topic Re: Denied Home Depot project loan in Credit Cards

Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 21:18:32 GMT

So my husband and I just closed on a new home end of August and wanted to take out a Home Depot project loan to have Home Depot install a vinyl fence that we were quoted $8,000 for. We were denied! Don't know why yet. We have good credit and good income. So I decided to request a CLI for our current USAA credit card and they increased it from $15,400 to $26,000! Why would we be able to get an almost $11,000 CLI but get denied a Home Depot $8,000 project loan?

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 21:22:58 GMT

Do you know which CRA Home Depot pulled?

Re: Denied Home Depot project loan

CH-7-Mission-Accomplished — Tue, 03 Nov 2015 21:23:18 GMT

Have you tried Lowes? They are way more generous and easier to get along with. They are not Citibank!

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 21:24:49 GMT

@Anonymous wrote:
Do you know which CRA Home Depot pulled?

An important question. Also, what are your scores with the three bureaus? It could be anything.

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 21:25:22 GMT

@CH-7-Mission-Accomplished wrote:
Have you tried Lowes? They are way more generous and easier to get along with. They are not Citibank!

Agreed!

Re: Denied Home Depot project loan

creditguy — Tue, 03 Nov 2015 21:30:13 GMT

@Anonymous wrote:
So my husband and I just closed on a new home end of August and wanted to take out a Home Depot project loan to have Home Depot install a vinyl fence that we were quoted $8,000 for. We were denied! Don't know why yet. We have good credit and good income. So I decided to request a CLI for our current USAA credit card and they increased it from $15,400 to $26,000! Why would we be able to get an almost $11,000 CLI but get denied a Home Depot $8,000 project loan?

Because some companies are just weird. To be honest it's a good question because USAA if fairly conservative, if they deem you worthy of a sizable CLI you are obviously a solid credit candidate. Have you called for Recon?

Re: Denied Home Depot project loan

taxi818 — Tue, 03 Nov 2015 21:34:50 GMT

@Anonymous wrote:
So my husband and I just closed on a new home end of August and wanted to take out a Home Depot project loan to have Home Depot install a vinyl fence that we were quoted $8,000 for. We were denied! Don't know why yet. We have good credit and good income. So I decided to request a CLI for our current USAA credit card and they increased it from $15,400 to $26,000! Why would we be able to get an almost $11,000 CLI but get denied a Home Depot $8,000 project loan?

Simple. two different lenders. we say over and over lender A does not care what lender B does. I think if you got that another way would be for you to go for the home depot credit card. it could easily be for 0% up to 36 months. but not sure how long the home project loan would have lasted, more than likely very low interest. You are kind of like me. I can't beleive i just turned down on something recently and the reason was too many inquiries in the last 3 months. could not believe it. yes. i purchased a car last month. so i had 8 inquiries with the assumption they would count as one on my fico. They did not hurt my score very much. but looks like lenders still hold it against me. from the number of inquiries on the same day.

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 21:38:02 GMT

@CH-7-Mission-Accomplished wrote:
Have you tried Lowes? They are way more generous and easier to get along with. They are not Citibank!

I think a few of you are confused about the Home Depot Project loan. It's not thru Citibank but thru Greensky Credit and is more of an installment loan than a credit card.

http://www.homedepot.com/c/Project_Loan

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 22:36:17 GMT

@Anonymous wrote:
@CH-7-Mission-Accomplished wrote:
Have you tried Lowes? They are way more generous and easier to get along with. They are not Citibank!
Agreed!

Agree with both Musiclover and CH-7. Lowes offers 84 month 5.99% fixed financing on purchases over $3500. Something to think about.

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 22:57:14 GMT

I have not tried lowes but don't want anymore hard pulls on my credit. We will just get the fence on our USAA credit card. I do know that Home Depot pulled my experian report and last time I checked my credit with experian it was 718.

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 23:04:21 GMT

Simple if it's ur first home loan and new Home Depot is worry about the loan but ur cli increase on current card they aren't as worried cuz u been with them and have a good track record

Re: Denied Home Depot project loan

Anonymous — Tue, 03 Nov 2015 23:52:51 GMT

@Anonymous wrote:
I have not tried lowes but don't want anymore hard pulls on my credit. We will just get the fence on our USAA credit card. I do know that Home Depot pulled my experian report and last time I checked my credit with experian it was 718.

Glad it worked out. Hope they are giving you a good interest rate.

Re: Denied Home Depot project loan

Anonymous — Wed, 04 Nov 2015 00:06:14 GMT

After the fact, but in case it's of help to others, DH and I (joint) were only approved for $5k on the project loan with HD when we were doing our kitchen. We turned around and each app'd for the HD (Citi) card and (after recon on each) he got $20k and I got $10k. That gave us more than enough to do our kitchen. I was of the mind set that I'd have preferred to pay low interest over a longer period of time and not stress the 0% ending before we paid it off, but I'm glad it worked out the way it did. We still owe (quite a bit) that ends 24 mo 0% in May. Greensky was one of those 'Is this website really legit, or is this something some kid hacked together to take my money'. I ended up paying off the bit we put on that shortly after we found myfico as I was trying to limit the number of TLs reporting. It's not that they were bad to deal with, just not super modern. (There was something about what did and didn't show online. Can't recall now.

In any event, Citi/HD was the way to go for us for the kitchen (as they carried our cabinets that I wouldn't budge from). But as we start to contemplate a bath reno or two, I'll be starting at Lowe's.

Re: Denied Home Depot project loan

pizza1 — Wed, 04 Nov 2015 03:05:12 GMT

if it were me, I would have applied in store for the Consumer card, and once approved, immediately called into credit there at the store and asked for a cli on the spot. Its a SP for the first 30 days after approval. TheHome project loan is harder to be approved for. You could technically apply for the Regular orange HD card now, and yes it would be a HP.

Re: Denied Home Depot project loan

9CLINE — Wed, 04 Nov 2015 04:21:22 GMT

Congrats 2 you on getting the Cli to get the work done regardless !!!

Re: Denied Home Depot project loan

ddemari — Wed, 04 Nov 2015 05:06:10 GMT

Is a Home Depot project loan similar concept to iPhone up through citizens bank plan in the sense they are unsecured installment loans and people say they often are the hardest Loans to obtain?