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Butterfinger

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  1. So I have an update on my LOC situation. BMO called today to confirm that they will be giving me a medical LOC, I go in to sign the papers on Friday. I can't believe how much stress that just removed. I still haven't heard back from my Scotiabank rep on my app there. A different Scotiabank rep on these forums tried to help out a bit, which was nice of him, but they never got back to me with a final decision. I still prefer the Scotiabank package, but BMO came through for me which was a huge relief, so unless Scotia comes through before Friday I guess I'll be signing with BMO! I still don't understand why Scotia in Calgary was so slow. The total turn around time for BMO was about 4 business days. So if anyone is having a problem with some of the other banks I would highly recommend talking to BMO.
  2. I wish this had been my experience. I put in an app with Scotiabank on May 10th because UofC notified applicants on the 8th. I went to their medical LoC website and pulled the name of the Calgary rep from the list and contacted him directly. He was very slow processing my app, not returning calls/emails and after two weeks I contacted another rep in a nearby area. They took over my application this week (on Monday) said it would be finished by Friday and now of course it's on hold and the rep is appealing the decision. I asked for clarity on what the problem was, but it wasn't until I spoke to BMO that I learned more about the problem. I had good experiences with Scotia in the past, but this is certainly casting them in a bad light for me. Why is it taking them three weeks to give me an answer? Thankfully BMO seems to be on the ball and I just spoke to a random rep that appeared knowledgeable on medical LoCs.
  3. The rep you speak to really seems to make a difference. Both BMO and Scotia told me that most Medical LOC's are approved without a co-signer. I'm still surprised my one blip is causing such a problem, but hopefully I'll have better news in a couple days. Right now I have two apps in play, and I hope that doesn't lead to additional problems.
  4. missmath: I applied to BMO because I've had a chequing account with them for years. I had a pretty good chat with the rep today, and he's saying that it doesn't look like a big issue. He was very friendly and understanding. He can't approve it automatically, but he's sending to the bank-gods and they will review it. It sounded optimistic, but I won't know until Tuesday. The Scotia rep did say he would appeal the decline, but didn't think it would help. I emailed him yesterday to ask for clarity and they are not responding to my email. (edit: I'm also not sure why Scotia's and BMO's responses are so different, why is Scotia so negative about appealing but BMO so helpful, weird) I don't want to contact too many banks because each rejection goes on the credit bureau and then it looks worse.
  5. I matched to UCalgary, so I will start in July. My last job will end in early July, so I’ll have a small amount of money trickling in, but that will be it. So I pulled my credit bureau and found the problem and it’s so minor I don’t even know how to fix it. I have pre-2000 government student loans that were managed through the banks at that time, and post-2000 loans that were processed through Edulinx and NSLSC. They’ve been in payment free status for a while since I went back to school, but for a one year period they went into payment status. The Edulinx and NSLSC loans show that they have always been in good standing. However, the pre-2000 government loans (managed at the bank) show a 3 month period where they were late two years ago. After that they were paid on time and then early this year they were finally merged into Edulinx and NSLSC, so they now show as paid in full and the account in good status. I had to wrack my brain to figure out why they were late a couple months 2 years ago, and I think it was due to some confusion after Christmas as to when they were in payment status. It was all resolved in short order so I can’t figure out why it is hurting me so badly. I would have thought that having them paid on time for 1.5 years after that, and then paid in full and closed would illustrate that they are in good standing. What on earth can I do about this?
  6. A co-signer is not an option for me. I don't know anyone who would do it for me. I'm not sure why they came to that conclusion; I'll have to pull a credit report to find out. I don't have much of a credit rating at all, as I have only one small credit card. I was in school for many years, and only got my career going in the last year or so. Being accepted for med was a bit of a surprise, I assumed the LOC wouldn't be an issue for med students, unfortunately that's not the case. I don't see how I can fix my credit rating since I am now unemployed. In 30 days it's going to get really bad. Bursaries and student loans might be an option, but it's going to take time and it might not be enough. Too little, too late. I could try TD as you suggest, that would be a big help if I could get part of it. I'll try other banks as well.
  7. My application for a LOC through Scotiabank was declined, and I'm very worried that I may not be able to afford med school now. They state that the reason for decline was "due to slow repayment history". I've completed three degree's and I don't think I qualify for any additional student loans. I'm in a really difficult spot now. I've already accepted the invitation to med and gave notice to my employers. So, in one month I'll have no income and no way to pay the bills. I suppose I could try another bank, but I think once you've been declined from one of them they all follow suit? Feeling very down and desperate at the moment. Without that LOC I'm screwed.
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