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Established Member
Posts: 68
Registered: ‎11-27-2011
0

New Credit Card Suggestions?

I'm planning on doing some renovations on a building that my wife and I own, and rent out the apartments. (It's a 3 family). I would like to renovate all of the 3 kitchens, and all 3 full baths. I called a contractor, and he estimated the total cost to be about $15,000/unit. So, a total cost of $45,000. I don't really have that kind of money to just pull out of my ass, so is there any suggestions for a credit line, or a credit card that I could apply for to pay for the renovations? I could spread it across a few of my current cards, but I feel like that's just kind of embarrassing. 

Any suggestions?!

Thanks!

In my wallet:
Chase Amazon Rewards Card ($12,500 Limit),
Miles by Discover Card ($20,000 Limit),
Citibank Diamond Preferred Card ($25,000 Limit),
Chase Freedom ($25,000 Limit),
Capital One Venture Rewards ($20,000 Limit),
People's United Bank MasterCard Rewards ($50,000 Limit).
American Express Platinum (~$50,000 Limit)
802 FICO Score
Regular Contributor
Posts: 440
Registered: ‎02-08-2012
0

Re: New Credit Card Suggestions?


CWilliams78 wrote:

I'm planning on doing some renovations on a building that my wife and I own, and rent out the apartments. (It's a 3 family). I would like to renovate all of the 3 kitchens, and all 3 full baths. I called a contractor, and he estimated the total cost to be about $15,000/unit. So, a total cost of $45,000. I don't really have that kind of money to just pull out of my ass, so is there any suggestions for a credit line, or a credit card that I could apply for to pay for the renovations? I could spread it across a few of my current cards, but I feel like that's just kind of embarrassing. 

Any suggestions?!

Thanks!


HELOC or Home equity line of credit... its basically like a credit card drawn off of your home.. the rate is VARIABLE but is a veryyyyy low interest rate... rates right now are anywhere from 2.75% to 4% which kicks almost every credit cards butt in terms of interest... The payments are interest only but all you have to do is make additional principal payments when you pay! Go to your local bank or credit unions website and you can get additional information :smileyhappy:

Goal: 700 and an Amex Card!

Chicks Dig Guys With Good Credit :smileyhappy:
Established Member
Posts: 68
Registered: ‎11-27-2011
0

Re: New Credit Card Suggestions?

I would love to do a HELOC, and I had thought about it, but I don't have any equity in my house, I bought it in 2006 for about 800,000, I have about 600,000 left on the mortgage, and the house is worth around 500,000...

 

I don't have a mortgage on my rental house, but that's just so I can always get positive cash flow from it. I'll check with the bank and see what they can do..

Thanks!

 

In my wallet:
Chase Amazon Rewards Card ($12,500 Limit),
Miles by Discover Card ($20,000 Limit),
Citibank Diamond Preferred Card ($25,000 Limit),
Chase Freedom ($25,000 Limit),
Capital One Venture Rewards ($20,000 Limit),
People's United Bank MasterCard Rewards ($50,000 Limit).
American Express Platinum (~$50,000 Limit)
802 FICO Score

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