I have storm damage in home from roof collapsing in bathroom. I paid to have roof immediately fixed but still need 3-4k worth of repairs inside that ive been putting off. (it's not master bath and put funds elsewhere). I probably have another 2k worth of repairs of minor things I want to do before refi and new appraisal. I was just going to spend money out of pocket but I want to know if getting 5-6k loan for 12 months would be a better route? Would this hurt my refi next year (I will have it paid off before refi)? From what I'm reading it should help my credit score.
I have a mortgage but it's not traditional. It's through family member and doesn't report or show up in report. I was considering personal loan. The only installment loan I have is my car and student loans.
@pizzadude wrote:
@Duncanrr wrote:
I have storm damage in home from roof collapsing in bathroom. I paid to have roof immediately fixed but still need 3-4k worth of repairs inside that ive been putting off. (it's not master bath and put funds elsewhere). I probably have another 2k worth of repairs of minor things I want to do before refi and new appraisal. I was just going to spend money out of pocket but I want to know if getting 5-6k loan for 12 months would be a better route? Would this hurt my refi next year (I will have it paid off before refi)? From what I'm reading it should help my credit score.Are you considering a home equity loan or a personal/unsecured loan ? Assuming that you already have a mortgage and/or other installment loans reporting, it really won't boost your FICO score to add another one if the new loan reports as an installment loan.