Personal Finance

Those who have more than one unsecured LOC, a ?

  • Last Updated:
  • Aug 7th, 2017 8:22 pm
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[OP]
Member
Jun 28, 2011
424 posts
125 upvotes
VANCOUVER

Those who have more than one unsecured LOC, a ?

Did you apply for the additional LOC's on your own or did you receive pre-approval emails/letters?
If you applied without pre-approval, did the bank have to do a final review before giving the final approval?
(I realize this depends on income, assets, debt/income ratio and other factors)
2 replies
Deal Addict
Apr 23, 2017
1121 posts
1969 upvotes
I ended up with two (which I don't currently use). Only one did I apply for - at the bank where I do my regular banking. I thought it would be good for emergencies to have it. They approved 50k at prime + 2.90%. Then years later another bank I only have an old no-fee credit card with - their rep called me up asking me to take a pre-approved 10k promotional LOC with them. I said no, I didn't need it thanks, but he said he had to sign up 3 more customers that night or he'd' be fired, and it was free with no fees so why not? So I took pity on him and said sure, sign me up. It was at 9.99%. I never used it.
[OP]
Member
Jun 28, 2011
424 posts
125 upvotes
VANCOUVER
HermanH wrote: I ended up with two (which I don't currently use). Only one did I apply for - at the bank where I do my regular banking. I thought it would be good for emergencies to have it. They approved 50k at prime + 2.90%. Then years later another bank I only have an old no-fee credit card with - their rep called me up asking me to take a pre-approved 10k promotional LOC with them. I said no, I didn't need it thanks, but he said he had to sign up 3 more customers that night or he'd' be fired, and it was free with no fees so why not? So I took pity on him and said sure, sign me up. It was at 9.99%. I never used it.
I'm not surprised about this employee needing to make a quota or else he'd lose his job. I work with someone who has a background in banking and he left because of their cut throat policies. He says he's old school and believes in customer service and that's not the driving force with banks now. It's all about sales and meeting quotas, or else.

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