meds2014 Posted July 16, 2010 Report Share Posted July 16, 2010 is there anyway i can ditch a LOC i signed last month, and go with another company? Link to comment Share on other sites More sharing options...
rmorelan Posted July 16, 2010 Report Share Posted July 16, 2010 is there anyway i can ditch a LOC i signed last month, and go with another company? yup happens all the time actually - the new bank will help close the other one down. Link to comment Share on other sites More sharing options...
meds2014 Posted July 16, 2010 Report Share Posted July 16, 2010 I signed an LOC for less than 150K, and aftering reading everyone else's experiences, I will most likely be cancelling... will the cancellation affect my credit rating? Link to comment Share on other sites More sharing options...
rmorelan Posted July 16, 2010 Report Share Posted July 16, 2010 I signed an LOC for less than 150K, and aftering reading everyone else's experiences, I will most likely be cancelling... will the cancellation affect my credit rating? Shouldn't as your total loan amount available will rise so the ratio of debt to max debit will rise rather than fall, and the other loc was not open along enough to count towards the long term holding part of the credit score calculation. Link to comment Share on other sites More sharing options...
shannn Posted July 17, 2010 Report Share Posted July 17, 2010 Hey, for those with MDM, I had a quick question. Do you guys have a chequing account + LOC, or just the LOC On their website, it says the LOC is a fully transactional account (which sounds amazing). Just wanted to clarify (not going to switch from RBC, but nonetheless, it is good to note for others) --- Right now, I'm using 3 different banks (RBC for LOC, PCF for free cheques and the ability to move $$ between institutions online and for free, and Scotia because I've been with them forever and have tons of cheques from them). I wish PCF offered a medical school LOC, lol Link to comment Share on other sites More sharing options...
meds2014 Posted July 18, 2010 Report Share Posted July 18, 2010 An alternative for me would be to haggle my original bank for more money. How did all of you get 200K? Did the rep ask for a estimated cost of attendance budget sheet from the school? Because mine did, and only gave me $120K. That's it! How did you guys pull off $200K? As a side note: I got the impression that my rep didn't know what she was doing... Who's the "go-to" person for medical LOCs for TD Bank in London, ON.? Link to comment Share on other sites More sharing options...
tmosby Posted July 18, 2010 Report Share Posted July 18, 2010 An alternative for me would be to haggle my original bank for more money. How did all of you get 200K? Did the rep ask for a estimated cost of attendance budget sheet from the school? Because mine did, and only gave me $120K. That's it! How did you guys pull off $200K? As a side note: I got the impression that my rep didn't know what she was doing... Who's the "go-to" person for medical LOCs for TD Bank in London, ON.? Where do you bank? I went in to talk to RBC this week, and they automatically helped me apply for a 200K, even though the cost breakdown I gave her approximated 40k for three years. With that said, this one will last till the end of residency/fellowship - and that is probably the reason why the advisor mentioned it would probably be the 200k. In my orientation package I just got, I did get a pamphlet from TD about their LOC (200k as well) - they also have contact information for a TD branch closest to mac. I assume they will have a financial advisor at the branch closest to UWO. However, I spoke to TD prior to going to RBC (since I did my banking there previously) - and it seems they don't have official designated med student advisors at other branches. Most of the acct managers will have no idea what to do - and insist on cosigners/collateral/lower limits/bad deals. Try going to the branch closest to UWO and see if their offer is any different. If not, I really suggest taking your LOC to somewhere else. Link to comment Share on other sites More sharing options...
watermelon7 Posted July 18, 2010 Report Share Posted July 18, 2010 for those that went with scotiabank, are you getting the annual fee on the gold passport visa waived? if so, for how long? also has anyone heard of anyone getting an LOC at prime -0.25%? thanks bump 10char Link to comment Share on other sites More sharing options...
future_doc Posted July 18, 2010 Report Share Posted July 18, 2010 To obtain a LOC at less than prime is not a reality. Link to comment Share on other sites More sharing options...
future_doc Posted July 20, 2010 Report Share Posted July 20, 2010 The Bank of Canada has just raised it's interest rate. This will likely have the effect in the very near future of raising the prime rate, which will have a ripple effect upon med student borrowing costs. Link to comment Share on other sites More sharing options...
RandomGuy Posted July 20, 2010 Report Share Posted July 20, 2010 The Bank of Canada has just raised it's interest rate. This will likely have the effect in the very near future of raising the prime rate, which will have a ripple effect upon med student borrowing costs. From what little I know, we can expect prime to increase steadily over the course of our education. The 2-2.5% rate is really uncharacteristically low, as they attempted to keep the economy flowing during the recession. So, we should probably be happy we even caught a glimpse of such low rates, and not expect them to stick around forever. Link to comment Share on other sites More sharing options...
future_doc Posted July 20, 2010 Report Share Posted July 20, 2010 absolutely correct Link to comment Share on other sites More sharing options...
rmorelan Posted July 20, 2010 Report Share Posted July 20, 2010 From what little I know, we can expect prime to increase steadily over the course of our education. The 2-2.5% rate is really uncharacteristically low, as they attempted to keep the economy flowing during the recession. So, we should probably be happy we even caught a glimpse of such low rates, and not expect them to stick around forever. I think you are quite right - we are going to have to be prepared for higher costs in the future. Still not much to complain about really I guess Link to comment Share on other sites More sharing options...
naspec Posted July 20, 2010 Report Share Posted July 20, 2010 From what little I know, we can expect prime to increase steadily over the course of our education. The 2-2.5% rate is really uncharacteristically low, as they attempted to keep the economy flowing during the recession. So, we should probably be happy we even caught a glimpse of such low rates, and not expect them to stick around forever. Speaking of which: http://www.theglobeandmail.com/report-on-business/economy/mark-carney-hikes-rates-but-cuts-outlook/article1645785/. Should we be expecting the banks to increase their prime rates by 0.25% in the next couple of days? Link to comment Share on other sites More sharing options...
future_doc Posted July 20, 2010 Report Share Posted July 20, 2010 I would think that is in the natural evolution of things. Link to comment Share on other sites More sharing options...
rmorelan Posted July 20, 2010 Report Share Posted July 20, 2010 Speaking of which: http://www.theglobeandmail.com/report-on-business/economy/mark-carney-hikes-rates-but-cuts-outlook/article1645785/. Should we be expecting the banks to increase their prime rates by 0.25% in the next couple of days? absolutely - pretty much a one to one relationship there. It makes sense if you know what the bank of canada rate actually means and who they loan money to (ie other banks) Link to comment Share on other sites More sharing options...
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