Personal Finance

Tangerine Line of Credit approval woes

  • Last Updated:
  • Sep 22nd, 2021 4:46 pm
[OP]
Newbie
Apr 27, 2017
11 posts
1 upvote

Tangerine Line of Credit approval woes

Hi folks, wondering if anyone has any recent experience with Tangerine LOC's? I've been a long time customer (10+ years) and a credit card holder for the last 5.

During that time I've applied every now and then for a LOC but never was approved. Over the last few years my income has been much higher ($125k) and my credit history improved a great deal (787 at Equifax and 750 at TransUnion).

So thought I would try again, but still no dice. Should I give up and move my banking elsewhere?
23 replies
Deal Addict
Jan 2, 2015
1632 posts
637 upvotes
Toronto, ON
AlbinoPigeon604 wrote: Hi folks, wondering if anyone has any recent experience with Tangerine LOC's? I've been a long time customer (10+ years) and a credit card holder for the last 5.

During that time I've applied every now and then for a LOC but never was approved. Over the last few years my income has been much higher ($125k) and my credit history improved a great deal (787 at Equifax and 750 at TransUnion).

So thought I would try again, but still no dice. Should I give up and move my banking elsewhere?
Yes to the first, no to the second. You don't have to have a line of credit at your primary bank.
[OP]
Newbie
Apr 27, 2017
11 posts
1 upvote
Thanks for the tip. I had always assumed that things like LOCs benefitted from having a deeper banking relationship. (History + multiple products).
Deal Addict
Feb 17, 2015
1018 posts
379 upvotes
Windsor, ON
I had a pre-approval last month with a weak score and 60K income and all I had to do was accept it and had access within 10 mins no income verification even done, ya it's only 3K at 8.45% but still. I had World credit card the last year with them and a banking relationship the last 5 years, my part time job has always direct deposited into their account most of the time.
Deal Fanatic
Apr 16, 2007
8077 posts
3379 upvotes
Financial District B…
AlbinoPigeon604 wrote: Thanks for the tip. I had always assumed that things like LOCs benefitted from having a deeper banking relationship. (History + multiple products).
LOC qualifiers have very little to do with banking/institution history
More-so entails credit history/experience.

Own your home? mortgage? had auto loans in the past? any other revolving national cards?
Any charged off trades showing?
Banks almost always keep old/aged credit pulls. Even the ones from 10 years ago when you opened that account.
If you had a collection tradeline shown then, and now purged, that's reason enough to not extend a LOC
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
[OP]
Newbie
Apr 27, 2017
11 posts
1 upvote
Never had a mortgage, but planning on buying next year. Had various auto loans, all paid off in the past with no issues, current loan with VW Credit. I keep a constant eye on my credit file (both at Equifax and TU), no flags there now, but I think there may have been an old credit card with missed payments from way back when I was a student. If Tangerine has an old record of that, maybe that's the reason.

All the more reason to move along perhaps?
Newbie
Jan 10, 2020
16 posts
13 upvotes
AlbinoPigeon604 wrote: Never had a mortgage, but planning on buying next year. Had various auto loans, all paid off in the past with no issues, current loan with VW Credit. I keep a constant eye on my credit file (both at Equifax and TU), no flags there now, but I think there may have been an old credit card with missed payments from way back when I was a student. If Tangerine has an old record of that, maybe that's the reason.

All the more reason to move along perhaps?
Any savings, RRSP, TFSA, etc.? My income and credit scores are lower than yours but Tangerine made me an unsolicited offer (that I accepted) of a $30K ULOC at prime+1% about two years ago. However, my registered investments with them exceed my LOC and credit card limits combined.
[OP]
Newbie
Apr 27, 2017
11 posts
1 upvote
Oh wow! No investments with them, all with Questrade, approx $85k.

I wonder if this issue isn’t as simple as what mikeymike1 described: they have an old credit pull with something negative on it and that’s it.

If that’s the case, should I apply elsewhere? How would a bank where I have no history react to this?

I forgot to mention, I have a $50k installent loan from TD I used to borrow for a large RRSP contribution. Payments are $500/m. Maybe this is impacting things?
Deal Addict
Sep 14, 2012
1866 posts
1340 upvotes
Montreal, QC
AlbinoPigeon604 wrote: Hi folks, wondering if anyone has any recent experience with Tangerine LOC's? I've been a long time customer (10+ years) and a credit card holder for the last 5.

During that time I've applied every now and then for a LOC but never was approved. Over the last few years my income has been much higher ($125k) and my credit history improved a great deal (787 at Equifax and 750 at TransUnion).

So thought I would try again, but still no dice. Should I give up and move my banking elsewhere?
I don't have any recent experience with Tangerine's unsecured line of credit. I received an unsolicited offer when Tangerine first started to offer their unsecured line of credit. I jumped at their offer at prime + 1% after a promotional lower interest rate for 90 days or so and wondered if I made a mistake as I saw others report that they were given a rate of prime after their promotional lower rate.

At the time that I was received my unsolicited offer, I had over $100k with Tangerine in their savings, TFSA, RRSP, investment funds and I also had their Tangerine Mastercard with quite a high limit and was a customer of Tangerine since they were called ING Direct. Now, even though I moved almost all my money out of their "high interest" savings account to another online only financial institution, I still have over $100k with Tangerine and I'm considering whether I should contact them in January to see if I can get a better rate.

If I tried twice to get a credit product and was refused, I would look elsewhere... actually, if I was refused once, I would probably look elsewhere at this stage of my life unless I really wanted that credit product.
Newbie
Jun 29, 2021
13 posts
3 upvotes
Really? I had a pre-approval appear today with 1.99% introductory offer and then prime + 2%. Never applied.. only have a credit card and a saving account with $10 balance (cash back from the credit card) with them...'
Newbie
Jun 29, 2021
13 posts
3 upvotes
so I opened the LOC but since I don't have a chequing account, I can't find any bill payment on their web page...Do I have anyway to get the money out to Questrade???
Deal Addict
Sep 14, 2012
1866 posts
1340 upvotes
Montreal, QC
newlife2021 wrote: so I opened the LOC but since I don't have a chequing account, I can't find any bill payment on their web page...Do I have anyway to get the money out to Questrade???
I haven't tried this as I've never used my personal line of credit with Tangerine (or any of my lines of credit for that matter) but I just tested Tangerine's line of credit transfer dropdown list options and you can apparently transfer from the line of credit to your linked bank account so in my case, I could transfer from my Tangerine line of credit and have it go to one of my two linked bank accounts at another financial institution
Newbie
Jun 29, 2021
13 posts
3 upvotes
lmcjipo wrote: I haven't tried this as I've never used my personal line of credit with Tangerine (or any of my lines of credit for that matter) but I just tested Tangerine's line of credit option and you can transfer from the line of credit to your linked bank account so in my case, I could transfer from my Tangerine line of credit and have it go to one of my two linked bank accounts at another financial institution
ok thanks for that. I will look into it ...need to link a bank account first.
Newbie
Apr 1, 2017
17 posts
21 upvotes
I got a "pre-approved" email for a 15k unsecured LOC at prime + 0.00% on Aug 1. I am already a Tangerine customer with their bank account + credit card and was not looking to get a LOC but at that rate I accepted. Afterward I looked on CreditKarma and got hit with a credit check anyway. My score was 832 and dropped to 822.
Member
User avatar
Jun 27, 2018
209 posts
428 upvotes
YVR
slightly off-topic, i got a TD LOC pre-approval offer for Prime Rate + 3.49% for 7.5K. is that a good deal or should I wait/look-out for other options. I also have a Scotia STEP mortgage and I assume I have the HELOC option. Not sure how HELOC works, wondering whether it's better to use my HELOC or get another LOC.
Newbie
Dec 1, 2017
36 posts
33 upvotes
mikeymike1 wrote: LOC qualifiers have very little to do with banking/institution history
More-so entails credit history/experience.

Own your home? mortgage? had auto loans in the past? any other revolving national cards?
Any charged off trades showing?
Banks almost always keep old/aged credit pulls. Even the ones from 10 years ago when you opened that account.
If you had a collection tradeline shown then, and now purged, that's reason enough to not extend a LOC
Hmmm. Good to know. I wondered as much. If you've had a charge off from 10 years ago from a bank are you blacklisted for life?
Newbie
Dec 1, 2017
36 posts
33 upvotes
gravityfunk wrote: I got a "pre-approved" email for a 15k unsecured LOC at prime + 0.00% on Aug 1. I am already a Tangerine customer with their bank account + credit card and was not looking to get a LOC but at that rate I accepted. Afterward I looked on CreditKarma and got hit with a credit check anyway. My score was 832 and dropped to 822.
I got the same offer for $25k and accepted. I also got a hard pull through Transunion. But it's so cheap I really didn't care.
[OP]
Newbie
Apr 27, 2017
11 posts
1 upvote
Wow, thanks for sharing the stories. Kinda pisses me off that they don't care about my history with them and my business. definitely cements my plan to go elsewhere.
Jr. Member
Jun 22, 2011
169 posts
61 upvotes
AlbinoPigeon604 wrote: Wow, thanks for sharing the stories. Kinda pisses me off that they don't care about my history with them and my business. definitely cements my plan to go elsewhere.
It's no different at any bank. Don't be naive. Banks don't give a shit.
[OP]
Newbie
Apr 27, 2017
11 posts
1 upvote
I’m not sitting here thinking that Tangerine or any bank is my best friend. All I’m saying is that based on what I know my financial trustworthiness to be, I don’t like the way I’m being treated, so I’m leaving.

For the record, TD was incredibly easy to work with for a large unsecured RRSP loan, plus an auto loan.

That’s probably where I’ll be moving. At least until they start to screw me over!

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