I applied for a home loan through my bank Charter One here in Michigan. I don't recall what the name of the loan is but it is backed by the government, and it is supposed to be used for home improvement, carpet, floors, vanities, updates in general. They don't use home equity at all. I applied a few months back and was denied for the loan, then with my scores migrating upwards I reapplied last week and was approved for $10,000. It is a 7 year loan, at 6%.
After reading a few entries on here, I am wondering what "kind" of loan is this considered credit wise personal or installment or something else. I have read a few people say that after getting installment loans their scores plummeted and that is worrying me. I have to sign papers Saturday, so just want to know what category this will fall in if anyone knows.
Thank you.
