'Self-Employed-friendly" Banks for ULOCs (and HELOCs)?
For my personal banking, I have been with Tangerine for 5 years (TD before when I had the free student account) but never received a ULOC pre-approval from them. Called them today to discuss why; their algorithms want to see direct deposits to be selected for these ULOCs. Being self-employed, I pay myself by e-transfer from my business accounts (not specifically direct deposits).
That makes me wonder if different banks algorithms maybe tend to favor self-employed individuals better for ULOCs, and if people here may have some knowledge and may give preference to certain banks over others if they are self-employed, in terms of building a relationship? Factors may include which banks offered the best interest rates and credit limits to self-employed individuals. I am considering switching banks (or maybe opening dormant free savings accounts with some of them if that's even worth it). So insights on this would help narrow down candidates. End goal is to expand credit available to me, for as cheaply as possible.
I do not own real estate - but planning to buy in the coming months. I am avoiding credit hits for now but I will be trying to expand my access to credit after the mortgage is signed, whether be it through ULOCs and/or HELOCs. So if it helps to move my banking beforehand, I will be doing so now.
Have my eyes on the National Bank engineering graduates ULOC, but I don't know if I should bother switching my daily banking to them to build a relationship beforehand given the hassle with the lack of ATMs.
Also, does it matter which bank I open an RRSP account with? I guess it does in terms of "building a relationship"?
English is not my mother tongue, apologies if my writing is hard to understand.
That makes me wonder if different banks algorithms maybe tend to favor self-employed individuals better for ULOCs, and if people here may have some knowledge and may give preference to certain banks over others if they are self-employed, in terms of building a relationship? Factors may include which banks offered the best interest rates and credit limits to self-employed individuals. I am considering switching banks (or maybe opening dormant free savings accounts with some of them if that's even worth it). So insights on this would help narrow down candidates. End goal is to expand credit available to me, for as cheaply as possible.
I do not own real estate - but planning to buy in the coming months. I am avoiding credit hits for now but I will be trying to expand my access to credit after the mortgage is signed, whether be it through ULOCs and/or HELOCs. So if it helps to move my banking beforehand, I will be doing so now.
Have my eyes on the National Bank engineering graduates ULOC, but I don't know if I should bother switching my daily banking to them to build a relationship beforehand given the hassle with the lack of ATMs.
Also, does it matter which bank I open an RRSP account with? I guess it does in terms of "building a relationship"?
English is not my mother tongue, apologies if my writing is hard to understand.
Last edited by AmberD17 on Mar 16th, 2022 10:30 pm, edited 1 time in total.
