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Lowes vs Home Depot

Frequent Contributor

Lowes vs Home Depot

So I do NOT have good credit as you can see from my siggy, but my husbands credit is fairly decent, 677 EX, 671 TU, 655 EQ and never has had a late payment, ever, but his utilization is pretty high.

 

We are currently buying a house and looking to get a store card from Lowes or Home Depot after we close.

 

Sears (Citi), just closed his account due to a review of his EQ score which had a drop in score due to the inquiries for our mortgage. I know that Citi is the issuer for HD, and GE for Lowes. We currently have Walmart, JCP, and Luxury cards from GE, all with 0 balances.

 

When researching the who gave credit site, it looks like they scores provided by those who have been approved are much lower for HD, and they use the EX score, not the EQ score. Does Citi have different criteria for the various store cards they provide for??

 

So I guess what I would really like to know is... Which may be a better option for approval and better overall?

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


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10 REPLIES
Epic Contributor

Re: Lowes vs Home Depot


Catacam wrote:

So I do NOT have good credit as you can see from my siggy, but my husbands credit is fairly decent, 677 EX, 671 TU, 655 EQ and never has had a late payment, ever, but his utilization is pretty high.

 

We are currently buying a house and looking to get a store card from Lowes or Home Depot after we close.

 

Sears (Citi), just closed his account due to a review of his EQ score which had a drop in score due to the inquiries for our mortgage. I know that Citi is the issuer for HD, and GE for Lowes. We currently have Walmart, JCP, and Luxury cards from GE, all with 0 balances.

 

When researching the who gave credit site, it looks like they scores provided by those who have been approved are much lower for HD, and they use the EX score, not the EQ score. Does Citi have different criteria for the various store cards they provide for??

 

So I guess what I would really like to know is... Which may be a better option for approval and better overall?


Luxury cards from GE? Who?

Sears is Citi so if they closed you I would be looking more at Lowes.  Also Lowes will most likely pull TU and you can apply online and then instantly call in and ask to talk to credit and they will usually increase....

Valued Contributor

Re: Lowes vs Home Depot

GE pulled TU for me for the Lowes card.  I only chose the Lowes card because that's what I have in my town.  However, they gave me a CLI from $3000 to $8000 that I was very pleased with.  Since then, they now offer 5% off immediately at check-out when you use it.  If the amount is a large sum, you have a choice of the immediate 5% or 0% financing for a specified amount of months.  I'm extremely happy with my Lowes card.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


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Frequent Contributor

Re: Lowes vs Home Depot

Thank you for the responses!!

 

Yes, GE has a "Luxury" card. We got it when we were looking at engagement rings, but ended up going with Jareds. You can actually use the card a quite a few places. Small furniture stores, jewlers, etc..

 

We aren't looking to spend too much either way, just need to pick up some odds and ends, specifically a garage door opener. We could use our existing cards as most have a 0 balance, but DH is wanted a home improvement card, now that we will have a home!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Epic Contributor

Re: Lowes vs Home Depot

it's actually called the "Luxury card"!?

 

Did you apply at a paticular store but you can use it elsewhere or did you just get Luxury Card that can be used many places?

 

Any list of all the places that you can use it?

 

CL and Rate?

Frequent Contributor

Re: Lowes vs Home Depot

Yep, GE Luxury Card.

 

$700 limit, and I'm not sure what the rate is. It has a zero balance and GE's website doesn't allow me to view any statements that had a balance.

 

I can go to their site and enter my zip code and it will list all of the places that accept the card. Everything from furniture, to flooring, electronics, etc...

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

New Contributor

Re: Lowes vs Home Depot

I was approved for a Lowe's card when my credit was not so good four years ago. I think it was around 650 but don't remember for sure. I was approved for $300 and have had steady increases until now I am at $2300. I never asked for an increase because before I read this forum I didn't realize that I could. Anyway, I love the Lowe's 0% financing offers. I purchased almost $2000 of product last June to put down laminate flooring in my house. I simply divided the amount up over the free interest period which was 12 months so it will be paid off on my May payment. I haven't paid any interest to Lowe's for the last two years due to these promotions.

 

Edited to add that I have never applied for a Home Depot card because there is not a store close to my home.

Mega Contributor

Re: Lowes vs Home Depot


Catacam wrote:

So I do NOT have good credit as you can see from my siggy, but my husbands credit is fairly decent, 677 EX, 671 TU, 655 EQ and never has had a late payment, ever, but his utilization is pretty high.

 

We are currently buying a house and looking to get a store card from Lowes or Home Depot after we close.

 

Sears (Citi), just closed his account due to a review of his EQ score which had a drop in score due to the inquiries for our mortgage. I know that Citi is the issuer for HD, and GE for Lowes. We currently have Walmart, JCP, and Luxury cards from GE, all with 0 balances.

 

When researching the who gave credit site, it looks like they scores provided by those who have been approved are much lower for HD, and they use the EX score, not the EQ score. Does Citi have different criteria for the various store cards they provide for??

 

So I guess what I would really like to know is... Which may be a better option for approval and better overall?


GE Lowes most definitely. Citi is going to be more stringent on SP reviews. GE loves usage and is less stringent on approval and uitl stats. You'll also get good CLI's (ask for one every 4 months) with Lowes and it really helps if you plan on running big purchases through it.




EQ FICO 548 3/3/16
Valued Contributor

Re: Lowes vs Home Depot

I went through the same decision a few months ago, new house and needed a home improvement card.  I went with Lowes because of two reasons. #1 option of 5% off everything.  #2 18 month 0% financing offers.  They approved for $1500.  I called and said it wasn't enough, got bumped to $3000.

Frequent Contributor

Re: Lowes vs Home Depot

Thank you for all of the responses everyone!! Lowes it is!!

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge