Line of Credit between institutions?
Please be kind, but walk me through this like I’m 10. We are about to start a large house renovation, and Sunrise Credit Union did a construction mortgage (renewal lined up), plus they setup a $60,000 line of credit that we qualified for that we plan to use approx. $20,000 of for this Reno. This is irrelevant to my question lol but I think it may come up (we didn’t put anything further down, just provided contractor quotes and need above what the CU can do mortgage-wise and they suggested this LOC. We have good credit ratings and no debt other than vehicle payments). We’ve already started paying the new mortgage rate and it’s very doable with room to pay more, so I’m sure the LOC will get paid off.
Anyways, back to my question. I regularly bank with CIBC (my husband is the one who banks with SCU, and his original mortgage was with them). I am on a joint chequing/LOC account at SCU (as well as the mortgage) but I don’t have credit card (or debit card currently) for that institution. Is there a way for me to pay for large Reno-related purchases with a CIBC credit card and transfer it onto the SCU LOC? Payments, transfers, etc. any steps to dumb this down for me. In our relationship, my credit cards have the better cash back return lol, but my husband does have a generic SCU credit card that we could use if that’s the only way. If it’s not possible for me to do CIBC➡️SCU LOC, how would a person usually put something on their LOC (what steps in online banking)?
To make this more idiotic on my part, I do have a $15,000 LOC with CIBC that I got over 15 years ago and have never used (it shows on my online banking). I’ve never needed it thankfully, but I also don’t know how to use it. However, it is a lower interest rate by a percent than the SCU LOC.