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Lines of Credit for Medical Students (Scotia is the best option)

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1 minute ago, Eudaimonia said:

Yes, but he previously told me I would be inconvenienced by this, since that card wasn't under the program. I have to call or email them every year to remind them to reverse my fee for that card only. The infinite passport is automatically waived under our LOC

I see. I might have to change advisors since mine is ill informed.

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On 8/20/2018 at 6:59 PM, excelspreadsheet said:

 

Their online site says fees are only waived for the Passport Visa - is their site out of date? or do we have to ask individual advisors to swap to the passport infinite?

https://www.scotiabank.com/ca/en/small-business/industries/professionals/student-professionals.html

Yeah it's out of date! The advisors on this list are theoreeically supposed to be the most up to date and knowledgeable on the offers you're eligible too. But of course always check here too

On 8/20/2018 at 6:49 PM, strawberryjams said:

I got approved so do i need to speak with the same advisors or can it be different?

Feel free to switch and just let them know that you weren't confident in your previous advisor given the several discrepancies you noticed. These ones are supposed to know their stuff.

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28 minutes ago, vellichor said:

TD, and Scotia is apparently willing to match. 

Any sources on Scotia matching? I'm meeting to sign my LOC tomorrow, so if this is an option I should bring it up. 

Edit: I just did the math and the 0.05% only comes out to 50 bucks a year on 100,000. It may not be worth the hassle of renegotiating. 

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On 8/21/2018 at 2:16 PM, insomnias said:

Interesting. With which bank?

 

23 hours ago, FMinterview said:

Yea any idea which bank?

TD. Haven't tried to get Scotia to match it but I assume they will if I show them a copy of the paperwork?

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19 hours ago, jfdes said:

 

TD. Haven't tried to get Scotia to match it but I assume they will if I show them a copy of the paperwork?

they likely won't automatically but what usually happens when one of the banks breaks away from the pack is the rest follow in short order. Actually one of the points of forums like this is to help spread knowledge of differences quickly - it accelerates the competitive cycle as it were. Exact details on that plan though would be useful - I mean a 0.05% drop is even at maximum loan amount roughly 150 a year at full 300K - not nothing for sure but that is the max and for most particularly in the beginning it would vastly lower- but if they remove a ton of other perks the other banks have now then thought is required (like what is the rate in repayment when the loan is at its highest). Ha, I want the fine print. I want all the print actually.  

 

 

Edited by rmorelan

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18 hours ago, jfdes said:

 

TD. Haven't tried to get Scotia to match it but I assume they will if I show them a copy of the paperwork?

So I just talked to a advisor at TD and they weren’t aware of this rate and it doesn’t show up on their system. It’s 300k at prime - 0.25% until two years post training. 

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So I tried to apply for the LOC from Scotiabank and I was told the following: 

" Your application does not meet the banks criteria due to late repayment history & collections of your credit bureau." 

I had recently gotten a new card so the automatic payments for my auto insurance was delayed, which caused the insurance company to send my information to a collection agency. Once the collection agency called me I paid the amount in full. Is it not possible for me to get approved for a LOC without a co-signer? Would it be easier for me to get the LOC with an institution that I already bank with? 

 

I want to say thanks in advance for your help! 

 

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On 8/24/2018 at 10:05 PM, fz90 said:

So I tried to apply for the LOC from Scotiabank and I was told the following: 

" Your application does not meet the banks criteria due to late repayment history & collections of your credit bureau." 

I had recently gotten a new card so the automatic payments for my auto insurance was delayed, which caused the insurance company to send my information to a collection agency. Once the collection agency called me I paid the amount in full. Is it not possible for me to get approved for a LOC without a co-signer? Would it be easier for me to get the LOC with an institution that I already bank with? 

 

I want to say thanks in advance for your help! 

 

So one bill? Absolutely nothing else on the credit report of concern? Did you check that out?

What did the advisor say? 

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On 8/24/2018 at 10:05 PM, fz90 said:

So I tried to apply for the LOC from Scotiabank and I was told the following: 

" Your application does not meet the banks criteria due to late repayment history & collections of your credit bureau." 

I had recently gotten a new card so the automatic payments for my auto insurance was delayed, which caused the insurance company to send my information to a collection agency. Once the collection agency called me I paid the amount in full. Is it not possible for me to get approved for a LOC without a co-signer? Would it be easier for me to get the LOC with an institution that I already bank with? 

 

I want to say thanks in advance for your help! 

 

I will call the financial advisor and ask him to explain your situation to the LOC approval department. 

I don't think that you will need a co-signer in your case. What happened to you was bad luck. 

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1 minute ago, LittleDaisy said:

I will call the financial advisor and ask him to explain your situation to the LOC approval department. 

I don't think that you will need a co-signer in your case. What happened to you was bad luck. 

I would agree :) From time to time stuff like this happens, I have found usually it is possible to work with the advisor to deal with it. Also making sure your credit report is clean doesn't hurt. 

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5 hours ago, rmorelan said:

I would agree :) From time to time stuff like this happens, I have found usually it is possible to work with the advisor to deal with it. Also making sure your credit report is clean doesn't hurt. 

Thanks. I just checked my credit score and it is 754 which is considered very good. I am not sure why the financial advisor at scotiabank wasn't able to approve my loc. I have an appointment with them this week to discuss, hopefully I get approved.  

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9 hours ago, fz90 said:

Thanks. I just checked my credit score and it is 754 which is considered very good. I am not sure why the financial advisor at scotiabank wasn't able to approve my loc. I have an appointment with them this week to discuss, hopefully I get approved.  

ok let us know what happens etc. 

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So I spoke to Scotiabank and explained why I had late payments on my credit cards. The adviser said she would apply for an exception for me to get the LOC. I received an email today stating that I was approved for the LOC!!! Thanks @rmorelan and @LittleDaisy for you helpful suggestions! 

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16 hours ago, fz90 said:

So I spoke to Scotiabank and explained why I had late payments on my credit cards. The adviser said she would apply for an exception for me to get the LOC. I received an email today stating that I was approved for the LOC!!! Thanks @rmorelan and @LittleDaisy for you helpful suggestions! 

hey very good - glad it worked out!

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On 8/31/2018 at 5:46 PM, fz90 said:

So I spoke to Scotiabank and explained why I had late payments on my credit cards. The adviser said she would apply for an exception for me to get the LOC. I received an email today stating that I was approved for the LOC!!! Thanks @rmorelan and @LittleDaisy for you helpful suggestions! 

I am happy for you! Medical students & residents or staff physicians are highly coveted by financial advisors, as our high earning potential! 

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Hey guys, for those with Scotiabank for LOC, what happened to our LOC after we finish residency?

Do most of you opt for professional LOC and still have prime - 0.25? The grace period of 12 months implies that we are exempted for making minimal payments for 12 months? 

Thanks for all your advice :) 

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Not seeing much talk about RBC last few weeks. They’ve dramatically revamped their professional package. 275k in med school then ADDITIONAL 50-75k once in residency depending on program length. Interest prime - 0.25. Visa with 10k. Overdraft 5k. All fees waived. 2 year grace post training. 

Go see website.

In my opinion this IS superior to scotia and anyone else offering med packages!

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