Pre-approval odds if no consent to credit checks; CIBC & TD LOC as checking account
With Tangerine having set my hold limit at $100, I am making plans for taking my business elsewhere. I think I might give in and open an account (checking and/or savings) with CIBC and TD to start a relationship, even if there is a hard check. I am starting to think the bank account opening hard checks may not affect my mortgage application that much with EQX/TU currently at 790/815.
I feel more inclined to allow the checks because it makes sense that if I want LOC pre-approvals in the future I should consent to allowing them do the checks (don't think they can do periodic soft checks for pre-approvals if you did not consent to the first one). Hence the logic is if you do not consent to the first check you will likely not receive true pre-approval offers in the future. Very much open to hearing people's thoughts on that.
I'd like to have house expenses come out of that LOC. And hopefully even if I don't get pre-approved, having a relationship already will help with the application and the rates/limits they give. Also been reading pre-approvals are better than having to apply typically (in terms of the rates/limits they give). So starting to work towards that pre-approval as early as possible makes some sense.
1. Been reading about TD/CIBC LOCs operating much like a checking account - do they allow free bill pay? Tried from Scotia LOC to non-Scotia CC but Scotia charges a cash advance fee.
2. If you take money out and have a balance but pay it back the same day - are there any charges?
3. Can you access the funds from an ATM and #2 applies to ATM withdrawals as well?
4 Unlimited checks with both TD and CIBC?
I know TD e-transfers cost, and CIBC doesn't allow LOC pay through bill payments from other FIs (except Simplii).
Would love to hear people's experiences/horror stories.
I feel more inclined to allow the checks because it makes sense that if I want LOC pre-approvals in the future I should consent to allowing them do the checks (don't think they can do periodic soft checks for pre-approvals if you did not consent to the first one). Hence the logic is if you do not consent to the first check you will likely not receive true pre-approval offers in the future. Very much open to hearing people's thoughts on that.
I'd like to have house expenses come out of that LOC. And hopefully even if I don't get pre-approved, having a relationship already will help with the application and the rates/limits they give. Also been reading pre-approvals are better than having to apply typically (in terms of the rates/limits they give). So starting to work towards that pre-approval as early as possible makes some sense.
1. Been reading about TD/CIBC LOCs operating much like a checking account - do they allow free bill pay? Tried from Scotia LOC to non-Scotia CC but Scotia charges a cash advance fee.
2. If you take money out and have a balance but pay it back the same day - are there any charges?
3. Can you access the funds from an ATM and #2 applies to ATM withdrawals as well?
4 Unlimited checks with both TD and CIBC?
I know TD e-transfers cost, and CIBC doesn't allow LOC pay through bill payments from other FIs (except Simplii).
Would love to hear people's experiences/horror stories.