topic Re: Home Depot card credit line increase in Credit Cards

Home Depot card credit line increase

gramps1968 — Wed, 04 Jun 2008 02:49:27 GMT

I got a Home Depot store card in July 2007 and I was wondering when I might get a credit line increase. My payments have all been on time and the balance has always been pretty low. I use it regularly too. The limit was $500.00. Thanks!! Mike

Re: Home Depot card credit line increase

Anonymous — Wed, 04 Jun 2008 02:51:10 GMT

Customer imitated CLI's will cost you a hard INQ-

How are your scores ?

gramps1968 wrote:

I got a Home Depot store card in July 2007 and I was wondering when I might get a credit line increase. My payments have all been on time and the balance has always been pretty low. I use it regularly too. The limit was $500.00. Thanks!! Mike

Re: Home Depot card credit line increase

gramps1968 — Wed, 04 Jun 2008 03:08:55 GMT

I got the card right after I closed on my house. MY scores were low 600's then(620ish) I know they dropped a little after my closing-not sure why tho, but I have a year of timely payments on all my accounts and several inquiries that have dropped off so I'd guess they should be higher. I really need to check them.

Re: Home Depot card credit line increase

haulingthescoreup — Wed, 04 Jun 2008 11:44:23 GMT

Try going on your online account account and clicking "Manage My Account" (up at the top in the orange bar) and then Credit Line Increase. Members have reported that on Citi cards if it says you're eligible and do you accept, it's a soft. But if you see boxes that you have to fill in, and a mention at the bottom that says "By submitting this form, you authorize Citibank (South Dakota), N.A. to check your credit history," it's a hard.

This might be helpful:

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=77233#M77233

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&message.id=72358#M72358

Re: Home Depot card credit line increase

Anonymous — Wed, 04 Jun 2008 13:20:46 GMT

Home Depot seems to do auto CLI's if you use it for big purchases. When we opened the card, we maxed it out completely, and they did a CLI from $500 to $2k in the first week. We recently ran it up to almost $2k (electrical fires will do that, particularly with the price of copper lately), and they gave us a CLI to $3500 after a couple months.

Of course, all these are a 0% interest for 6 or 12 months, and we're making large enough payments to pay it off before all the accumulated interest hits. The really nice thing is that they'll apply your payment to the promo balance that expires first, so it's even easier to avoid paying interest! Seems odd, given the tactics most cards use, but I won't look a gift horse in the mouth...

-MsMS

Re: Home Depot card credit line increase

Anonymous — Wed, 04 Jun 2008 15:02:30 GMT

I recently opened a Home Depot account. My starting credit line was 2K. However, within two weeks of purchasing some appliances for my new home, I applied online for a CLI. Home Depot granted my request for a credit line increase, doubling my credit limit. I requested the CLI under the my account page online.

Re: Home Depot card credit line increase

haulingthescoreup — Wed, 04 Jun 2008 15:59:07 GMT

@Anonymous wrote:

Home Depot seems to do auto CLI's if you use it for big purchases. When we opened the card, we maxed it out completely, and they did a CLI from $500 to $2k in the first week. We recently ran it up to almost $2k (electrical fires will do that, particularly with the price of copper lately), and they gave us a CLI to $3500 after a couple months.
-MsMS

And these were softs, since they were initiated by HD/Citi, right?

Re: Home Depot card credit line increase

Red1Blue — Wed, 04 Jun 2008 17:15:37 GMT

HD is pretty good with CLI's. Ask the CSR if it is a soft inq before you ask them for CLI. I am pretty sure it is. Citi/HD is one of the best combination I have ever seen in a Card.

Re: Home Depot card credit line increase

haulingthescoreup — Wed, 04 Jun 2008 18:13:29 GMT

That's the nice thing about CC's from big box stores like Home Depot or Best Buy. You're more apt to get a good-sized CL, since their toys are so very (very, very) expensive, especially when compared to retail clothing stores or something.

Re: Home Depot card credit line increase

Anonymous — Wed, 04 Jun 2008 19:22:37 GMT

haulingthescoreup wrote:

And these were softs, since they were initiated by HD/Citi, right?

Yep. The most recent one was a "stealth CLI"- I didn't realize they'd done it until I saw on my Mint.com weekly summary that my HD credit limit was $3500 instead of $2k. They did it in between statements, but it was confirmed to be real when I logged into Citi's site.

Hmm. Now, come to think of it, I can't be positive that the second one wasn't them trying to be competitive, as I'd requested and gotten a few large CLIs on some of my other cards.

But they probably don't mind maxing/nearly-maxing out the card as much as some other companies. Along with the 0% interest for 6 or 12 months, there's no payment required for that time period- but I'd imagine they prefer people who pay anyway...

-MsMS