Home Depot CL increase

Anonymous · ‎08-19-2016

I did an online increase request and received the "we'll get back to you" notice. The account is about a year old, never missed a payment. Out of the 13 payments made, 8 were for more than 2x the amount requested and 1x paid in full at $600.00. Not a great record, but not horrible either. They sent an email notice to contact them after about a week and so I did. Their representative was super cordial and asked a few questions relative to income, how long on my job, and the mortgage. No real surprises with any of the questions. I had asked for an increase to $15K, from $1K. The rep went off the line for a few minutes then said he could not authorize the entire request but could do $5K, if I would accept it. I accepted and moved on. Maybe next time. My goal for this account was $10K in 2016, so maybe that goal moves to 2017. I'll be okay.

pipeguy · ‎08-19-2016

Citi will do a hard pull everytime they "access" your account for a CLI, however they tend to kind of run with Lowes IMO. I have a $30k Lowes Account and opened a HD a little over year ago, opending limit was $5k, asked for an increase on activation they bumped it to $10k at 6 months I asked for $20k and it was granted, at 12 months I asked for $30k to match my Lowes and got some "resistance" (was asked to call) so I canceled the request which they granted. (Hard Pull every time)

Note that I have hardly used this account, but I'm trying to build up Lowes and HD for when I retire in a couple of years to refurb the house for sale and I figure that'll be $40-$50k or so "invested" until the house sells in 2-3 months tops. The logic here is that I have equity in my home, but it could use kitchen/bathrooms/flooring updates to sell quickly and for top dollar - I'll probably end up with the same "cash out" but it'll sell quickly rather than "when ever".

The point is to open a Lowes account then use that leverage to get nice CLI's from both HD and Lowes - BOTH offer long tern low or 0% financing so if managed correctly the high APR's that come with these accounts don't matter. I purchased a $650 mower from HD at 0% and will pay it off at 5 months on the 6 month "free" terms. I also had a new roof put on the house ($9600) with Lowes on a 84 month $5.99% APR project deal.

Probably more information than you were looking for, but HD will grow nicely over the first couple of years in my experience (Lowes too).

Anonymous · ‎08-20-2016

@Anonymous wrote:
I did an online increase request and received the "we'll get back to you" notice. The account is about a year old, never missed a payment. Out of the 13 payments made, 8 were for more than 2x the amount requested and 1x paid in full at $600.00. Not a great record, but not horrible either. They sent an email notice to contact them after about a week and so I did. Their representative was super cordial and asked a few questions relative to income, how long on my job, and the mortgage. No real surprises with any of the questions. I had asked for an increase to $15K, from $1K. The rep went off the line for a few minutes then said he could not authorize the entire request but could do $5K, if I would accept it. I accepted and moved on. Maybe next time. My goal for this account was $10K in 2016, so maybe that goal moves to 2017. I'll be okay.

Congratulations to you!...Thanks for sharing.

Vegas4Play · ‎08-24-2016

Congrats to you !!!!

Fico 8's TU 756/ EQ 754/ EX 743- 8/2020// AAoA 5.7 years // Lines August 2020 = 619k Personal - Business 61k // Inquiries 6 TU - 0 Exp - 0 Eq.

Indycoltsfan · ‎08-24-2016

Why do you say it's not a great record? Congratulations on the increase!!

Anonymous · ‎08-24-2016

@Pipeguy

What were your EQ scores (HD pulls EQ I've researched) at the different points with them?

I have the full credit limit max on the Lowe's store card at $35,000 and wouldn't want a Home Depot card unless the starting credit limit was at a minimum $20K-$25K.

My EQ score would be 750+ and a 6-figure income.