Personal Finance

How do you build relationships with FIs for ULOCs?

  • Last Updated:
  • Mar 21st, 2022 7:06 pm
Jr. Member
Mar 2, 2018
109 posts

How do you build relationships with FIs for ULOCs?

I’m starting out building my available credit & planning to apply for some ULOCs in a few months to all FIs I can think of to that end. Figured I might as well apply to all of them since the credit hit is minimized if I do it all within the period of 2 weeks.
Would people here recommend accepting all offers even if the rates are like Prime +5%+, as long as there’s no opportunity cost with fees?
And what are some reputable FIs who want you to have some sort of relationship with them to approve the ULOC?
Like a lot of people, I don’t do daily banking with the big 6 - with Tangerine for that currently. But maybe I should open those free savings accounts with them and keep $10 in them for the sake of relationship building for the ULOC approval? What are some techniques people here use to maintain a relationship? Maybe credit cards at each FI?
6 replies
Deal Addict
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Dec 16, 2015
4401 posts
You bring cookies and brownies to them, plus a $500 gift card
To the moon
Deal Addict
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Aug 3, 2009
2228 posts
Nova Scotia
If you’re not getting offers with existing banks I would consider the professional plocs from cibc and nb if you have one of the qualifying jobs (not just lawyers and doctors). IMHO tangerine had one of the best offers I have received and I’d keep an eye out for that coming around again
Sr. Member
Jun 17, 2018
698 posts
Try applying at a branch with one of the reps. It seems to me that the reps are like salespersons. If you get an account opened, they get an incentive for putting in your application, so they go to bat for you to ensure that you get the account after they have done all the typing. They have some access to internal staff as well and can talk to people whom you wouldn't be able to reach on your own.

My personal experience was that while my initial application for a PLOC at BMO was not approved (because I didn't want to submit all the docs that they subsequently asked for), later, BMO sent me a pre-approved offer with a bigger credit limit than I was expecting. I accepted since no additional paperwork was required.
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Feb 23, 2004
3561 posts
Will there be a google docs like for the credit scores approve/denined thread?
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Mar 18, 2022
5 posts
Best advice is just to open and maintain good credit history. Will take about 2 to 3 years, and you will get an offer one day.