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Just a heads up ... if you are looking for your LOC, RBC has an offer coming out next Thursday. Also, based on my experience so far, RBC service has been superior to Scotia .... That said, it’s mostly because my Scotia experience has been a disaster ... They have new people looking after their healthcare products at the moment and I don’t know what exactly is going on, but there seems to be a lapse in communication between them and their credit department. Could also be an isolated event - not completely sure. In any case, I hope this saves some of you the headache that I have been experiencing this past week. :rolleyes:

Edit: I worked in finance and credit for 10+ years, so I know my experience is not how it’s supposed to be. I also know my application is solid and I am being asked to jump through hoops that should be non-existent. 

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Have people started applying for LOCs already? I was under the impression that we'd need our proof of enrolment (that we'll get after registering in the courses later this summer) to apply for it. 

On another note, from what I've seen, it seems like CIBC has the best LOC in terms of gross amounts. CIBC offering (up to) $350kBMO $325kTD $300k, RBC $275k, Scotia: Unknown

What do you all think?

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26 minutes ago, Luna Lovegood said:

Lol, I just went into RBC yesterday and they said I need a proof of enrolment letter (acceptance letter wasn't enough for my branch).

So bizarre! Only a handful of people actually process these applications at each bank, so you may have spoken to someone who wasn’t completely familiar with it. If you are in the Vancouver area, I met with Byron at the RBC at Cambie & Broadway and he was fantastic. His email is byron.david@rbc.com. 

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On 5/16/2019 at 4:54 PM, ATG4B said:

Just a heads up ... if you are looking for your LOC, RBC has an offer coming out next Thursday. Also, based on my experience so far, RBC service has been superior to Scotia .... That said, it’s mostly because my Scotia experience has been a disaster ... They have new people looking after their healthcare products at the moment and I don’t know what exactly is going on, but there seems to be a lapse in communication between them and their credit department. Could also be an isolated event - not completely sure. In any case, I hope this saves some of you the headache that I have been experiencing this past week. :rolleyes:

Edit: I worked in finance and credit for 10+ years, so I know my experience is not how it’s supposed to be. I also know my application is solid and I am being asked to jump through hoops that should be non-existent. 

@ATG4B Do you have any inside scoop about what this special offer might be with RBC?

Anything special compared to what they're already offering?

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36 minutes ago, InternMed said:

@ATG4B Do you have any inside scoop about what this special offer might be with RBC?

Anything special compared to what they're already offering?

I was told it’s an 8” iPad and 30k Avion points (10k bonus)... I am sure most banks will have something similar to sweeten the deal! 

PS - It’s effective next Wednesday 

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5 hours ago, ATG4B said:

I was told it’s an 8” iPad and 30k Avion points (10k bonus)... I am sure most banks will have something similar to sweeten the deal! 

PS - It’s effective next Wednesday 

Oooo free ipad.. Sounds nice

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Did those of you with LOC get a premium card without problem? All those premium cards come with an income requirement (usually $60,000+). How did your banks override this? At branch level or at back office level? Some banks have this premium card promotion but the bank employees tend to say the income requirement stays. Then how can a Med student with low/no income manage to get such cards?

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On 5/18/2019 at 12:48 PM, carolynH said:

Did those of you with LOC get a premium card without problem? All those premium cards come with an income requirement (usually $60,000+). How did your banks override this? At branch level or at back office level? Some banks have this premium card promotion but the bank employees tend to say the income requirement stays. Then how can a Med student with low/no income manage to get such cards?

The occasional person on here says they have been able to find an advisor who can make this happen. I was able to get a premium card with a high income requirement once in a similar circumstance with a different LOC, but what I realized after the application was submitted was that the advisor just lied on the form and said I had a different income than I actually did. So my guess would be that something like that could be happening in these cases too. . .

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No, it's not a lie. It's a policy. They can give the credit card to whoever they want to, and they decide they want to give it to medical students. They post that we are eligible for these credit cards on their websites. 

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On 5/16/2019 at 1:54 PM, ATG4B said:

Edit: I worked in finance and credit for 10+ years, so I know my experience is not how it’s supposed to be. I also know my application is solid and I am being asked to jump through hoops that should be non-existent. 

@ATG4B, what kind of hoops did you have to jump trough with Scotia? I met with an RBC advisor who was good, but I am also meeting with a Scotia person. They are asking a lot of things (student loan balance etc) and I don’t know what’s normal and what’s not, since I never worked in banking and never applied for a LOC. Thanks!

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On 5/22/2019 at 5:17 PM, DoctorArts said:

No, it's not a lie. It's a policy. They can give the credit card to whoever they want to, and they decide they want to give it to medical students. They post that we are eligible for these credit cards on their websites. 

Just sharing my experience. Maybe this is the policy at some banks, but it certainly wasn’t at TD several years ago, where I know for a fact the advisor had to lie to get me a card above my income level.

When I got my LOC for medical school, it was a similar situation. The card offered on the website / by the advisor for RBC is a ‘premium’ Avion card. However, there are multiple levels of these cards depending on income level - I was able to get an infinite level card based on my income, but most of my peers got the platinum level card that came standard with the LOC. I don’t know anyone personally who was able to get the higher level card without showing the income level to match it. Not that it matters much, because there are only a few tiny differences between the cards, and both are pretty good.

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2 hours ago, elephante said:

@ATG4B, what kind of hoops did you have to jump trough with Scotia? I met with an RBC advisor who was good, but I am also meeting with a Scotia person. They are asking a lot of things (student loan balance etc) and I don’t know what’s normal and what’s not, since I never worked in banking and never applied for a LOC. Thanks!

Student loan balance confirmation it pretty standard I think. For me, it was more that they kept adding extra things that I had to provide (even after I signed)... I even had to re-sign some of the docs because they filled them out wrong ... someone was filling in for their normal rep and it became obvious that they were really learning on the job. But now that it’s all said and done it wasn’t a great experience, but it did all work out. Moral of the story: make sure whoever you deal with is a healthcare advisor and deals regularly with these types of LOCs! 

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1 hour ago, ATG4B said:

Student loan balance confirmation it pretty standard I think. For me, it was more that they kept adding extra things that I had to provide (even after I signed)... I even had to re-sign some of the docs because they filled them out wrong ... someone was filling in for their normal rep and it became obvious that they were really learning on the job. But now that it’s all said and done it wasn’t a great experience, but it did all work out. Moral of the story: make sure whoever you deal with is a healthcare advisor and deals regularly with these types of LOCs! 

That’s super helpful, thank you! I guess I am just getting a bit nervous about borrowing a quarter of a million dollars, and I just want to make sure that what I am being asked for is normal. Thanks again!

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