Opening an account with PCF...

[spintheblackcircle]

After being a long time user of TD (my entire life), I'm looking to try out PCF. I am looking to apply online for a chequing account, the high interest savings account, LOC, and Mastercard (initially).

Some questions...

1) Do I take any type of hit to my credit score or anything else for opening these services?
2) Do they automatically give you a potential limit on the credit you apply for (i.e. will they say I'm eligable for a 20k LOC and 5k on the MC or whatever)? Will my 10k LOC with TD effect anything?
3) What is the easiest way to switch over funds from TD to PCF?
4) Is there a charge/penalty for switching my RRSP from TD to PCF?

Personal banking habits...

- I use my debit card for withdrawl's/purchases approx. 20 times a month (I know).
- I grocery shop almost exclusively at Loblaws (probably missed out on quite a bit over the last 4 years).
- I basically never go into a bank, or do any non-standard banking.
- I have 5-6 auto deposits/withdrawls, no debt/loans with TD.

I assume it is best to open the accounts and slowly move things over to make sure everything jives. Should I keep some type of account with TD or close everything with it if I don't use it?

I assume it is a good idea to keep my TD Visa and not cancel it.

[urban1]

PCF will do a hard inquiry on your credit bureau.

[joe1487]

After being a long time user of TD (my entire life), I'm looking to try out PCF. I am looking to apply online for a chequing account, the high interest savings account, LOC, and Mastercard (initially).

Some questions...

1) Do I take any type of hit to my credit score or anything else for opening these services?

For the LOC and M/C, yes. But it's not so significant that it should deter you from switching. It's a one time hit whose effects will be gone after a few months anyway.

2) Do they automatically give you a potential limit on the credit you apply for (i.e. will they say I'm eligable for a 20k LOC and 5k on the MC or whatever)? Will my 10k LOC with TD effect anything?

They'll assign a limit to each account based on your personal credit, income and financial resources. All of the credit currently available to you factors in. If you have too much, it can hurt you. If you have too little, it can hurt you (but only in extreme circumstances, like people who have no credit cards). If you are delinquent on any accounts, it can hurt you. Otherwise, responsibly used, up to date, moderate credit lines are very beneficial to you on your application. Having $10k, assuming you've always used it responsibly and made payments on time, will probably help (if anything). Assuming you're working full time and your credit is solid, I wouldn't be surprised if PCF handed you something like $15-20k.

3) What is the easiest way to switch over funds from TD to PCF?

Just write a cheque to yourself. There is no point getting a draft, because PCF will hold the money anyway (whatever is in excess of your hold limits), if it is going through a bank machine. Eventually, if you keep the TD account open, you may want to set up EFT transfers (PCF offers a bank to bank online transfer service), but that would take quite a while.

4) Is there a charge/penalty for switching my RRSP from TD to PCF?

Depends on the type of RSP you have and the fee schedule of your bank. Consult TD.

- I use my debit card for withdrawl's/purchases approx. 20 times a month (I know).

Ew. I hope you are henceforth planning on exclusively using your PC Mastercard.

I assume it is best to open the accounts and slowly move things over to make sure everything jives. Should I keep some type of account with TD or close everything with it if I don't use it?

Yes, that is the strategy I would adopt. Once you are absolutely sure everything has been moved, then go ahead and close it.

I assume it is a good idea to keep my TD Visa and not cancel it.

Yes, for a number of reasons. First, some places only take Visa. Second, it is a good reserve credit line in case you need it. Third, your credit score takes into account your average account age. Having old accounts paid on time is important.

[spintheblackcircle]

Thanks Joe,

Yes I do work full time (80k) and while I have had some credit issues in the past (8-9 years ago), those issues are long over.

Taking the hit on credit for a short while is no big deal. I don't plan on asking for any money for at least a year or two following the LOC and MC.

Guess I'll head over to a pavilion and ask a few questions.

[angel_wing0]

judging from your daily banking habits, it's a no-brainer that u should open an account there.

But u should use your cc on shopiing instead of debit card...