Personal Finance

3 Line of Credit Inquires in a week, did I mess up?

  • Last Updated:
  • Jan 10th, 2019 11:34 am
Sr. Member
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Jun 23, 2017
664 posts
Toronto, ON
xbr50 wrote:
Jan 8th, 2019 9:06 pm
Hey fellow RFD'ers,

So I've had a 15k LOC with TD for about 6 years and I recently am thinking of purchasing a older vehicle to use and figured I should request a limit increase so I decrease the chances of utilizing over 70% of it if I do. I haven't used my LOC in years and after sending a request, I noticed my rate is an outrageous prime + 5.89%... it was only prime + 3.5% when I opened it.
Upon discovering this, I decided to send an online application to Scotia and CIBC for a LOC (20k requested on both).
I ended up being pre-approved at Scotia and was approved the next day for CIBC. The issue is I had no idea the process was that quick/easy and they would do a hard inquiry right away via an online application. So right now I have 3 hard inquires for an unsecured LOC/Limit Increase within 2-3 days.

Did I mess up? Will this effect my credit score badly? I checked my score via Credit Karma and it's at 808 right now, but only shows Scotia's inquiry so far.

Thanks in advance for any input!
CreditKarma 780 score is very good ... If that is the terrible state that your credit has diminished to, then you're in very good shape.