+- FocusCanada Forums (//www.focuscanada.net/forum)
+-- Forum: Canadian Focus Community (//www.focuscanada.net/forum/forumdisplay.php?fid=3)
+--- Forum: Off Topic (//www.focuscanada.net/forum/forumdisplay.php?fid=16)
+--- Thread: Personal Lines Of Credit (/showthread.php?tid=1886)
Personal Lines Of Credit - CanadaSVT - 03-07-2009
When we were getting married we got a PLC at prime + 2% or something like that. Used it once for the wedding hall and paid it off after the 'big day'. CIBC has increased the limit over the past 6 years to $28K
Well I'm glad I haven't used it since as I just received a letter from CIBC stating that as of April 6 the rate will increase to prime + 3% due to the global market conditions. Meanwhile what are the banks getting their money for? An all-time low of 0.5% ?
The rich keep gettin' richer.
Personal Lines Of Credit - NefCanuck - 03-07-2009
Ah but you see, they justify the scam by saying things like "increased credit risk in the face of economic uncertainty" <_<
Meanwhile us poor schlubs that have to pay these obscene interest rates have to bend over & take it while the banks cherry pick who they will lend to.
NefCanuck
Personal Lines Of Credit - ANTHONYD - 03-07-2009
we just got the same letter.
We closed it last night. And they had the audacity to ask us why. :lol:
Personal Lines Of Credit - NOS2Go4Me - 03-08-2009
I've got a Homeline setup through RBC- mortgage and equity-based LoC all in one. My interest rate is decent and has gone down of late. I think they can't raise it (at least not immediately) due to the type of LoC I have.
Thanks for the heads-up, I'll keep an eye on the interest rate via online banking in the coming days/weeks.
Personal Lines Of Credit - ZTWsquared - 03-08-2009
NOS2Go4Me,Mar 7 2009, 10:32 PM Wrote:I've got a Homeline setup through RBC- mortgage and equity-based LoC all in one. My interest rate is decent and has gone down of late. I think they can't raise it (at least not immediately) due to the type of LoC I have.
Thanks for the heads-up, I'll keep an eye on the interest rate via online banking in the coming days/weeks.
[right][snapback]282277[/snapback][/right]
My unsecured LC is still at 5% same as it was when I set it up 5 years ago but I actually haven't used it and so haven't bothered to demand a lower rate ... IIRC correctly it was based on prime +1.
My mortgage and equity LC are both currently just above 3% variable and I expect that to be coming down in the near term and I'm actually thinking of buying another income property - I think we're approaching the perfect storm for acquiring real property - low prices and incredibly low mortgage rates. Fortunately lenders here seem to have plenty of cash.
Personal Lines Of Credit - NOS2Go4Me - 03-09-2009
Yeah, I'm at 3.5% right now for the LoC side. I can think of worse rates to have than that. :)
Personal Lines Of Credit - Scorcher000 - 03-10-2009
Iteresting...
I got a letter in the mail couple of weeks ago from American Express stating that the economy is in poor shape so they had to lower my credit limit from $4,000 to #1,200 @ 19%. I was like wow and VISA has no problem with me having a card at $20,000 @6.3%. Some things in this world are a wonder. <_<
Personal Lines Of Credit - Frost__2001 - 03-11-2009
Scorcher000,Mar 9 2009, 10:48 AM Wrote:Iteresting...
I got a letter in the mail couple of weeks ago from American Express stating that the economy is in poor shape so they had to lower my credit limit from $4,000 to #1,200 @ 19%. I was like wow and VISA has no problem with me having a card at $20,000 @6.3%. Some things in this world are a wonder. <_<
[right][snapback]282349[/snapback][/right]
keep in mind AMX has a smaller market share then Visa, and Visa is more widely accepted then AMX, and not to mention Visa has been around a long long time.