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No annual fee —The project loan doesn’t come with an annual fee. Compensation may factor into how and where products appear on our platform . But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.
A Home Depot store credit is given to you when you have purchased something and returned it without having your proof of purchase. When the return does not qualify for you to get your money back, Home Depot will provide you with a store credit. A Home Depot store can offer you an “in-store credit” allowing you to use that credit to purchase something within the store. Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available.
Do Home Depot do a soft pull?
If you have specific questions about the accessibility of this site, or need assistance with using this site, contact us. California loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-78868. You may also be asked to provide additional identifying documentation that supports the information you provide in your application, such as a driver’s license. Co-applicant allowed —If you want to include someone else on your application, you can add one co-applicant.
The Lowe's Advantage Credit Card is reported to be among the more difficult store cards to get, generally preferring applicants with "fair" credit or better . While you can apply for the Lowe's card online, it's recommended that you apply in-store to take advantage of the one-time signup offer. You need to establish a credit score of around 640 points to qualify for the Home Depot store credit card.
Getting Approved For A Home Depot Credit Card
The Home Depot system will automatically select one of these credit unions to pass a credit check through upon application. The Home Depot project loan offers some customers with a convenient opportunity to receive a line of credit with a fixed rate. This particular characteristic makes it easier for applicants to review their future monthly payments. Other than the special offers, dont expect any perks like rewards points or cash back with this card. If you use a credit card responsibly, a card that offers cash back or rewards points might be a better option than a store card unless the promotional offers are appealing to you.
Both Home Depot credit cards are store cards, meaning they can be used only at Home Depot. Their 640+ credit score requirement is consistent with that of other store credit cards. The loan is somewhat similar to a credit card as it provides a line of credit. However, the significant difference in the product is the continuous credit line.
A closer look at a Home Depot project loan
GreenSky is a financing platform that services loans to fund home improvement projects on behalf of more than a dozen banks in the U.S. Borrowers with at least fair credit, or a credit score of at least 650, are the best candidates for a GreenSky Direct Home Improvement Loan if you have poor credit, you wont qualify. For the typical consumer, the Home Depot® Credit Card offers limited usefulness. That’s frequently the case with store credit cards, but most of them at least earn rewards points or cash back. In the past, a Home Depot store credit cards balance check could have been done over the phone but that’s no longer an option.
During special promotional periods, you may qualify for up to 24 months of no interest on certain larger purchases. The Home Depot card offers APRs of 17.99%, 21.99%, 25.99%, or 26.99%, based on creditworthiness. The card comes with the standard 25-day grace period and late payment fees can be up to $40.
Where can I check my credit score?
The way you do a Home Depot store credit balance check is by going into a Home Depot store and asking for a cashier to give you your balance. It’s also worth mentioning that you cannot use a Home Depot credit card to purchase gift cards either as they are managed by third parties. Otherwise, you’ll need to get your gift cards by paying for them in cash, using your credit card , or even PayPal. On the other hand, Home Depot does not offer any online platform or tools allowing you to check how much credit you have to make purchases in a store.
In most cases, in-store credit is offered when you return something and you do not have valid proof of purchase to get your money back. Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution.
Make sure you have a plan to pay off your balance in full during the financing period, because once its done your balance will be subject to the ongoing variable 17.99%-26.99% APR. Insurance related services offered through Credit Karma Insurance Services, LLC, which does business in some states as Karma Insurance Services, LLC. If you’re planning a big home improvement project, like a kitchen remodel, and you’re loyal to Home Depot, this loan might make sense for you. But if you prefer to use other contractors or materials, other financing might be a better option. And unlike a home equity loan orhome equity line of credit, you won’t have to put up any collateral when you apply. LoanDepot doesn’t have any published eligibility requirements for its home equity loan.
Although you can always ask for a loan at the bank, it is a lot of hassle. But if the renovation cost is not that high, then there are others ways to pay for the renovation. Even though it is the largest home improvement retailer in this country, it also offers other services. In case you need tools, construction equipment, or some other service like repair, fixtures, etc. And other Home Depot branded, co-branded or store products online, but you can also apply in person at any Home Depot store. Since eligibility is based on creditworthiness, a credit check will be run before approval is granted and approval is not guaranteed.
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