Hi all. We've pulled our score up to the 650-660 range, and are purchasing a 4-unit apartment building (will be owner occupied) now with conventional financing. Thanks to everyone on here for their advice- it works!
We will have about $11k-$12k in materials cost for the renovations, and will be getting that as part of the loan, but it will be doled out 50% up front and 50% on the back end. It would make our contractors (and us!) much happier to be able to secure a Home Depot credit line and charge the materials until the second draw. I am also thinking that it will boost our credit score even further, as we will GREATLY increase our available credit once it's paid off.
All that said, what is the minimum score to get the card, and how are they determining limits? I'm seeing that their average score is a 726, so I'm thinking we might very well be below the minimum. We currently have 3 open revolving accounts at $300 (the newest one), $5000 (next oldest), and $1200 (oldest one). Hubby has high income - over 70k.
IMHO... I would not waste an inquiry even trying. Citibank is very, very picky and if you have not closed on your property as of yet, the inquiry made even jeopardize your mortgage qualification! Check www.whogavemecredit.com and to see what other scores are being approved for the Home Depot card. Looks to me like they have been issuing paltry CLs' as of late.
Congrats! And Good Luck!
Yeah, we weren't going to apply until after the close, and I just didn't want to waste time if it was only going to be $1k or something. Not looking like it will be helpful - maybe we'll apply for a different card though. Thanks for that link - it was new to me - very helpful!
First, Congrats!! When I applied for HD card last May '08 I believed my score was 712 and got approved with $7k CL and I got an auto CLI last month for an additional $1400.00. I applied 6 months after we closed on our house so if you can wait after close that will be a great and smart idea.
Keep us posted...
i would also see if you could get credit line increases on the current cards you have now with out a hard pull.
Just a suggestion. this will help util% and also make other cards give you higher limits.
Hope this helps
They do not like baddies at all. I have an almost 7 year old baddie and they cited that as the reason they would not give me credit.
my EQ, which is what they pulled, is a 668.