I got pre-approved for a royal credit line for $15,000 at RBC prime +4.49%
25f, never had a line of credit before, not sure how it works either.
Is it better to accept the offer even if i don’t need it?
@orito Not a financial advisor but yes. Increases your available credit, which reduces your credit utilization. Not only that, but you're not likely to be offered it in a moment when you actually need it.
This all assumes you will be responsible with it if course.
@orito I have a similar case with LOC that I was offered and didn’t intend to use and I decided to accept it. It will improve utilization rate and is also a tool you could use in an unforeseen scenario where you needed access to funds.