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View Full Version : Getting line of credit and new cc at the same time?



beecue
09-20-2014, 09:58 AM
Just wondering if it would be ok to do this? I don't need the LOC but I figure it would be good to have in case I ever need it. I also have a pre-approved offer from Scotia for the Scene Visa card that I can accept until Nov.

Hallowed_point
09-20-2014, 10:51 AM
Do you have really really good willpower to not blow money on clothes and car parts etc? I wouldn't get both if I were you..too much temptation.

egmilano
09-20-2014, 11:15 AM
go for the cc, loc if you plan on making a purchase over a couple grand and need time to pay it off :dunno:

Darkane
09-20-2014, 11:28 AM
Id skip the card and just do the LOC if you plan to hold a balance.

With Scotia personal LOC they can go as low as 4.3% so remeber that.

killramos
09-20-2014, 11:34 AM
If you are talking about this on an approval basis I wouldn't worry to much. Both are pretty routine.

If you were talking about getting car financing or mortgage at the same time then it might be a good time to pull a credit report to see.

beecue
09-20-2014, 11:39 AM
I don't plan on using the LOC. I just want it in case something comes up like purchasing a car. The CC I will only be using at the theatres. I go there so often that I think it will be worth.

I currently have a CIBC dividend card which I use for pretty much everything. I figured since the Scene card is pre-approved I might as well get it to have 2 cards. I would be getting the LOC from CIBC as well. I wish I had got the LOC when they pre-approved me for one a while ago.

Do you take a credit hit applying for LOC?

Zhariak
09-20-2014, 11:44 AM
I'd go for both...

Accepting both will have an effect on your credit. But to build it up quickly (higher then before you accepted them):

-Charge a couple grand to both, then at the end of the month pay both off completely. Do this for 3 months. The higher amount the better, but remember to COMPLETELY pay both off after you receive your statement.
-Then if you don't need either, don't use it for a month or two.

It might take 3-5 months, but if you do this you're FICO should be higher then before you got both the LoC and the CC.

beecue
09-20-2014, 11:51 AM
I just paid for equifax because I was curious. My credit score is 793.

sabad66
09-20-2014, 12:22 PM
Have you gone to home depot at all within the last 6 months? If so, you could have got that Equifax premier free for a year instead of paying. Details here:
https://homedepot.allclearid.com/

But anyways, your credit score is pretty high. I wouldn't worry about the credit hit that comes with a LOC application... do both IMO.

beecue
09-20-2014, 08:48 PM
Sounds good. Does the amount for line of credit affect anything? I will ask for 15-20k probably. If I don't use it all is it fine? I can charge everything to the new CC for a bit but I don't plan on buying anything substantial in the near future.

J-D
09-21-2014, 03:32 PM
I think MBNA has one of these combined ones - effectively it's just a low interest credit card. I think the APR is around 6% which is higher than most LOCs though.

Cooked Rice
09-21-2014, 04:24 PM
Take the LOC. Unless the Scene Visa would be a benefit to you (ie. movies) then I'd skip the card, if your existing CC is with Scotia, maybe ask them if they can take the credit amt they pre-approved you for and have it put on your existing credit card, this would allow you to increase the limit on your existing card without taking the hard hit.