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CIBC gave me 15K when I was making diddly squat (32K) and had no assets at all (unless you count a 6 year old Hyundai Accent). I did, however possess a credit score of over 750 at the time.
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May 7th, 2007 10:55 PM #16
Try PC Financial. I got 15k unsecured LOC from them back when I had few assets and approx. 35k job. This was back in their early days though.
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May 8th, 2007 09:03 AM #17 Reply With Quote
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May 8th, 2007 10:21 PM #18Deal Fanatic
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I suggest you learn how to negotiate before asking for a loan.
Originally Posted by Kommander_KornFlakes
If you go begging the bank for money, they'll treat you like a criminal. But if they're begging to give you a line of credit, then they're very generous.
My banker called me up a few weeks ago offering a secured line of credit for $500K @ prime for me to do "renovations". I turned him down because I don't borrow money unless it's for a mortgage. In which case the interest rate is 1% lower than prime. He then offered to be my financial adviser. I then told him to recommend me a fund that the bank sells with performance better than PH&N Dividend fund and MER lower than PH&N. He shut up pretty quickly. But I know he'll call back again in 3 month looking for business.
So, just wait for the bank to call you. Then, you turn the table on them. Reply With Quote
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May 9th, 2007 03:03 PM #19That's fine except for the fact that when you need a LOC you're not going to sit by the phone hoping that your bank is going to call begging you to take out a LOC. If you need one, than you're going to go out and ask for one. Originally Posted by eelfliw
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May 9th, 2007 07:47 PM #20Do you feel like a man now that you outsmarted a pathetic teller? Originally Posted by eelfliw
People dont go looking for money if they dont need it; when you go to borrow, you dont have much room for negotiation anyways._______________
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May 10th, 2007 12:26 AM #21 Originally Posted by dhamilton
That's why people should go looking for money even if they don't need it or look for it way before they do need it. Unlike traveling, last minute deal is usually not a good deal. Originally Posted by bluedcfive
That's why people should get a LOC as soon as they can even if the rate sucks. You don't have to use it. However, like credit card, the bank will start to call you once you get one._______________
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Jul 18th, 2007 09:59 PM #22
Secured LOC at less than Prime?
Has any one been able to get a secured (house) line of credit for less than prime?
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Jul 19th, 2007 06:58 AM #23
I'll add my question to this thread!
TD called and offered me a 10k LOC... if I take their offer just to have emergency cash lying around, do I get charged anything? For example, I have the LOC but I don't make withdrawals on it... it just sits there for a rainy day. Reply With Quote
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Jul 19th, 2007 07:32 AM #24you should not get charged anything Originally Posted by mself084
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Jul 19th, 2007 08:41 AM #25Deal Guru
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No charges Originally Posted by mself084
I got preauthorized by TD for $7500 LOC when I called in about something else (preauthorized which means no credit check required), I took it, and used it for my daily banking now (downgraded my Select Service)
Only downside is probably credit score, and your revolving credit Reply With Quote
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Jul 19th, 2007 11:40 AM #26I guarantee you there's no charge. You can use it as much or as little as you want and you even get free cheques with it. If they're offering it to you, it's a pre-approval, probably based on a soft credit check on another credit product you have with them. I'd take it, as credit is always easier to get when you don't need it and if you did need it and applied for it, you'd have to do a hard credit check. Originally Posted by mself084
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Jul 19th, 2007 04:15 PM #27The banks give their staff discounts on HELOCs below prime. But I've never heard of HELOCs given to the general public for less than prime. Originally Posted by Nevyn
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Jul 19th, 2007 08:23 PM #28
Wow .. I guess I was pretty lucky to get a 26K LOC when I was only about 20, with a p/t job (making no more than $12K before taxes) and a f/t student status in university. I was "pre-approved", and had the choice of a $26K LOC or a $27K loan ... I picked the LOC. The rate was prime+2.5%. About a year and a half ago, I went to the bank to ask if they could lower the rate. And they lowered it to prime+2%
Last edited by tigger03; Jul 19th, 2007 at 08:26 PM.
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