Home Depot--Not sure what to do

[Anonymous]

Guys, help me out. I think the logical answer is going to be "stay in the garden" but I want to run it by someone else first.

1. The scores in my signature are from CCT (8-10-18, after the hard pull for my newly approved Suntrust Visa, but before the card reported as a new account)

2. Got an alert TODAY that it just reported on Experian (no alerts from TU or Equifax yet, but they're coming soon I'm sure)

3. Got informed delivery notice that I have mail from HOME DEPOT....a DREAM card for me, man I LOVE that store...with a "you're preselected to apply" envelope. So I'm sure it is a credit card offer, but probably not a sure thing

4. I'm NOT applying for a car loan or mortgage any time soon...like NOT even in the next year, two, or three at the earliest. MAY apply for a new car loan in 3-5 years, but I'm currently driving a well maintained 2010 Toyota Camry that I bought new, single driver, with less than 40,000 miles on it and it is 8 years old...so no new car until I HAVE to have one. Said all that to say, if my credit scores dip, I'll get an upset stomach and probably get hives again, but it won't be a major financial deal because I'm not applying for anything big any time soon.

5. Finally I get to the actual question/help me out part.  My cards below were all obtained THIS YEAR  (except the Capital One I got in November 2017)  Disco in March, Amex, USB and Amazon in May, and Suntrust in August.  Will it spook any of them (mostly concerned about Amex and Discover and Amazon, would like to keep those) if I apply for (and get or get declined) the Home Depot Card?  I don't want USB or Amex to shut me down, as right now I just barely got in with them with tiny limits ($500) and if Disco shut me down, well, I might cry.  I'd get over it eventually, but there would be tears.  Also, I did the pre-qualify thing on the Home Depot site and they couldn't pre-qualify me at this time, so I guess my actual question is....

6.  Is there even a  chance that I'll be approved if I do apply? I mean that mailer probably came from data before the inquiry and definitely before the new account was added, surely my scores are even lower now(but my utilization is less with the new card and a recent CLI from amazon).  Since I really shop at Home Depot (a lot) and this IS one of my dream cards, I don't want to "mess it up" by applying too soon.  Should I just wait for another offer to come later, like after a few months (years) in the garden?  Or is this a "what can you lose but a few points?" kinda thing.  Added data:  Inquiries Ex 3, TU 4, EQ 6.  Five new TL in the last 6 months. Total  open TL 11 (I also have 5 student loans...why they're broken down into individual semesters instead of one total one I don't know) that are current, about 22K owed and the oldest one is from 1994 so even with new accounts my AAoA remains relatively high. And my salary is low, low low, like less than $35K....so...well heck, I should delete this whole post now...reading over this it is obvious I need to wait on Home Depot, even if approved I will get a toy limit, right?  So wait it out?  Any idea how long, or what kinda scores I'll need to get it (I believe it is backed by Citibank and I don't know if they're conservative, sensitive to inquiries or new accounts or what)?

[ChessChik47]

I'd wait if I were in your situation.  You've acquired quite a few new trade lines pretty quickly.  How about give it 6 months then apply.  Your scores should be better and then you'll probably get a better starting limit.  As always, YMMV.  Good luck no matter what you decide to do!

[Anonymous]

Also keep in mind that the HD SP that generated that envelope likely came after the new account you just added, so when they take the HP for the app they'll see an additional inquiry and know that you were very recently applying for credit.  Not that this is life or death, but with an on the cusp app I wouldn't feel great about it.

[FinStar]

As mentioned by @ChessChik47. I would personally wait IMO. The mailer is not a pre-approved offer, just a marketing solicitation or invite to apply.

That being said, whatever the PRM offer captured at a point in time would be different when they HP your CRs.

So, potentially if declined you'd have to see about the reconsideration route. Or, if approved, a fairly low SL.

Ultimately, it's up to you to decide what's best in the end.

[xaximus]

Ideally, I would wait. Let the accounts age a bit. With the new TL's - it may spook your new TLs and the possibility of getting denied is higher. Give it a few months, get some good usage on your current cards and then apply, as always - YMMV.

[Anonymous]

Thanks everyone. I'm going to wait. Patience has never been my strong suit, so this whole "credit building is a marathon not a sprint" thing is harder than I thought it would be. But I suspected waiting would be best, seasoned credit users have suggested waiting would be best, so wait, I will. 

It was just nice to get an invite to apply from someone I actually WANT a card from, and not Cerulean, Ollo, or, eek-- Credit One! 

In other credit news I just got an email from Synchrony, "Congratulations!!! Your credit limit has increased" exciting subject line telling me about the increase that happened 2 weeks ago. Lovely 

[FinStar]

Congrats on the belated CLI 😁