• Last Updated:
  • Dec 7th, 2020 12:57 am
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[OP]
Newbie
Jul 12, 2019
4 posts

HELOC Increase

I am looking to increase my HELOC amount through TD bank. Currently I have a HELOC of 20k that I have a balance on, but have been paying towards it in regular frequency every month.

The concern I have is with my employment history over the past 2 years. Due to medical issues, I was unemployed most of 2018, but bounced back in 2019 with a couple of contracts in 2019. In 2020, I have been employed full-time since May. Due to this, I was reluctant to request an increase in my HELOC earlier this year.

With the end of 2020 coming up and me having passed my Probationary period, I am looking to renovate my condo and need the additional balance through the HELOC. My credit rating is Excellent and over 800, so thats not an issue.

Question:
Will I be rejected on my request due to the economic state at the moment and also my employment history over the past 2 years? Has anyone else requested an increase in HELOC over the past 6 months and have succeeded in receiving it? If so, what steps did you follow to get the increase?

Thanks
4 replies
Newbie
Dec 10, 2018
34 posts
42 upvotes
I recently obtained a HELOC with Scotiabank, you should consider switching banks.

TD is literally garbage with giving out credit. They are far too credit conservative. I can bet they would decline you, their adjudicators are decline button crazy.

Scotiabank is far more credit liberal, can bet they would make it work.

Ask for a STEP mortgage, if you have equity they will give you a mortgage portion and a HELOC portion.
Jr. Member
Dec 5, 2017
194 posts
154 upvotes
I doubt you'll have an issue increasing your HELOC limit. But it will depend on the value of your condo and how much you owe on it.
Deal Addict
Sep 14, 2012
1427 posts
1008 upvotes
Montreal, QC
financedude wrote: I recently obtained a HELOC with Scotiabank, you should consider switching banks.

TD is literally garbage with giving out credit. They are far too credit conservative. I can bet they would decline you, their adjudicators are decline button crazy.

Scotiabank is far more credit liberal, can bet they would make it work.

Ask for a STEP mortgage, if you have equity they will give you a mortgage portion and a HELOC portion.
I tend to think the reverse. Scotiabank is very conservative with credit.

I've never had issues getting credit from TD Canada Trust (or any other company) and the one time I applied for a credit card at Scotiabank, they made me jump through hoops to try to get it (asking me for my investment statements, pay stub, and notice of assessment) and then refused me for the credit card. TD Canada Trust have sent me offers for their credit cards (and being "pre-approved" for them as well as when I visit the branch, I am asked about applying for one of their credit cards) but I've refused. They've given me an unsecured line of credit at a decent rate which I've had for probably over 10 years now and have yet to use it.

I posted about my experience with Scotiabank here: scotiabank-sucks-2352236/4/#p32881980

For me, I consider it their loss and haven't applied for anything from them since then... although I have applied for Tangerine credit products and since Scotiabank owns Tangerine, one's opinion on this might differ.
Deal Addict
Nov 8, 2017
1527 posts
850 upvotes
lmcjipo wrote: I tend to think the reverse. Scotiabank is very conservative with credit.

I've never had issues getting credit from TD Canada Trust (or any other company) and the one time I applied for a credit card at Scotiabank, they made me jump through hoops to try to get it (asking me for my investment statements, pay stub, and notice of assessment) and then refused me for the credit card. TD Canada Trust have sent me offers for their credit cards (and being "pre-approved" for them as well as when I visit the branch, I am asked about applying for one of their credit cards) but I've refused. They've given me an unsecured line of credit at a decent rate which I've had for probably over 10 years now and have yet to use it.

I posted about my experience with Scotiabank here: scotiabank-sucks-2352236/4/#p32881980

For me, I consider it their loss and haven't applied for anything from them since then... although I have applied for Tangerine credit products and since Scotiabank owns Tangerine, one's opinion on this might differ.
Their customer service blows too.
I was actually quite surprised how shitty it is

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