CIBC approved Line of Credit Should I use it or not?
Hello friends,
Recently, when I went to bank, they told me that I have been pre-approved "Line of Credit" for CAD10,000 with interest rate of 6.2% (2.7% prime and additional 3.5%). I have few queries, kindly help me.
1) Is it good rate interest for "Line of Credit"?
2) If I borrow money from "Line of Credit", will it affect my credit score?
3) I am planning to borrow around $6000(CAD) for my education loan and planning to repay the principal amount and interest in 3 years, that comes around $200 monthly. Is it a good idea or not? any suggestions are very welcomed.
4) Right now, I have only one credit card with credit limit of $6,500 (CAD). Currently, my debt/credit ratio is below 30%. If I borrow $6000(CAD) from "Line of Credit" will it affect my debt/credit ratio and lower my credit score?
Recently, when I went to bank, they told me that I have been pre-approved "Line of Credit" for CAD10,000 with interest rate of 6.2% (2.7% prime and additional 3.5%). I have few queries, kindly help me.
1) Is it good rate interest for "Line of Credit"?
2) If I borrow money from "Line of Credit", will it affect my credit score?
3) I am planning to borrow around $6000(CAD) for my education loan and planning to repay the principal amount and interest in 3 years, that comes around $200 monthly. Is it a good idea or not? any suggestions are very welcomed.
4) Right now, I have only one credit card with credit limit of $6,500 (CAD). Currently, my debt/credit ratio is below 30%. If I borrow $6000(CAD) from "Line of Credit" will it affect my debt/credit ratio and lower my credit score?