Home Depot Credit Card Limit
If you get approval for any of the cards, youll also receive a credit limit which is at $500. Note that the required for your card could also increase.
To increase your credit limit, log in to your account, click on manage account, and then proceed to credit line increase. Home Depot uses the three bureaus to evaluate your score.
There is no telling which specific bureau will be used when you apply for your credit card. The system randomly chooses Experian, Equifax, or TransUnion to check your credit score. A good credit score from 640 above is required for the application of your card.
Benefits Of The Home Depot Credit Card
If youre thinking about applying for the Home Depot Credit Card, here are some of the benefits of this credit card:
- You can finance a purchase of $299 or more for 6 months
- You can finance promotion item purchases for up to 24 months
- You will be given 1 year to make returns on any item purchase from Home Depot
- If someone makes an unauthorized charge using your Home Depot Credit Card, youre not liable for such charges
- $0 annual fee for the Home Depot Credit Card
What Credit Score Does Home Depot Require
Like most other store credit cards available, such as Lowes or Target, the Home Depot credit card does require its applicants to have a satisfactory preliminary credit score to be successful.
You need a in order to be eligible for the Home Depot store credit card, as determined by the credit bureaus check.
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What Is The Home Depot Consumer Credit Card
The Home Depot Consumer Credit Card is a store credit card that has two major benefits: a new account discount and six months of special financing. Its free to use and easy to sign up for . And once you do, youll be able to use it to make purchases on appliances, home decor, furniture, kitchenware, flooring, and more online at homedepot.com and at any Home Depot store. Here are a few features:
- No annual fee
- 6 months financing on $299+
- Up to 24 months financing during special promotions
- Longer return period
- Zero liability on unauthorized charges
- Up to $100 off qualifying purchases for new accounts
Financing Credit Limits And Interest Rates
Something else to consider when applying for the Home Depot card is that it might not have as many benefits as major cards that can be used just about anywhere and offer you reward points. At the Home Depot, you will receive an interest rate between 17.99% and 25.99% depending on your credit score. Additionally, the store is not keen on offering high credit limits to customers unless they have perfect credit scores, so your limit is likely to be closer to $500 than anything else if your credit score is below 700.
Its a great card for those who have an issue with their credit and would love to rebuild. The company wont offer a high limit to those who are looking to repair a damaged credit score, so it makes it difficult for those consumers to incur a significant amount of debt they can no longer afford to pay off. Its not a card designed for those who have less than perfect credit, but it is one that will give those people a chance.
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Apply In Person For A Home Depot Card
Confirm You Have Enough Income
If youre at least 21 years old, you can list household income and assets that you have reasonable access to on your credit card application. Applicants who are 18-20 years old can only list independent income and assets, but even having a part-time job should provide enough income to get a credit card for the first time.
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Should You Get The Home Depot Credit Card
Overall, the benefits of having a Home Depot Consumer Credit Card certainly outweigh any potential drawbacks. Especially if youre going to shop at one of their locations regularly.
But know that you will have a credit limit you cant go over, like with any credit card. Plus, its always advised never to use more than 30% of the limit to keep a good credit utilization.
If you need more money than that, personal loans might be a way better option.
The Home Depot Project Loan
The Home Depot Project Loan is more like a fixed personal loan than a traditional credit card. If you qualify, you can access a line of credit up to $55,000 with up to 84 months pay it off. Youll have six months after approval to purchase everything for your project, which youll pay off in fixed monthly payments at a fixed interest rate. Theres no annual fee.
Your APR is based on your loan amount and credit approval. There are four tiers you may be approved for:
- 66 monthly payments at 7.42% APR
- 78 monthly payments at 12.86% APR
- 90 monthly payments at 16.24% APR
- 114 monthly payments at 19.96% APR
Monthly payments will not exceed $20 per $1,000 spent. Heres what your monthly payments might look like depending on your loan amount, according to Home Depots website:
While the interest rates on a Home Depot Project Loan can be much more affordable than interest on the Home Depot Consumer Credit Card, your total will quickly add up if you only make minimum monthly payments over the lifetime of the loan. Before you start your project, budget for the supplies youll need and come up with a plan to pay off your purchase as quickly as possible to avoid racking up interest payments.
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How The Home Depot Credit Card Works
Home improvement isnt cheap, but sometimes it becomes a must do instead of a want to. When that’s the case, a credit card from Home Depot might be just the ticket, especially for emergencies that come with a high price tag.
Home Depot offers a variety of credit cards, including consumer cards and company cards. On the consumer side, Home Depot offers its consumer credit card that can be used by individuals at its stores. This card comes with six months of 0% financing for a purchase of $299 or more.
Home Depot also offers commercial cards for contractors and businesses. Its commercial cards include a commercial revolving charge card and a commercial account . Home Depots credit cards are issued by Citibank.
Home Depot Credit Card Review Summary
The Home Depot® Credit Card is a $0 annual fee store credit card thats best for low-cost credit improvement and financing big-ticket projects. Instead of offering ongoing rewards, as is common among store cards, the Home Depot Credit Card offers a 0% introductory interest rate for 6-24 months on purchases of at least $299. That might seem appealing until you consider that missing a payment by a day or leaving even $1 unpaid by the end of the intro period will result in interest applying retroactively to your entire original purchase amount at a high rate.
So, as youll see below, most people likely will be better off sourcing the plastic they need for their home-improvement projects elsewhere.
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Does Home Depot Do A Hard Credit Check
Yes, Home Depot does complete a hard credit check on all store card applications.
Home Depot must determine the eligibility of all store credit card applicants, and so the company does perform a hard credit check.
This involves submitting your personal details and Social Security information for a credit bureau to carry out its determination on your status.
Home Depot advises that customers cannot pre-qualify for this store credit card in any way, and must complete the mandatory hard credit check.
Lowes Rates Terms Fees & Limits
Like the Home Depot Card, the Lowes credit card does not have an annual fee. It offers special introductory APRs that vary from 0% to 7.99% for the first 6 to 84 months. After the introductory period, the regular APR is 26.99%. Balance transfers are not permitted. Limits for this card are based on creditworthiness.
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When Should You Avoid Getting The Home Depot Credit Card
Definitely avoid using the Home Depot Credit Card on large purchases you wont be able to pay off in 6 months. Not only will you begin paying a high APR of 17.99%26.99%, youll also get hit with deferred interest charges starting from your purchase date. That could be costly. If you cant pay your balance in full within 6 months, youre much better off using a credit card with a lower APR or better rewards.
Cardholders Enjoy A Longer Return Period And Exclusive Offers
Frequent Home Depot shoppers might benefit from the fact that hassle-free returns are offered for one year with the card, which is four times longer than you’d normally get on Home Depot purchases. That could come in handy, especially on large purchases that you end up regretting later.
Cardholders also enjoy rotating exclusive offers, such as 10% off a certain brand for a limited time, or 24-month financing offers during special promotions.
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Who Should Consider The Home Depot Credit Card
If youre an avid Home Depot shopper, the card may make sense for you. The card does not offer any cash back, but it could be enticing for those interested in the introduction offers currently being made. With that, consumers may want to consider one of the best cash back credit cards if they are going to be shopping at the home improvement store for routine fixes.
What Credit Bureaus Does Home Depot Use For Its Store Credit Card
Home Depots automated system will accept your credit card application and then pass your financial information off to one of three major credit bureaus for the check to be completed
According to Home Depot, there is no way to determine which credit bureau the system will send the applicant details to for the credit check to be completed.
Furthermore, the Home Depot store credit card is issued through Citigroup bank, which also relies on Equifax, Experian, and TransUnion for quality checks.
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What Credit Score Is Needed For A Home Depot Credit Card
Whether youre doing your own home improvements or youre a contractor who makes frequent visits to the Home Depot Store, you will benefit greatly from opening a home depot credit card. That said, we often get asked what credit score is needed for a Home Depot Credit Card? We will answer this question in much detail below.
Here Are Some Of The Easiest Department Store Credit Cards To Get:
- Target Credit Card: For people with fair credit. 5% discount at Target and Target.com. Returns extended by 30 days. Free shipping. $0 annual fee.
- Walmart® Store Card: For people with fair credit. 2 – 5 points per $1 on Walmart purchases and Walmart & Murphy USA Fuel Stations. $0 annual fee.
- Kohl’s Credit Card: For people with fair credit. 35% discount on your fist purchase. 5% cash back on every qualifying purchase made at Kohl. $0 annual fee.
- JCPenney Credit Card: For people with fair credit. 1 point / $1 on qualifying purchases. Discounts on select items. Annual fee: $0.
- Fingerhut Credit Account: For people with bad credit. Easiest store card to be approved for. No rewards. $0 annual fee.
- : For people with fair credit. 5% back in rewards cash back at Amazon.com if you have a Prime account. $10 gift card after approval. $0 annual fee.
There are plenty of other department store cards with great deals too. For example, TJX, Saks Fifth Avenue and Sears all give savings and perks that are worth looking at. Just remember that department store credit cards can only be used at the store that issued them , so apply for a card from somewhere you know youll shop on a regular basis.
The Discover it® Secured Credit Cardis another great 550 credit score credit card. It has a $0 annual fee and actually rewards you for making purchases. A 550 credit score wont keep you from getting approved either. But a pending bankruptcy will.
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Is A Home Depot Credit Card Worth It
It depends. If you plan on making big purchases and paying them off within 6 months, then the Home Depot credit card can come in handyespecially if you use your new account discount. But if youre unable to pay off your balance within 6 months, youll get hit with a high APR and deferred interest charges.
Can I Get A Home Depot Card With Bad Credit
4.7/5Home Depotcardsobtainpoor creditcancard
In this regard, what does your credit score need to be to get a Home Depot credit card?
640 or higher
Similarly, how long does it take to get approved for a Home Depot credit card? within 14 days
Also asked, which credit bureau does Home Depot use?
When you apply for a store credit card from The Home Depot or Lowe’s, their systems will randomly select Experian, Equifax, or TransUnion to check your credit. There is no way to know before applying which credit reporting bureau will be used.
Does Home Depot have 24 month financing?
The Home Depot Commercial and Consumer Credit Card ServicesOur Home Depot Consumer Credit card provides you with special financing on purchases of $299 or more*, and up to 24–month financing* during special promotions.
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Re: Minimum Score For Home Depot Card
IMHO… I would not waste an inquiry even trying. Citibank is very, very picky and if you have not closed on your property as of yet, the inquiry made even jeopardize your mortgage qualification! Check www.whogavemecredit.com and to see what other scores are being approved for the Home Depot card. Looks to me like they have been issuing paltry CLs’ as of late.
Financing Your Home Depot Credit Card
You can only finance your balance via mail, phone, or online. You can also make a payment in-store payment.
- Making Payment via mail
You can send in your payment via the mail using the return envelope and payment coupon that comes with your monthly account statement. If you dont have the return envelope, below are two ways you can mail in your report.
- Online Mailing
Log in to your Home Depot Account and select the Statement option from the Account Activity menu. You can retrieve your account statement in a PDF format and use the details on it to mail in your payment.
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Which Credit Card Is Best For You
If youre choosing between the Home Depot Consumer Credit Card and the Lowe’s Advantage Card to finance a home improvement project, we recommend the latter card for most consumers, as it offers an everyday discount the other card lacks .
Both stores have extensive footprints. Home Depot has 2,300 stores in the United States, Canada and Mexico, and claims to be the worlds largest home improvement retailer. Lowes has more than 1,700 stores in the U.S. and more than 450 stores in Canada .
Still, its worth bearing in mind that the best credit card for your needs might be neither of the above. Instead, consider a general-purpose card with a 0% intro APR or a sign-up bonus that way, you wont have to worry about incurring deferred interest, and you might even be able to somewhat offset the cost of a big-ticket purchase.
How To Boost Your Chances Of Approval
Bear in mind that youll be evaluated by several factors even if you are pre-qualified before being deemed eligible for a card. Below are some ways to boost your chance of getting approval:
- Retrieve a copy of your credit history and ensure there are no errors.
- If you notice any error, contact the credit bureau to dispute any errors noticed.
- Go through your credit report again before reapplying.
Ensure to apply for a secured credit card that needs a deposit. This helps build a positive credit history even if you get declined. Reapply for your card as soon as your credit report shows a positive credit history.
Note that you can always reapply if your application was denied. Find out whats hindering the approval and ensure to correct the mistakes.
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The Home Depot Consumer Credit Card
Similar to other store cards, the Home Depot consumer credit card can be used to make everyday purchases at Home Depot. For purchases of more than $299, Home Depot offers 0% interest for six months and other promotions throughout the year. You can often find 12-month interest-free financing on appliances of $299 or more, 24 months of special financing on heating and air conditioning, and seasonal offers, such as $25 off snow blowers in the fall.
But beware of the promotions. The 0% financing makes for a great headline, but its only free if you follow the rules. Like any other deferred interest promotion, 0% for six months means that you have to pay the balance in full before the six months run out. If youre even one day late, Citi will charge you the full interest amount for the past six monthsas if the promotion never existed.
Banks offer promotions like these because they know that consumers will have every intention of paying the balance long before the promotional period ends, but many will not. If you dont have a history of consistently paying your credit card balances in full at the end of the month, its best to steer clear of promotional offers like these.
Note that store credit cards are private label and are unlike general use credit cards that have a MasterCard or Visa logostore cards can only be used at the retailer, whereas general use cards can be used at any merchant that accepts them.