[H]ome renovations, repairs, or the need for a new, expensive appliance can be a bit more than our monthly budgets or savings accounts can handle. A line of credit such as the Home Depot credit card is a great way to be able to make these large purchases and pay them down over time. Before applying for a Home Depot card, or any other form of credit, it is important to known the minimum guidelines as well as the terms of any lines of credit before you apply. One of the most important factors you need to know is the required credit score for a Home Depot card.
While this card is generally used mostly by small businesses, regular consumers are also eligible to apply for the Home Depot card. This card is an excellent way to get that new, expensive appliance or make repairs on your home, even if you do not have the funds to pay for these repairs all at once. Purchasing larger items on credit gives you the ability to pay down the balance over time, making these larger purchases more accessible.
Home Depot Card Credit Requirements
CitiBank is the issuer of the lines of credit given by the Home Depot. In recent years, due to the economic crisis, the credit score for a Home Depot card has raised. In order to qualify, you must have at least “fair” credit. A “fair” credit score generally means a FICO, or overall credit score of 640-689. This does not mean that if you have a credit score in this range that you will automatically qualify, recent negative judgments on your credit report can cause you to be declined, even with a fair credit score.
Citi generally looks for those who have a credit score of at least 670 or above. FICO scores or your credit score from the credit scoring agency Experian are the most common credit scores looked at to determine whether or not you qualify for a Home Depot credit card. Those with credit scores in the mid-600s may still qualify, but are likely to be given much smaller lines of credit at a higher interest rate. Those with excellent credit, with scores in the 700s, are likely to get the best terms on a line of credit like this. They will qualify for higher lines of credit at lower interest rates than their counterparts with fair credit.
Those with fair to excellent credit are most likely to qualify for a credit card from the Home Depot. While it is generally recommended that your FICO score be at least 670, it is possible for those with lower credit scores to qualify for small lines of credit. Those with credit scores in the 700s are more likely to qualify for a line of credit that would be adequate to making repairs or renovations on a home. Be sure that you know your credit score before applying for this, or any line of credit. This will make it much less likely that you will be declined and that you only apply if you have a chance of qualifying for a quality line of credit.
[Y]ou don’t have much money and any you do have goes towards paying your college expenses. You may wonder why a credit score even matters at this stage of your life. If you haven’t given it much thought before, you need to become aware of it now. Your Future Depends On It Your credit rating […]
[I]f you have poor credit, you probably know it will impact your ability to get a credit card or loan. However, it can also influence how much you will pay for car insurance. The connection between credit rating and car insurance may seem odd to consumers, but it is an essential combination for insurers. Taking […]
[I]f you check your credit reports, there is a good chance that you might find an error. Statistics show that one in five credit reports contain errors. That’s not good news for consumers who rely on credit reports for new credit and loans. However, you can dispute any errors and get them corrected. How to […]
[Y]ou have a hard time keeping track of the bills you have to pay. With multiple credit cards and more than one loan, it’s a wonder you keep it all straight. You may wonder if a debt consolidation loan is right for you. Before you go this route and try to find a way to […]
[I]f you’ve looked at your credit report recently, you may have noticed that an account says Charged Off. You may not be sure what that means for you and for your credit score. It’s an important term you should understand to help you improve your credit score. A creditor will charge off your account if […]
[I]n reality, you should have a savings plan all year long for the holiday season. However, it’s never too late to start. Whether you buy gifts for a lot of people, host dinners or just go out and enjoy all of the holiday activities, it usually costs a lot of money during this time of […]
[W]hile you may be aware of unemployment benefits if you lose your job through no fault of your own, you may not think you qualify or will be able to get them. However, they can be a lifeline until you are back on your feet with a new job. File ASAP Many people don’t get […]