Personal Finance

credit limit increase on a line of credit ?

  • Last Updated:
  • Dec 17th, 2019 1:24 am
[OP]
Newbie
Apr 3, 2019
16 posts
6 upvotes

credit limit increase on a line of credit ?

I had a line of credit for some time with scotia.
Inforseeable future I may need it.
I was thinking if about applying for CLI.
Few questions arise:-
1. Will my current of % stay if a CLI was approved ?
2. Will it be hard check ? (I am OK with it anyway)
3. Anyone had any similar experience or whats the general procedure for CLI at scotia ?
14 replies
Sr. Member
Oct 14, 2014
656 posts
661 upvotes
Southern Ontario
weclome wrote: I had a line of credit for some time with scotia.
Inforseeable future I may need it.
I was thinking if about applying for CLI.
Few questions arise:-
1. Will my current of % stay if a CLI was approved ?
2. Will it be hard check ? (I am OK with it anyway)
3. Anyone had any similar experience or whats the general procedure for CLI at scotia ?
1. It depends. Mine went up the last time we did some maintenance on the account, but we only ever carry a balance there when they offer us a deal (such as 1.99% for 6 months, which has happened several times).
2. Probably yes.
3. Beyond the initial application I've never applied for an increase with them. They were throwing subsequent pre-approvals to us for 2 years or so, to the point where our current unsecured CL with them is 6x of where we started. In case you weren't yet aware, any time they offer you whatever Visa card, you can merge that new CL into your existing LOC. So, if you have any Visas with them, you can merge those into the LOC.
Deal Addict
May 16, 2017
1554 posts
1959 upvotes
I have a ScotiaLine Loc. Applied for an increase online after 6 months (you can't apply online for an increase sooner than 6 months after opening the LoC account).

If you login online, there is a drop down associated with the LoC account "Quick Menu" for "Increase credit limit". It asks a few questions (like: Have you declared bankruptcy in the past 7 years?, etc) . You select the new credit limit you want from a slider and submit. I had no questions or further follow-up other than an online notice that credit limit was increase by what I asked (a 50% increase from the original limit). No change in interest rate.
[OP]
Newbie
Apr 3, 2019
16 posts
6 upvotes
lefroset wrote: 1. It depends. Mine went up the last time we did some maintenance on the account, but we only ever carry a balance there when they offer us a deal (such as 1.99% for 6 months, which has happened several times).
2. Probably yes.
3. Beyond the initial application I've never applied for an increase with them. They were throwing subsequent pre-approvals to us for 2 years or so, to the point where our current unsecured CL with them is 6x of where we started. In case you weren't yet aware, any time they offer you whatever Visa card, you can merge that new CL into your existing LOC. So, if you have any Visas with them, you can merge those into the LOC.
Can you please xplain how merging works ? I don't have a clue.
You can either explain with an example in layman terms or base an explanation on the points below (whichever is easier for you) :-
~A new CLI request approved on CC can be automatically added as an extra to the existing unLOC. (both CC and unLOC stay separate)
~All of the existing CL on CC can be futher added to extend the existing limit on unLOC.(both CC and unLOC stay separate)
~Existing CL on CC is added to the existing CL on unLOC and merged into 1 single unLOC (requiring closure of CC)
Deal Fanatic
Nov 22, 2015
5730 posts
5213 upvotes
What is an unLOC? You mean LoC or PLC?

Secured lines of credit are usually called SPLC or HELOC to avoid confusion
Sr. Member
Oct 14, 2014
656 posts
661 upvotes
Southern Ontario
weclome wrote: Can you please xplain how merging works ? I don't have a clue.
You can either explain with an example in layman terms or base an explanation on the points below (whichever is easier for you) :-
~A new CLI request approved on CC can be automatically added as an extra to the existing unLOC. (both CC and unLOC stay separate)
~All of the existing CL on CC can be futher added to extend the existing limit on unLOC.(both CC and unLOC stay separate)
~Existing CL on CC is added to the existing CL on unLOC and merged into 1 single unLOC (requiring closure of CC)
The CL across all your CC and unLOC is largely interchangeable. I don’t understand your second example, but the first and third make sense. In my case it usually went like this:
- started off with just the LOC
- got pre-approved for whatever Visa card with $x CL
- didn’t want that Visa so we asked our branch to add that pre-approved CL to the LOC
- this happened a few times.

In the most recent case we actually did the reverse, taking $5k CL off the LOC in order to establish a Momentum Infinite Visa for the 10% cash back promo.
Moderator
User avatar
Mar 23, 2004
42907 posts
8873 upvotes
Markham
weclome wrote: I had a line of credit for some time with scotia.
Inforseeable future I may need it.
I was thinking if about applying for CLI.
Few questions arise:-
1. Will my current of % stay if a CLI was approved ?
2. Will it be hard check ? (I am OK with it anyway)
(1) Usually yes, though Scotia may increase your rate as a condition to grant you the CLI.
(2) 99% yes.
superfresh89 wrote: What is an unLOC?
unsecured LOC.
Sr. Member
Sep 24, 2013
918 posts
618 upvotes
Ontario
weclome wrote: Can you please xplain how merging works ? I don't have a clue.
You can either explain with an example in layman terms or base an explanation on the points below (whichever is easier for you) :-
~A new CLI request approved on CC can be automatically added as an extra to the existing unLOC. (both CC and unLOC stay separate)
~All of the existing CL on CC can be futher added to extend the existing limit on unLOC.(both CC and unLOC stay separate)
~Existing CL on CC is added to the existing CL on unLOC and merged into 1 single unLOC (requiring closure of CC)
If you cancel the card and merge the credit limit with the loc, it can be done with a phone call. If you keep the card and transfer a percentage of your credit limit to the loc, then it has to be done at a branch
Deal Addict
User avatar
Jan 16, 2007
1234 posts
1312 upvotes
Color me surprised that you can do the cancel/merge without going to a branch. Always seems like everyone I see has to go to a branch for things.
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Moderator
User avatar
Mar 23, 2004
42907 posts
8873 upvotes
Markham
buddshek wrote: If you cancel the card and merge the credit limit with the loc, it can be done with a phone call. If you keep the card and transfer a percentage of your credit limit to the loc, then it has to be done at a branch
Never knew you can do that! But makes sense that you can transfer limits between the LOC and cc, as the LOC is basically a Visa.
Sr. Member
Sep 24, 2013
918 posts
618 upvotes
Ontario
buddshek wrote: If you cancel the card and merge the credit limit with the loc, it can be done with a phone call. If you keep the card and transfer a percentage of your credit limit to the loc, then it has to be done at a branch
joshnet wrote: Color me surprised that you can do the cancel/merge without going to a branch. Always seems like everyone I see has to go to a branch for things.
Just cancelled my Momentum infinite on 11th and moved credit limit over the phone to my Scotia line account. Took all of 5 minutes.
Sr. Member
Oct 14, 2014
656 posts
661 upvotes
Southern Ontario
buddshek wrote:
If you cancel the card and merge the credit limit with the loc, it can be done with a phone call. If you keep the card and transfer a percentage of your credit limit to the loc, then it has to be done at a branch
joshnet wrote: Color me surprised that you can do the cancel/merge without going to a branch. Always seems like everyone I see has to go to a branch for things.
One caveat though is if the account is jointly held, you’ll need to all go into the branch no matter what.
Last edited by lefroset on Dec 17th, 2019 7:22 am, edited 1 time in total.
Deal Addict
May 16, 2017
1554 posts
1959 upvotes
buddshek wrote: If you cancel the card and merge the credit limit with the loc, it can be done with a phone call. If you keep the card and transfer a percentage of your credit limit to the loc, then it has to be done at a branch
What phone number to call? The CC number or LoC number to cancel CC and transfer Credit Line to LoC?

Only asking because I recently submitted a question online to Scotia about moving credit line between accounts and the reply back was about balance transfers (typical Scotia ineptitude, I guess).
Sr. Member
Sep 24, 2013
918 posts
618 upvotes
Ontario
robsaw wrote: What phone number to call? The CC number or LoC number to cancel CC and transfer Credit Line to LoC?

Only asking because I recently submitted a question online to Scotia about moving credit line between accounts and the reply back was about balance transfers (typical Scotia ineptitude, I guess).
Got it on their website. 1-800-387-6466
[OP]
Newbie
Apr 3, 2019
16 posts
6 upvotes
Thanks for all the replies.

Points for unLOC (for my future reference) :-

1.HP necessary for CLI request on unLOC.
2. % rate may increase or stay same if a CLI is approved on unLOC. (YMMV)
3. At least 6 months wait before requesting CLI.
4. CLI request for unLOC can be done online. (automated without any drama and doc requests)
5. Treat CC+LOC = 100. So you can play around and share CL between them.
6. 1-800-387-6466 for merging etc (or check no. before applying on website)

I think those that have CC can wait for a pre-approved CLI for CC and then move any % of CL to unLOC from CC and vice-versa.
Its only advantage is HP may be avoided and nothing else.

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