Didn't want to open any new store cards, again, ever. But, I have both places within a few miles of my home and a garage conversion in the works, so they provide value to me right now.
Prequalifications:
HD: no
Lowes: $1,200
Relationships:
Citi: Macys 14y9m $19,500 no derogs
Best Buy 2y,10m $2,000 no derogs
Synchrony: CareCredit 4m $6000 no derogs
INQs:
EX: 2/6 (+4 auto)
EQ: 1/12 (+4 auto)
TU: 1/12
Other:
4% util
Value:
HD: Everyday 0% 6m financing, 10% military discount
Lowes: 20% off first purchase, 5% discount everyday + 10% military discount (I believe they stack)
*Unclear if upto 24 mo financing is for new accounts at Lowes?
- I know that Citi is more likely to hit you with a low SL, but has decent success with manual recon. Are they 30 day CLI like Macy's?
- I read that Synchrony (specifically Lowes) is more likely to start with higher limit (not evident by my prequal) and will grow easy. I have a relatively new account with them too. How about manual review?
Any insight from those who have either or both of these cards? Thanks
There's a recent thread about Lowes on myFICO somewhere talking about how they no longer offering the 24mo. 0% very often after the first one.
I have the homedepot and get 12mo and 24 mo offers every 30 to 60 days it seems via email promos (for the last year+).
If that's a promo that's driving your decision.
I did get $200 less on my homedepot than the lowest pre-qualification, but I was OK with that.
I got Lowes prequalifying at $1200 and then apped for homedepot getting $1000
However, after 6 months I requested a cli and they bumped me to $6500 (hp).
I mainly went with homedepot because it's backed by Citi and less likely to play the cld game that synchrony does.
I also feel that having macys and home depot is what opened the door for my easy custom cash and diamond preferred approvals 1 and 2 years later.
It is correct that the military discount and the 5% discount from the card do not stack, unfortunately. I have used my Lowe's card sparingly when making larger purchases and combine it with 6/12/18/24 month 0% offers. (For everything else I take the military discount and then use another rewards card to pay.) The 6 month no interest on $299+ and 84 equal payments with 9.99% APR are the only static promos, but I do receive longer ones from time to time (currently taking advantage of 0% for 12 months on a large appliance). With the military discount, it's also important to note that not all purchases are eligible, including large appliances and special orders (for example, exterior doors and installation).
My experience with the Home Depot card was a $1250 approval right after home closing and many, many HPs taken unsuccessfully to get it raised. I gave up and closed it 6 years later, applied for the Lowe's card and was immediately approved for a much larger starting line, went to $25k a few months later, and $35k about 6 months after that. Fast forward about 6 years, and I didn't use my card for a couple of years and got a CLD down to $1500, but as soon as I noticed it, asked for $35k and my limit was restored. All the Synchrony CLIs were of course SPs.
Keep in mind that CNBA cards (most Citi retail cards like Home Depot) are different for underwriting than the DSNB division (like Macy's). I would base my expectations for a credit line much closer to your experience with Best Buy than Macy's.
@Drifter73 wrote:There's a recent thread about Lowes on myFICO somewhere talking about how they no longer offering the 24mo. 0% very often after the first one.
I have the homedepot and get 12mo and 24 mo offers every 30 to 60 days it seems via email promos (for the last year+).
If that's a promo that's driving your decision.
I did get $200 less on my homedepot than the lowest pre-qualification, but I was OK with that.
I got Lowes prequalifying at $1200 and then apped for homedepot getting $1000
However, after 6 months I requested a cli and they bumped me to $6500 (hp).
I mainly went with homedepot because it's backed by Citi and less likely to play the cld game that synchrony does.
I also feel that having macys and home depot is what opened the door for my easy custom cash and diamond preferred approvals 1 and 2 years later.
After looking some more, I just see 5%/ 6mo special financing/ 84mo with reduced financing. But, yeah the 0% offers are the driving factor here.
Ah, so Citi/HD CLIs are HP, but you can recon on just one HP. Think I was getting those confused. We tend to shop more at HD and its a little closer and I thought that having a 19K Macys and 14 year relationship might help me there, but no prequal. Citi also gets spooked by the amount of INQs too, right?
Thanks for sharing your DPs
@K-in-Boston wrote:It is correct that the military discount and the 5% discount from the card do not stack, unfortunately. I have used my Lowe's card sparingly when making larger purchases and combine it with 6/12/18/24 month 0% offers. (For everything else I take the military discount and then use another rewards card to pay.) The 6 month no interest on $299+ and 84 equal payments with 9.99% APR are the only static promos, but I do receive longer ones from time to time (currently taking advantage of 0% for 12 months on a large appliance). With the military discount, it's also important to note that not all purchases are eligible, including large appliances and special orders (for example, exterior doors and installation).
My experience with the Home Depot card was a $1250 approval right after home closing and many, many HPs taken unsuccessfully to get it raised. I gave up and closed it 6 years later, applied for the Lowe's card and was immediately approved for a much larger starting line, went to $25k a few months later, and $35k about 6 months after that. Fast forward about 6 years, and I didn't use my card for a couple of years and got a CLD down to $1500, but as soon as I noticed it, asked for $35k and my limit was restored. All the Synchrony CLIs were of course SPs.
Keep in mind that CNBA cards (most Citi retail cards like Home Depot) are different for underwriting than the DSNB division (like Macy's). I would base my expectations for a credit line much closer to your experience with Best Buy than Macy's.
Very specific and I appreciate that bc that's on the list of upcoming purchases. Good to know!
Did you try to recon after HD approval? Sounds like the time between HD and Lowes your profile was a little different, maybe better.My CareCredit got a SP CLI at 91 days. How about Lowe's 25k to 35k, HP?
Discouraging bc I'm sure my BB will never grow and I won't take a HP to try it either. Dont spend enough there and I've actually thought about closing it while its still young. But I think the better card for me here is HD due to 10% military and better special financing offers. The most recent HD approvals were from used who have BK and recon'd and got way more. If i get a SL similar to BB, ill need to have a succesful recon or else it wont carry as much value for me.
Thanks
@Jnbmom wrote:I have LOWES had HD, my lowes grow like a weed . My HD was quite a bit slower and not like macys 30 days if I remember .
I finally closed HD and just stuck with Lowe's.
Your Lowe's CLIs been HP or SP? There isn't a perfect card between the two for what I get value in, but currently my TU is the highest of the 3 CRBs and what Synchrony pulled last. I had a dirtier profile when I prequal'd for more for the CareCredit so I was a little suprised to see Lowes so low.
Thanks
If the starting limit is a concern, you should go with Lowes.
