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Butterfinger

LOC Declined

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I explained this to the RBC rep but it seems like med LOC is a new phenomenon.

 

I had this problem at one of the banks I went to as well. They didn't know anything about the med LOC and had to keep calling someone to get answers. Unfortunately, they aren't always good at admitting when they don't know something. As to speak to a branch manager and ask them to refer you to someone who is an expert in the area.

 

Also try this link - http://www.rbcroyalbank.com/student/medical-dental/

 

It'll put you in touch with someone who knows their stuff. Through this I was put into contact with a Sr. Account Manager, HealthCare & Professional RBC Royal Bank. This is who you want to talk to.

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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.

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I explained this to the RBC rep but it seems like med LOC is a new phenomenon.

 

If you're going with RBC, I would start here:

 

http://www.rbcroyalbank.com/student/medical-dental/

 

from there you can select your school and get the contact information for a Medical Student LOC rep in your area. I did this last week and got my loan approval on Tuesday; I just have to sign the forms and I'm good to go (going to Schulich/Western).

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I had this problem at one of the banks I went to as well. They didn't know anything about the med LOC and had to keep calling someone to get answers. Unfortunately, they aren't always good at admitting when they don't know something. As to speak to a branch manager and ask them to refer you to someone who is an expert in the area.

 

Also try this link - http://www.rbcroyalbank.com/student/medical-dental/

 

It'll put you in touch with someone who knows their stuff. Through this I was put into contact with a Sr. Account Manager, HealthCare & Professional RBC Royal Bank. This is who you want to talk to.

 

Thank you.

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If you're going with RBC, I would start here:

 

http://www.rbcroyalbank.com/student/medical-dental/

 

from there you can select your school and get the contact information for a Medical Student LOC rep in your area. I did this last week and got my loan approval on Tuesday; I just have to sign the forms and I'm good to go (going to Schulich/Western).

 

 

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.

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If you're still having difficulties, I recommend contacting your local MD Management office and meeting with a financial adviser there. They are the financial arm of the Canadian Medical Association and I feel that they would be much stronger advocates for you by liaising with National Bank than you might find with other banks.

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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.

 

something is clearly wrong - I wonder if this rep even was doing it correctly in the first place. You in theory shouldn't get that much of a difference between banks.

 

I am glad you are making progress though :)

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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.

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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.

 

That is so funny because I had the opposite response from BMO and Scotiabank in Calgary! I had originally made an appointment with BMO and asked for someone who was an expert in LOC for medical students. The person I spoke to had no idea about professional student LOC and I had to argue to even put in an application without a cosigner. I emailed the Scotiabank advisor and got a very quick response, brought his response to BMO and spoke with a manager, and they managed to fix everything. I was really impressed with how the BMO manager handled the situation and made me feel comfortable again, I was so ready to switch to Scotiabank after my initial meeting but figured I would give BMO one more chance. I am so glad that you got approved and the stress is gone!

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I had a similar problem. Applied for the LoC through Scotia and was declined. I pulled my equifax report and it showed a couple late VISA payments and one late phone bill payment. I'm now applying through RBC, ill found out my applications status shortly. Interestingly, my TransUnion profile doesn't have my VISA info at all. I tried calling visa to rectify the absence but they were of no help. Might be better this way though; RBC only pulls the TransUnion report (which won't show my late credit card payments).

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I had a similar problem. Applied for the LoC through Scotia and was declined. I pulled my equifax report and it showed a couple late VISA payments and one late phone bill payment. I'm now applying through RBC, ill found out my applications status shortly. Interestingly, my TransUnion profile doesn't have my VISA info at all. I tried calling visa to rectify the absence but they were of no help. Might be better this way though; RBC only pulls the TransUnion report (which won't show my late credit card payments).

 

Wow, good luck - if that is all that was there that is a rather low criteria for declining. The people I knew that ran into trouble had flat out abandoned paying some bills etc - it was pretty clear their credit was terrible.

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That is so funny because I had the opposite response from BMO and Scotiabank in Calgary! I had originally made an appointment with BMO and asked for someone who was an expert in LOC for medical students. The person I spoke to had no idea about professional student LOC and I had to argue to even put in an application without a cosigner. I emailed the Scotiabank advisor and got a very quick response, brought his response to BMO and spoke with a manager, and they managed to fix everything. I was really impressed with how the BMO manager handled the situation and made me feel comfortable again, I was so ready to switch to Scotiabank after my initial meeting but figured I would give BMO one more chance. I am so glad that you got approved and the stress is gone!

 

When dealing with anything to do with the PSLOC, you absolutely need to talk to the people who deal with that specifically. Nobody else will understand what you're on about. This is a rule that should be remembered later on as well when you might be seeking adjustments or applying for other loans, such as a mortgage.

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Wow, good luck - if that is all that was there that is a rather low criteria for declining. The people I knew that ran into trouble had flat out abandoned paying some bills etc - it was pretty clear their credit was terrible.

 

 

Yeah the threshold seems to have really declined this year. I was late on ONE MC payment in three years, and ONE student loan payment (30 days once) and the Scotia rep made a huge issue out of it. I was really shocked since I'm an older applicant with what I had assumed was good credit. I went to another bank after my experience with Scotia.

 

I make a very good effort to pay all my bills on time, and I even have one credit card bill that seems to be delivered randomly (bad mail carrier perhaps?) and yet I always make that one on time. Mistakes happen...have they been experiencing high defaults in recent years or something that they've become so picky?

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