Kitara Posted June 22, 2020 Report Share Posted June 22, 2020 I was looking though the preliminary paperwork for med student LoCs and there doesn't seem to be a clause that ensures you stay exclusively with a single bank. So whats stopping someone from opening up and having access to multiple student LoCs at the same time to have access to the whole assortment of perks and credit cards? Quote Link to comment Share on other sites More sharing options...
TheFlyGuy Posted June 22, 2020 Report Share Posted June 22, 2020 How much you’ve already borrowed (mortgages, LCs, other loans) factors in to whether you’re approved for the line of credit or not. So unless you’ve significant collateral it’s pretty unlikely a bank would allow you a second 300k LC when you already have one to draw on. Kitara and DrOtter 1 1 Quote Link to comment Share on other sites More sharing options...
bearded frog Posted June 25, 2020 Report Share Posted June 25, 2020 Yeah they're obviously going to do a credit check which will show the other LOC and raise all the red flags. Quote Link to comment Share on other sites More sharing options...
JohnGrisham Posted June 25, 2020 Report Share Posted June 25, 2020 Anecdotally, I have heard of some Canadians who went abroad, able to get 2 LOCs by signing on the same day. Would definitely not recommend it, but there may be a "technicality" way to do it, but this would definitely be dishonest (and probably fraud?). Kitara 1 Quote Link to comment Share on other sites More sharing options...
Crunch Posted June 27, 2020 Report Share Posted June 27, 2020 I was able to pull it off - you need the right advisor though. i went through a few until i found somebody who knew the system really well and got it done without any shadiness or rule breaking Kitara 1 Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 27, 2020 Report Share Posted June 27, 2020 5 minutes ago, Crunch said: I was able to pull it off - you need the right advisor though. i went through a few until i found somebody who knew the system really well and got it done without any shadiness or rule breaking you managed to hold this? I mean at my bank they check every year etc as a part of their system. I suppose if it was all used by that point they might be stuck although that would bump up the interest? basically it sounds dangerous (?) Quote Link to comment Share on other sites More sharing options...
Crunch Posted June 27, 2020 Report Share Posted June 27, 2020 3 hours ago, rmorelan said: you managed to hold this? I mean at my bank they check every year etc as a part of their system. I suppose if it was all used by that point they might be stuck although that would bump up the interest? basically it sounds dangerous (?) my second LOC is a secured LOC so it’s not like it won’t appear two professional LOCs. I pay interest right away on the second LOC which covers my home and replaces mortgage payments (i’d be paying the same amount of interest with a full mortgage anyways). edit: since people are wondering, my advisor was Milan Milojevic and his contact is Milan.Milojevic@scotiabank.com drone and Kitara 2 Quote Link to comment Share on other sites More sharing options...
rmorelan Posted June 27, 2020 Report Share Posted June 27, 2020 4 minutes ago, Crunch said: my second LOC is a secured LOC so it’s not like it won’t appear two professional LOCs. I pay interest right away on the second LOC which covers my home and replaces mortgage payments (i’d be paying the same amount of interest with a full mortgage anyways). edit: since people are wondering, my advisor was Milan Milojevic and his contact is Milan.Milojevic@scotiabank.com ok so that is a bit different - what is it secured against? A house it sounds like(?) - is there also mortgage or is basically this second LOC is acting like one? Quote Link to comment Share on other sites More sharing options...
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