@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
@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?
@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.
