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