Home Depot Project Loan Card

[Sheikster405]

I have searched this forum for information on the Home Depot Project Loan Card but haven't found anything. Don't know where to post so i'll leave it here.

Does anyone have one of these?

I tried applying for one to fund my shed build project but was denied. I have decent credit and never have any problem getting solid rates on loans. So I'm wondering what their criteria is.

 

[Richard Cranium]

never even heard of it, Sorry.

 

[Spn1025]

same, never heard of it. Only thing I know is the credit card.

Anyway, here it is:

http://www.homedepot.com/c/Project_Loan

 

[Sheikster405]

I was attracted to it because of the fairly low interest rate and no prepayment penalty. I got denied and so did someone else in my house who has good credit (720+)

 

[MyHybridBurnsGasandTires]

You'd be better off getting a real credit card with 0% intro for 12-15-18 months.

https://www.nerdwallet.com/the-best-credit-cards

store cards are bad because you're stuck spending money at one particular store.

 

[bmwpowere36m3]

It's not just credit score, it's income and total "debt" (i.e., what you currently owe in mortgage, car loans, etc...).

 

[bmwpowere36m3]

I know of the Lowes program.

You must own your home or the lot for the build. Probably no existing second mortgage is allowed as that would make their loan a third mortgage. Basically you take them a plan and a material list and they front you a card... And a lien....
Sheds are portable. I'm thinking there's a clause about that.

BTW:
It is probable that a big bank is the owner of the loan/card and home depot is just the place you apply.
Decent credit is not a good thing when asking for a loan.
Low debt to income ratios and excellent credit is a good thing.
720 and limited history is not good credit.
720 and a 20 year history is second tier, sometimes third.
720, a 20 year history and no job... is a lowly thing to try to get credit with.
Credit scores aren't meaningless. The way the public percieves them is meaningless.
A loan is asking for a favor. Maybe a mutually beneficial favor, but still a favor.

+1

Also ever since the housing/economy collapse/down-turn lenders are more cautious with loans and their requirements are stricter. I remember apply for a cc during college a few years ago, granted I had a decent paying coop job... they offered something like 15k limit to START.

 

[Sheikster405]

I understand debt to income ratio. Mine is under 30% which I think is acceptable.

So nobody here has one? Or has applied and been denied?

 

[HomeDepotRob]

I understand debt to income ratio. Mine is under 30% which I think is acceptable.

So nobody here has one? Or has applied and been denied?

I was approved for it. Haven't used it though because I found better home improvement financing deals through my bank. And my credit score is lower than yours. But I own my home outright, no mortgage. I think that was the deciding factor, that they want homeowners with a lot of equity in their homes. But under 30% sound like more than enough to meet a reasonable threshold. SO maybe it was other things?

 

[Sheikster405]

... Made on The Home Depot or EXPO Design Center Consumer Credit Card, 17.99% - 26.99% APR.

Direct cut and paste from their website.
You piqued my interest enough for me to take a look.

That's the rate on the card you're asking about.
I'm not sure what the answer to your question would resolve for you.
Do you own your home?
The phrase 'someone else in my house' is confusing me.

Those rates are for the Consumer Credit Card. The Project Loan Card is different. They fund the card with whatever amount you request and then you have 6 months to spend it. You make set monthly payments

http://www.homedepot.com/c/Project_Loan

The "someone else in my house" is referring to my brother who lives with me.

 

[jd_1138]

Maybe try your credit union or bank for a loan.

What kind of shed are you looking to build? Are you going to do the work yourself?

 

[Sheikster405]

Yes I am going to build the shed myself. It will be an 8x10 for a lawn mower and garden tools.

 

[socoj2]

With low to debt income ratio and a small project just get the home depot credit card and wait for an 18 months same as cash.

The project card probably has a 10k minimum credit line and thats why you are not getting approved your income doesnt equate to what the minimum the card is asking for.

 

[Catadj78]

I got the HD card when I bought my house a few years ago only because it was 0% for 12 months. I was remodeling bedrooms, living room before moving in. We are always getting coupons for 0% for 24 months if 1500 or more is spent at once. It's 0% for 3 months anytime over 299. Any bigger project I do I wait on another coupon. We have had the card 2 yrs and I am sure we have gotten at least 10 of the coupons. My score is about the same as yours