
Posts: 114
Registered: ‎02-07-2009

Re: Lowes or Home Depot thinking of applying/ OR Credit Union?

I should close 11/6.  We were delayed due to weather it has been raining for the past month.  DTI with home loan 24/34 I am not counting my spouse income her scores are not as good as mine yet. 

Posts: 79
Registered: ‎08-28-2009

Re: Lowes or Home Depot thinking of applying/ OR Credit Union?

I applied for Home Depot and was declined.  The letter said nothing about my BK, only that I had "too many recent inquiries" (I have only had one in the past 12 months, that was for our mortgage), and that my utilization of existing credit was too high (I have zero revolving, but high balance on student loans, $57k).
My Scores:
10/09: EQ 653, TU 656; 8/09 FICO Lender: EQ 652, TU 646, EX 659 10/11: EQ 672, TU 679 EXP Lender 680

Chapter 7 BK Discharged Aug 29, 2007.

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