Unsecured LOC - what is a good rate right now?

[Zero102]

I'm wondering what sort of rates people are seeing on unsecured lines of credit? Right now we have a $10k unsecured LOC at prime + 2.25% at PC Financial and I was looking to raise the limit on the LOC to temporarily cover the cost of some renovations and am trying to figure out if the rate is reasonable or whether I should also be asking for a reduction there. We don't generally carry a balance, it has always just been for emergencies but we were looking at spending some money on the house then adjusting our financing to get the money back off the LOC. It's just for a few months so the rate doesn't really matter THAT much but I hate giving money to the bank.

[jacky4566]

That sounds like a reasonable rate to me. I currently have an unsecured student rate LOC at TD Prime Rate + 1.50%.

If you want a lower rate do you have any equity to put against it? Cars, toys?

[Xtrema]

Why not HELOC for renovation? You could be looking at a saving of 2%.

[tonytiger55]

For unsecured, rate is usually anywhere from 6 - 12 % at TD. The average being around 8/9%.

If your doing renovations, its not a bad idea to talk to the bank about getting a HELOC. The rate would be better and its generally a better suited product for the home reno's.

[gpomp]

My unsecured LOC at TD is 4.7% (prime +2)

[Mitsu3000gt]

I get offers in the mail all the time from TD offering me prime flat for a year, then it goes up to Prime +3% or whatever it is.

Since this is temporary, that sounds like something like that would be your best bet.

If you're paying more than 5.XX% or so for an unsecured LoC you're probably getting ripped off.

[chongkee_]

Originally posted by gpomp
My unsecured LOC at TD is 4.7% (prime +2)

Opened one from TD a month or so ago, got the same (prime + 1.9).

[ee2k]

+1.5 is what I have seen to be best for unsecured.

+.5 is what I have seen to be best for secured.

I have not seen any of the promotional one year or six month rates.

[Xtrema]

Originally posted by Mitsu3000gt
If you're paying more than 5.XX% or so for an unsecured LoC you're probably getting ripped off.

Or have not so good credit. Prime +1% to +2% should be the norm tho for unsecured. HELOC should be around Prime + or - 0.5%

[ee2k]

Originally posted by Xtrema


Or have not so good credit. Prime +1% to +2% should be the norm tho for unsecured. HELOC should be around Prime + or - 0.5%

This. Low interest rates are offered and/or negotiated based on merit.

[Zero102]

We are not doing a HELOC because we already have a mortgage on the property and although there is room left in the value of the property we have another way of paying it off in a couple months. First need to find out what the total cost is going to be because getting money out multiple times will be tough. It seemed simpler to just pay out of the LOC until we've finished the job then pay it back at the end. The total duration is likely to be just 2-3 months so getting then closing a HELOC would probably end up being a bad idea whereas the LOC we would just hang on to with the higher limit.

If prime + 1.5% is doing really well we're not bad at prime + 2.25% but I'll try to talk them down when we get the limit increased.

[ee2k]

If prime + 1.5% is doing really well we're not bad at prime + 2.25% but I'll try to talk them down when we get the limit increased. [/B]

If you intend to repay within a couple of months and not carry a balance, then the difference between 1.5 and 2.25 is negligible, and at times, worth not touching especially if your credit inquiries have had activity in recent times. If you were to keep a balance like $30000 for a few years, then every little bit counts. Also worth negotiating better rate if you're updating the LOC amount.

I personally can't be bothered by it for a couple of months.

[Zero102]

Originally posted by ee2k


If you intend to repay within a couple of months and not carry a balance, then the difference between 1.5 and 2.25 is negligible, and at times, worth not touching especially if your credit inquiries have had activity in recent times. If you were to keep a balance like $30000 for a few years, then every little bit counts. Also worth negotiating better rate if you're updating the LOC amount.

I personally can't be bothered by it for a couple of months.

A fair point but we need the limit raised anyway, I figured I would ask while I had them whether they would lower the rate but I didn't have a good idea of whether I was already at a low rate, sort of a "if they say no should I go elsewhere?" kind of thing

[msommers]

Fuck so prime + 3.50% sounds like I'm getting ripped! Mortgage renewal is up October, sounds like I better throw that in their face. My credit score is good, wonder if it's because I've been carrying a balance for the last year or something. #studentsalaryblows

[tonytiger55]

Originally posted by msommers
Fuck so prime + 3.50% sounds like I'm getting ripped! Mortgage renewal is up October, sounds like I better throw that in their face. My credit score is good, wonder if it's because I've been carrying a balance for the last year or something. #studentsalaryblows

Not necessarily. It could depend on different factors and financial profile.

The amount of times Ive had customers come in wanting a ULOC. They would go on about how their buddy got a good rate etc. Then they would sit there with their dick in thier hands rubbing one out whilst giving me the crazy eyes grinning. Then once I do their application the rate is not what they expected. They go nuts. They lose their hardon and their dick flops.
They rant on about how their friends got a good rate etc. So I ask them, do they know how much income their friends have, debit, savings etc? The usual answer is no, so they walk out sheepishly with the dick hanging between their legs.

Credit is based on four factors, income, savings, credit score and debit. That's why its going to be different for everyone.
Different banks target different demographics at times and it also depends on the flavour of the month and your personal financial profile. But yeah if your mortgage is up, plan a head, speak to a good professional.

[msommers]

Originally posted by tonytiger55


But yeah if your mortgage is up, plan a head,

So...don't pull my dick out? :confused:

[tonytiger55]

Originally posted by msommers


So...don't pull my dick out? :confused:

Speak to a seasoned adviser about your financial profile. Your income, debit, & savings. Figure out your short term plan and long term plan. I.e what are your financial plans for the next five years, 10 years. Do you have kids or is one on the way etc. Do you want to pay off your mortgage early?

So when you come to renew, Does your profile look healthy or risky? On your account does it look like you go macdonalds everyday, have big car payments, irregular savings pattern, are you living pay cheque to pay cheque, your financial profile poses a risk. Ok that is a extreme example but its common. But it reduces your ability to beat your mortgage renewal guy with your dick. You have no leverage to argue for a good rate.

...don't give the the crazy eyes. :nut:

[ExtraSlow]

This thread got unexpectedly sexy. I didn't expect to be turned on in the finance section of the forum, but well, here we are . . . .

[ee2k]

Originally posted by tonytiger55


Speak to a seasoned adviser about your financial profile. Your income, debit, & savings. Figure out your short term plan and long term plan. I.e what are your financial plans for the next five years, 10 years. Do you have kids or is one on the way etc. Do you want to pay off your mortgage early?

So when you come to renew, Does your profile look healthy or risky? On your account does it look like you go macdonalds everyday, have big car payments, irregular savings pattern, are you living pay cheque to pay cheque, your financial profile poses a risk. Ok that is a extreme example but its common. But it reduces your ability to beat your mortgage renewal guy with your dick. You have no leverage to argue for a good rate.

...don't give the the crazy eyes. :nut:

Tonytiger, what's the worst scenario you have seen? For educational purposes.

[sabad66]

Last year when i was shopping for a Personal LOC, BMO told me they are based on "base rate" and not the prime rate. "Base rate" = Prime + 3%

I ended up getting approved for base rate + 0.95%, so effectively i was getting prime + 3.95% which is 6.65% today.

I have pretty good credit and was told this is one of the better rates for PLOCs. Was i getting trolled with this whole "base rate" nonsense? I'm curious to know if anyone within the last year has received anything lower than 6.65% on a PLOC.

If you have an existing PLOC at prime + 1-3% i would say that's pretty good and doubtful you'll get much better than that unless you go to a HELOC.

[Xtrema]

Originally posted by tonytiger55
Not necessarily. It could depend on different factors and financial profile.

TLDR, The best loan rate are given to people who don't need loans. :rofl:

[tonytiger55]

I had a wohoo girl come in one time. You know the type, the hot girl in the bar that is always bitchy to you, but complains about never being able to find a nice guy, ugg boots, has one of those fucking ugly little dogs, late 20's early thirties who has not got her shit together, always going to vegas with her bunnies etc.. you get the picture..

Anyways.... She comes in wanting to increase her line of credit. She giving me the bitchy sexy eyes. Holy shit man, she got her nails done, eye lashes etc. Im starting to sweat.

Her line of credit is already at 3K maxed. She does not pay her credit card on time, she carries a balance. He chequing account carries a negative balance at times.. Ok, she makes good money (hell a lot more then me and it makes me cry), but where does her cash go?

So as she is talking, im asking about her job, life (this is to get a idea of her financial profile etc). I ask her about her savings and I ask why not put something aside. She tells me about her student loan of about 3k that she has been struggling to pay off. I go through her account history. She made good money and I really could not see why it too so long to pay off. It was paid off, but now she has a line of credit she keeps dipping into for her wohoo lifestyle.
So whilst she is talking im looking at her account, She is bullshitting... she goes starbucks 4 times a day, drops in hot yoga, liquor store Fridays, hitting the bars etc. Im not making this shit up.

Basically she does not live within her means and I can tell just by looking at her account she just wont be approved. So im not going to do the application. I talk to her about getting her profile healthy so in future if she wants to I can do it. But really, she needs to get her shit together.
She gets mad at me. I explain to her why i can't do it. I can't tell where her money goes (no savings, ongoing credit card balance etc). She demands to speak to my manager. Im sweating like mad, she's got one of those resting bitch faces now.

I go to my manager and he is like like wow she is hot, but tell her she does not live within her means and stop wasting my time.
I waddle back to my office, she gets mad and storms out and goes on about how she had a student loan and thats why she could not save etc...

The real reason she wanted to increase her line of credit? Her bunny is getting married in the Bahamas and she needed money to go. :facepalm:

On the flip side, you get the really boring accounts, predictable ones, planned , savings etc Healthy financial profiles. When renewing their mortgage they ask for a better rate, they have done their homework and if I don't they whip their dick out and I gota take it Pulp Fiction style as they have leverage. I mean I don't have to, but to keep the relationship happy and to get other business I just do it.

[schurchill39]

Originally posted by msommers
Fuck so prime + 3.50% sounds like I'm getting ripped! Mortgage renewal is up October, sounds like I better throw that in their face. My credit score is good, wonder if it's because I've been carrying a balance for the last year or something. #studentsalaryblows

If you're getting ripped off then I'm getting raped. I'm paying + 4%. When I went in to talk to TD they told me they increased my rate "to serve me better". This is why I am leaving TD.

Also, should I be half chub when I go in to talk to an adviser or would I have better leverage if I went in soft then went full blown erection within the time frame of a handshake?

[Xtrema]

Originally posted by sabad66
If you have an existing PLOC at prime + 1-3% i would say that's pretty good and doubtful you'll get much better than that unless you go to a HELOC.

6.65%, I think you a middle of the pack if RFD forums postings is to be trusted. That thread over there ranges from p+2% (5%) to p+4% (7%).

I think for unsecured, it probably helps to shop around. My unsecured is low because it was negotiated over 20 years ago when prime was like 7-8%.

[pheoxs]

http://i.imgur.com/NdtJIhu.png

Guess I'm not doing so well. Granted I got it 10 years ago when I first left for school and have never used it (Just got it to build credit long term).

Maybe I should phone in and see if I can get a new rate/limit just incase its ever needed.

[J-hop]

Originally posted by pheoxs
http://i.imgur.com/NdtJIhu.png

Guess I'm not doing so well. Granted I got it 10 years ago when I first left for school and have never used it (Just got it to build credit long term).

Maybe I should phone in and see if I can get a new rate/limit just incase its ever needed.

So how does this work exactly? I've heard the idea of getting a loan to build credit a lot but does it actually make a significant positive impact?

Just always paying phone bills and never carrying a balance on our CCs resulted in my gf and I getting approved for a mortgage amount we could never pay off in our lifetimes so I'm not sure what added benefit getting a loan would do??

I know some people have 300k+ mortgages, carry a balance on their CCs and then claim they are "building credit" by getting a loan. As tony mentioned, banks aren't stupid, they know when people are living beyond their means haha.

[pheoxs]

Originally posted by J-hop


So how does this work exactly? I've heard the idea of getting a loan to build credit a lot but does it actually make a significant positive impact?

Just always paying phone bills and never carrying a balance on our CCs resulted in my gf and I getting approved for a mortgage amount we could never pay off in our lifetimes so I'm not sure what added benefit getting a loan would do??

I know some people have 300k+ mortgages, carry a balance on their CCs and then claim they are "building credit" by getting a loan. As tony mentioned, banks aren't stupid, they know when people are living beyond their means haha.

Have you ever looked at your credit report? Your score is calculated based on a few factors that are weighted differently. Amount of credit available, how long credit accounts have been open, that payments are being made on time, and the type of credit. (Note: absolutely nowhere is the amount of interest wasted on taking out a loan to build credit)

I got a loc and a cc (both no fees) when I was 18 as they both show up on your report and thus contribute to your score (which really should only matter when you're younger unless you've fucked it up since). I keep the loc open now because my credit cards are constantly being opened and closed to swipe as many signing bonuses as possible as it covers almost all my vacations nowadays.

[Xtrema]

Originally posted by pheoxs
I keep the loc open now because my credit cards are constantly being opened and closed to swipe as many signing bonuses as possible as it covers almost all my vacations nowadays.

I don't know if a credit newb should play that game.

Apply for new credit and cancelling account that's not that old will both negatively impact credit score.

So make sure you got all your major loans approved before playing that game.

[tonytiger55]

Originally posted by pheoxs


Have you ever looked at your credit report? Your score is calculated based on a few factors that are weighted differently. Amount of credit available, how long credit accounts have been open, that payments are being made on time, and the type of credit. (Note: absolutely nowhere is the amount of interest wasted on taking out a loan to build credit)

I got a loc and a cc (both no fees) when I was 18 as they both show up on your report and thus contribute to your score (which really should only matter when you're younger unless you've fucked it up since). I keep the loc open now because my credit cards are constantly being opened and closed to swipe as many signing bonuses as possible as it covers almost all my vacations nowadays.

Good post.

Just to piggyback onto this also.
I used to get clients giving me a big stink about wanting a line of credit or mortgage. They would complain about being refused or getting a high interest rate and cite their credit score. As mentioned above the credit score is only one factor of four.
The line of ‘you can see I have money coming in’ etc just to be thrown at me all the time.

The problem is its not about ‘seeing’. I used to say the credit card is like borrowing. So if you borrow say $200 and miss a payment/ can’t pay it back on time, then why would I(the bank) loan you $350,000 for a mortgage or $30,000 for a line of credit?
You would still get a Line of credit but put that vs someone who uses the credit card and pays it off vs someone who does not. It raises a question of the entire financial profile that usually needs to be investigated.

[pheoxs]

Originally posted by Xtrema


I don't know if a credit newb should play that game.

Apply for new credit and cancelling account that's not that old will both negatively impact credit score.

So make sure you got all your major loans approved before playing that game.

Yup, definitely not advised for starting out / when you're younger. More so once you're older and don't have any foreseeable need of credit on the horizon

[pheoxs]

Originally posted by tonytiger55


Good post.

Just to piggyback onto this also.
I used to get clients giving me a big stink about wanting a line of credit or mortgage. They would complain about being refused or getting a high interest rate and cite their credit score. As mentioned above the credit score is only one factor of four.
The line of ‘you can see I have money coming in’ etc just to be thrown at me all the time.

The problem is its not about ‘seeing’. I used to say the credit card is like borrowing. So if you borrow say $200 and miss a payment/ can’t pay it back on time, then why would I(the bank) loan you $350,000 for a mortgage or $30,000 for a line of credit?
You would still get a Line of credit but put that vs someone who uses the credit card and pays it off vs someone who does not. It raises a question of the entire financial profile that usually needs to be investigated.

Yeah pretty much this. Starting out early is important because the more they see that you have available and use responsibly, the more they want to give you. Once you hit a certain point they basically are falling over themselves to offer you 5 figure credit card limits like candy.

Edit: Fuck ooops double post.

[J-hop]

Originally posted by pheoxs


Have you ever looked at your credit report? Your score is calculated based on a few factors that are weighted differently. Amount of credit available, how long credit accounts have been open, that payments are being made on time, and the type of credit. (Note: absolutely nowhere is the amount of interest wasted on taking out a loan to build credit)

I got a loc and a cc (both no fees) when I was 18 as they both show up on your report and thus contribute to your score (which really should only matter when you're younger unless you've fucked it up since). I keep the loc open now because my credit cards are constantly being opened and closed to swipe as many signing bonuses as possible as it covers almost all my vacations nowadays.

From what I've been told being on time with payments is the single largest positive contributor to credit scores.

Never under any circumstances carry a balance on your CC. Never miss a phone, utility or other bill should net you all the credit you could ever want shouldn't it? We were approved for a moronically high mortgage and the only thing our credit scores were based on were CCs, phone, utility.

i believe the bank looks negatively on LOCs (when you apply for more credit) as they are a liability not an asset.

[Xtrema]

Originally posted by J-hop


From what I've been told being on time with payments is the single largest positive contributor to credit scores.

Never under any circumstances carry a balance on your CC. Never miss a phone, utility or other bill should net you all the credit you could ever want shouldn't it? We were approved for a moronically high mortgage and the only thing our credit scores were based on were CCs, phone, utility.

i believe the bank looks negatively on LOCs (when you apply for more credit) as they are a liability not an asset.


1. Payment history. This, the most important, makes up 35 percent of your score. It is based on how well you pay off debt. Every time you miss a payment or pay late, your score will be lowered. Any major financial events in your life such as declaring bankruptcy, collection actions, past due payments and foreclosures will be kept in your payment history and drive down your score for five to seven years.

2. Total debt. This accounts for 30 percent of your total credit score. This is the total of all credit card debt, loans, mortgages and other debts you may have and the length of time it takes you to pay it all off. If you pay all your credit card debts right away, this will decrease your total debt and improve your score. The ratio between the amount of credit available compared with the amount you have used will also affect your credit score.

3. Credit history. Credit history accounts for about 15 percent of your credit score, and is determined by the length of time you have used credit services -- how long you have had credit cards, loans and mortgages. If you close an old credit card you have kept up to date for years, then start a new card, this shortens your history and can be detrimental to your credit score.

4. Recent credit is the amount a lender agrees to let you borrow, and is worth 10 percent of your total score. After you are approved for a credit card or loan, the recent credit number will be adjusted.

5. Credit types make up the last 10 percent of your credit score. Large loans such as mortgages have a greater impact on this number than a line of credit or a credit card.

Do not miss a payment, do not take out too many credits. These 2 alone is 65% of your credit score.

[J-hop]

Yea I think a lot of people forget point 2.

[Zero102]

Well I finally got around to calling PC about raising the limit on my LOC and I'm really disappointed by them.

Right now we have a $10k personal LOC at prime + 2.25%, they said to do an increase on that I would have to close it and apply for a new one, and the absolute best rate they offer right now is prime + 2.75%, and that he had no idea what kind of limit I would be approved for, it may be lower than what we currently have. So at the very best I would be seeing a 0.5% increase to try to raise my limit, and at the worst I could get a bigger increase and could have a lower limit.

Fuck that.

[dj_rice]

Bump.


When I got my mortgage, my Mortgage Advisor signed me up for RBC Homeline Plan. When I login to my banking I see my Mortgage and then I see a Royal Line Of Credit. Everyime I've made mortgage payments, this Royal Line of Credit goes up. Is this my HELOC I see everyone always talking about?

[roopi]

Bump.


When I got my mortgage, my Mortgage Advisor signed me up for RBC Homeline Plan. When I login to my banking I see my Mortgage and then I see a Royal Line Of Credit. Everyime I've made mortgage payments, this Royal Line of Credit goes up. Is this my HELOC I see everyone always talking about?

Yes that would be a HELOC

[max_boost]

Bump.


When I got my mortgage, my Mortgage Advisor signed me up for RBC Homeline Plan. When I login to my banking I see my Mortgage and then I see a Royal Line Of Credit. Everyime I've made mortgage payments, this Royal Line of Credit goes up. Is this my HELOC I see everyone always talking about?

Congrats you have made it to the HELOC club haha

[dj_rice]

Congrats you have made it to the HELOC club haha

Thanks! I've had my HELOC right when I got my mortgage then as I've seen the HELOC from the day I purchased my house. Put down a big downpayment. Just never knew what it was.

Is it kosher to use this HELOC to purchase my new car or should I go through dealership financing

[03ozwhip]

Thanks! I've had my HELOC right when I got my mortgage then as I've seen the HELOC from the day I purchased my house. Put down a big downpayment. Just never knew what it was.

Is it kosher to use this HELOC to purchase my new car or should I go through dealership financing
depends on the interest rate.

[ExtraSlow]

Depends on interest rate and your repayment strategy. With heloc you have the option of doing interest only payments. With dealership financing you are paying principal and interest, so usually the payment will be higher.

Not saying that's a smart way to do it, but some people make this choice. Of course means you never pay off the car too, hahahhaha.

[16hypen3sp]

Bumping...

I have a 30k unsecured LOC. Don't really use it that much. Current zero balance and has spent most of its life that way. And I've had it for 4 years. When I got it, I had a rate of prime (3.0%) plus 3.84%. Since then, it has slowly crept up to Prime (3.45%) plus 4.34% - Total current rate of 7.79%.

I think this is high but I dunno. Should I make a phone call and see if I can get a better rate? Don't really know much about this stuff.

[rx7boi]

I have one for 17k and have never used it.

Prime + 3.99% = 7.44%

From what I understand, it's a reasonable rate for unsecured but I imagine it's always possible to get a better rate and depends on what sort of client relationship / worth you have with the bank.

[Zhariak]

TD unsecured LOC for 10 years plus. TD Prime + 7.99% = 11.44%

Sounds like I'm paying more than everyone here when I'm using it, lol.

Also have an unsecured LOC with American Express for 8.95%

[realazy]

I have an unsecured LOC at TD for prime + 2.15%, have had it for about 6 years now.

I’ve heard that if you’ve never used it, they start you at a higher rate. I’ve fully drawn mine to buy a car back then and then paid it off in 6 months.

[gwill]

just checked my online account as I was curious I'm at 5.65 percent. That seems much higher then I remember. Used to be closer to 4 percent. It's unsecured.

[FraserB]

$40k unsecured at BMO, 5.45%, rarely use the thing though

[msommers]

Had $50K at Scotia, was about 7.5% if I recall correctly.

[sabad66]

Last year when i was shopping for a Personal LOC, BMO told me they are based on "base rate" and not the prime rate. "Base rate" = Prime + 3%

I ended up getting approved for base rate + 0.95%, so effectively i was getting prime + 3.95% which is 6.65% today.

I have pretty good credit and was told this is one of the better rates for PLOCs. Was i getting trolled with this whole "base rate" nonsense? I'm curious to know if anyone within the last year has received anything lower than 6.65% on a PLOC.

If you have an existing PLOC at prime + 1-3% i would say that's pretty good and doubtful you'll get much better than that unless you go to a HELOC.

Mine's at 8.01% for 70k now... crept up from 6.65% almost exactly 1 year ago.

Luckily i don't use it much these days, but would be nice to get a better rate in case i do have to use it. Might visit the branch to see what they can do for me if i have some free time.

[Xtrema]

I'm also at 5.45%. Again, no reason to use it.

Loan rate are always good for people who don't need them.

[16hypen3sp]

I called them today. They said that my current rate 7.79% is pretty good. She told me that if I opened a LOC up right now, my rate would be 10% or something. That made me cringe.

Nevertheless, I asked if there would be any movement on their end of my current interest rate. She asked me what rate I think I should get. I thought about it and it would be nice to be back around the rate when I first got it. So I asked for .9% to be removed. She thought that was pretty reasonable and is pushing it forward. I'll find out more on Wednesday.

[wintonyk]

Prime rate is at 3.45 right now so most people would have gone up. Mortgage is with TD but I bank with RBC. So when an offer came to entice me to switch I forwarded to RBC to match. Unsecured for 5.95% right now or Prime +2.5 down from Prime +6.0

[schurchill39]

I'm glad I'm not the only one constantly getting the TD letters "to serve you better we are jacking your interest rate up on your LOC". Here I was thinking I was getting butt fucked with my 8.5% after I started at like 4% but as long as we are all being sodomized together.

[Twin_Cam_Turbo]

I’m at 7.79% with RBC and refuse to touch it for any reason.

[bigbadboss101]

I’m at 7.79% with RBC and refuse to touch it for any reason.

Ours is at 7.7% with TD and likewise not touching it at that rate.

[bigbadboss101]

Last checked LOC at Prime (3.45) + 4.25 = 7.70%.
Secured LOC would be Prime + 1.75%.

RFD mentioned HSBC has HELOC at Prime. Might have to look into it.

[Gart]

This thread had me all worried about my LOC I rarely use, so I checked. Listing for comparison:

TD
Prime + 1.99 = 5.44%

my abandoned RBC one is 7.19%

both unsecured.

[zehnd]

This thread got me curious. Haven't had a balance on it for years. 24000 limit. Interest Rate: CIBC Prime¹ @ 3.45% + 2.5% = 5.95%

Activation Date: November 30, 1995 LOL

[16hypen3sp]

Bump.

Up to 9.04% interest rate as of today with the Prime rate increases July 14/22.

Over 10% or close to by October??

Zero balance.

[Xtrema]

Bump.

Up to 9.04% interest rate as of today with the Prime rate increases July 14/22.

Over 10% or close to by October??

Zero balance.

How bad of credit you have to have unsecured LOC at 9%? Prime + 2% is still under 6%.

[ExtraSlow]

Mines 7.7. No idea if that's good or bad, I have heloc at something lower but zero balance on both.

[Twin_Cam_Turbo]

Just checked mine is at 8.89% as of today.

[16hypen3sp]

How bad of credit you have to have unsecured LOC at 9%? Prime + 2% is still under 6%.

Don’t know. My credit is “excellent” 830/850. Wife has an even better credit and hers is over 10%

[Tik-Tok]

You're bank is screwing you. Mines at 6.87% today with similar credit score.

I'm circumsized though, so they probably assume I'm jewish and give me a discount.

Prime + 2.17%

[Xtrema]

Don’t know. My credit is “excellent” 830/850. Wife has an even better credit and hers is over 10%

I guess it's up to bargaining/shopping around? I am also at 850.

I guess older loans are cheaper? Mine started in the late 90s at Prime+2% but back then, Prime+2% was like 11-12%.

I have never seen LOC lower than prime+1% tho and revisiting this thread, seems like Prime+4 to 5% is the norm.

[Team_Mclaren]

credit score rarely have anything to do with the rate offered (more so just for the approval). Most banks look at relationship pricing. If you have investment and mortgage with them. They usually offer you better rates on lending products such as LOC.

[16hypen3sp]

I guess it's up to bargaining/shopping around? I am also at 850.

I guess older loans are cheaper? Mine started in the late 90s at Prime+2% but back then, Prime+2% was like 11-12%.

I have never seen LOC lower than prime+1% tho and revisiting this thread, seems like Prime+4 to 5% is the norm.

Prime + 4.34 is what I’ve had since 2018. I wish I had an older one.

I have a fuck load of savings with this bank but my mortgage isn’t with them. Perhaps that plays into it as well, like what Team Maclaren said.

[gwill]

Curiously checked my LOC. I can't see in my banking app what my specific rate is. When i login manually on my phone there is no specific info. For whatever reason only way I can see my rate is by downloading my statements but I can only see one statement in last 12 months which was in March. Rate went up to 5.15 at that time.

I must be around 7% knowing all the increases we have had since March.

Scotiabank sucks compared to everyone else who can login and see what their rate is.

[tonytiger55]

Going back to 2014 rates. Average ULOC at TD was 9%+

Anything below 8% was good but rare. Its not that the bank was ripping you off, each persons LOC status depends on multiple factors. This whole rate comparison means nothing other than a dick measuring contest. If you want a good rate then its a HELOC.

[max_boost]

Prime +4.5 for unsecured with RBC
Prime +0.5 for secured heloc td

The goal is to die with 7.2 worth of debt

But every now and then the credit card will send you a 0% interest balance transfer with a 2-3% 1x fee on the balance. Those are yummy too.

[arcticcat522]

Looks like I'm scotia bank prime +2.75 (7.45). Speaking of this.....I tried to get an increase of $200 to make the total an even $47k and they wouldn't do it/making me jump through hoops.....then the next day offer me an 10k rrsp cath up LOC at prime. How does scotiabank make decisions????

[Team_Mclaren]

Looks like I'm scotia bank prime +2.75 (7.45). Speaking of this.....I tried to get an increase of $200 to make the total an even $47k and they wouldn't do it/making me jump through hoops.....then the next day offer me an 10k rrsp cath up LOC at prime. How does scotiabank make decisions????

Different products. RRSP LOC/loan is secured via your investment. you CANNOT cash out unless the loan is paid out.

A limit increase often needs a new application. Which is more or less the same as getting a new LOC. to get a $200 limit increase for all that work isnt really worth it.

[That.Guy.S30]

I'm at 7.4

[Nufy]

I flipped my mortgage to a Heloc years ago when I first started contracting.

Lack of employment history meant no Bank would touch it...

Currently sitting at an average rate of 3.4741...

I am religious about paying this down as its the only big debt I have.

Don't want to give them any excuse to call it in and jack up the rates.

[Team_Mclaren]

I flipped my mortgage to a Heloc years ago when I first started contracting.

Lack of employment history meant no Bank would touch it...

Currently sitting at an average rate of 3.4741...

I am religious about paying this down as its the only big debt I have.

Don't want to give them any excuse to call it in and jack up the rates.

Is that a fixed portion of helco @ 3.47? if so, why pay it off, GIC is paying over 4% now, that's basically free money.

[brucebanner]

6.95%

LOC is 10+ old

[msommers]

Tangerine had a deal a while ago so I opened a LOC. Currently 4.7% (prime + 0.00%)