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First of all - I truly appreciate everyone's advice on this forum. Because I have read that retailers are a little more lenient, I applied for a Home Depot card early last week and they hit my Experian CR only. I received the results yesterday and found out the following:
Should I call Home Depot Credit Services and try and sweet talk my way into their good graces? Has this worked for anyone else?
@CBattle wrote:First of all - I truly appreciate everyone's advice on this forum. Because I have read that retailers are a little more lenient, I applied for a Home Depot card early last week and they hit my Experian CR only. I received the results yesterday and found out the following:
- My score with EX jumped from 560 to 615 after I was vindicated on an eviction/judgment and PiF 2 CA's (next step to GW them)!
- I have had 4 inquiries in the past 2 years but these are still negatively affecting my score
- Time since oldest account opened is too recent??? This I find strange because I only have 3 revolvers on my EX CR: MasterCard opened 07/2009, GECRB opened 06/2008, WFNNB(?) Dormant but opened 05/2006, HSBC lender closed opened 12/2006
- Available credit on open bankcard accounts is too low (Even though I have $7,100 combined LOC with 60% combined util)
Should I call Home Depot Credit Services and try and sweet talk my way into their good graces? Has this worked for anyone else?
What exactly are the reasons they gave for denial? I'm assuming they mentioned your collections and inquiries? Also for #4, I believe that might be their way of saying your util is too high.
Leadberry - Thanks for taking a look
The reasons that they listed are exactly below:
At the bottom of the denial letter it says for questions please call "Manager, Credit Review at 423-467-6957" (I hope the mod doesn't delete since this is not to a specific person, but a pool of people)
So my big question: Should I 1) Be happy knowing I gained 55 points in a month and let this slide, or 2) Call and sweet talk them to see if I can get my avail. credit bumped up?
@CBattle wrote:Leadberry - Thanks for taking a look
The reasons that they listed are exactly below:
- Time since oldest account opened is too recent
- Too few accounts paid on time in recent months
- Available credit on open bankcard accounts is too low
- The number of inquiries on your credit report impaced your score
At the bottom of the denial letter it says for questions please call "Manager, Credit Review at 423-467-6957" (I hope the mod doesn't delete since this is not to a specific person, but a pool of people)
So my big question: Should I 1) Be happy knowing I gained 55 points in a month and let this slide, or 2) Call and sweet talk them to see if I can get my avail. credit bumped up?
I would call; in case they're willing to recon, be prepared for them to ask you questions about all the reasons listed above. Have good answers ready. I agree that the first reason makes no sense.
I was also denied for the Home Depot CC and my EX score was quite a bit higher than yours when I applied. My score on the denial letter was 665. I beleive the HD Card is with Citi and they are not very friendlyly to CO, even if they are paid and years old. I have 2 charge offs from 2008 and no missed payments or baddies since. My utilization was around 7% at the time I applied and I also had 5 inquiries, with an AAoA around 4.5 years.
I also tried to recon and they told me they dont do them.
I was however approved for a Lowes card with $650 starting limit just a few days later. Lowes pulled TU and my score at the time of app was 656, so perhaps Lowes underwriting standards are easier than HD since Lowes is GE. GE is also known to be much better with CLI so, Im actually happy that I got the Lowes card instead of HD.
I think your scores are still too low to get approved and if you have any C/O or collections I wouldnt bother with HD until they are removed or fall of your report.