@Charmante wrote:
Cause I don't know how.
I live in a town of 5,000 people.
We have 2 banks. Both tiny local banks.
Neither offer Home Improvement Loans. Only Home Equity Loans.
The current equity is not sufficient to do the remodel.
Their personal loans really cap out at $10,000 unless you have AMAZING 800+ credit and huge income stats; very conservative banks.
SO my plan is to put all materials on credit, pay for labor out of pocket, THEN after the remodel, get a Home Equity Loan to Pay Off cards, replace my depleted savings (from paying labor costs), and pay off my student loans and bills into One Payment.
I know where you're coming from, as I have had that same dilemma. I own a small cottage style house out in the Country that needs serious updateing in order to sell or even get a HELOC on. While I don't owe anything on it the market value isn't high enough to get a loan to cover the cost for needed upgrades. So I would have to get a personal loan or use CC to cover the expense. Which is one reason why I went to a CU for a CC, lower rates and you can in most cases request what you want the SL to be. Though it will depend on profile and income, but if not approved for the amount you want it can always be negotiated until you reach an approved limit. Personal Bankers can help a lot here.
You might also look into the Project Loan Master Card from Home Depot, the terms and rates are much better than regular cards.
If you cannot get the whole amount all at once then try breakig the job down into manageable sections, that can either be paid with lower CL cards or Loans. I would suggest loans over CC because the are fixed payments over time, where CC you can fall into the trap of only paying minimums and continuing to charge more on them.
Best of luck to you.
