topic Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan in Credit Cards

Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 19:37:06 GMT

Recently, my A/C went out (not completly-but it will soon) and I have been getting estimates for a new system. The quotes are between 14k-16k. I have a couple of options. One being the Home Project Visa Card with 0% interest for 15 Months and the other being Home Equity Loan. I prefer the Visa Card. However, my concern is that it is going to show as revolving credit and will put my debt to credit ratio in a very uncomfortable place.

I also have a car that is about 12 years old and it's on it's last wheel. I'm not sure how long it will last and will probably be needing a new car soon. I'm hoping it will last me until February of next year, as this is when my late payments (30 Days Late November 2007-60 Days Late in December 2007& January2008) on my last car loan will fall off. Those are the only degrogitory marks on my credit report (6Years5Months ago). So, I will probably need a good credit score and flawless payment history to get a good loan(i'm assuming). I also have about $13,000 in student loans which is somehow more than the original loan amount (I think this happened when they were in forebearance as i was in school full time.

Okay, so the reason for my post is do any of you have any idea on whether or not I would be approved for 14k-16k with my current credit scores and history? I don't know a great deal about how credit works. I've recently been making myself aware of what I have credit wise.

Ex-739

EQ-723

TU-736

I am terrified of applying for credit and being denied because I don't want a hit on my credit and not have an account to go along with it. I applied for solar back in January of this year (2014) and was denied (only inquiry within the last 12 mo.-There are 11 other inquiries and 3 of those will fall off by sep). Mind you my uitilazation was crazy high and my credit score was 604. So, I've paid off all of my credit cards to get my utilization as low as possible (0%) and raised my scores to what I've listed above. Just to give you an idea of my credit portfolio (hmmm, first time ever using those words together).

Wells Fargo Platinum Visa-$3700

Cap1 Mastercard-$500 ($2.70 Balance)

Chase Visa-$700

American Eagle Visa-$4000

GAP Visa-$5500

Lowes-$1700

Home Depot-$900

Macy's-$900

Shell Gas-$800

Kohls-$800

JCP-500 (I think I got a letter in the mail stating my limit will be increased to $8300 in August of 2014)

Sears-$3250

Best Buy-$1200

Amazon-$2000

Living Spaces$3500

Care Credit-$1000

Any insight you may have would be greatly appreicated. If you have other alternative suggestions about financing my HVAC A/C unit, it would be greatly appreciated, also.

on yeah, one more thing... Love being a part of the MYFICO COMMUNITY!

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

-Wade- — Tue, 15 Jul 2014 19:42:38 GMT

@ZMBPHD wrote:
Recently, my A/C went out (not completly-but it will soon) and I have been getting estimates for a new system. The quotes are between 14k-16k. I have a couple of options. One being the Home Project Visa Card with 0% interest for 15 Months and the other being Home Equity Loan. I prefer the Visa Card. However, my concern is that it is going to show as revolving credit and will put my debt to credit ratio in a very uncomfortable place. YES It will show as a revolving account on the visa card

I also have a car that is about 12 years old and it's on it's last wheel. I'm not sure how long it will last and will probably be needing a new car soon. I'm hoping it will last me until February of next year, as this is when my late payments (30 Days Late November 2007-60 Days Late in December 2007& January2008) on my last car loan will fall off. Those are the only degrogitory marks on my credit report (6Years5Months ago). So, I will probably need a good credit score and flawless payment history to get a good loan(i'm assuming). I also have about $13,000 in student loans which is somehow more than the original loan amount (I think this happened when they were in forebearance as i was in school full time.

Okay, so the reason for my post is do any of you have any idea on whether or not I would be approved for 14k-16k with my current credit scores and history? I don't know a great deal about how credit works. I've recently been making myself aware of what I have credit wise.
Ex-739
EQ-723
TU-736

I am terrified of applying for credit and being denied because I don't want a hit on my credit and not have an account to go along with it. I applied for solar back in January of this year (2014) and was denied (only inquiry within the last 12 mo.-There are 11 other inquiries and 3 of those will fall off by sep). Mind you my uitilazation was crazy high and my credit score was 604. So, I've paid off all of my credit cards to get my utilization as low as possible (0%) and raised my scores to what I've listed above. Just to give you an idea of my credit portfolio (hmmm, first time ever using those words together).

Wells Fargo Platinum Visa-$3700
Cap1 Mastercard-$500 ($2.70 Balance)
Chase Visa-$700
American Eagle Visa-$4000
GAP Visa-$5500
Lowes-$1700
Home Depot-$900
Macy's-$900
Shell Gas-$800
Kohls-$800
JCP-500 (I think I got a letter in the mail stating my limit will be increased to $8300 in August of 2014)
Sears-$3250
Best Buy-$1200
Amazon-$2000
Living Spaces$3500
Care Credit-$1000
Any insight you may have would be greatly appreicated. If you have other alternative suggestions about financing my HVAC A/C unit, it would be greatly appreciated, also.

on yeah, one more thing... Love being a part of the MYFICO COMMUNITY!

Do you own your home?????

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 19:46:21 GMT

I owe $203,000 on main mortgage. There is also a silent/soft second of $60,000 that does not show up on my credit report as there is no payment due until the main loan is paid off. Bought house for $270,000 two years ago and now it's worth $368,000

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

IWOL — Tue, 15 Jul 2014 20:06:00 GMT

@ZMBPHD wrote:
Recently, my A/C went out (not completly-but it will soon) and I have been getting estimates for a new system. The quotes are between 14k-16k. I have a couple of options. One being the Home Project Visa Card with 0% interest for 15 Months and the other being Home Equity Loan. I prefer the Visa Card. However, my concern is that it is going to show as revolving credit and will put my debt to credit ratio in a very uncomfortable place.

I also have a car that is about 12 years old and it's on it's last wheel. I'm not sure how long it will last and will probably be needing a new car soon. I'm hoping it will last me until February of next year, as this is when my late payments (30 Days Late November 2007-60 Days Late in December 2007& January2008) on my last car loan will fall off. Those are the only degrogitory marks on my credit report (6Years5Months ago). So, I will probably need a good credit score and flawless payment history to get a good loan(i'm assuming). I also have about $13,000 in student loans which is somehow more than the original loan amount (I think this happened when they were in forebearance as i was in school full time.

Okay, so the reason for my post is do any of you have any idea on whether or not I would be approved for 14k-16k with my current credit scores and history? I don't know a great deal about how credit works. I've recently been making myself aware of what I have credit wise.
Ex-739
EQ-723
TU-736

I am terrified of applying for credit and being denied because I don't want a hit on my credit and not have an account to go along with it. I applied for solar back in January of this year (2014) and was denied (only inquiry within the last 12 mo.-There are 11 other inquiries and 3 of those will fall off by sep). Mind you my uitilazation was crazy high and my credit score was 604. So, I've paid off all of my credit cards to get my utilization as low as possible (0%) and raised my scores to what I've listed above. Just to give you an idea of my credit portfolio (hmmm, first time ever using those words together).

Wells Fargo Platinum Visa-$3700
Cap1 Mastercard-$500 ($2.70 Balance)
Chase Visa-$700
American Eagle Visa-$4000
GAP Visa-$5500
Lowes-$1700
Home Depot-$900
Macy's-$900
Shell Gas-$800
Kohls-$800
JCP-500 (I think I got a letter in the mail stating my limit will be increased to $8300 in August of 2014)
Sears-$3250
Best Buy-$1200
Amazon-$2000
Living Spaces$3500
Care Credit-$1000
Any insight you may have would be greatly appreicated. If you have other alternative suggestions about financing my HVAC A/C unit, it would be greatly appreciated, also.

on yeah, one more thing... Love being a part of the MYFICO COMMUNITY!

I have he Home Projects Visa and I also used it to finance a new air unit. Are you sure its 0%, best I could get was 9.9%with afixed monthly paymnet until paid off.

I was approved for the HPV with somwhere around a 670 TU score and they gave me $9200 limit.

$14K to $16K sounds outrageous for a new AC. I purchsed a 5 ton unit, the largest available with a fairly high effeciency rating for around $7500 including removing old unit and install of the new one. I did not need new ducting so If you do perhaps that is the additional cost but you can get the best, most efficient unit available for around $8K.

As you mentioned teh problem with this card is that it reports as a revolving line and will show very high util until paid down.

Another option that I would have perhaps used had I not been in such a rush to get a new unit right away was Lowes.

You can purchase a new AC through Lowes with their credit card and get 5.99% for up to 84 months or 0% for 18 months if you plan to pay it off quicker. I see that you Lowes limit is only $1700. How long have you ha dteh card? They are very genrous with CLI, you could go in to a store and then tell CS you are purchasing an Air unit and see if they will up your limit to atleast $10K to cover the air unit

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

hajew86 — Tue, 15 Jul 2014 20:21:26 GMT

@ZMBPHD wrote:
Recently, my A/C went out (not completly-but it will soon) and I have been getting estimates for a new system. The quotes are between 14k-16k. I have a couple of options. One being the Home Project Visa Card with 0% interest for 15 Months and the other being Home Equity Loan. I prefer the Visa Card. However, my concern is that it is going to show as revolving credit and will put my debt to credit ratio in a very uncomfortable place.

I also have a car that is about 12 years old and it's on it's last wheel. I'm not sure how long it will last and will probably be needing a new car soon. I'm hoping it will last me until February of next year, as this is when my late payments (30 Days Late November 2007-60 Days Late in December 2007& January2008) on my last car loan will fall off. Those are the only degrogitory marks on my credit report (6Years5Months ago). So, I will probably need a good credit score and flawless payment history to get a good loan(i'm assuming). I also have about $13,000 in student loans which is somehow more than the original loan amount (I think this happened when they were in forebearance as i was in school full time.

Okay, so the reason for my post is do any of you have any idea on whether or not I would be approved for 14k-16k with my current credit scores and history? I don't know a great deal about how credit works. I've recently been making myself aware of what I have credit wise.
Ex-739
EQ-723
TU-736

I am terrified of applying for credit and being denied because I don't want a hit on my credit and not have an account to go along with it. I applied for solar back in January of this year (2014) and was denied (only inquiry within the last 12 mo.-There are 11 other inquiries and 3 of those will fall off by sep). Mind you my uitilazation was crazy high and my credit score was 604. So, I've paid off all of my credit cards to get my utilization as low as possible (0%) and raised my scores to what I've listed above. Just to give you an idea of my credit portfolio (hmmm, first time ever using those words together).

Wells Fargo Platinum Visa-$3700
Cap1 Mastercard-$500 ($2.70 Balance)
Chase Visa-$700
American Eagle Visa-$4000
GAP Visa-$5500
Lowes-$1700
Home Depot-$900
Macy's-$900
Shell Gas-$800
Kohls-$800
JCP-500 (I think I got a letter in the mail stating my limit will be increased to $8300 in August of 2014)
Sears-$3250
Best Buy-$1200
Amazon-$2000
Living Spaces$3500
Care Credit-$1000
Any insight you may have would be greatly appreicated. If you have other alternative suggestions about financing my HVAC A/C unit, it would be greatly appreciated, also.

on yeah, one more thing... Love being a part of the MYFICO COMMUNITY!

Is there any chance you can buy into a home warranty for your exisiting home or perhaps you already have one that covers your A/C?? If it hasn't hit the bricks completely is there any chance you can find a stop-gap solution to buy yourself enough time for a home warranty?

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 20:22:51 GMT

Thank you IWOL for responding. Trane has a special promotion 0% for 15 Months. After that interest will be charged from inception of the purchase. That's the only catch with that promotion. They do have other promotions that are similar to yours utilizing a fixed rate until loan is paid off, with minimum payment of course. The HVAC system is is a Trane XV80 and XV20I 4 Ton system. It's on the premium side with a 20SEER RATING. I looked t Lowes however, they do not have premium Variable speed systems. I think they only go up to 2-Stage systems. I suppose if I get something similar to your approved amount, I can put the rest on my credit card but just thinking about doing that makes me cringe, as the interest rates are crazy high.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 20:28:10 GMT

Well, I was told that there is a leak in the line and i'm leaking freon. The tech said he could refill it. But that's 400 I could use towards a new one, in my opinion. The main reason for getting a new system is to get away from the 8SEER Rating that I currently have. I have a husky and live in a part of California where temps hit 100+ during the summer months. I can't leave my dog in the house in those conditions and will need to run my AC for her. So, getting a new system would assist with the cost of elecricity. I was going to get solar as i first mentioned but I want to wait to see what kind of system i will need with the new HVAC system instead of using the old one as a guide to determin my energy usage. My goal is to leave the A/C set at a particular tempreture and never turn it off. I can't do that with the system I have now. I would lose my house paying those high utility bills. No bueno!

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 20:31:59 GMT

When you applied did they ask you how much the job was or was it just an amount they gave you based on your credit?

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

hajew86 — Tue, 15 Jul 2014 20:40:43 GMT

@ZMBPHD wrote:
Well, I was told that there is a leak in the line and i'm leaking freon. The tech said he could refill it. But that's 400 I could use towards a new one, in my opinion. The main reason for getting a new system is to get away from the 8SEER Rating that I currently have. I have a husky and live in a part of California where temps hit 100+ during the summer months. I can't leave my dog in the house in those conditions and will need to run my AC for her. So, getting a new system would assist with the cost of elecricity. I was going to get solar as i first mentioned but I want to wait to see what kind of system i will need with the new HVAC system instead of using the old one as a guide to determin my energy usage. My goal is to leave the A/C set at a particular tempreture and never turn it off. I can't do that with the system I have now. I would lose my house paying those high utility bills. No bueno!

No bueno indeed. I live in AZ myself, so I understand completely about pet's inside the house in the summer. You definetly need a more up-to-date energy efficient system, and of course updating your insulation(if you haven't already done that) will help overall. It just sucks the home warranty isnt an option.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

JSS3 — Tue, 15 Jul 2014 20:52:55 GMT

My boiler broke in March and I was approved by Wells Fargo for the amount of the job(7,700) @12.99%. The application was submitted by my HVAC company. My scores were roughly the same as yours at the time. It does show up as revolving and definitely tanks your scores. HA!

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

IWOL — Tue, 15 Jul 2014 20:55:01 GMT

@ZMBPHD wrote:
When you applied did they ask you how much the job was or was it just an amount they gave you based on your credit?

They did not ask for an amount when I applied. If you get an approval I dont think the Home Projects Visa will approve for much less than that since it is specifically geared to large home purchases.

Be careful with the 0% offer if you cant pay it off in 15 months becuase its probably a deferred interst offer and then if not paid in full all the deffered interest will be charged and the rate after the 15 months probbaly goes up to like 20+%

My total purchase was $8200. The monthly payment is $133, 9.99% interest until paid off. I have been paying mine off at about $400 a month. Once I get it down to around $4000 I will transfer the balance to my Fidelity Amex which offers 1.99% until Decmber 2016 or 0% until December 2015.

You may want to consider an option like that depending on how quickly you plan to pay it off. You could use the HPV to finance the initial purchase and then trasnfer the balance later to a 0% interest card if you have any existing offers or apply for a new card that has a 15 or 18 month offer.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 20:56:15 GMT

I'm not familar with home warranty's. I had one for a year when I first bought the house two years ago. I called for a plumbing issue and i still had to pay 375 our of my pocket due to the type of service not being covered under the warranty. That's my only experience with home warranty and it wasn't a good one. Not to say that there arent good ones out there. Needless to say, I opted out of continued covereage. But, I don't think they would replace an entire unit if there were only a leak involved and I need a newer system with a higher SEER rating. The house is a GREEN HOME. So, it has brand new insulation among other things. The only thing that wasn't updated was the A/C. Other than that, it has new windows, has been sealed air tight, and has reflective shingling. usually the indoor tempretures are 20 degrees cooler than outside. That's why I think with a new system, I would be set!

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

JSS3 — Tue, 15 Jul 2014 21:00:12 GMT

I have a home warranty. I always have to pay a fee for the service call alone. When something breaks, they'll only give you a capped amount. In my case it was $1,500.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 21:00:34 GMT

Whew! 12.99%? Isnt that high? I mean, it's not as high as my credit cards which are minimum 22.99%. I suppose my fear is only being approved for partial and not an amount that would be for the entire amount of the job. being that I just paid off all of my credit cards, my savings is.... Let's just say Suze Orman would be very disapointed at the dollar amount and all I would hear is DEEEEEEEEEENIIIIIIIIIIIIIIIED!

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

JSS3 — Tue, 15 Jul 2014 21:03:15 GMT

@ZMBPHD wrote:
Whew! 12.99%? Isnt that high? I mean, it's not as high as my credit cards which are minimum 22.99%. I suppose my fear is only being approved for partial and not an amount that would be for the entire amount of the job. being that I just paid off all of my credit cards, my savings is.... Let's just say Suze Orman would be very disapointed at the dollar amount and all I would hear is DEEEEEEEEEENIIIIIIIIIIIIIIIED!

Desperate times, my friend.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

IWOL — Tue, 15 Jul 2014 21:03:24 GMT

@ZMBPHD wrote:
I'm not familar with home warranty's. I had one for a year when I first bought the house two years ago. I called for a plumbing issue and i still had to pay 375 our of my pocket due to the type of service not being covered under the warranty. That's my only experience with home warranty and it wasn't a good one. Not to say that there arent good ones out there. Needless to say, I opted out of continued covereage. But, I don't think they would replace an entire unit if there were only a leak involved and I need a newer system with a higher SEER rating. The house is a GREEN HOME. So, it has brand new insulation among other things. The only thing that wasn't updated was the A/C. Other than that, it has new windows, has been sealed air tight, and has reflective shingling. usually the indoor tempretures are 20 degrees cooler than outside. That's why I think with a new system, I would be set!

I live in LA so it also gets into the 100's for a few weeks here, so a good AC is a priority for me. I have a very good home warranty, the problem is with AC units is they will keep repairing it and it will just keep breaking. They usually take a few days to come out and then a few more days to get the parts etc. When its 107 outside and you have to wait 6 day sto get a repair its not fun. I had mine repaired uisng the home waranty an dit just broke down 3 more times and I had enough and just decided to buy a new unit.

Ive had my new unit for about 6 months now and for one my place gets cooler much faster and my electric bill was cut in half. The savings form the more efficient unit will just about pay the entire cost in 2 years from reduced electric bills.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

IWOL — Tue, 15 Jul 2014 21:13:36 GMT

@ZMBPHD wrote:
Whew! 12.99%? Isnt that high? I mean, it's not as high as my credit cards which are minimum 22.99%. I suppose my fear is only being approved for partial and not an amount that would be for the entire amount of the job. being that I just paid off all of my credit cards, my savings is.... Let's just say Suze Orman would be very disapointed at the dollar amount and all I would hear is DEEEEEEEEEENIIIIIIIIIIIIIIIED!

I think the best thing to do is figure out how quickly you can pay it off.

If you finance say $14K and you can get 9.99% rate with minimum payment being around 2% of the total, monthly payment will be around $280.

Lets say you can pay it down at $500 per month. That will take around 2 years and 5 months to pay off and your interest cost will come in around $2500.

Thats quite a bit of interest to pay, even with doubling the minimum but its not terrible if you need an AC and no other options.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

-Wade- — Tue, 15 Jul 2014 21:19:29 GMT

@ZMBPHD wrote:
Thank you IWOL for responding. Trane has a special promotion 0% for 15 Months. After that interest will be charged from inception of the purchase. That's the only catch with that promotion. They do have other promotions that are similar to yours utilizing a fixed rate until loan is paid off, with minimum payment of course. The HVAC system is is a Trane XV80 and XV20I 4 Ton system. It's on the premium side with a 20SEER RATING. I looked t Lowes however, they do not have premium Variable speed systems. I think they only go up to 2-Stage systems. I suppose if I get something similar to your approved amount, I can put the rest on my credit card but just thinking about doing that makes me cringe, as the interest rates are crazy high.

My cousin is a HVAC expert and he told they were haqving a lot of trouble with the Trane units. I just got a new unit that he put in 2 years ago and it was a Goodman Unit. You may want to check with a Goodman unit.

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 21:23:40 GMT

I live in the Los Angeles area. Pacoima to be exact. I can pay down 15k in 10 months. The sooner the better since I would need this loan to disapear before I apply for an Auto loan (to get the best rate possible that is)

Re: Will I be approved for Wells Fargo Home Pojects Visa or Home Equity Loan

ZMBPHD — Tue, 15 Jul 2014 21:55:57 GMT

yes, I have heard about Goodman systems, too. I inquired about the decline in trane reliability. I was able to find out why from 2007-2010 they were having excellent reviews and then all of a sudden from 2011-2014 the reviews on their equipment went down drastically. This was a time when they were trying to compete with competitors in terms of SEER ratings and they were making models for each. they focused on quanitity rather than quality. Due to that they have cut out many of their models and focused on a hand full of them. So, your cousin is right in terms of the quality of their product not being good, for a time. They have since then rebounded from that mistake of trying to keep up with evereyone else and focus on what they did best in the begining, which is making a high quality product. I would go with goodman but they just don't have many of the features I am looking for. oh yeah, one more thing about TRANE. back, when their quality went down, it was due to letting non-authorized dealers intsall their systems. Now, the only way to get high end systems is to go through those who are allowed to have an account with them. There is a minimum of $75,000 worth of merchandise a dealer has to purchase from TRANE in order to sell their high end products and they must have certain training ( on a regular basis to ensure the techs know how to install to factory specifications). I've also learned that the reason why people have problems with their systems is due to errors made by the installer. This made my job even more difficult in finding a good dealer / installer. This is the reason why my quotes were so high. The dealers I contacted had the hightest ratings on yelp and angies list. I'm also having an additional return register put in and moving the compressor to another location due to the newer model being very tall. The current compressor sits under a bedroom window and I don't want it there for resale purposes. By the time I sell this house, it will have a brand new A/C system that they can brag about and a solar system that would ensure they will never recieve a bill from the power company again.