Personal Finance

Was offered a line of credit from TD

  • Last Updated:
  • Jun 22nd, 2011 5:59 pm
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Newbie
Apr 9, 2009
32 posts
1 upvote

Was offered a line of credit from TD

Hey all,

I was recently offered a non secured line of credit from TD and wanted some opinion
* the rate I was offered was prime + 3%, 30k
* I have no immediate need for it anytime soon
* working full time, computer profession
* currently rent, and looking into buying a place (will apply for mortgage)

I am wondering:
* Is this a good rate for a unsecured loc?
* I did some reading and some recommended getting credit when you're offered (v.s. when you need it)
* I see people using it as a free checking account, but are there any added benefits for having it ?


What are your opinions ?

thanks !
2 replies
Deal Addict
User avatar
Dec 16, 2008
2705 posts
1197 upvotes
Calgary
I think that is a good rate for a unsecured line of credit for that amount.

I would take the Line of Credit as long as you think you can use it properly.

Banks will give you a umbrella when it is sunny but when it rains, they may take it away.
Deal Addict
Mar 2, 2005
2033 posts
334 upvotes
1) Yes it is a good rate for unsecured LOC.
2) Its good to have a LOC, perhaps not of 30K but depends on your income versus overall debt. Try getting a LOC when you actually need it.
3) Its a nice cushion if you are someone who actively invests money. You don't have to withdraw on your investments if you have an emergency etc.

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