hardlyeasy Posted June 3, 2017 Report Share Posted June 3, 2017 Hello, everyone. While the LOC pinned post is extremely resourceful, it is getting difficult to sift through the years of information as well as the different deals offered by different banks. Just as we do with acceptances/rejections, I thought it may be helpful to have a thread to post what LOC deal you were able to achieve. I am interested to see what the general trend is so that we know what to ask for when we sign our own LOC's. Feel free to include additional information beyond what is specified below. What year was it signed?: Bank Name: Interest Rate: Grace Period after Graduation from Residency: Credit Card: Additional Perks: Advisor Name, Review, Contact Info [Optional]: Looking forward to hearing your responses! Link to comment Share on other sites More sharing options...
rmorelan Posted June 3, 2017 Report Share Posted June 3, 2017 not at bad idea - seems in general we are getting A LOT more questions about finance in general in the forum. We probably are going to create a subforum for finance as a result where these sorts of thing may have a home. I guess it makes sense - as tuition rises and costs increase more than income sources etc attention to how all of this is going to work out money wise would increase as well. Link to comment Share on other sites More sharing options...
MacMed2020 Posted June 3, 2017 Report Share Posted June 3, 2017 Does someone who has their LoC with TD mind posting what they were able to bargain for? I'm interested in if they're able to match what Scotia offers... Link to comment Share on other sites More sharing options...
ArchEnemy Posted June 3, 2017 Report Share Posted June 3, 2017 2 hours ago, MacMed2020 said: Does someone who has their LoC with TD mind posting what they were able to bargain for? I'm interested in if they're able to match what Scotia offers... My friends were able to obtain Prime - 0.25% from TD. They were offered one credit card - either the First Class Visa Infinite or the TD Aeroplan Visa Infinite, with the annual fees waived. Link to comment Share on other sites More sharing options...
MacMed2020 Posted June 3, 2017 Report Share Posted June 3, 2017 42 minutes ago, ArchEnemy said: My friends were able to obtain Prime - 0.25% from TD. They were offered one credit card - either the First Class Visa Infinite or the TD Aeroplan Visa Infinite, with the annual fees waived. Interesting.. I'm finding it hard to justify going with TD since they require monthly interest payments even during school and don't allow you to convert to a professional line of credit afterwards Link to comment Share on other sites More sharing options...
ArchEnemy Posted June 3, 2017 Report Share Posted June 3, 2017 32 minutes ago, MacMed2020 said: Interesting.. I'm finding it hard to justify going with TD since they require monthly interest payments even during school and don't allow you to convert to a professional line of credit afterwards You can set up the LOC to pay itself for the interest monthly. Speak to your advisor about that. Not sure about converting it into a professional line of credit after. Link to comment Share on other sites More sharing options...
Coronaxtra Posted June 3, 2017 Report Share Posted June 3, 2017 Scotia gave me 275k, prime - 0.25, infinite momentum/ScotiaGold fees waived, and repayment starts 6 months after graduation (dental school). It stays as a line of credit with the same interest rate (prime - 0.25) after graduation and doesn't require interest payments during school. Also, the full 275k is available up front. Link to comment Share on other sites More sharing options...
Snowmen Posted June 3, 2017 Report Share Posted June 3, 2017 What year was it signed?: 2016 Bank Name: Scotia Interest Rate: Prime (gonna take care of that once the school year is over) Grace Period after Graduation from Residency: 1 year I believe Credit Card: Visa Passport Gold and AmEx Gold Additional Perks: 200k up front with an extra 75k during residency Advisor Name, Review, Contact Info [Optional]: Link to comment Share on other sites More sharing options...
Olaf Posted June 4, 2017 Report Share Posted June 4, 2017 What year was it signed?: 2017 Bank Name: Scotiabank Interest Rate: Prime-0.25% (had to ask for it though!) Grace Period after Graduation from Residency: 12 months Credit Card: Haven't decided yet Additional Perks: Do not have to make interest payments during school, interest rate will always stay at prime-0.25%, advisor is going to try to get me some CFL tickets Advisor Name, Review, Contact Info [Optional]: JP Yong (Ottawa), was very nice and eager to make sure I understood and was happy with everything, jp.yong@scotiabank.com Link to comment Share on other sites More sharing options...
Goku Posted June 4, 2017 Report Share Posted June 4, 2017 2 hours ago, trj03 said: Additional Perks: Do not have to make interest payments during school Is this a thing!? Link to comment Share on other sites More sharing options...
PhoenixFlare500 Posted June 4, 2017 Report Share Posted June 4, 2017 41 minutes ago, Goku said: Is this a thing!? Interest still accumulates. Link to comment Share on other sites More sharing options...
rmorelan Posted June 4, 2017 Report Share Posted June 4, 2017 4 hours ago, PhoenixFlare500 said: Interest still accumulates. yeah sometimes the wording used is a bit confusing - there is no such thing as a LOC that is not charging interest. All the banks are equivalent about this although they may make it more or less automatic. Most people end up paying routinely hundreds of dollars per month in interest by the end. Link to comment Share on other sites More sharing options...
Olaf Posted June 4, 2017 Report Share Posted June 4, 2017 6 hours ago, Goku said: Is this a thing!? The interest still accrues, the advisor said it just gets added to the total I owe for repayment after residency rather than having to make monthly payments during medical school Link to comment Share on other sites More sharing options...
MacMed2020 Posted June 4, 2017 Report Share Posted June 4, 2017 Does anyone know what two credit cards are best to go with for Scotia? I saw someone in the big LoC thread say Infinite Momentum Visa and Gold AmEx but then someone else said that it wasn't possible to negotiate for that... Link to comment Share on other sites More sharing options...
RichardDegrasseSagan Posted June 4, 2017 Report Share Posted June 4, 2017 2 hours ago, MacMed2020 said: Does anyone know what two credit cards are best to go with for Scotia? I saw someone in the big LoC thread say Infinite Momentum Visa and Gold AmEx but then someone else said that it wasn't possible to negotiate for that... Yeah my advisor, who's a specialist in this, said that if they offer it to one person, they'll have to offer it to everyone. So yeah. I didn't bother negotiating. Link to comment Share on other sites More sharing options...
W0lfgang Posted June 4, 2017 Report Share Posted June 4, 2017 What year was it signed?: 2013 Bank Name: Scotia Interest Rate: prime minus 0.25 Grace Period after Graduation from Residency: Not sure, probably 1 year. Credit Card: ScotiaGold passport but I use Costco CapitalOne. Not sure how the momentum compares. Additional Perks: Free email transfers. Not sure. Advisor Name, Review, Contact Info [Optional]: pm me. Link to comment Share on other sites More sharing options...
ThatMedGyal Posted June 4, 2017 Report Share Posted June 4, 2017 What year was it signed?: 2017 Bank Name: Scotiabank Interest Rate: Prime-0.25% = currently 2.45% Grace Period after Graduation from Residency: 1 year but my advisor said this is irrelevant since I can convert the line into a professional LOC with a similar rate after I finish residency. Credit Card: Visa Passport Gold and AmEx Gold Additional Perks: Interest is capitalized during school (no monthly payments!), interest rate will always stay at prime-0.25, direct access to the entirety of the LOC Advisor Name, Review, Contact Info [Optional]: Beth Dai in Ottawa main branch, she is a sweetheart and was super understanding! Very knowledgeable too! IGN 10/10 would recommend beth.dai@scotiabank.com Link to comment Share on other sites More sharing options...
HappyAndHopeful Posted June 6, 2017 Report Share Posted June 6, 2017 FYI, RBC is also now offering prime -0.25 on a $275k LOC, with 6 month grace period after graduation! Link to comment Share on other sites More sharing options...
seventeenfour44 Posted June 6, 2017 Report Share Posted June 6, 2017 . Link to comment Share on other sites More sharing options...
northo60 Posted June 6, 2017 Report Share Posted June 6, 2017 On 2017-6-3 at 7:09 PM, Coronaxtra said: Scotia gave me 275k, prime - 0.25, infinite momentum/ScotiaGold fees waived, and repayment starts 6 months after graduation (dental school). It stays as a line of credit with the same interest rate (prime - 0.25) after graduation and doesn't require interest payments during school. Also, the full 275k is available up front. Hi Corona, I also want the Infinite Momentum/ScotiaGold combo instead of the AmEx/ScotiaGold combo. Did they give you grief about changing from AmEx to Infinite Momentum or no problem at all to change? Also are the fees for both waived for all years until repayment or just for the first year? Thanks. Link to comment Share on other sites More sharing options...
Coronaxtra Posted June 6, 2017 Report Share Posted June 6, 2017 44 minutes ago, northo60 said: Hi Corona, I also want the Infinite Momentum/ScotiaGold combo instead of the AmEx/ScotiaGold combo. Did they give you grief about changing from AmEx to Infinite Momentum or no problem at all to change? Also are the fees for both waived for all years until repayment or just for the first year? Thanks. Hey northo60, I was told it would have fees waived for all years during studies (4 years for dental school). Initially, my advisor said no however, he did do it in the end when I got aggressive about staying with my own bank instead of switching to Scotia. Heard others had similar success when negotiating. Good luck! Link to comment Share on other sites More sharing options...
ThatMedGyal Posted June 6, 2017 Report Share Posted June 6, 2017 3 hours ago, HappyAndHopeful said: FYI, RBC is also now offering prime -0.25 on a $275k LOC, with 6 month grace period after graduation! Depending on where you get it but at the Ottawa branch, they offered me prime -0.25 on a $275k LOC but with 2 year grace period after residency graduation. Link to comment Share on other sites More sharing options...
momMD2B Posted June 6, 2017 Report Share Posted June 6, 2017 I was surprised at how difficult RBC has been, while dealing with Scotiabank for their LOC has been hassle free. Especially odd because I've been an RBC customer (personal and business) for years. Has any one looked into MD Financial's LOC through National Bank? You need to have just finished your undergrad. They thought that I wouldn't qualify since I was a business owner, but then I explained to them that I have been a full time student the past 4 years, while running a business on the side. Link to comment Share on other sites More sharing options...
seventeenfour44 Posted June 6, 2017 Report Share Posted June 6, 2017 1 hour ago, Naturefeelzz said: Depending on where you get it but at the Ottawa branch, they offered me prime -0.25 on a $275k LOC but with 2 year grace period after residency graduation. I got the same offer at RBC. I'm thinking of taking it. What interest rate did you get after the grace period, was it still prime-0.25? Link to comment Share on other sites More sharing options...
ThatMedGyal Posted June 6, 2017 Report Share Posted June 6, 2017 4 minutes ago, seventeenfour44 said: I got the same offer at RBC. I'm thinking of taking it. What interest rate did you get after the grace period, was it still prime-0.25? I honestly don't remember. But I'm inclined to think it reverts to prime. 55 minutes ago, momMD2B said: I was surprised at how difficult RBC has been, while dealing with Scotiabank for their LOC has been hassle free. Especially odd because I've been an RBC customer (personal and business) for years. Has any one looked into MD Financial's LOC through National Bank? You need to have just finished your undergrad. They thought that I wouldn't qualify since I was a business owner, but then I explained to them that I have been a full time student the past 4 years, while running a business on the side. I had the same impression! I'm a long time customer of RBC so getting it with them would have been very convenient. However, I didn't like how intransigent they were. Also, I felt like they weren't that knowledgeable of what being a med student entails. Really felt like they wanted me to just take the money and go. Scotia on the other hand has amazing reps that are there to help you also manage your money and budget. It's important to not settle for loyalty to a certain branch but make sure you are comfortable with your advisor and the deal he/she offers as you will be with them for the long haul! Link to comment Share on other sites More sharing options...
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