Home Depot is finally giving me credit.
Ya, I got a nice surprize in the mail this evening. Home Depot increased my credit limit from $500 to $3500.
A little over a year ago, they would not ever consider me for an instore CC.
Then in Sept of last year I had purchased my house and started making payments. Finally in April of this year I applied for a second time and they started an account, but they limited me to only $500.
I have had several small projects I would put on it and pretty much paid the balance off in full every month never really having charged more than $200 or so at the most on it. I think a couple of months I kept a balance of $20 or so just for kicks and giggles.
However their $500 limit really hurt my ego last month. I wanted to purchase a water heater that was $400 and I had to call their 1-800 # a couple of times to see if they had processed my last payment.
Then again at the begining of this month I was doing some land scaping (a fancy way of saying I planted some trees =D ) and I had to call to see if they had cleared my check paying off the water heater.
Ain't no one got to worry about me going crazy now. I am not planning on getting $3500 worth of power tools or the like!!
If I understand these things correctly: my higher credit limit and the ratio of the small purchases verses the total credit limit on the CC should help boast my credit score!! I will not be checking it until June of next year (1 year since the last time I checked).
Anyway it took me 8 months of on time payments before they increased the limit. They were not all in full, but most were. I dont know if they looked at my FICO again before giving me the increase or based it solely on my history with them. But I hope this helps give someone an idea of how long it takes for these things to increase.
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