topic Re: Credit criteria for Home Depot Project Loan? in Credit Card Applications

Credit criteria for Home Depot Project Loan?

kgwinn — Tue, 25 Aug 2015 17:40:35 GMT

Hello credit geniuses -

Does anyone have any insight into the credit requirements for a Home Depot Project Loan? It's the one through GreenSky, not Citi, and I hear it's a bit easier to get.

My scores are in the mid 600"s (645-660 on all 3), no late payments in over 2 years, but there are some chargeoffs from 2012 now appearing as collection accounts as of last year, reporting monthly. There are also a ton of recent inquiries due to a long involved mortgage loan process and a spree of credit card apps about 18 months ago.

Anyone know if there are aspects of my report they are likely to weigh more heavily? Anything that would be a dealbreaker? I'm closing on my new place on Sept 29 and I'll have a bunch of stuff to do. If I can get a project loan, my shopping list is a lot longer, but if I need to do all in cards, I need to be prepared to make some adjustments in what I'm doing and where I'm shopping. Obviously, I won't be able to apply until I close, so I'll literally be standing in the store app in hand.

I guess I was just hoping someone might know if this is likely to be approved or if I'm totally screwed.

Re: Credit criteria for Home Depot Project Loan?

ddemari — Tue, 25 Aug 2015 17:56:29 GMT

From what I have read. Approvals vary for this loan. I have seen scores in the mid 650's getting approved for very low lines like in the 500-1000 range.

With some baddies from 2012, it might be hard to get approved for. Have you tried to see if they have any offers for you on their website for a CC? might be a good indication of getting approved for the HDPL.

Re: Credit criteria for Home Depot Project Loan?

Anonymous — Tue, 25 Aug 2015 17:57:54 GMT

@kgwinn wrote:
Hello credit geniuses -

Does anyone have any insight into the credit requirements for a Home Depot Project Loan? It's the one through GreenSky, not Citi, and I hear it's a bit easier to get.

My scores are in the mid 600"s (645-660 on all 3), no late payments in over 2 years, but there are some chargeoffs from 2012 now appearing as collection accounts as of last year, reporting monthly. There are also a ton of recent inquiries due to a long involved mortgage loan process and a spree of credit card apps about 18 months ago.

Anyone know if there are aspects of my report they are likely to weigh more heavily? Anything that would be a dealbreaker? I'm closing on my new place on Sept 29 and I'll have a bunch of stuff to do. If I can get a project loan, my shopping list is a lot longer, but if I need to do all in cards, I need to be prepared to make some adjustments in what I'm doing and where I'm shopping. Obviously, I won't be able to apply until I close, so I'll literally be standing in the store app in hand.

I guess I was just hoping someone might know if this is likely to be approved or if I'm totally screwed.

Don't know about the program through HD, but have you thought about Lowes? Just got my card a couple of months ago and am pleased with it. Started off at $500 with scores similiar to you and have gotten increases up to $6500 including 1 collection that won't fall off till next year. Others with better credit profiles have gotten higher SLs. Just something to think about. Also, they pull EX for me.

Good luck.