I'm closing on a home in the next two weeks. In this market, we couldn't be picky and it does need some work. We're going to be able to cover a bunch of it with our savings, but we also don't want to blow through all of the savings just in case something comes up.
I bank with Wells Fargo and the savings is at a local credit union that I'm not too thrilled with. I have 4 credit cards, limits of $450, $500, $600, and $1000. I keep the balances under 20% (but aim for 10% and hope to be all zero except one by next month with a bonus from work). Besides the impending mortgage (~$1150/month with taxes and insurance) my only debt is student loans. I make about $57K a year. I recently cleaned up old medical debt from my credit report. FICO8 and FICO9 are all between 662 and 690. I don't know how much they'll fluctuate after closing. I do have a couple of late payments from a couple of years ago that I think I can get removed with a goodwill letter but haven't gotten around to it. What's my best bet for a loan to get some work done on the house? We haven't gotten estimates yet but I'm guessing around $15k. I've looked into Home Depot project loan/credit card, Lowe's credit card, and Wells Fargo personal loans but I'm unsure of which would be my best bet for applying after we close.
Unfortunately with the housing market the way it is a person cannot work said improvements into the cost via lowering the asking price etc.
So the burden does fall on squarely on the buyer after the fact and with limited credit resources it can be even tougher, I don't see you getting a $15K CL from any new accounts based on existing CL's, profile info and other debt obligations versus income. And just recently getting said Mortgage. You may have to put this expense on the back burner for a year or two to save up for it, or you could try tackling it little by little in smaller projects if possible.
Those two cards mentioned don't exactly hand out high SL to alot of people in the best of times let alone the current situation. If lucky you might see $5K on each one. The project card has nice terms and low rate compard to other APR's but it only gives you a window to use it before it locks up to further use. A loan would probably be your best bet for that amount, it's not a wise move to put that much in CC debt as it can really wreak havok on scores.
Lowes has some great credit promos.
0% up to 24 months
4-8% up to 60 months (something like that)
Huge CL are possible with scores under 720 (not SL but a lot of CLIs)
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