Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Personal Lines Of Credit
#1
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.
Old enough to know me limit, yet young enough to exceed it.
Reply
#2
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
Reply
#3
we just got the same letter.

We closed it last night. And they had the audacity to ask us why. :lol:
Reply
#4
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.
Daily driver 1: 2007 Jeep Wrangler Unlimited Sport "S"

33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.

Daily driver 2: 2006 Subaru Legacy GT

COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.
Reply
#5
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.
2008 Fusion SEL MTX - DD1 * 2009 Fusion SEL - DD2 * 2007 Focus ZXW - R*I*P * 2004 Focus ZTW CD Silver - sold * 2004 Focus ZTW Black - sold * 2003 Focus ZTW Black - sold * 2001 Focus ZTW Gold - sold * 2000 Focus SE Wagon (ZTW option) - Black - sold * 2000 Focus SE Wagon (ZTW option) - Gold R*I*P

2003 Focus ZX5 infra-red Track Rat - R*I*P
2003 ZX5 CD Silver Track Rat - retired, but still in the driveway


New track rat: 2000 ZX3, Atlantic Blue * JRSC with lots more to come

* New Zetec crate motor - NFG - thanks Topspeed *
Reply
#6
Yeah, I'm at 3.5% right now for the LoC side. I can think of worse rates to have than that. :)
Daily driver 1: 2007 Jeep Wrangler Unlimited Sport "S"

33" BFG Mud-Terrain KM2s, lots of Rough Country gear - bumper, 2.5" lift, swaybar disconnects, Superwinch 10,000lb winch, Detroit Locker in rear D44 axle, custom exhaust, K+N filtercharger, Superchips-tuned.

Daily driver 2: 2006 Subaru Legacy GT

COBB Stage 1+ package - AccessPort tuner, COBB intake and airbox. Stage 2 coming shortly - COBB 3" AT stainless DP and race cat, custom 3" Magnaflow-based exhaust and Stage 2 COBB tune.
Reply
#7
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. <_<
Currently - 2014 GMC Sierra 1500 SLE 4X4 Work Truck. Needs a Super Charger
2012 F150 Eco Boost Work Truck < Died several times and now it's some farmer problem.
No Longer Sleeping/In Surgery Having A Heart Transplant - 2005 Focus ZX5 Sonic Blue Modified
Sold - 1992 Astro Van CS Sky Blue Stock
Sold - 1994 Excel 2DR HB Teal First Car

Reply
#8
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. &lt;_&lt;
[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.
I was the only member on this board with a Yellow Focus Sedan, and a 2002+ Euro Facelift on a sedan.
Reply


Forum Jump:


Users browsing this thread: 4 Guest(s)