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LoC refused, advice??

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I'm freaking out ever since I found out my line of credit application was refused. I don't work and haven't gotten a single credit card until around 2 months ago. TD asked for a cosigner but even then his "income wasn't high enough" for the 200k "limit" (even though I'm pretty sure the actual max is 275k, correct me if I'm wrong). So I tried again but for a much lower 30k and even then it was refused with cosigner (who has a good credit history). I'm really stressed out about this, I know that doing these things leaves a dent on your credit history but what is the wisest thing to do at the moment? I'm opting for provincial aid but that isn't enough to cover material costs (dentistry). I'm meeting an advisor with RBC seeing that they deal regularly with professional students, but even then I fear that both my cosigner's low income and my fairly recent credit history will drive RBC to refuse my application... I'm very unfamiliar with the notion of credit so I'll try my best to understand. Any ideas?? Also, note that I do have a provincial loan+bursary if that matters?

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What?? You're a Canadian/PR accepted to a Canadian med school, right?

Half the med students in Quebec come out of Cegep and a good chunk of those don't have a credit history. They still got one. Shop around man, it's TD's loss. 

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TD is not known to have a good LOC for medical students. You are far better off checking at RBC or Scotiabank (Scotia is my personal favourite). Scotia approved me within 24 hours without a cosigner. I have adequate credit but no assets and a lot of student loans. My husband had offered to cosign if needed and they said "we don't like using cosigners and we are positive it won't be needed". All in all I had a very positive experience there and I know of people who had been rejected elsewhere but were approved by Scotia. 

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Don't freak out. The guy your dealing with just doesn't have a clue. Find a local Scotia/RBC advisor who is familiar with med students. My Scotia advisor is great and does alot for students over email/phone, so if I can't find a local one, let me know and I'll connect you.

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15 minutes ago, medpak said:

Do you need to be a SB card user? I am with TD and would like to try this out if we can get a loan without a cosigner. 

As previously stated assuming you are going to a Canadian school all you have to do is contact the LOC rep for a bank and they should take care of everything regardless of if you have ever set foot in one of their branches or not.

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Yes, I am a Canadian. I am just more surprised at the "without a cosignor" part as that was a big deterrent for me when applying for medical schools abroad. 

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I am a Quebec resident. The rep "tried her best" and after contacting 3 diff't TD reps all gave the same reason. I think because I came right out of CEGEP my credit is still obviously low. I am currently looking around for RBC and hopefully I won't need a 3rd application.  I'll let you know about what I get. I did visit a Desjardins and they supposedly don't need cosigners but the rep gave me the impression that it's definitely possible. 

edit: Also apparently the undersigner for the 30k app. claims that it "makes no sense" to reapply later for a higher amount even though I proposed that I build my credit by then...

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When you contact RBC and Scotia you probably also want to make sure you’re talking to a specialist for the professional program loc — I got a lot of run around and bad information at both banks from people who weren’t familiar with the plans before I reached out to the specialists directly. I think you can look up local contacts in your city online for both banks.

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1 hour ago, frenchpress said:

When you contact RBC and Scotia you probably also want to make sure you’re talking to a specialist for the professional program loc — I got a lot of run around and bad information at both banks from people who weren’t familiar with the plans before I reached out to the specialists directly. I think you can look up local contacts in your city online for both banks.

Yep! I scheduled an appointment with a specialist that works mostly with university of montreal students in professional programs. Hopefully it should go well

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You need to deal with a Specialist who is totally familiar with med students LOC, otherwise you are absolutely wasting your time. RBC has many specialists and in Montreal the branches where you find them are near UdeM (Wilderton Shopping Centre) and McGill (Peel & Sherbrooke branch). But at these branches, only deal with a specialist.

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If you are starting dentistry, you will easily have access to at least 200k from RBC/Scotia/National Bank as other have mentioned. Without co-signors. Don't let these uneducated reps scare you.

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So far waiting for an answer from my RBC med-dent rep. Meeting a week ago went pretty well and he seemed fairly confident I would get the LoC without co-sign. Even said that in his 7 years of dealing with med-dent students only 2 got refused, who then needed a co-sign to ultimately get it. I opted for 150k simply because I was getting skeptical that it won't change much to aim for 200k+. I'm just worried my first application might affect my credit given that it was a hard credit check.

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Call came in, I got approved and was even given a higher limit than I asked for (225k). Really satisfied with RBC. Thanks for your suggestions on working with them, my fault for dealing with TD in the first place ha!

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As was mentioned, pretty much the only thing you can do wrong (and I am in no way blaming OP here) when seeking a LOC for med/dent is going with a bank or an advisor that isn't specialized in these. With National Bank soon losing their priviliged access to MDFM customers, I'd say the only two banks that truly are in this market nowadays are RBC and Scotia.

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1 hour ago, Snowmen said:

As was mentioned, pretty much the only thing you can do wrong (and I am in no way blaming OP here) when seeking a LOC for med/dent is going with a bank or an advisor that isn't specialized in these. With National Bank soon losing their priviliged access to MDFM customers, I'd say the only two banks that truly are in this market nowadays are RBC and Scotia.

I agree! I am personally with Scotiabank and I am a very happy customer! I've dealt with BMO, National Bank and HSBC, and they don't offer any products nor offers to physicians, well, their loss! Always go with a bank advisor who is used to deal with medical students and physicians in practice, they know how to advocate and waive fees for you!

 

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missed this but all classic advisor had no clue

There are good TD advisors - but you really do have to go to the bank in the city of the med school and track them down specifically. 

This is all big big deal for us, but always remember there not many med students overall - I would not be surprised if there are more bank branches than med students applying for the loan each year. Training is thus limited on med student LOCs to a handful of people. 

glad it worked out :)

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