topic Project Loan Home Depot in Personal Finance

Project Loan Home Depot

Cory88 — Sun, 18 Jul 2021 16:46:57 GMT

Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

Re: Project Loan Home Depot

SoCalGardener — Mon, 19 Jul 2021 00:32:31 GMT

@Cory88 wrote:
Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

It's a Mastercard, but a loan... Here's the information on their site about it! It explains everything.

Re: Project Loan Home Depot

Anonymous — Mon, 19 Jul 2021 11:27:44 GMT

@Cory88 wrote:
Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

Something that might be usefull is upgrade visa. I just read something about it that might work similar to the loan project.

Good luck

Re: Project Loan Home Depot

OmarGB9 — Mon, 19 Jul 2021 18:40:27 GMT

@Anonymous wrote:
@Cory88 wrote:
Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?
Something that might be usefull is upgrade visa. I just read something about it that might work similar to the loan project.
Good luck

Upgrade visa is basically a debit card...its credit limit is based on your bank account info...no thanks.

Re: Project Loan Home Depot

Anonymous — Mon, 19 Jul 2021 18:46:59 GMT

@OmarGB9 wrote:
@Anonymous wrote:
@Cory88 wrote:
Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?
Something that might be usefull is upgrade visa. I just read something about it that might work similar to the loan project.
Good luck
Upgrade visa is basically a debit card...its credit limit is based on your bank account info...no thanks.

We might be talking about two different things. I read about this morning and it is a soft pull to start then a hard pull once you are approved. I have acutally received mailers on them, and they mentioned a credit card that works like an installment loan with the option of 1.5% cash back reward.

Here are a couple of links

https://www.upgrade.com/upgrade-card/

https://www.upgrade.com/

https://www.askmrcreditcard.com/upgrade/card/

please tell me what you think after reading about them. Please also let me know if it is a debit card. I could be wrong.

Re: Project Loan Home Depot

Harvey26 — Tue, 20 Jul 2021 15:42:33 GMT

@Cory88 As a former HD associate project loan is through GreenSky Financing Program and greensky pulls your credit once and then multiple banks look at that one report and then a lender will be chosen to fund your loan. Most common banks I have seen are Truist formerly Suntrust and Synvous Bank. You will be given a maximum loan amount and then you will use the mastercard until the purchase window expires and then you will pay down from there.

Re: Project Loan Home Depot

CBetc — Sat, 07 Aug 2021 19:44:51 GMT

@Harvey26 wrote:
@Cory88 As a former HD associate project loan is through GreenSky Financing Program and greensky pulls your credit once and then multiple banks look at that one report and then a lender will be chosen to fund your loan. Most common banks I have seen are Truist formerly Suntrust and Synvous Bank. You will be given a maximum loan amount and then you will use the mastercard until the purchase window expires and then you will pay down from there.

Do you happen to know if this gets coded as a dreaded Consumer Finance Account, or is it more just a general installment loan?

Re: Project Loan Home Depot

Harvey26 — Mon, 09 Aug 2021 18:20:26 GMT

@CBetc from personal experince my mother has used them it reported as an installment loan like a personal loan.

Re: Project Loan Home Depot

Anonymous — Wed, 11 Aug 2021 02:39:50 GMT

@Harvey26 wrote:
@CBetc from personal experince my mother has used them it reported as an installment loan like a personal loan.

That is good news, if more have experience this please do share. It is much better to not have a loan report as a consumer finance loan from what I have heard.

Anyone have experience with Home Depot PROJECT LOAN Card ?

Anonymous — Tue, 28 Sep 2021 22:12:19 GMT

I know most people consider the normal Home Depot "normal" credit card to be about worthless.

One of the other options is Home Depot Project Loan Card. The loan amounts can go fairly high.

I also notice you can fill in the amount you want "optionally". I find that weird. Do they just determine what they're giving you regardless, based on your credit factors?

I would be sorely disappointed if the amount granted was something like $5,000..... kind of pointless, if so.

My combined total credit right now is $20,000. I'd like to get about $25,000 on this Project Loan Card. Is that even possible?

MY FICO 8s are: EXP 770 / TU 775 / EQ 773.

BankCard2 EXP 762 / BankCard4 TU 751 / BankCard5 EQ 768.

Wondering if anyone else has experience using it, and the pros / cons ?

Thanks.

Re: Anyone have experience with Home Depot PROJECT LOAN Card ?

FinStar — Tue, 28 Sep 2021 22:19:26 GMT

@Anonymous-- please reference the discussion upthread.