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Everything posted by ScotiabankMedsAdvisor

  1. No they have no power to approve more. The only way it would even be considered would be with a co- signer.
  2. No it’s been that way for about a year. Wasn’t well documented within the policy until this week. You are still eligible for it regardless as long as you haven’t already gone into repayment.
  3. I personally always set up the student account now as it allows unlimited e-transfers.
  4. I do not know of any additional changes coming. As it stands today the plan is follows. -300,000 max limit available entirely at setup -free unlimited chequing account for school, residency/fellowship, grace period -Passport Infinite & Gold Amex with fees waived for duration of school, residency/fellowship & grace period -Fees on personal account and credit cards continue to be waived afterwards if you setup the professional plan -2 year grace period -Option to convert to professional line. To my knowledge we are the only bank that has this option. For any dental students reading the thread the max limit for dental school has increased to 350,000.
  5. My advice to clients on this is to always use up any money they have sitting in their bank accounts before using the line of credit. As medical students you do not have the time to work so where does the money come from to make the interest payments. It comes from the line of credit. On paper other banks lines of credit don’t compound because you have to make interest payments. Don’t be fooled by this as you are going to take money from the line to make the interest payment.
  6. As of today any outside revolving credit that you wish to keep open reduces the line of credit limit. The reduction is dollar for dollar for the limits you keep open. Outside credit cards do not affect the credit card limits at all. This is also supposed to be tweaked for the better with the changes.
  7. I can’t speak to the acquisition of MD as I know about as much as you at this point. The changes that are coming were already in process before the acquisition took place. I have been in touch with the product people to get an update and it sounds like we should have the updates by the end of the month.
  8. To my knowledge they will not include the Momentum Infinite. Right now you may not think that the rewards and lounges are useful. But once you are travelling for clerkship, electives and interview tour the points are as good as cash. They pay for your hotels and flights so you don’t have to. You will spend a lot of time in airports as well. All of the graduating students think the perk of the lounges is great with how much they are in airports. With respect to your other question yes RBC requires you to make interest payments on a monthly basis. We on the other hand simplify things an the interest is automatically added to your line of credit balance. Line of credit is completely open so you are able to make payments just not required to. I’ve seen a lot of students credit be damaged as they forgot to make there interest payments at other banks.
  9. Precisely!!! Not to mention the full suite of travel insurances. No premium on foreign currency transactions and 6 free lounge visits. The redemption options are also way more flexible than most travel cards. They can be redeemed for any travel purchase as long as you pay for it on the card. This can be a hotel, flight, rental car, all inclusive resort. These can also be booked through any booking site. Also the fees are waived on both cards as part of the plan for the duration of school, residency/fellowship & grace period. Not to mention they continue to be waived after the grace period if you set up the professional plan.
  10. I will do my best to explain. The Momentum Infinite card is not part of plan. The fee on this card is not to be waived. To give you an idea I have the Momentum Infinite and I cannot get the fee waived on my card. My opinion is the combination of the Passport Infinite & Gold Amex is the best cards that come with any of the plans. The Amex gives you 4 times the points on gas, groceries, dining & entertainment. Most gas stations and major restaurants accept Amex. Passport Infinite comes with 2 times the points on groceries, dining & entertainment and transit purchases. No 2.5 % premium on foreign currency transactions. Also you receive 6 free lounge visits per year. The points on the cards can be combined and redeemed post booking. I hope this helps as I know there seems to be a lot of confusion. Sorry for my grammar i’m on a field trip with my son and listening to 40 screaming kids
  11. My pleasure. Having a mortgage will not affect the amount that you will be approved for on the professional line.
  12. I see how they could be confused. Quite a few of our professional programs have annual limits still. Medicine is one of the exceptions to this however. Competition at its finest alright. The amount of changes that have taken place over the last 10 years since I started working with medical students is astonishing.
  13. We did change our plan a couple years ago and now give access to the full approved amount up front as well.
  14. Just to confirm with RBC they don’t convert to the professional line. You must reapply and the limit approved is based on income. Our conversion is preapproved and you would maintain the same limit.
  15. Ours is 2 years after residency/fellowship. With the option to convert to a professional line of credit. It’s important to note that we include fellowships as most banks do not.
  16. I know it wasn’t suppose to take this long. As I mentioned before I am impatiently waiting as well. You would think me calling them every day would speed up the process
  17. As well I don’t think I have met a med student that doesn’t go on a trip in the summer. Also lots of online shopping is in foreign currencies.
  18. Some of this is correct. As of today any outside credit cards have to be closed to obtain the max line of credit. If you want to keep them open that is fine as well but it reduces the maximum line of credit limit by the limits you keep open. Stay tuned as this is another small tweak coming with the changes. I would just keep the cards open and reduce your limit and have the advisor do an amendment once the changes are made. With respect to the letters from CIBC and BMO the only thing I can think of is that you did an application with them recently. There are people out there that trick the system and get more than one line so this may be a precaution being taken by the underwriter as they can see another credit check. I personally have done hundreds of professional lines however and have never seen that condition.
  19. No nothing to do with the election. It just takes time to update everything. Have to change policies and update different divisions within the bank. I will tell you the main change will be the limit. I can’t tell you exact limits until it is finalized. Trust me I am waiting impatiently just like all of you.
  20. It is now an option under the plan. There are certain income requirements to get the card as it is an infinite product. The majority of students/residents can meet one of the requirements.
  21. You can certainly start looking. The vast majority of the program will not change. Account will remain the same with fees waived. Credit cards will stay the same with passport infinite and gold Amex with fees waived for duration of school & residency . 2 year grace period after completion of residency/fellowship with ability to convert to a professional line. Interest rate will remain the same. If you set it up before the changes you can always amend it after.
  22. I also wanted to let everyone know we have some exciting changes coming to our plan in next couple of weeks. I met with some of our VPs last night to discuss the changes. I will post the updates as soon as they are finalized. I am bias but I believe these changes will make the decision easy for the majority of medical students to choose Scotiabank.
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