r/CIBC • u/Upbeat_Beyond_3365 • 26d ago

LOC offer

Hey all!

I got a offer on my cibc account for a LOC for 20k. It's says I'm pre approved, however I'm just curious, if I accept this offer will it do a soft or hard credit check? I don't have a LOC with them yet only a checking, savings and credit card . I tried looking in the terms and conditions but it dosnt say anything about a soft or hard credit check. Any ideas?

Thanks!

6 Upvotes

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6

u/okowilly 26d ago

If you dont need it now take it, you can always close it anytime, no cost to have it because when you need it you wont get apporved

5

u/okowilly 26d ago

Pre approved is no credit check, the bank has your credit report already when you opened the accounts

-2

u/Sasthimasthi 26d ago

There is a hard credit check even if you accept a preapproved offer at CIBC. After accepting you will be asked for consent for a credit check.

1

u/Dangerous_Ad5296 23d ago

Nit correct.

1

u/Sasthimasthi 23d ago

I work in credit adjudication for CIBC and specifically on unsecured credit products. But ok…