RBC $33,000 @ 6.14%
TD $25,000 @ 5.7%
I have good credit, no bankruptcies, defaults, or missed payments. Last checked I think it was 770s or something via Equifax.
Apr 5th, 2017 8:12 am
Apr 5th, 2017 9:09 am
Apr 5th, 2017 9:48 am
Apr 15th, 2017 3:15 pm
Sounds about right. That'd be the official reasoning anyway. In actuality it's probably also more about yield. I had my ULOC increased from P + 1 to P + 4.65 about 3 months after I actually carried a balance on it, despite the fact I still had a credit score over 760. But this was around the same time everyone was reporting their ULOCs spiked and fixed mortgages first went below 3% (so with mortgages barely beating inflation targets, they go for yield on unsecured products).uberbaumer wrote: ↑Apr 5th, 2017 9:09 amDue to an overzealous financial advisor, she used some kind of buydown/discretion to give us a $90k unsecured LOC at Prime + 0.5% (this is a staff rate, and the proper unsecured LOC rate for staff is Prime + 1%.
After about 90 days, the rate spontaneously increased from Prime + 0.5% to Prime + 1.0%. She claimed it was a teaser rate - sadly for the bank, our signed contract said nothing of the sort. I fought it, and so long as I'm staff, it'll be Prime + 0.5%; I believe it goes to Prime + 3 or 4 if I'm no longer an employee.
Generally speaking, unsecured LOC rates are likely commensurate with the risk entailed (e.g. credit cards (unsecured credit) have astronomical rates, I imagine due to a higher probability of default).
Apr 15th, 2017 4:54 pm
Apr 15th, 2017 5:09 pm
Apr 15th, 2017 5:29 pm
I'm with BMO and previously my LOC was about 7%.
Apr 16th, 2017 11:57 am
My wife ($75k) and I ($50k) have ULOC at BMO at P+2% (so 4.7%) for past ~6 - 8 yrs. Only used it once or twice in past few yrs for a week here and there for bridge financing.
Apr 16th, 2017 7:26 pm
Apr 16th, 2017 7:49 pm
Here is your error, they don't want to offer competitive rate...
Apr 16th, 2017 9:17 pm
Yeah not part of any professional association (PMI.org but doesn't have anything interesting in Canada) and I graduated from University of Montreal... What they have to offer is a credit card with Desjardins for which a portion of your cashback goes to the alumni (!!!) or crappy insurance "deals" at TD and Desjardins ... So no luck.cashinstinct wrote: ↑Apr 16th, 2017 7:49 pmHere is your error, they don't want to offer competitive rate...
I got prime + 2% at TD, had some investments but not that much... don't remember I said anything specific.
Are you part of some professional association, university, or another group?
Desjardins or National Bank has a good LOC rate for CPA professionals for example.
Apr 16th, 2017 11:38 pm
Apr 18th, 2017 10:24 pm
How in the HELL do you get TD to give you prime + 2? I just sat with my bank manager for an hr last week and did not even come close. Great credit, $75k year income, yada yada.
Apr 19th, 2017 6:14 am
I got it in 2012. I asked for a Loc, they offered me prime + 2%... it was their first offer.
Apr 19th, 2017 4:44 pm