A year ago I bough a new-to-me home and last spring I went looking for a small tractor. I was given 10% off if I got a Home Depot card. Well, they only gave me $500 limit and since then my score has gone from 727 to 698 becuase I have 'too many low limit cards', too many as in 2 with $500, the other being a Target card and Target is not increasing limits. Target is a card I've had for 7 years so I don't want to lose it.
I also noted that the Home Depot card was listed as a 'finance company' negative by Equifax. Hmmm, Citibank is a finance company????
I have a zero balance on this card and was wondering if I closed it would I get my lost points back?
My overall CC util stays between 15-20% with 1/2 having no balances and I would be losing a card with only 7 months history on it so my average card age would actually increase, wouldn't it?
Thanks in advance for any words of wisdom.
Wouldln't raise it. It would just lower your available credit and raise your util and drop your score.
The damage was done a year ago.
Best to keep it since it will start helping you soon if it hasn't already.
I started seeing that "finance company" notation on some reports for HD around a year ago. My limit at HD is $13,500. It doesn't seem to do much damage and I'm assuming it will eventually get fixed. I am sure anyone looking at the report knows a HD card is a normal store card, not as 'good' as a regular CC but not consumer finance either.
Have you asked for a CLI from them? Do you use the card and PIF? if you have regularly used and paid you should be due a CLI.