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Established Member
CBattle
Posts: 21
Registered: ‎02-27-2013

Trouble Getting Home Depot CC

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:

 

  1. 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)!
  2. I have had 4 inquiries in the past 2 years but these are still negatively affecting my score
  3. 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
  4. 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?

Starting 2/27/13 - EQ: 608 (Beacon 5, FICO) ; TU: 566 (Classic 04, FICO) ; EX: 560 (Fair Isaac V2, FICO)
Update 8/14/13 - EQ: 605 (FICO) ; TU: 621 (FICO) ; EX: 605 (FICO)
Established Contributor
Leadberry
Posts: 605
Registered: ‎01-31-2013

Re: Trouble Getting Home Depot CC


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:

 

  1. 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)!
  2. I have had 4 inquiries in the past 2 years but these are still negatively affecting my score
  3. 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
  4. 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.

   
   
Established Member
CBattle
Posts: 21
Registered: ‎02-27-2013

Re: Trouble Getting Home Depot CC

Leadberry - Thanks for taking a look

 

The reasons that they listed are exactly below:

  1. Time since oldest account opened is too recent
  2. Too few accounts paid on time in recent months
  3. Available credit on open bankcard accounts is too low
  4. 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?

Starting 2/27/13 - EQ: 608 (Beacon 5, FICO) ; TU: 566 (Classic 04, FICO) ; EX: 560 (Fair Isaac V2, FICO)
Update 8/14/13 - EQ: 605 (FICO) ; TU: 621 (FICO) ; EX: 605 (FICO)
Established Contributor
Leadberry
Posts: 605
Registered: ‎01-31-2013

Re: Trouble Getting Home Depot CC


CBattle wrote:

Leadberry - Thanks for taking a look

 

The reasons that they listed are exactly below:

  1. Time since oldest account opened is too recent
  2. Too few accounts paid on time in recent months
  3. Available credit on open bankcard accounts is too low
  4. 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.

   
   
Established Member
CBattle
Posts: 21
Registered: ‎02-27-2013

Re: Trouble Getting Home Depot CC

I just got off the phone. They told me that they used to be able to make a judgment call but not anymore. It is strictly Experian score driven
Starting 2/27/13 - EQ: 608 (Beacon 5, FICO) ; TU: 566 (Classic 04, FICO) ; EX: 560 (Fair Isaac V2, FICO)
Update 8/14/13 - EQ: 605 (FICO) ; TU: 621 (FICO) ; EX: 605 (FICO)
Frequent Contributor
IWOL
Posts: 347
Registered: ‎12-17-2012

Re: Trouble Getting Home Depot CC

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.

 

 

Established Member
CBattle
Posts: 21
Registered: ‎02-27-2013

Re: Trouble Getting Home Depot CC

Thaks for the tip. I don't have any CO and my payment history on all CC's are perfect. Util is high and a few collections due to ER visits with no medical insurance.

I can try Lowes, the reason I picked HD is I have been shopping there since I was young. Not only to rebuild my credit but because I would truly use it
Starting 2/27/13 - EQ: 608 (Beacon 5, FICO) ; TU: 566 (Classic 04, FICO) ; EX: 560 (Fair Isaac V2, FICO)
Update 8/14/13 - EQ: 605 (FICO) ; TU: 621 (FICO) ; EX: 605 (FICO)

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