Yes, the Home Depot Credit Card does a hard pull credit check. You will need a credit score of at least 640 to get it, which is on par with what most store cards require.
There is no way to pre-qualify for the Home Depot Credit Card. A hard pull usually causes an applicant's credit score to drop by 5-10 points. Most people’s scores bounce back within 3-6 months with responsible credit management, but it can take up to 12 months. You can learn more about how to minimize the credit score damage here.
A credit score of 640 or higher is needed for a Home Depot® Credit Card; this means that you need to have a fair credit score to get it. That’s the case for both the Home Depot® Credit Card and the Home Depot® Business Credit Card. Both Home Depot credit cards are store cards, meaning they can be used only at Home Depot. Their 640+ credit score requirement is consistent with that of other store credit cards.… read full answer
Just having the credit score needed for a Home Depot card doesn’t guarantee approval. Other factors taken into account include income, employment status, payment history, debt level and more.
Here are the requirements to get a Home Depot® Credit Card:
Age requirement: Must be at least 18 years old. If under 21 years old, must have proof of independent income or a co-signer.
Residency requirement: Must be a U.S resident. Address must be a physical location in one of the 50 U.S. states or Washington D.C. No P.O. box addresses will be accepted.
Basic application info: Includes full name, address, phone number, Social Security number and birthdate.
Application financial info: Includes monthly rent or mortgage payment, residence status (own/rent) and total annual net income (annual income after taxes).
If you get approved for the Home Depot® Credit Card, you will receive a credit limit of at least $300. For the Home Depot® Business Credit Card, your credit line will be at least $500.
Just bear in mind that the credit score needed for a Home Depot® Credit Card could also get you a number of good credit cards that can be used anywhere. For example, the Capital One QuicksilverOne offers 1.5% cash back on all purchases, but comes with a $39 annual fee. For business owners, Capital One Spark Classic gives 1% cash back on all purchases and has a $0 annual fee.
You can increase your Home Depot® Credit Card credit limit by making a request online, or by calling customer service at (800) 677-0232. Alternatively, you may also get a Home Depot® Credit Card credit limit increase without asking, if your account is in good standing.
To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income information on your account. The issuer will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.… read full answer
How to Get a Home Depot® Credit Card Credit Limit Increase Online
Choose the Home Depot® Credit Card from the list of account options, if applicable.
Click “Available Credit”, and then “Request Increase”.
Enter the required information.
Confirm the information entered and click “Submit” to complete the request.
You should receive a decision in just a few seconds. If you’re approved for a Home Depot® Credit Card credit limit increase, the new limit is effective immediately.
Impact of a Home Depot® Credit Card Credit Limit Increase on Your Credit Score
When you request a Home Depot® Credit Card credit limit increase, the issuer may conduct a hard pull of your credit report, which could cause a short-term dip in your credit score. The issuer cannot do a hard pull without your permission, though.
Alternatively, you could be eligible for a Home Depot® Credit Card credit limit increase without even requesting one. The Home Depot® Credit Card may offer an automatic credit limit increase if the issuer’s regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score.
No, it is not hard to get the Home Depot® Credit Card, though it’s not especially easy, either. You need a credit score of 640, at a minimum. This means people with fair credit or better should have a shot at approval.
Other Home Depot® Credit Card Approval Requirements
In order to get the Home Depot® Credit Card, you will have to meet the credit score requirement, have a steady income, and be at least 18 years old. You’ll also need to have a Social Security Number.… read full answer
Just keep in mind that even though it’s not especially hard to get the Home Depot® Credit Card, you’re still not guaranteed to be approved. If you’d like to know where you stand, you can check your credit score for free, right here on WalletHub.
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