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Home Depot Project Loan Success!!

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Home Depot Project Loan Success!!

Wasn't sure where to post this so here we go....


Closed on a house on 3/35. Were doing some things to it before we move in. Including new appliances, etc. I REALLY didn't want a credit card fron Lowes or HD because it would probably have thrown my utilization into a tailspin and we worked too hard to get our score high enough for our mortgage.


That's when I discovered the HD Project Loan. Here's the details:

flat 7.9% if approved

it's an installment loan

goes 84mo


You have 6mo from the time of approval to shop and use your limit(or less), then the payments will start. I fouf this a much better option than the cards, even though I know you can get a 0% for 12-24/mo. I like what an installment loan does for my credit.


I was immediately approved for $5k ($77/mo). When I got home I called them and they increased my limit to $15k!!


Pretty awesome so I thought I would share.


They pulled Eq. I was at 712



Message 1 of 4
Community Leader
Super Contributor

Re: Home Depot Project Loan Success!!

Congratulations on closing on your new home and getting the HD project loan. Kudos for increasing the CL. 


Just a FYI. Since you already have the mortgage, another installment loan won’t increase scores. 

GOALS: Garden til APR 2020 and 800 Club

SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 4
Regular Contributor

Re: Home Depot Project Loan Success!!

We used this to replace HVAC! I remember you from the mortgage board, so I'm commenting to RECOMMEND that if you don't use a zero-sum budget and have a hefty emergency fund, get a home warranty! We paid ~$55-60/mo for 3300 square feet and replaced 3 appliances. If we'd had it when we first bought the home, it would've covered the HVAC too Smiley Sad



Message 3 of 4

Re: Home Depot Project Loan Success!!

What home warrenty did you buy? I am in the market for one!!

Starting Score: 700
Current Score: 711
Goal Score: 850

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Message 4 of 4
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