Bank Advice - Personal Line of Credit - #1 Car Club In Kitchener - Waterloo - Cambridge

**DB Apes** · 06-29-2006, 01:31 PM

Hey guys,

I am trying to get a line a credit and need to know which bank to go to.

I have heard some banks are more lenient than others. I have tried TD so far and they didn't seem that good.

Basically my credit rating isn't bad, but it's not perfect, I was behind in a payment a couple months and even though that is fixed its on my file through Equifax.

So if you guys have had any experience with lines of credits and can advise me on where to apply I would greatly appreciate it. Also, any other advice is welcome as well. Thanks in advance!!!

<3
April

**Ian Carlo** · 06-29-2006, 01:34 PM

My suggestion is to go to the bank you have the most and longest business with. Otherwise, most banks will have similar lending policies and if you have a recent blemish on your credit, then you might have to wait a while.

Credit lines are actually one of the hardest things to qualify for because it's revolving/reusable credit and usually has a high limit.

**DB Apes** · 06-29-2006, 01:39 PM

Quote:

Originally Posted by Ian Carlo

My suggestion is to go to the bank you have the most and longest business with. Otherwise, most banks will have similar lending policies and if you have a recent blemish on your credit, then you might have to wait a while.

Credit lines are actually one of the hardest things to qualify for because it's revolving/reusable credit and usually has a high limit.

okay thanks for your advice. What would be the best thing to do if I am looking for around $10,000? A credit card?

**Silverstoned** · 06-29-2006, 02:00 PM

Use a line of credit if you can get it. You will get raped by a credit card with retarded interest rates.

**DB Apes** · 06-29-2006, 02:13 PM

what about a personal loan? is that easier to get?

**crxforum** · 06-29-2006, 02:22 PM

Credit cards are the devil. I should of listened to people instead of getting mine.

When my brother did his loan he took out $20,000 (I think that is the right number not sure though) and then went to another bank and set it in there. Then when he needed to pay the monthly charges he took money from the other bank and just paid that. He never actually used the money and only spent like $1200 in interest out of his own pocket. Then after a year his credit was perfect.

CRX Forum

**Slawek** · 06-29-2006, 04:28 PM

I have a LOC with TD Canada Trust, works great with my online banking.

**Subersxy** · 06-29-2006, 05:38 PM

mines with cibc and i love it

**Lowry** · 06-29-2006, 08:36 PM

Quote:

Originally Posted by Baby GSR

what about a personal loan? is that easier to get?

Usually a loan with a specific purpose can be easier to get depending on amount. This is because as you pay it down it depletes.

I would recommend trying to do a loan, ensure you make all of your payments on time and then when it is finished or almost finished try for a line of credit at that point.

When you said that TD was not that good, are you saying that you applied there and would not qualify? Let me know.

Feel free to PM me any other questions if you like.

Cheers

**msequence** · 06-29-2006, 09:38 PM

Best advice.. dont get one.. they are deadly .. addictive.. and real real hard to pay off..

Im still paying mine off.. it took 10 mins to get and a lifetime to pay off..

Matt

06-29-2006, 01:31 PM	#1 (permalink)
DB Apes VM Member Posts: 758 Location: Waterloo/T-Dot, ON Join Date: Oct 2005 Ride: 1994, Honda Integra RS Fav Mod: 98 Spec B18C Class: Street	Bank Advice - Personal Line of Credit Hey guys, I am trying to get a line a credit and need to know which bank to go to. I have heard some banks are more lenient than others. I have tried TD so far and they didn't seem that good. Basically my credit rating isn't bad, but it's not perfect, I was behind in a payment a couple months and even though that is fixed its on my file through Equifax. So if you guys have had any experience with lines of credits and can advise me on where to apply I would greatly appreciate it. Also, any other advice is welcome as well. Thanks in advance!!! <3 April ------------------ April DB8......comin' to a street near you. Formerly known as Baby GSR.

06-29-2006, 02:13 PM	#5 (permalink)
DB Apes VM Member Posts: 758 Location: Waterloo/T-Dot, ON Join Date: Oct 2005 Ride: 1994, Honda Integra RS Fav Mod: 98 Spec B18C Class: Street	what about a personal loan? is that easier to get? ------------------ April DB8......comin' to a street near you. Formerly known as Baby GSR.

06-29-2006, 02:22 PM	#6 (permalink)
crxforum VM Administrator Posts: 3,338 Location: Kitchener Join Date: Feb 2005 Ride: 1990 Honda CR-X SiR Fav Mod: Ninterior Class: Street	Credit cards are the devil. I should of listened to people instead of getting mine. When my brother did his loan he took out $20,000 (I think that is the right number not sure though) and then went to another bank and set it in there. Then when he needed to pay the monthly charges he took money from the other bank and just paid that. He never actually used the money and only spent like $1200 in interest out of his own pocket. Then after a year his credit was perfect. CRX Forum ------------------ Honda CR-X If you need it I can get it.

06-29-2006, 04:28 PM	#7 (permalink)
Slawek VM Member Posts: 4,480 Location: Sydney, Australia Join Date: Jul 2004 Ride: 1998 VW Golf CL Fav Mod: Class: Street	I have a LOC with TD Canada Trust, works great with my online banking. ------------------ --- Down Under ---

06-29-2006, 05:38 PM	#8 (permalink)
Subersxy VM Member Posts: 10,549 Location: kdub Join Date: Nov 2003 Ride: 2004 Subaru Impreza Fav Mod: Class: Street	mines with cibc and i love it ------------------ Sometimes we don't do things we want to do so others wont know we want to do them.

06-29-2006, 02:00 PM	#4 (permalink)
Silverstoned VM Member Posts: 1,782 Join Date: Apr 2005 Ride: 1960 Citroen DS Fav Mod: Class: Strip	Use a line of credit if you can get it. You will get raped by a credit card with retarded interest rates.

06-29-2006, 09:38 PM	#10 (permalink)
msequence VM Member Posts: 1,724 Location: .. Join Date: Oct 2004 Ride: ..Mazda Fav Mod: Tein SS- P + EDFC Class: All Out	Best advice.. dont get one.. they are deadly .. addictive.. and real real hard to pay off.. Im still paying mine off.. it took 10 mins to get and a lifetime to pay off.. Matt ------------------ www.mx6.com

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