Personal Finance

Multiple line of credits?

  • Last Updated:
  • Jun 4th, 2016 5:42 pm
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[OP]
Temp. Banned
Aug 7, 2011
6623 posts
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Vaughan

Multiple line of credits?

Currently have a line of credit with TD, my mortgage is with Scotia and they just offered a better rate and higher limit.

Question: is there any issues with having multiple lines of credit at different banks, like the above?
4 replies
Deal Fanatic
Apr 16, 2007
8008 posts
3305 upvotes
Financial District B…
squadz wrote: Currently have a line of credit with TD, my mortgage is with Scotia and they just offered a better rate and higher limit.

Question: is there any issues with having multiple lines of credit at different banks, like the above?
No. So as long as there's no associated fees the smartest thing is to have multiple LOCs you can draw from when needed.(income support permitted)
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Sr. Member
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Jan 17, 2003
620 posts
68 upvotes
BC
IMO your better off to have various accounts with different banks as banks do transaction profiling
Member
Aug 3, 2013
488 posts
288 upvotes
Durham
I have one with RBC and another one with TD. One is used purely as LOC, and the other as a "chequing account".
Deal Addict
Jan 2, 2015
1603 posts
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Toronto, ON
Are these secured or unsecured? If you want multiple HELOCs I think you need to ask permission from the previous banks about that.

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