Would you open a store CC to save $220?

[Deleted]

I'm considering opening a Lowe's credit card to save 5% on an upcoming big purchase. I plan on closing it by the end of the year after we settle in at our new house and don't expect to buy anything big after that.

Should I not even think about this since we're closing on a mortgage next month? Our scores are currently at low 800s.

[AAM2012]

Is your mortgage rate locked in? I would.

[Deleted]

Oct 2, 2012 18:44:38 GMT -5 AAM2012 said:

Is your mortgage rate locked in? I would.

Not yet.

[lindyanne]

Is that an extra 5% after the 10% movers coupon?

[kaylie]

You should wait until you get the clear to close (two days or so before closing). They look at your credit report again then to make sure you haven't made any new requests for credit. Your scores are great so they might not care, but I wouldn't risk it.

[Deleted]

Oct 2, 2012 18:46:25 GMT -5 lindyanne said:

Is that an extra 5% after the 10% movers coupon?

I'm not sure if they allow a discount on top of another. I plan on asking when I go and place the order. I will actually be dealing with the manager. I've already asked for a 20% discount on the phone based on a sale they had 2 weeks ago and the manager seemed okay with it but customer service guy recommended to speak directly to the manager to see if he can give more than 20% and/or waive the delivery fee. I'll definitely ask if I can use my moving coupon on top of that or open a CC for additional discount.

[Deleted]

Oct 2, 2012 18:51:10 GMT -5 kaylie said:

You should wait until you get the clear to close (two days or so before closing). They look at your credit report again then to make sure you haven't made any new requests for credit. Your scores are great so they might not care, but I wouldn't risk it.

We need the landscaping blocks before then, unfortunately.

[elizabethann]

I would wait until you close on your mortgage to make sure you get the best rate on the more important purchase

[booyah]

No way. Frankly, there are lots of other credit cards out there that give you much more than $200 off, I'd sign up for one of them. Lots of them get listed on slickdeals.net

[sjh722]

I wouldn't. They pull your credit again before closing and if they see that you've opened new lines of credit it might delay things (or disqualify you from the loan if the payments are too high - I doubt a Lowes card would do that, for example, but purchasing a new car could).

[cricketwife]

Do you have the cash to pay for your Lowe's purchases? If so, I would try to negotiate the CC discount for paying cash up front. I've done that successfully before, but never tried it at Lowe's. It will only work if you talk to a manager though, because the lower people don't have the authority to say yes.

[CloudBee]

Nope.

[Deleted]

Oct 2, 2012 19:06:11 GMT -5 cricketwife said:

Do you have the cash to pay for your Lowe's purchases? If so, I would try to negotiate the CC discount for paying cash up front. I've done that successfully before, but never tried it at Lowe's. It will only work if you talk to a manager though, because the lower people don't have the authority to say yes.

Yes, I have the cash. When you say pay in cash, do you mean actual dollar bills? How would it work? I'll go to Lowe's with a bag of cash ($4-5k)? Or does a check work?

[cricketwife]

I'm pretty sure that if you showed up with $4-5000 in actual cash that you're ready to spend at that moment with an extra $220 discount, they'll give it to you. In fact, there's a good chance that you could get an even better discount. It is a little out of the ordinary, but money really does talk. You could try it with a check, but really, a check isn't cash. It could bounce, it takes a day or two to clear, etc. I would try it. Worst cash scenario is that you still buy what you were going to buy anyway.

Definitely let us know what happens.

P.S. I'd go with an envelope, not a bag. That might be a little too weird for them.

[moolarkey]

The best way to use a credit card, at least Macy's, is to buy stuff and use the coupons they give you but then pay that purchase off immediately while you are still in the store. Use cash, debit or check (can't use another credit card or a gift card). You get the discount the coupons give you but you don't carry a balance.

[M]

I would never apply for a credit card if I plan to close the account. $200 just isn't worth it. It shows up as a closed account on your credit history forever and lenders will assume that the creditor closed the account on you for some reason unknown. In the long run it might not be a big deal but in the near future it could affect car or mortgage loans that you might want to get.

Since you are closing on a home soon I would definitely wait until after. Don't do anything that requires you giving your social to anyone until after the loan is cleared and you've signed on your house. You don't want any kind of inquiry on your credit report that will cause the lender to reevaluate because it will delay the process even longer.

[monarch]

I would. But I've never worried about my credit, even before buying a house.

[cookies]

I'm making a big Lowe's purchase soon, and I plan to try to score the 10% moving coupon (either by buying it on ebay or trying to get it from the post office). I believe it is an either/or situation. You either get the 10% coupon OR the 5% credit card discount. I was also thinking about buying Lowes' gift cards at a discount and using those as well. But I can't decide if that's more trouble than it's worth.

Bottom line, I'd rather use the coupon, some discounted gift cards AND get my own credit card rewards rather than open the store credit card.

Actually, you can request the 10% coupon online. They'll email it to you.

[Deleted]

Oct 2, 2012 21:11:48 GMT -5 cricketwife said:

I'm pretty sure that if you showed up with $4-5000 in actual cash that you're ready to spend at that moment with an extra $220 discount, they'll give it to you. In fact, there's a good chance that you could get an even better discount. It is a little out of the ordinary, but money really does talk. You could try it with a check, but really, a check isn't cash. It could bounce, it takes a day or two to clear, etc. I would try it. Worst cash scenario is that you still buy what you were going to buy anyway.

Definitely let us know what happens.

P.S. I'd go with an envelope, not a bag. That might be a little too weird for them.

I told H about bringing in cash but he discouraged me. He doesn't think it would work with Lowe's.

[Deleted]

Oct 3, 2012 8:42:23 GMT -5 cookies said:

I'm making a big Lowe's purchase soon, and I plan to try to score the 10% moving coupon (either by buying it on ebay or trying to get it from the post office). I believe it is an either/or situation. You either get the 10% coupon OR the 5% credit card discount. I was also thinking about buying Lowes' gift cards at a discount and using those as well. But I can't decide if that's more trouble than it's worth.

Bottom line, I'd rather use the coupon, some discounted gift cards AND get my own credit card rewards rather than open the store credit card.

Actually, you can request the 10% coupon online. They'll email it to you.

I already have the 10% coupon. They seem okay to give me 20% off but that's it although the person I talked to on the phone said that the manager's can probably approve more and encouraged me to go in and talk to the manager directly.

I didn't know you can buy gift cards at a discount.

[kangaroo11]

We waited until our house closed to open credi cards. We both got Lowes and Home Depot cards to get the 5% off a few times.

[M]

Oct 3, 2012 8:51:32 GMT -5 d0ri said:

Oct 2, 2012 21:11:48 GMT -5 cricketwife said:

I'm pretty sure that if you showed up with $4-5000 in actual cash that you're ready to spend at that moment with an extra $220 discount, they'll give it to you. In fact, there's a good chance that you could get an even better discount. It is a little out of the ordinary, but money really does talk. You could try it with a check, but really, a check isn't cash. It could bounce, it takes a day or two to clear, etc. I would try it. Worst cash scenario is that you still buy what you were going to buy anyway.

Definitely let us know what happens.

P.S. I'd go with an envelope, not a bag. That might be a little too weird for them.

I told H about bringing in cash but he discouraged me. He doesn't think it would work with Lowe's.

I don't think it matters with Lowe's either. Those people don't make a commission so they don't care either way if you buy it or not. When we bought our fridge from Lowe's, we got lucky and found someone really nice who actually wanted to help.

[M]

Oct 3, 2012 9:37:00 GMT -5 @crackhabit said:

And Lowe's is awesome.
They totally negotiate prices on big-ticket items, too.

They do?! I'm always negotiating and never thought to try with a place like Lowe's haha. We're looking for a washer/dryer for our new place so I'm going to have to try this out.

[kadams767]

Oct 3, 2012 8:24:42 GMT -5 M said:

I would never apply for a credit card if I plan to close the account. $200 just isn't worth it. It shows up as a closed account on your credit history forever and lenders will assume that the creditor closed the account on you for some reason unknown. In the long run it might not be a big deal but in the near future it could affect car or mortgage loans that you might want to get.

Anytime I have closed an account, my credit report specifically says "closed by customer". Do other potential lenders not see that part?

[sunshine608]

Oct 3, 2012 9:42:06 GMT -5 kadams767 said:

Oct 3, 2012 8:24:42 GMT -5 M said:

I would never apply for a credit card if I plan to close the account. $200 just isn't worth it. It shows up as a closed account on your credit history forever and lenders will assume that the creditor closed the account on you for some reason unknown. In the long run it might not be a big deal but in the near future it could affect car or mortgage loans that you might want to get.

Anytime I have closed an account, my credit report specifically says "closed by customer". Do other potential lenders not see that part?

They do. We went over our report with mortgage broker and it clearly stated whether the account was closed by consumer or creditor. On our report there was also a reason We had one closed by creditor because the company went bankrupt and another closed for inactivity that did not negatively impact us.


I would wait until after you close to open the CC for reasons others mentioned.