Personal Finance

[Merged] BMO ULOC vs CIBC ULOC, which would you pick

  • Last Updated:
  • Mar 16th, 2019 10:59 am
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Poll: Whose uLOC?

  • Total votes: 41. You have voted on this poll.
BMO
 
4
10%
BNS
 
3
7%
CIBC
 
22
54%
RBC
 
2
5%
TD CT
 
5
12%
A credit union
 
1
2%
A subsidiary bank
 
4
10%
[OP]
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Nov 23, 2010
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mech9t5 wrote:
Jan 2nd, 2019 3:37 pm
i just did an online uLOC with CIBC about 1.5 months ago. They gave me P+11
I have no other products with them
Did CIBC ask you to send them a copy of your paycheck?
They asked me for my paycheck and also an end-of-year copy. I refused and canceled my application.
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radiko wrote:
Feb 10th, 2019 5:08 am
Did CIBC ask you to send them a copy of your paycheck?
They asked me for my paycheck and also an end-of-year copy. I refused and canceled my application.
Yes. Why would you expect them to lend you money without income verification? Why is it an issue to send your pay stub?
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radiko wrote:
Feb 10th, 2019 5:08 am

Did CIBC ask you to send them a copy of your paycheck?
They asked me for my paycheck and also an end-of-year copy. I refused and canceled my application.
mech9t5 wrote:
Feb 10th, 2019 6:51 am

Yes. Why would you expect them to lend you money without income verification? Why is it an issue to send your pay stub?
With Simplii (then PCF), no proof of income needed to open via pre-approval that I got. Had to send pay stubs for CLI though.
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[OP]
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Nov 23, 2010
543 posts
58 upvotes
Montreal
I only wanted $10K. I had a LoC with them long time ago. I closed it back then because I was not using it and I did not know about its benefits.

Anyways, pre-approval is always the way to go.
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titaniumtux wrote:
Feb 10th, 2019 10:17 am
With Simplii (then PCF), no proof of income needed to open via pre-approval that I got. Had to send pay stubs for CLI though.
As I said I had no products with them. No way they would pre approve when you have no existing relationship.

I have WestJet card and get RBC LOC offers all the time pre approved, got tangerine pre approved without income verification, bmo as well. All of those I have existing products.

Unfortunately CIBC has no products I want besides the LOC
[OP]
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Nov 23, 2010
543 posts
58 upvotes
Montreal
mech9t5 wrote:
Feb 11th, 2019 8:11 am
Unfortunately CIBC has no products I want besides the LOC
I might open a savings account with them, dump a few thousands in it and wait for a pre-approval.
Do Not put All your Eggs in One Basket!
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Newbie
Feb 7, 2019
4 posts
I got a Westjet World Elite Mastercard from Royal Bank a year ago, and last fall they offered me a 30K line of credit (pre-approved). I have no bank accounts with them other than the MC.



I have a question also...do banks ever offer increases to lines of credit like they do with credit cards? I have a line of credit with TD and it's pretty small. I am thinking of closing it, but if they upped the limit I might consider keeping it open.
Newbie
Feb 12, 2019
12 posts
2 upvotes
mech9t5 wrote:
Jan 2nd, 2019 3:37 pm
i just did an online uLOC with CIBC about 1.5 months ago. They gave me P+11
I have no other products with them. My credit is pretty good. Got uLOC with BMO (P+2) and Tangerine (P+1). Was surprised at the P+11 from CIBC but I don't care because I will never use it.

Using it as a chqing account.
What was your credit score at? I just applied. I don’t bank with them but I heard they’re a good bank for loc. Also, what was the process like? Did you have to go in? Show pay stubs?
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Amandaew wrote:
Feb 22nd, 2019 11:37 pm
What was your credit score at? I just applied. I don’t bank with them but I heard they’re a good bank for loc. Also, what was the process like? Did you have to go in? Show pay stubs?
My score was around 750 on borrowell

I applied online, and everything was done online
They send secure message requesting documents and signature card. I printed and scanned docs at work and sent them back via secure message

Then I went to branch to get a debit card. I could have waited for them to mail it but I preferred branch.
[OP]
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Nov 23, 2010
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So I finally got the CIBC ULOC. They call it CIBC PLC (Personal Line of Credit). I could not add it as a Payee in RBC, TD nor Tangerine. It’s not listed as a Payee.

So why is the hype about the CIBC ULOC?
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radiko wrote:
Feb 28th, 2019 8:07 pm
So I finally got the CIBC ULOC. They call it CIBC PLC (Personal Line of Credit). I could not add it as a Payee in RBC, TD nor Tangerine. It’s not listed as a Payee.

So why is the hype about the CIBC ULOC?
It works as a no-fee, no minimum balance chequing account at a big bank, not a subby, full in-branch service. Also includes free chequebooks AND e-transfers.
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Jan 23, 2019
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radiko wrote:
Feb 28th, 2019 8:07 pm
So I finally got the CIBC ULOC. They call it CIBC PLC (Personal Line of Credit). I could not add it as a Payee in RBC, TD nor Tangerine. It’s not listed as a Payee.
You can link it to Tangerine and pay it from there via normal bank account transfers.
radiko wrote:
Feb 28th, 2019 8:07 pm
So why is the hype about the CIBC ULOC?
You got it and you are asking 'why the hype'? What made you decide to go with CIBC?

People like it because it's a free chequing account with free cheques and free Interac e-Transfers. You can get the same now from other places though.
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This thread suddenly went silly
Last edited by titaniumtux on Mar 2nd, 2019 6:30 am, edited 1 time in total.
Reason: Word filter
Newbie
Feb 28, 2019
9 posts
1 upvote
Can cibc loc have positive balance?
Can I use it to autodeposit paychecks?
Can I use it for preautorised payments like rent?
[OP]
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HappyKot wrote:
Mar 1st, 2019 6:09 am
Can cibc loc have positive balance?
Can I use it to autodeposit paychecks?
Can I use it for preautorised payments like rent?
All the above is tested positive at TD
Do Not put All your Eggs in One Basket!
Overtaxed, Underpaid, Overpriced Proud Canadian!

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