Your scores look pretty good, why not try for a 0% card like citi simplicity with 21 months of no interest. Idk if you would get a $40k limit, some say citi starts out low but i've never dealt with them. You could also put the charges on another card you have to get rewards and then do a balance transfer to chase slate to get 0% for 15 months.
Both of these would give you a period of time to pay down the balance with no interest, which would not be an option with a personal loan. After the intro period you could look into doing another balance transfer to another card or taking out a smaller personal loan if you can get a lower interest rate. You also might be in a better position in 1.5 to 2 years to do a Home Equity loan for the remaining balance.
For a personal loan, you would probably get the best rates with a Credit Union, and a relationship always helps. GL
Well, your current cards, plus any new cards will help pad your utilization. You will just have to try to plan how much you can pay off during the 0% promo. If the balances are at 90% then yes it will probably be hard to obtain a new card but if you pay them down to 60% and then want to apply for a new card you will have better odds. Because although utilization on the 1 or 2 cards will be 60%, overall utilization will be lower due to your current cards. As long as you have a plan and pay off a chunk of the balances during the period you should be fine.
Another work around that you could do.... Get a 0% card now to fund your reno. Pay it down as much as possible during the intro period. Towards the end, apply for a personal loan to pay off the credit card. Your uti will essentially go back to zero. Then you can apply for another 0% card and do a BT from the personal loan to that card and have more time to pay it down with no interest.
@SlidingBy wrote:I am looking to replace both my roof and windows this year and know this will be something close to 40K (I was quoted 18k last year for the roof and didnt pull the trigger). What are the best options for a personal loan or other loan types to handle this? Obviously want as low of an interest payment as possible and Ill would like to be dumping money into it to pay off as soon as I can. I am not sure I have the equity in the house yet or if this is a good idea and/or I have a 3.2% mortgage, which I think is still good, so I dont see a reason to refi.
I have looked into sofi and some of the other personal loan sites, are these or a CU my best bet? Would it be wise to try to use the same CU as my 10k (8 remaining) car loan? Thanks in advance.
Do not use SoFi or anything that could be classified as a consumer finance agency.
Go to a credit union and see what their options are.
But IMHO.... just don't do it. Instead do part of the job rather than the whole job and use simple revolving credit, either through credit cards or personal lines of credit.
