Rates on Unsecured Lines of Credit

[Salinger]

the rates are based on credit score and relation
if you have nothing with TD, but a good credit score... your rate won't be that nice

Do all the big banks have similar policies, or just TD?

12.5% is insane. The going rate for big 5 low-rate credit cards is around 11.5%. Who would accept an LOC at prime + 10.25%? If prime goes back up a few notches, you're almost into regular credit card interest rates.

[TotalDistinction]

Just to share, I just got P+3% from CIBC for a USLOC with a 720 credit score. Admittedly, I feel that I have a lot of unsecured credit so perhaps the rate is justifiable.

[evoviii]

I did already have a relationship with TD (have RSP and US accounts there), and was there to bring them more business (go to Select Service, open a Visa, safe deposit box, etc), so I don't think that is why...

Maybe I just have too much unsecured credit.

TD is known for having some of the highest unsecured LOC's. Didn't you ask why it was so abnormally high? I've never seen any LOC with that much a spread.

Getting approved for VISA is retardedly easy, so I wouldn't use that as a reference. At that rate, use a BT for short term but something about that rate says something is wrong. Are you self employed?

[jmc0]

If you are an engineer, National Bank has P+1% for ULOC.

If you are a nurse or a health-care professional, National Bank has P+0% for ULOC. Even better!

http://www.nbc.ca/bnc/cda/productfam...-16857,00.html

Saying that, I am not sure what limit they will give you for ULOC though.

Good point jhkeong. I guess anyone listed under their 'Financial Packages for professionals' will get a good Personal Line of Credit rate IF they qualify [e.g. as a first step for some of their professional plan, you might need their apply for their fee-based CC to qualify, etc. -read link posed by jhkeong for the fine print] And met eligibility.
*Eligibility for financing solutions is subject to National Bank credit approval. Credit may be refused if the relevant criteria are not met.

I am sure someone has pay the CC [~$75/year] but then not gotten their LOC approved...

[VivienM]

Just to share, I just got P+3% from CIBC for a USLOC with a 720 credit score. Admittedly, I feel that I have a lot of unsecured credit so perhaps the rate is justifiable.

CIBC used to send out unsolicited offers for prime + 2% LOCs. Since they've hiked everything by 1% now, prime + 3% is probably the 'standard' rate...