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.
Or keep the one you want and call and ask them to switch the date when your statement cuts. I have never cared for Home Depot.
I personally would close one or the other whichever you find more benefical keep.. why have 2 of basically the same card / purpose? The way i personally look at it is to much open credit eventually hurts one overall profile more than helps it. Meaning alot of available credit with or without baddies on profile tends to scare some lenders more-so CU's and also some banks.. Imagine if you had a clean profile and tried to open a simmon's first or a first tech cu card and the like with how much available credit you have they would faint. Some lenders care and some don't. I have about 375k in open personal credit and would feel alot more comfy around the 200k mark to get some of my other "goal" very low apr cards with big limits. Just my take why i would shed one and keep one as i am constantly pruning my cards and adding new ones although it always seems like my overall credit is still growing although i have gone down in cards due to cli's and my profile going all positive, etc
Keep Home Depot. Lowe’s as a company is struggling financially and is closing stores.
If it were me, I would keep both accounts open. While they are similar, each with different benefits, one never knows what the future holds for either vendor. In 5 or 10 years from now, one vendor could fold. Remember Circuit City - Best Buy? I loved CC.
@SOGGIE, CC has re-launched! Currently just online, then to kiosks, and eventually showrooms. So your favorite store might be coming to a city near you in the furture!
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?
@pizza1 If I were chosing between the 2 I would definitely keep Lowe's. Those here know how I have an unhealthy love for Lowe's. But honestly Lowe's tends to have better finance options and a lot more often. Home Depot, while they do offer financing it's usually of a crazy high amount and there's no 5% discount at the register on purchases.
As for limits, both have been very generous to me. I just fine that Lowe's tends to fit my needs a bit better and again, the financing comes around a lot more often than Home Depot and the threshold for being able to take advantage of them are usually lower as well.