Jump to content
Premed 101 Forums
Sign in to follow this  
medstudent1011

Medical LOC denied

Recommended Posts

18 hours ago, Lvl3sonly said:

That's pretty common knowledge. I suggest you look up the physician financial independence group on fb.

I closely follow that page after several recommendations from colleagues. You cannot blanket advise everyone that one way is the only way to manage finances and debt and insurance...that group makes it very clear. Hence all the anonymous posts with varied family, health, financial, location situations being posted.

I think so far the only consistent message I’ve read there is don’t buy whole life insurance (which is information I was aware of as a layperson before medicine).

Share this post


Link to post
Share on other sites
11 minutes ago, LostLamb said:

I closely follow that page after several recommendations from colleagues. You cannot blanket advise everyone that one way is the only way to manage finances and debt and insurance...that group makes it very clear. Hence all the anonymous posts with varied family, health, financial, location situations being posted.

I think so far the only consistent message I’ve read there is don’t buy whole life insurance (which is information I was aware of as a layperson before medicine).

You forgot "buy VGRO".  ;)

In all seriousness, that page is a great source of information and I think every senior resident and new staff (and old staff) should follow it.

Occassionally people post things that are flat-out wrong and will get you off-side with the CRA if you do what they suggest.   They usually have that pointed out to them in fairly short order, though.

Random aside: PGY-6?  Congrats, I guess...

 

Share this post


Link to post
Share on other sites
5 hours ago, ploughboy said:

You forgot "buy VGRO".  ;)

In all seriousness, that page is a great source of information and I think every senior resident and new staff (and old staff) should follow it.

Occassionally people post things that are flat-out wrong and will get you off-side with the CRA if you do what they suggest.   They usually have that pointed out to them in fairly short order, though.

Random aside: PGY-6?  Congrats, I guess...

 

Right, I forgot that one!

agree it’s a good resource and sounding ground, but does not advocate a one size fits all approach. 

 

and yea, thanks for noting my pgy6 designation :D

hopefully its all worth it !!!

Share this post


Link to post
Share on other sites
On 5/24/2019 at 3:32 PM, medstudent1011 said:

No bankrupcies and I'm going to a school in Canada. Credit took a hit a couple years ago (really rough times), but I've been building it up. I don't have any large debt (no student loans/LOCs), but I have a couple small credit cards and a small auto loan (no late payments). Would it be even harder to get a LOC with RBC?

From the researching that I did, I know that RBC is really good at working with med students because they have advisors trained specifically to work with them, and I think the adivsor locator tool online is really helpful as well

Share this post


Link to post
Share on other sites
On 7/23/2019 at 8:28 AM, LostLamb said:

I closely follow that page after several recommendations from colleagues. You cannot blanket advise everyone that one way is the only way to manage finances and debt and insurance...that group makes it very clear. Hence all the anonymous posts with varied family, health, financial, location situations being posted.

I think so far the only consistent message I’ve read there is don’t buy whole life insurance (which is information I was aware of as a layperson before medicine).

You are right, everyone has a different risk profile. I'm just heavily biased against insurance because I think a lot of salesmen are sleazebags taking advantage of high income professionals like med/dent. I know so many people that got advised into whole life right out of school.

I honestly think insurance for kids is even less necessary than whole life. At least with whole life you can semi-justify it if you are a very high income earner maxing out all your registered accounts and also have enough in the corp to come up against the passive income limit and pay general corp rates. 

Share this post


Link to post
Share on other sites

Just to confirm, currently the two best LOCs are with Scotia and RBC correct? CIBC is not as competitive?

Also as others have mentioned having an advisor that knows what they are doing is very important. It is also really important to have a good relationship with your advisor as they do have wiggle room. If they like you they can go the extra mile to help you and advocate on your behalf, goes a long way in any bank whether it comes to approvals/fees/waivers and so on.

Share this post


Link to post
Share on other sites
1 hour ago, Lvl3sonly said:

You are right, everyone has a different risk profile. I'm just heavily biased against insurance because I think a lot of salesmen are sleazebags taking advantage of high income professionals like med/dent. I know so many people that got advised into whole life right out of school.

I honestly think insurance for kids is even less necessary than whole life. At least with whole life you can semi-justify it if you are a very high income earner maxing out all your registered accounts and also have enough in the corp to come up against the passive income limit and pay general corp rates. 

I used to be similar to you very against insurance. Though after a few cases I saw, one was for a family friends mortgage which the husband passed away and he was the higher income earner. The wife then regretted so much not getting the insurance as she could no longer afford the house. Another case I saw was for the medical LOC a friend of a friend life ended when she was still in med school and her parents had signed up as co-signors and used there home for collateral. Now they are on the hook for that LOC and may lose there home.

Share this post


Link to post
Share on other sites
5 hours ago, GTALife said:

I used to be similar to you very against insurance. Though after a few cases I saw, one was for a family friends mortgage which the husband passed away and he was the higher income earner. The wife then regretted so much not getting the insurance as she could no longer afford the house. Another case I saw was for the medical LOC a friend of a friend life ended when she was still in med school and her parents had signed up as co-signors and used there home for collateral. Now they are on the hook for that LOC and may lose there home.

I know a guy who had no insurance for religious reasons. Two kids. Staff job. Died from cancer within a couple years of starting. Family left with nothing. Sad story. 

Share this post


Link to post
Share on other sites
2 hours ago, NLengr said:

I know a guy who had no insurance for religious reasons. Two kids. Staff job. Died from cancer within a couple years of starting. Family left with nothing. Sad story. 

Religious reasons?? Agreed, sad story :(.

Share this post


Link to post
Share on other sites
On 7/25/2019 at 11:34 AM, GTALife said:

Just to confirm, currently the two best LOCs are with Scotia and RBC correct? CIBC is not as competitive?

CIBC is largely the same, 350k LOC at prime-0.25 with interest only payments until 2 years after MD + residency. After that you can either restructure as a loan (with the same interest rate) or keep the LOC as is and pay it down whenever you want (always making the interest payments).

As far as perks go, they do the free account and credit card for the duration of medical school. After that, you may have to pay the monthly chequing fee, albeit the credit card will always be free as part of the bank account bundle. If you speak with an advisor, it's pretty easy to get them to agree to keeping that chequing fee waived during residency as well.

Share this post


Link to post
Share on other sites

So talked to scotia advisor yesterday just to upgrade my old LOC, he said the AMEX and bank account will be free for essentially forever if you continue with their professional plan after med school/residency, and they’re working on the same with the visa. So that was cool to hear. 

Share this post


Link to post
Share on other sites
On 8/8/2019 at 5:52 AM, Guy in the know said:

several enhancements were made on March 19 that cover all of these.

Unfortunate you guys are only offering the Gold Visa, and not the Visa Infinite cards that RBC, Scotiabank and TD offer, but I guess it's at least better than your former medical LOC.

For those wondering, the difference between the Gold Visa and the Visa Infinite at CIBC is that the Gold Visa doesn't include Trip Cancellation and Trip Interruption Insurance, while the Visa Infinite does. It's a pretty beneficial insurance to have with your credit card. I'd be pretty forgiving if these were run of the mill or cashback credit cards, but given that the CIBC Aventura Gold Visa Card is positioned as a travel rewards card, I'm less inclined to ignore this.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...