I need (well, dont need, but want) to close one of them, as I dont need both. Im still probably 1-2 years away from buying a home anyways, and dont need for padding either, but want to keep one around. Im leaning towards keeping Home Depot, only because of longevity, and I worked hard to get that limit up (meaning I took Hp's, LOL).
Home Depot- coming up on 4 yrs old, $20k cl
Lowe's - 1 1/2 yrs old, $17k cl
pros and cons of each?
I'd keep both till you buy the house. Once you know what you'll be buying and where, get rid of the one that wont be seeing much use.
I think it's good to have options when it comes to new homes, they eat money
The HD offers no rewards, but offers financing if you need it. Lowe's has options for both, so could be useful for day to day purchases there as well as larger projects.
What do you anticipate needing the card(s) for? If it's not project type of purchases, the HD really doesn't offer anything other than a line of credit which you have many better cards to use and get rewards. If you do want to finance, it comes down to preference. I prefer HD stores overall, but I don't have their CC as it offers me no real benefit. YMMV.
As stated above, no real harm in just keeping them until you know what's what with your home purchase. Your new home may have a convenient HD location but no Lowe's, or vice versa.
This doesnt address your question, but you said you were a couple years off from buying a house. Save the inquiry and the trouble of building back up to a good CL (from reacquiring the closed relationship) and keep both. it's not like they have an annual fee. And it's not hard to keep them active. You'll need them for your new home.
Edit: Added "(from reacquiring the closed relationship)"
@kdm31091, @Remedios, I will be within 15min of any of the 3 HD's and 3 Lowe's stores in any direction of where I'll be looking for a home, so either store is very convenient. Most likely the cards will be used for projects like new flooring/bathroom updates/appliances etc.., as Im sure my price range of homes will be older and needing some updates.
At that point Id probably actually use the financing on them for a bit. Something definitely out of my comfort zone since my BK, but also wouldn't want to tie up my majors with a balance. I suppose there's no harm in keeping them open for now, just trying to downsize cards I dont really need, but would like to keep for a home later on down the road.
Lowes has been much more generous to us then HD 18K while lowes is at 25K, but I prefer Lowe's over HD.
But I agree with others and would keep them both, but then again I have trouble closing cards 😆
Taking HP for CLI bad girl. In all seriousness thought both cards seem to be very similar, there are no AF for both cards right ? So in my book no reason to close either if there is no AF. Only way I would think to close a no af card is if you are credit limit that bank is willing to give you and you want a new card from that bank. I don’t think thats the case in your situation though
I closed my $25k Lowes card. But here's what you should do. Go login to your Lowes account, hit the luv button. If it takes you to $25 or $35k then keep it open. It was easy for mine to get there. I live in an apartment and we don't have to fix our own maintenance issues.
Say you buy your new home.
You need some moderately expensive product or service.
In this example say that Lowes and Home Depot have the same pricing and in no other way differ for the prospective purchase.
Buy from the store whose corresponding card’s statement closed most recently in order to give yourself the most time to pay in full.