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Looking for similarities, I bought a pick up a while back at 0% interest, it went through my most used bank, I also have a line of credit I use there time to time, I got a notice this week my interest rate was going up 3/4 of a percent . I called a bank rep and was told that the bank with the Lion Head was raising all rates to be competitive, Im thinking these two dealings come into play although the bank person said not. At the end of the day, which Bank will give the better lending rate on a Line of Credit ? This bank also told me if I wanted to make it a secure line of credit it would cost 1000.00 for fees. Im kind of scratching my head, I have no mortgage so im no longer a preferred customer.

This so called financial institution made a $3 billion profit in the last quarter but they put my LOC up 1% so they can remain competitive. Perhaps the CEO`s need a bigger performance bonus. Ripoff......

Went up nearly three percent. Someone is getting very greedy indeed....my credit is excellent too, this is just a slap because I do not have numerous products with them.  
 
I get a far better rate at CIBC on my loc, it is something like prime plus 1.  
 
And now I won''t be getting more products from the first bank, that''s for sure.  
 
Edited by foxtrot11, 2017-02-09 21:35:00

foxtrot11 said "Went up nearly three percent. Someone is getting very greedy indeed....my credit is excellent too, this is just a slap because I do not have numerous products with them.     I get a far better rate at CIBC on my loc, it is something like prime plus 1.     And now I won''t be getting more products from the first bank, that''s for sure.     Edited by foxtrot11, 2017-02-09 21:35:00"

Yes I feel the same way, I will check the one you mentioned, slap in the face for sure, especially with the Bank of Canada rate being as it is, im shopping.

For people with excellent credit scores I was wondering why do they need a line of credit? I use my mastercard which I get a monthly financial reward and we make our monthly payments and has no balance carryover.  
Line of credit is a nice name for line of debt that has been pushed by the banks for years. Buyer beware.

fisherboy said "For people with excellent credit scores I was wondering why do they need a line of credit? I use my mastercard which I get a monthly financial reward and we make our monthly payments and has no balance carryover.   Line of credit is a nice name for line of debt that has been pushed by the banks for years. Buyer beware. "

Cheaper interest rate. If someone wants to do home improvements and larger scale projects it works great. I put my truck on it vs financing through dealership. Interest rate at time at dealership was 7% and line of credit was 3%. Bought a 5th wheel. Not putting tens of thousands on a credit card at 20% interest. We use our credit card too but for small purchases such as all bills, food, gas card, etc. (Day to day items)

Fishin Guy said "    fisherboy said "For people with excellent credit scores I was wondering why do they need a line of credit? I use my mastercard which I get a monthly financial reward and we make our monthly payments and has no balance carryover.   Line of credit is a nice name for line of debt that has been pushed by the banks for years. Buyer beware. " Cheaper interest rate. If someone wants to do home improvements and larger scale projects it works great. I put my truck on it vs financing through dealership. Interest rate at time at dealership was 7% and line of credit was 3%. Bought a 5th wheel. Not putting tens of thousands on a credit card at 20% interest. We use our credit card too but for small purchases such as all bills, food, gas card, etc. (Day to day items) "

We ran ours up when a couple of big house expenses overwhelmed us - we needed a new furnace and roof the same year. Credit cards are more than double the interest, so you clear those first and clear what you can on a LOC.  
 
Credit lines are happy as long as you cover the interest each month - which some months might be all you can afford. I'd be scared if we had to put those purchases on a credit card, its bad enough we cannot clear it off as quickly as we'd like.  
 
As I mentioned we have good credit, but even our banks don't want to give unsecured loans for stuff like that - which is odd because home necessities like heating and roofs only add to the value and are not really unsecured...but hey who am I to question their shareholders multi million dollar earnings.

interest rate hasn't changed...yet. I hope it doesn't. It is a little higher than my mortgage rate and it is definitely higher than my 0% car loan through the dealership.

JessieJay said "interest rate hasn't changed...yet. I hope it doesn't. It is a little higher than my mortgage rate and it is definitely higher than my 0% car loan through the dealership. "

If your with the bank with the Lion head im sure its coming, went looking a bit today and was offered way lower rate than the lion head increase, moving on