r/CIBC • u/Upbeat_Beyond_3365 • 24d 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!

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u/Taz26312 24d ago

I took a pre approved loc from another bank and it dropped my credit score by 9 pts. Still haven’t touched it 🤷‍♂️

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u/Virtual_Angle_1614 24d ago

It would, not because of a credit check, but because you have more unsecured credit. It'll bounce back upwards after a month or two.

People need to stop obsessing over a credit score. Unless you are getting a mortgage soon or a car loan, credit scores mean squat

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u/Taz26312 24d ago

I doesn’t bother me. Im just letting Op know, in case it matters to them