Martin Louis the King Jr. Posted May 30, 2010 Report Share Posted May 30, 2010 I got a conditional approval for my LOC from Scotia bank and the condition is that i have to close all other credit cards and personal lines of credit i have with other banks. Did anyone have to go through this? I really don't want to close those other credits which i have built over the years. Any advice/experiences??? Link to comment Share on other sites More sharing options...
TeaHatingBrit Posted May 30, 2010 Report Share Posted May 30, 2010 Hm. Interesting. I was/am with CIBC, and they only gave me 50 grand/year on my LOC. So I went to RBC; told them the situation, and they gave me 150 grand on my LOC. Both banks know that I am with CIBC/RBC : and neither has a problem with it. They both get my business. But with Med LOC's, I would have to say RBC is the best. So if Scotia is being a pain in the ass; just threaten that you're going to leave and set up shop with RBC. Then they'll probably talk on your terms. Link to comment Share on other sites More sharing options...
mandolin Posted June 1, 2010 Report Share Posted June 1, 2010 I'm with MD financial. No nonsense about closing other cards. Do you have significant consumer debt? Link to comment Share on other sites More sharing options...
Martin Louis the King Jr. Posted June 1, 2010 Author Report Share Posted June 1, 2010 I'm with MD financial. No nonsense about closing other cards. Do you have significant consumer debt? Not really. They even wanted the cards with $0 balance closed or they'll subtract however much credit i had on them from the $200,000 LOC. I think i should be fine with that because after the deduction i'm still left with about 155K which should get me through the 3yrs...or will it? Link to comment Share on other sites More sharing options...
rmorelan Posted June 1, 2010 Report Share Posted June 1, 2010 Not really. They even wanted the cards with $0 balance closed or they'll subtract however much credit i had on them from the $200,000 LOC. I think i should be fine with that because after the deduction i'm still left with about 155K which should get me through the 3yrs...or will it? That should get you through I would think Do you already have 35,000 in credit (on your credit cards?). Guess I am bit confused where that other credit is going. Link to comment Share on other sites More sharing options...
Martin Louis the King Jr. Posted June 1, 2010 Author Report Share Posted June 1, 2010 I've been hungry for credit in the last few years so it's not just credit cards, i also have some personal lines of credit so they really add up...just for the hard times. It's my little personal finance achievement and i don't wanna give 'em up just for scotia's extra 50K which i probably won't even need so.... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.