Scotiabank has been harassing me for years with personal line of credit offers and I’ve been in the habit of ignoring them… I bought my first home in 2023 using a private lender for the mortgage and a condition of the mortgage was that I didn’t take on any additional debt, so I declined any offers coming from the bank.
I remortgaged last fall to a better lender and better interest rate (hooray!). Scotiabank has continued to offer a LoC but I’ve just been in the mindset that it will make it difficult for me to do anything mortgage related later so I have been worried about accepting it.
They are offering a $30,000 limit with a variable interest rate of 6.75%. I have the mortgage and a credit card (also with Scotiabank). I have a duplex with a tenant on the other side, and while I have a savings account set aside specifically for anything that may arise for her, the appeal of having the additional safety net in case we have a major repair come up is tempting. Am I worried about nothing and should take the offer?