Has anyone been denied a LOC

[AB27]

Basically title. I think I have bad credit as I was never able to get a LOC in undergrad to help with school. Additionally I have no one who can cosign.

[ScotiabankMedsAdvisor]

Usually in undergrad a co-signer is required so this would have been the issue.  In med school this is different as long your credit is ok you should be approved.

[3last]

I just got told by my regular bank (ATB) that I’m only approved for $60k when they initially told me there should be no problem getting the full amount. I’m bummed and confused, probably going to contact Scotiabank now as per most people’s recommendations. 

[DrOtter]

41 minutes ago, 3last said:

I just got told by my regular bank (ATB) that I’m only approved for $60k when they initially told me there should be no problem getting the full amount. I’m bummed and confused, probably going to contact Scotiabank now as per most people’s recommendations. 

did they tell you why? But yea going with the big banks may be better since they have a specialized system just for professional programs.

[3last]

On 5/25/2021 at 3:24 PM, DrOtter said:

did they tell you why? But yea going with the big banks may be better since they have a specialized system just for professional programs.

They could only locate my credit score through one credit bureau, not both - that seems to be part of the issue. They suggested a co-signer but my understanding from literally everywhere else and the school's financial advisor is that I should NOT have to get a co-signer. It seems like ATB is just not a great option for the professional student LOC. 

 

[frenchpress]

13 minutes ago, 3last said:

They could only locate my credit score through one credit bureau, not both - that seems to be part of the issue. They suggested a co-signer but my understanding from literally everywhere else and the school's financial advisor is that I should NOT have to get a co-signer. It seems like ATB is just not a great option for the professional student LOC. 

 

No, it’s not. Credit unions and smaller banks basically never are. My preferred and long time credit union flat out said they’d never compete and they recommended I take the best deal, but my advisor was extremely pained to have to tell me this. RBC and Scotia year over year have the most competitive deals, and also have teams dedicated to these programs