topic Re: Out with Home Depot, In with Lowes ($6k)! in Credit Card Approvals

Out with Home Depot, In with Lowes ($6k)!

tuneup1 — Fri, 10 Jul 2015 14:42:38 GMT

8 months of paying on time, over minimum, and using the card for monthly purchases earned me the Citi Bank CL Decrease I've read so much about. $2k became $1300 this morning.

Full Disclosure:

My credit file has had trouble this year. Most of my income was from oil & gas companies. They are hurting and some owe me for work as far back as Oct 2014. I'm using my credit lines to help me through this. My utilization across all accounts is @ 60%, which I spread out evenly (as in I don't have two @ 90% util and one @ 0% util). Any CL lower than $2k has no balance at all. Scores are much lower now ( 645 - 675) than Dec 2014 (low 700s).

Chase lowered my Sapphire Preferred CL once, but restored it immediately when I called explaining my situation. They looked at my SLOW increase in util over the months. No spending sprees and anything crazy like that. Ocasional large balance payoffs across the board, corrilating to my being paid on overdue invoices.

So I understood the automated system lowering my CL. Just like Chase I called and asked for Citi to reconsider. My scores have actually gone up in the last 30 days after paying $10k on my balances. No late payments of any kind in years. Citi's only option was a [H]ard [P]ull for a CLI! **bleep**!?! I told them I'd spend my hard pull at Lowes instead and pay off my Home Depot card this month, then throw it in the safe until they decide to cancel my account for lack of use.

I immediately followed the advice for Lowe's as mentioned a million times on the forums.

1) Apply online.

2) Approved for some low number. $500 in my case.

3) Call Credit Solutions @ 877-379-8173 and ask for $25k

4) Limit Raised to some number appropriate for your current credit profile and income level. $6k in my case.

Keep in mind my scores are mid 600s at the moment. Most seem to be over 700 when they do this and receive over $10k when they call.

My two reasons for sharing my story are to reinforce that Home Depot (Citi) will not work with you like other banks when you have a similar situation and that Lowe's (Synch) is woth applying for EVEN WITH A LESS THAN IDEAL CREDIT PROFILE.

I am very happy to have received a $6k credit line from them and am sure they will raise it even higher when I recover from this down turn.

Re: Out with Home Depot, In with Lowes ($6k)!

Shawndoe79 — Fri, 10 Jul 2015 14:51:00 GMT

Hang in there! and Congrats on the Lowes card and CLI

Re: Out with Home Depot, In with Lowes ($6k)!

SOGGIE — Fri, 10 Jul 2015 15:03:17 GMT

Way to go! Congrats!

Re: Out with Home Depot, In with Lowes ($6k)!

Anomalous — Fri, 10 Jul 2015 16:01:49 GMT

Congratulations!

Re: Out with Home Depot, In with Lowes ($6k)!

Anonymous — Fri, 10 Jul 2015 16:09:07 GMT

@tuneup1 wrote:
8 months of paying on time, over minimum, and using the card for monthly purchases earned me the Citi Bank CL Decrease I've read so much about. $2k became $1300 this morning.

Full Disclosure:
@Anonymous credit file has had trouble this year. Most of my income was from oil & gas companies. They are hurting and some owe me for work as far back as Oct 2014. I'm using my credit lines to help me through this. My utilization across all accounts is @ 60%, which I spread out evenly (as in I don't have two @ 90% util and one @ 0% util). Any CL lower than $2k has no balance at all. Scores are much lower now ( 645 - 675) than Dec 2014 (low 700s).

Chase lowered my Sapphire Preferred CL once, but restored it immediately when I called explaining my situation. They looked at my SLOW increase in util over the months. No spending sprees and anything crazy like that. Ocasional large balance payoffs across the board, corrilating to my being paid on overdue invoices.

So I understood the automated system lowering my CL. Just like Chase I called and asked for Citi to reconsider. My scores have actually gone up in the last 30 days after paying $10k on my balances. No late payments of any kind in years. Citi's only option was a [H]ard [P]ull for a CLI! **bleep**!?! I told them I'd spend my hard pull at Lowes instead and pay off my Home Depot card this month, then throw it in the safe until they decide to cancel my account for lack of use.

I immediately followed the advice for Lowe's as mentioned a million times on the forums.

1) Apply online.

2) Approved for some low number. $500 in my case.

@3) Call Credit Solutions @ 877-379-8173 and ask for $25k

4) Limit Raised to some number appropriate for your current credit profile and income level. $6k in my case.

Keep in mind my scores are mid 600s at the moment. Most seem to be over 700 when they do this and receive over $10k when they call.

My two reasons for sharing my story are to reinforce that Home Depot (Citi) will not work with you like other banks when you have a similar situation and that Lowe's (Synch) is woth applying for EVEN WITH A LESS THAN IDEAL CREDIT PROFILE.

I am very happy to have received a $6k credit line from them and am sure they will raise it even higher when I recover from this down turn.

Been a rough 8 months for everyone in the Energy sector. Most people don't understand that it's a way of life in certain regions of the country, and while we have to take the bitter with the sweet, it's still hard to have the rug pulled out from under you. I commend you on keeping your head above water. Maybe if we survive through the fall, things will at least stabilize. Congrats on the new card.

Re: Out with Home Depot, In with Lowes ($6k)!

Anonymous — Fri, 10 Jul 2015 16:14:15 GMT

Congrats

Re: Out with Home Depot, In with Lowes ($6k)!

ojefferyo — Fri, 10 Jul 2015 16:20:25 GMT

Sorry to hear OP, it sucks when they just do things like this but they are just trying to minimize their risk. I think when a bank decides to do a CLD they should do it after the first late payment not when someone always pay on time.

Re: Out with Home Depot, In with Lowes ($6k)!

alextercero — Fri, 10 Jul 2015 18:55:14 GMT

Congrats

Re: Out with Home Depot, In with Lowes ($6k)!

taxi818 — Fri, 10 Jul 2015 20:17:19 GMT

Sorry for the hardship you are going thru. at least you are doing the best you can with the creditors. Don't be too mad at citi. as many others will do this as well. They are all birds of the same feather. and they do flock together.saying that and having a home depot card. i know exactly what you mean. citi is the toughest to deal with period. finally got my Home Depot to 7k. but i will be going to lowes at end of year to get one of those massive limits as well. stay strong and keep doing what you can do.

Re: Out with Home Depot, In with Lowes ($6k)!

Wildcats72 — Fri, 10 Jul 2015 20:20:59 GMT

Congrats!

Re: Out with Home Depot, In with Lowes ($6k)!

Existentialist — Fri, 10 Jul 2015 22:45:05 GMT

Grats on the approval & thanx for sharing. Hang tough - the horizon is just ahead.

Re: Out with Home Depot, In with Lowes ($6k)!

tuneup1 — Fri, 10 Jul 2015 23:08:20 GMT

Thanks everyone!

I am making it because I have an awesome wife who also works full time and we live a low cashflow lifestyle in both good and bad times. When I have excess I spend it on long term bennificial things by nature. Like a spare vehicle paid for in cash or new/better tools for my business.

Not to say I'm a perfectly logic driven spender or anything. I take DW on an occasional road trip weekend and my morning self (who does the accounting) really wishes my evening self (who does the car maintenance) didn't like the expensive Belgian Ales and craft brews so much. :-P