Project Loan Home Depot

[Cory88]

Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

[SoCalGardener]

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@Cory88 wrote:

Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

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It's a Mastercard, but a loan... Here's the information on their site about it! It explains everything.

[Anonymous]

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@Cory88 wrote:

Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

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Something that might be usefull is upgrade visa. I just read something about it that might work similar to the loan project.

Good luck

[OmarGB9]

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@Anonymous wrote:

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@Cory88 wrote:

Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

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Something that might be usefull is upgrade visa. I just read something about it that might work similar to the loan project.

Good luck

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Upgrade visa is basically a debit card...its credit limit is based on your bank account info...no thanks.

[Anonymous]

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@OmarGB9 wrote:

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@Anonymous wrote:

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@Cory88 wrote:

Does anyone know anything about this card? Is it a one time loan and need to reapply later for new loan?

---

Something that might be usefull is upgrade visa. I just read something about it that might work similar to the loan project.

Good luck

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Upgrade visa is basically a debit card...its credit limit is based on your bank account info...no thanks.

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We might be talking about two different things. I read about this morning and it is a soft pull to start then a hard pull once you are approved. I have acutally received mailers on them, and they mentioned a credit card that works like an installment loan with the option of 1.5% cash back reward.

Here are a couple of links

https://www.upgrade.com/upgrade-card/

https://www.upgrade.com/

https://www.askmrcreditcard.com/upgrade/card/

please tell me what you think after reading about them. Please also let me know if it is a debit card. I could be wrong.

[Harvey26]

@Cory88 As a former HD associate project loan is through GreenSky Financing Program and greensky pulls your credit once and then multiple banks look at that one report and then a lender will be chosen to fund your loan. Most common banks I have seen are Truist formerly Suntrust and Synvous Bank. You will be given a maximum loan amount and then you will use the mastercard until the purchase window expires and then you will pay down from there. 

[CBetc]

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@Harvey26 wrote:

@Cory88 As a former HD associate project loan is through GreenSky Financing Program and greensky pulls your credit once and then multiple banks look at that one report and then a lender will be chosen to fund your loan. Most common banks I have seen are Truist formerly Suntrust and Synvous Bank. You will be given a maximum loan amount and then you will use the mastercard until the purchase window expires and then you will pay down from there. 

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Do you happen to know if this gets coded as a dreaded Consumer Finance Account, or is it more just a general installment loan?

[Harvey26]

@CBetc from personal experince my mother has used them it reported as an installment loan like a personal loan. 

[Anonymous]

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@Harvey26 wrote:

@CBetc from personal experince my mother has used them it reported as an installment loan like a personal loan. 

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That is good news, if more have experience this please do share. It is much better to not have a loan report as a consumer finance loan from what I have heard.

[Anonymous]

I know most people consider the normal Home Depot "normal" credit card to be about worthless.

One of the other options is Home Depot Project Loan Card. The loan amounts can go fairly high.

I also notice you can fill in the amount you want "optionally". I find that weird. Do they just determine what they're giving you regardless, based on your credit factors?

I would be sorely disappointed if the amount granted was something like $5,000..... kind of pointless, if so.

My combined total credit right now is $20,000. I'd like to get about $25,000 on this Project Loan Card. Is that even possible?

MY FICO 8s are: EXP 770 / TU 775 / EQ 773.

BankCard2 EXP 762 / BankCard4 TU 751 / BankCard5 EQ 768.

Wondering if anyone else has experience using it, and the pros / cons ?

Thanks.