Got an offer for a "pre-approved" line of credit with CIBC
Hi guys,
I have recently gotten an offer from CIBC for a pre-approved $10,000 Prime + 3% Line of Credit.
I have recently began establishing my credit history (got a CIBC VISA card about a year ago), and have been paying it off on time. The credit card is essentially my only one other credit facility.
My question to you guys - should I accept the pre-approved offer, even though I have no immediate need for the Credit Line? Are there any negative reprecussions that might affect me attempting to get a mortgage in the next year? Or, are there no real downsides to accepting the "pre approved" offer?
Thanks for your time.
I have recently gotten an offer from CIBC for a pre-approved $10,000 Prime + 3% Line of Credit.
I have recently began establishing my credit history (got a CIBC VISA card about a year ago), and have been paying it off on time. The credit card is essentially my only one other credit facility.
My question to you guys - should I accept the pre-approved offer, even though I have no immediate need for the Credit Line? Are there any negative reprecussions that might affect me attempting to get a mortgage in the next year? Or, are there no real downsides to accepting the "pre approved" offer?
Thanks for your time.