Money Tips: Home Depot Credit Card Credit Line Increase

Posted On: April 26, 2006

Guest: shorty23js
Post subject: Home Depot Credit Card Credit Line Increase
Posted: Wed Apr 26, 2006 7:55 am

My husband had a $500 credit line for his home depot card and he opened that in Nov 2005. 2 days ago we recieved his statement and they had 4,000 as his new credit line. What does that mean?? Several months ago I disputed some of his accounts on his credit reports and some where deleted others where updated and his points went down dramatically I believe because of me disputing his accounts.

Guest: shorty23js
Posted: Wed Apr 26, 2006 8:07 am

My husband has repaired his credit for the last 3yrs paying all his bills on time but what was hurting him was a high balance on a credit card with his bank. What happened was he joined the military in Jan 2003 and he took a 2500.00 pay cut, efore you join the service they tell you things that are not true until you are waived in and you find out on your own how things work, So we a big truck payment of 609.00 and a car payment of 330.00 and his basic pay a month was 1608.00 but we lived on base free, We where late on his truck payment 2 times before we had to trade it in for something more affordable, That was when his last late payment was like may 2003. I became pregnant in Jan 2004 and he applied for a credit increase with his credit union, Which he had since he was an infant, His current credit limit was 600 which he had opened since 1997 and they never automatically increased it, He asked for atleast 2,000 increase, Well they screwed up and gave him a credit line of 100,000.00. I nearly crapped my pants, He only made 1608.00 month but they gave him a credit increase of 99,400. We called VISA and they said that it was correct and so after 6 calls to verify that the increase was right we spent 2,000. for our new baby. 3 wks later the credit card company said it was wrong and the credit increase should have been 1,000.00. This hurt my husbands credit, He should over the limit and everything dropped and they told him it was his fault for charging 2,000. not theres. Last month I had talked to his credit union and told them it is only fair that you show his credit line to be over his balance because this is hurting him still til this day, They agreed, But can’t he do something about this??

Guest: shorty23js
Posted: Wed Apr 26, 2006 8:12 am

Since all this happened he has been on time and is now a disabled vet out of the service and making bigger money. But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still?? In Nov he had a offer for a home depot card so he accepted and recieved a credi tline of 500.00, So the reason for the post was is his credit looking better as to why they issued him a 3500 increase?? Thanks for reading this long drama any positive feedback would help, I love this forum and evryone has such great advice, Thanks.

Guest: fitz75
Posted: Wed Apr 26, 2006 8:19 am

[quote="shorty23But he is still paying off that cc with the credit union, He will not pay it off sooner because of how the screwed him, Sure he could of paid this off but he said screw them, They screwed me let them wait I will make my minimum payment paying 20.00 over what is due until it is paid, Should he do this still??quote]

Why would the credit union want him to pay it off, especially if the interest rate is high. The longer it takes him to pay that off the more money they are making off of him.