Unsecured LOC - what is a good rate right now?

[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]

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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]

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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]

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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]

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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]

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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%)