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line of credit

  1. Applying for multiple credit in a short time

    General Personal Finance Talk
    Hi guys, so I know that applying for multiple credit in a short amount of time can signal increased risk to creditors but what if you were pre-approved for a line of credit with one bank and accept it, and then apply for another line of credit right after at a different bank? Will this also...
  2. Which bank/credit union has the easiest requirements for a LoC?

    General Personal Finance Talk
    Easiest Line of Credit? Hi guys so I just got a job (at Scotiabank) - do you guys know which banks or credit unions give you a line of credit (LoC) for the least requirements? I'll obviously try it with Scotiabank soon but I called RBC earlier (the bank I've been with for 7+ years) and they...
  3. Shopping for more credit and impact on credit score

    Real Estate
    Hi everyone, I am looking at trying to get more line of credit headroom (currently only have a 30k one) mainly for the flexibility it allows me for deals and emergency funds and I remember reading a forum post somewhere in which the person said she booked appointment with as many banks and...
  4. Line of Credit interest rates

    General Personal Finance Talk
    Hey everyone, Just curious about what everyone else's current interest rates are on their line of credits. I have an unsecured personal LOC at Scotiabank with an interest rate of 5.95% (prime +2.5) with a credit score above 790. I'm thinking this is a good rate but I'm not really sure so...
  5. Why need for minimum payment on line of credit that still has available funds?

    General Personal Finance Talk
    Hi All, Why do banks require a minimum monthly payment on a line of credit that still has available funds? I find myself in the situation where interest is charged each month and debited to my account. I then have to transfer money from my line of credit to my chequing account, and then back to...
  6. If I quit job, will bank demand repayment of line of credit?

    General Personal Finance Talk
    Hi there, I am considering quitting my job to travel for a few months before starting my own business (start-up costs will be very low). I currently have a line of credit with ~$25,000.00 outstanding. Will the bank notice the lack of employment income deposits in my account and move for full...
  7. Borrow 2 invest - good idea?

    Investing
    Hi, I have access to a line of credit with my bank at 7.31%. I was thinking of taking out some money and use it to invest in an etf like XML (ISHARES EDGE MSCI MIN VOL EAFE INDEX ETF (CAD-HEDGED)) which pays 8.1% in dividends (MER 0.37%) and use the dividend payments to pay off the monthly...
  8. Transunion credit score of 700 and LOC utilization

    General Personal Finance Talk
    All... looking for some feedback from the group. I was recently declined for a credit card, much to my surprise. I'm under 35 years old, earn over $150K, have paid off my mortgage (no mean feet in GTA), always pay off credit cards and bills on time without accruing interest and have no other...
  9. Secured Line of Credit - What is a good rate?

    General Personal Finance Talk
    What is a good rate for a secured line of credit these days? Could I get something at Prime, or P-0.5? I dont want to pay lots of money to get it setup either. I already have an unsecured line of credit at P+3% which I would get rid of if I could get secured line of credit setup for under $200...
  10. Borrowing to invest, via LoC: My strategy

    Investing
    Hi there, I'm a big fan of this forum, though this is my first post... I'd like to take out a line of credit loan to borrow money to invest in relatively stable Canadian dividend stocks. My question is how would I go about to get a low line of credit? Any recommendations for a particular big...
  11. Purchasing Parents Rental Property

    Real Estate
    Hello, I am new to these forums but after reading some of the threads I have decided to seek some advice on my home buying situation. I have never owned a home but I have been saving for a down payment for some time. I am 25 years old and I currently pay rent in a home my parents purchased...
  12. Trying to crunch some numbers !!!!

    General Personal Finance Talk
    Here is a question for any one here with good calculating skills. We're currently working on wiping out our debt and not sure which would be better to pay off first. Two debts owning are: Home mortgage of $72,000 at 5.31% locked in until 2016 with payments of $303.44 bi-weekly. Annual...
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