Aware me on personal line of credits

Polski

Polski

New member
I was pre-approved for 10k at 7% without any collateral. I want to set some appointments up and negotiate the terms.

Can someone tell me what kind of rate/limit I can aim for? I have a TDS of ~16% and R1 credit

I'm with RBC at the moment. I wanted to get some insight before speaking to an adviser there.
 
Polski said:
i was pre-approved for 10k at 7% without any collateral. I want to set some appointments up and negotiate the terms.

Can someone tell me what kind of rate/limit I can aim for? I have a TDS of ~16% and R1 credit

I'm with RBC at the moment. I wanted to get some insight before speaking to an adviser there.
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Lol I'd like to see that appointement. "Some guy on MR told me that ..."
 
I had the same kind of pre-approval with CIBC @ 6.9% interest. I took an appointment and they said the rate was not negociable until next year. I took it anyway, didn't put anything on it and will wait til next year for a better rate.
 
ahahah tellement.

Vas voir 2 autres banques, c'est la seule façon d'avoir l'heure juste.
 
I usually go see this guy

loan-shark.jpg
 
I have 2 un-collateralized lines of credit (Scotia + RBC) with substantial limits (all undrawn) @ ~5%.
 
I guess you dont own a condo or a house... Because a mortgage line of credit (marge hypothécaire) is usually much more flexible if you have a good chunk of your equity paid off.

I dont know what " TDS of ~16% and R1 credit " means but if you have no collateral, I guess 6 to 7% is probably right.

This is not directed specifically at you but a good rule for others : Lines of credit are a good way to clear Credit card debts and then you pay off Line of credit faster then on CC. The important thing is to cut and throw away a few of those CC when you transfer your debt over.
 
TD Bank - no collateral or insurance or whatever else comes with these
had it for many many years. I think it started at 7.5% actually, a few times i've asked to drop it, now it's at 5.85%
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my credit score is +800 if it matters.
 
4.5% line of credit from mortgage collateral of 150.000$. No quartz counters so no use for me although I might take a few grand this summer to change my shower that's starting to leak and close off my carport.
 
I make more than half-milion dollars a year, have 900 of credit score and have more than 1.5 M in assets. My mortgage is at 1.9% but I'm paying it entirely this year. My line of credit is at 2%.

justatypicalmrthing.jpg
 
nickhd said:
I make more than half-milion dollars a year, have 900 of credit score and have more than 1.5 M in assets. My mortgage is at 1.9% but I'm paying it entirely this year. My line of credit is at 2%.

justatypicalmrthing.jpg
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such nice, very envy, wow, very good.
 
This has been quite fruitful, after disregarding the outliers such as nickhd and those that get prime from their employer, I have a pretty good idea of what is possible.
I'll update the outcome when I get concrete answers from the banks.


Thank you guys!

Appreciate everyone's insight, no matter how far off it is of my own financial situation :bigup:
 
srs question : why would you want a line of credit with no-collateral since the rate is higher and the limit is lower?
 
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