Lowes/Home Depot - Credit Card vs Financing

[EaglesFan2006]

I'm closing on a new home in mid September.  I know i'm going to need some money for things for the house (fencing, shed, a few others).  I would love to a personal loan to help with that as well as eliminate some credit card debt.  However, I'm not banking on that working out.

As a backup, I would look into a card at either Home Depot or Lowes.  After I close, what's the best way to apply?  I think if I just fill it out online, I will get some low limit that won't really do me much good.  Would I better off going in there, explaining the project(s) so they give me an estimate, and applying that way?  Or does it even matter?

Just trying to have a plan in mind for post-closing so that I can be ready.

[simplynoir]

If you're going to go the credit card route I'd go Lowes just because if the SL is too low for you to use a simple phone call to Synchrony's Credit Solutions department will fix that right up.

[K-in-Boston]

You didn't mention your scores, but I would make an assumption from your existing credit lines that you would be more likely to be extended more credit from Synchrony than CBNA.  My own experience is that CBNA wouldn't raise my tiny $1250 Home Depot limit after 6 years and lots of hard pulls, whereas within 5 minutes I had applied for a Lowe's card and had a limit of $17,000.  The HD card offers promotional APRs depending on spend amount, but not always more than 6 months.  The Lowe's card always offers multiple 0% promos or 5% off, as well as long-term low APR financing for large projects.  My suggestion would be to apply for the Lowe's card online, and if the limit isn't to your liking, call the overseas Credit Solutions line found in the backdoor numbers thread.  Go big with your credit line request as they'll counter-offer.  Best of luck and congratulations on closing.

Edit: I need to learn to be less wordy.  I keep getting the silver medal on my replies.

[CreditCuriosity]

Go Lowes all the way bigger CL and prices are usually cheaper and better financing options.  Have my fence on my Lowes car currently 0% for 18 months and doesn't kill my utilization.  Not to mention HD can't seem to get anything right for at least me with my custom blinds I ordered for my house took months and I had to follow-up every step vs. imagine them calling me, etc.

[simplynoir]

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@K-in-Boston wrote:

Edit: I need to learn to be less wordy.  I keep getting the silver medal on my replies.

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To be fair you actually explained your thought process, I just went for the nitty gritty of it.

[EaglesFan2006]

Thanks.

Seems like Lowes is the way to go.  So basically there's a pretty good chance they will bump up the CL if I have a project in mind and the limit is low?

[simplynoir]

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@EaglesFan2006 wrote:

Thanks.

Seems like Lowes is the way to go.  So basically there's a pretty good chance they will bump up the CL if I have a project in mind and the limit is low?

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Yes. If your FICO TU 08 scores are good they will be very generous in extending you more credit.

[Anonymous]

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@EaglesFan2006 wrote:

I'm closing on a new home in mid September.  I know i'm going to need some money for things for the house (fencing, shed, a few others).  I would love to a personal loan to help with that as well as eliminate some credit card debt.  However, I'm not banking on that working out.

As a backup, I would look into a card at either Home Depot or Lowes.  After I close, what's the best way to apply?  I think if I just fill it out online, I will get some low limit that won't really do me much good.  Would I better off going in there, explaining the project(s) so they give me an estimate, and applying that way?  Or does it even matter?

Just trying to have a plan in mind for post-closing so that I can be ready.

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OP - Been thinking about the same since we close in less than 2 weeks.

In fact, I found a contractor who is willing to share his discounts from Lowes, HD and other granite, fabricator, etc - For which I am considering a 0% APR card. My analysis and subsequent decision is pending getting quotes from the granite folks.

[K-in-Boston]

Also, the fact that I so highly suggest the Lowe's card should say a lot since my own experience is mirror image of @CreditCuriosity.  My nearest HD store is awesome, while my nearest Lowe's store is quite mehtastic - I can never find anyone when I need help, but every aisle there's a salesperson trying to get me to buy their solar products or have my windows redone by their company.  But the credit card and the fact that I have a 10% veteran discount that's linked to my account that can be stacked with the 0% promos make me overlook that completely, though, and I rarely shop at HD anymore.

[Anonymous]

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@K-in-Boston wrote:

You didn't mention your scores, but I would make an assumption from your existing credit lines that you would be more likely to be extended more credit from Synchrony than CBNA.  My own experience is that CBNA wouldn't raise my tiny $1250 Home Depot limit after 6 years and lots of hard pulls, whereas within 5 minutes I had applied for a Lowe's card and had a limit of $17,000.  The HD card offers promotional APRs depending on spend amount, but not always more than 6 months.  The Lowe's card always offers multiple 0% promos or 5% off, as well as long-term low APR financing for large projects.  My suggestion would be to apply for the Lowe's card online, and if the limit isn't to your liking, call the overseas Credit Solutions line found in the backdoor numbers thread.  Go big with your credit line request as they'll counter-offer.  Best of luck and congratulations on closing.

Edit: I need to learn to be less wordy.  I keep getting the silver medal on my replies.

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No K, No!

Your wordy words of wisdom help us all out in this community. Please dont change your approach.

Here's a gold medal from me.