Getting a line of credit increase

Here’s a Friday quickie.  I think I could have also titled this post – “It doesn’t hurt to ask!”


Original photo by Images of Money (http://www.flickr.com/photos/59937401@N07/)

There is not much to tell – I’ve been with the lovely and ever helpful Bank of Montreal for ages upon ages.  I’ve always found them super helpful, friendly and personable.  No matter which location I frequented, the tellers would always recognize me and go out of their way to make my interaction with them personal.  So when I found that my line of credit interest rate was a bit high, I decided to ask them to do something about it.  To be clear, I didn’t ask for more credit or a lower rate because I needed to use my credit.  Rather, I decided to deal with this in the interest of keeping a good financial house.

I physically go to the bank fairly often.  I like getting to know my bankers and being able to talk to them.

Me: “Hi there!  [regular banking activities…]

Teller: “And is there anything else I could help you with today?”

Me: “Well, I noticed that my line of credit interest rate is pretty high.  I’d like to get it lowered.”

Teller: “We can definitely have a look at that for you.  Would you mind waiting while I book you in with one of our Financial Services Managers?”

Me: “For sure!”

How painless was that?  Super painless.  Don’t wait on hold with someone at a call centre.  They’ve never spoken to you before and they have no connection with you.  Instead, you need to go in and talk with your banker.

Later in the afternoon, I returned for my appointment.  I chatted with Finance Guy in Suit and he updated my income and debt information.

One week later, I got a call saying that my interest rate was lowered by 1%.  They also threw in a limit increase while they were at it.  And that’s it!  With two simple conversations, I improved my finances.  Now, if I ever needed to use my line of credit, I have a better interest rate AND more credit available to me.  That’s saving money before it even needs to be saved.  Sometimes, you just need to ask.

Posted in: Credit and Debt, Money

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