Home Depot Business 60 Days Terms Approved for 1K

[azpro]

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

[WayneSki]

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@azpro wrote:

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

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Is your business in home improvements?

[azpro]

Yes, part of it. 

[jaxstraw]

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@azpro wrote:

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

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The issuer is Citi.

Once you set up the account and get a homepage there will be a link for a credit increase.

From my experience with several biz accounts through Citi they aren't that generous right away....or even atall.

I have gotten increases but only after a few months use but nothing earth shattering.

My guess is 30k or 50k is going to be extremely unlikely ever with this account.

[WayneSki]

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@WayneSki wrote:

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@azpro wrote:

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

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Is your business in home improvements?

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Since your using a PG,your strategy should've been to get bank issued business credit cards not store cards. You most likely would've been closer to your goal. You could've utilized 0% interest for a year on most cards and been able to get cash @ 0% off most cards as well. A 1k limit with a PG is ridiculous. 

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[M_Smart007]

Congratulations!

[GApeachy]

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@azpro wrote:

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

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"Home Depot Commercial Revolving"

In response to your other thread I sent you their phone number.  

With CitiBank, as mentioned above, they aren't super generous and they always HP you for every little dime you try to squeeze from them.  I was advised to wait for the one year mark to request a cli.  I haven't bothered so I cannot provide dp's except that it would have required another hp.  My line is high enough that I don't want to hp so close to my date with my Loan Officer, after that, I'll hit'em up too.  

Give them a call and see what they say.   They may hp you to raise the limit a little more or you'll hang up disappointed and another hp.  You could still use the tl and  in a few months request a cli.  Citi is a tough nut to break, you'll have to let time guide you with this bank pretty much.

[AllZero]

Congratulations on your approval!

[Anonymous]

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@azpro wrote:

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

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1st, Congratulations on the approval.  2nd, IMO the approval defied some of the approval items based on your personal credit, i.e. 3 years min. IMO if you are providing PG on your business cards, you should be looking at major lines and not store lines, i.e. AMEX, Chase, BofA.  Based on my experience with Citi store cards, you will probably never get a CLI and if you do, it will be small.  So hopefully you need from that line isn't great, seeing it's only 1k.

[azpro]

@Anonymous Thanks. I never had issues getting large CL approvals from main card issuers. AMEX is my main card, I'm at a point with them where all my requests are approved without a HP.

I don't like to have store cards anyways because they offer very little or no rewards. 60 Days credit is nice to have but $1K is useless. Maybe I would decide to close this one down the line if no CL increases. And shop exclusively at Lowe's and get atleast 5% discount. 

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@Anonymous wrote:

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@azpro wrote:

Some background, data points and questions.

Applied for Business Credit 60 Days with Home Depot. Business is about 1 year 10 months old. I read somewhere 3 years in business is what they look for. I still got approved but only for $1000. I gave a PG for this.

Last month, I got $9K from Lowe's Business. My WF Business Platinum is pending processing since last week.

Would they increase CL if I call?

Does anyone have their number?

What should be my startegy to increase this to $30,000 - $50,000? Thanks

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1st, Congratulations on the approval.  2nd, IMO the approval defied some of the approval items based on your personal credit, i.e. 3 years min. IMO if you are providing PG on your business cards, you should be looking at major lines and not store lines, i.e. AMEX, Chase, BofA.  Based on my experience with Citi store cards, you will probably never get a CLI and if you do, it will be small.  So hopefully you need from that line isn't great, seeing it's only 1k.

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