Like many of you, my credit limit at Home Depot was lowered to $500, down from $3,500. I am a homeowner, I pay my mortgage and other bills on time, and I have several other major credit cards, which are all paid on time.
I called Home Depot credit customer service and asked why. I was told that even though I had never been late or missed a payment with Home Depot, "derogatory information" from my credit report was used to make this decision. I asked the customer service rep to tell me what the "derogatory information" was, and she said she did not know. I told her to cancel my account immediately and send a final bill. She said there was no reason to get rude. I told her it was ruder to change the terms of someone's credit account when they had done nothing wrong. She asked me if I was sure I wanted to cancel my Home Depot credit card, and I told her she could keep her $500 credit limit and that I had plenty of other major credit cards that I would be using to shop at Lowe's, Ace Hardware, etc. (Can you tell I was ticked off?)
I encourage you all to cancel your credit accounts with Home Depot if possible. There is strength in numbers. We need to send a strong message.
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