Hi Mustachians,
A while ago, I applied for a credit line. I didn't need it but I wanted it to replace my emergency fund so I could invest the 10k I keep lying around. I got approved for 10k @ 8.5% which is not that great (something like prime + 5% I think).
I didn't go through with it because the rate isn't great and I didn't feel like it was worth the hassle to go back to the bank and deal with it.
Fast forward, I lost my job but the bank is still pushing me to come and accept the CL.
I have no debt otherwise, 55k invested and getting employment insurance which covers my living expenses and then some.
What should I do? Take it just in case because I can't get a better rate (or a CL for that matter) anywhere else without a job? Or sit this one out and try to get a better rate later on? Since I already took the credit hit when I applied, will it matter whether I take it or leave it?