We’re trying to renovate (add bedroom and bathroom) and then refinance our house. We are broken even on the mortgage right now (we owe $ 220, house appraised at $ 220), but we did an “as completed” appraisal that factored in the plans for the added bedroom and bathroom. The “as completed appraisal” came in at $ 280K, so we want to borrow about $ 10K to do the renovation. I’ve considered trying to do this with a Lowes card by calling for a CL increase, but then I got something in the mail from Lending Club. The rates are much lower of course, but I have no idea about approval. That’s the good and the bad, here’s the ugly:
We had a CH7 BK discharged two years ago. We are back on our feet, working, income is good, etc…here are our credit scores (mine and my wife’s are almost identical):
Equifax – 680
Transunion – 675
Experian – 700
Do we have a shot at getting approved? Would it be a better option than the Lowes card? Remember, the idea would be to only pay minimum payments during construction, and then pay it off by taking cash out when we refi.