Line of Credit Options NEW INFO

[tmosby]

so for those of you that have completed your LOC adventures and have been triumphant, am I correct to say that you guys didn't need a cosigner?

 

I went to a few banks to inquire about this LOC business, and I think it's pretty clear I don't have a good income. However, the few banks I went to (not medical school advisors) said that I MUST have a cosigner, or it wouldnt be authorized. I find this silly, because not only would it affect my parents credit rating, but what about those who don't have parents or others to rely on?

 

So I guess what I'm really trying to ask is whether there are people who haven't really had employment (summer research jobs don't count) that were able to get a LOC without a cosigner? And was this through talking with medical school advisors at the bank?

 

Muchos appreciated!

[future_doc]

Only the bank specialists in loans to med students know what they are talking about.

[rmorelan]

so for those of you that have completed your LOC adventures and have been triumphant, am I correct to say that you guys didn't need a cosigner?

 

I went to a few banks to inquire about this LOC business, and I think it's pretty clear I don't have a good income. However, the few banks I went to (not medical school advisors) said that I MUST have a cosigner, or it wouldnt be authorized. I find this silly, because not only would it affect my parents credit rating, but what about those who don't have parents or others to rely on?

 

So I guess what I'm really trying to ask is whether there are people who haven't really had employment (summer research jobs don't count) that were able to get a LOC without a cosigner? And was this through talking with medical school advisors at the bank?

 

Muchos appreciated!

 

Yeah you are running into that because you aren't dealing directly with one of the professional student loan officers most likely at the banks you are dealing with (?) - you don't need a cosigner. Nobody has to have a cosigner - there are literally thousands of med students running around without cosigners. The problem is that there are very few people at a bank that ever have to deal with med student loans and they are concentrated normally in the city with the med schools at one branch in that city. The average loan officer just doesn't know the rules.

 

Also if this was a traditional loan there is no way your summer income as a student would allow you to have a loan the size of a LOC (at prime, with no collateral, no fixed payments...). The loan is the size of a mortgage

[future_doc]

You would need a solvent/acceptable cosigner if going to a US med school.

[lynn333]

Hi Everyone,

 

I am sure I cannot possibly be the only person in this situation and this is why I am posting.

 

I was extremely underemployed this past year (total income was 6, 000) and had to make a few choices including keeping power or paying visa late.

 

Now obviously I know paying visa late is never good, however, it was on a 1, 000 card and I have absolutely no other debt (or credit for that matter) to look at.

 

I have been told I need a cosigner for any line of credit but I have no one.

All of my friends are students and my parents don't have sufficient income or credit.

 

There must be some people who haven't been able to have cosigners before, and this is all really depressing since everyone has always told me banks will help out medical students. Does this only apply to those who are middle class or above?

 

What can I do? Student loan will not be enough to cover everything and I am really tired of living like this.

[rmorelan]

Hi there - are you going to a school in Canada (ie accepted to of our medical schools?) If so the banks won't require a cosigner and the problems you indicated are not even that serious credit wise.

 

One of the great things about Canada is that anyone that gets accepted to med school can go with the available funding opportunities - not to say it is cheap of course (way better than the US though) but that is quite possible between provincial student loans and a bank LOC

 

 

 

Hi Everyone,

 

I am sure I cannot possibly be the only person in this situation and this is why I am posting.

 

I was extremely underemployed this past year (total income was 6, 000) and had to make a few choices including keeping power or paying visa late.

 

Now obviously I know paying visa late is never good, however, it was on a 1, 000 card and I have absolutely no other debt (or credit for that matter) to look at.

 

I have been told I need a cosigner for any line of credit but I have no one.

All of my friends are students and my parents don't have sufficient income or credit.

 

There must be some people who haven't been able to have cosigners before, and this is all really depressing since everyone has always told me banks will help out medical students. Does this only apply to those who are middle class or above?

 

What can I do? Student loan will not be enough to cover everything and I am really tired of living like this.

[spiderpig]

Hi lynn,

 

As rmorelan said, your credit payment thing doesn't seem too bad. I think I've defaulted much worse than that.

 

Are you sure your bank representative was talking about the professional student loan? The one for medical students? When I first went in, I got info about the regular student loan, which would have required a cosigner. Then I had to clarify that I was going to medical school, and would require the special loan.

 

If that doesn't work, I would suggest talking to the financial aid office at the university that you've been accepted at. They might be able to give you some suggestions.

 

This is all assuming that you are going to a Canadian university. :-\

 

Hi Everyone,

 

I am sure I cannot possibly be the only person in this situation and this is why I am posting.

 

I was extremely underemployed this past year (total income was 6, 000) and had to make a few choices including keeping power or paying visa late.

 

Now obviously I know paying visa late is never good, however, it was on a 1, 000 card and I have absolutely no other debt (or credit for that matter) to look at.

 

I have been told I need a cosigner for any line of credit but I have no one.

All of my friends are students and my parents don't have sufficient income or credit.

 

There must be some people who haven't been able to have cosigners before, and this is all really depressing since everyone has always told me banks will help out medical students. Does this only apply to those who are middle class or above?

 

What can I do? Student loan will not be enough to cover everything and I am really tired of living like this.

[lynn333]

Actually I am going to school, in Canada.

 

I have met with RBC, TD and BMO and they all require a cosigner. None of these people were specialists but they said the underwriters wanted the cosigner.

 

I just talked to a Scotiabank specialist on the phone and we will meet tomorrow but I need to fill out the application in order to see if I qualify.

 

I don't know if I am saying the right things to the banks or not. I told TD I would switch all banking and future investments to them but they said no one will give me a line of credit.

 

Its rediculous because I know of so many people that have hundreds of thousands of dollars in debt just with a couple undergrad degrees and all I have is 1, 000 dollars. I mean the payment I would have been late with was 20 dollars......I just had no money at all sometimes.

 

Is there anything I can offer (a payment guarantee or upfront payment of some kind) that would change their minds? I am a very unlikely failure risk as I am a mature student with a large resume and two degrees, BSc and MSc.

[lynn333]

Sorry about the third post but I have just read the two above.

 

Yes I did specify the medical student loan because I looked online at policies before I met with representatives and double checked the features stated.

 

The representatives I met with so far weren't specialists listed on the website for medical student loans, and so the person I am meeting tomorrow is (but even she won't guarantee a cosigner).

 

Is it that the economy has even affected these loans now? Two years ago I bet this wouldn't have happened. The worst part is even if I scrounge the money to completely pay off the 1, 000 visa card, it won't help.

[spiderpig]

Actually I am going to school, in Canada.

 

I have met with RBC, TD and BMO and they all require a cosigner. None of these people were specialists but they said the underwriters wanted the cosigner.

 

I just talked to a Scotiabank specialist on the phone and we will meet tomorrow but I need to fill out the application in order to see if I qualify.

 

I don't know if I am saying the right things to the banks or not. I told TD I would switch all banking and future investments to them but they said no one will give me a line of credit.

 

Its rediculous because I know of so many people that have hundreds of thousands of dollars in debt just with a couple undergrad degrees and all I have is 1, 000 dollars. I mean the payment I would have been late with was 20 dollars......I just had no money at all sometimes.

 

Is there anything I can offer (a payment guarantee or upfront payment of some kind) that would change their minds? I am a very unlikely failure risk as I am a mature student with a large resume and two degrees, BSc and MSc.

 

One late payment of $20?!! No way is that holding you back. I was late several times with several hundred dollars, just because I would lose the bill and forget. I guess the difference is that once I was reminded (by a "friendly" phone call), I would pay it all back in full. And I would always pay back my balances in full. But still... my infringement(s) seems much worse than yours.

 

Again, are you absolutely sure that they're offering you the line of credit for professional students? ...because there are two kinds and bank reps very easily mess those two up. A lot of them don't even know about the med student one. So you have to make sure that is the one they're offering you, since the other one has a much lower limit (not enough for us), and requires a cosigner.

 

Try phoning your medical school's financial aid office, and ask for the names of the bank representatives that they have on hand. Go to those people, and get them to handle your account. They will know what they're doing.

 

I hope things work out for you. I'm sure they will!

[TheEggman]

Actually I am going to school, in Canada.

 

I have met with RBC, TD and BMO and they all require a cosigner. None of these people were specialists but they said the underwriters wanted the cosigner.

 

I just talked to a Scotiabank specialist on the phone and we will meet tomorrow but I need to fill out the application in order to see if I qualify.

 

Also try calling your MD financial rep, they will tell you exactly what to expect out of a LOC, all they deal with is med students. They also aren't payed by any bank, so they are happy to help no matter where you get your LOC. $22 a year for a financial consultant and $100k in life insurance is probably the best deal I've ever gotten.

 

Med LOC should be:

1. 150k - 200k

2. prime interest rate

3. no co-signer

 

If the bank rep does not give you the above they don't know what they're talking about. Ask to talk to a med specialist or threaten to leave.

 

If you have other loans / LOCs (not credit cards) then that amount will be consolidated with the med LOC and you will get less than 150k-200k total, but it will still be at prime with no co-signer.

[rmorelan]

Actually I am going to school, in Canada.

 

I have met with RBC, TD and BMO and they all require a cosigner. None of these people were specialists but they said the underwriters wanted the cosigner.

 

 

This is probably the problem right there - you have to talk to specialists only - the other ones just don't have a clue. It is sad but that is the way it is.

 

Your ego probably got smacked around in all of this - it is time to reaffirm the power you actuall hold in this situation. This whole cosigner thing this year is a bit stupid.

 

Find and talk only to specialists at the banks (preferrable actually from the city your school is in). You will quickly be put back on the right path.

[lynn333]

Hi everyone,

 

Thanks for all of your advice and replies. I contacted the MD financial office and it seems for them, at least, any credit history is OK to have an LOC without a cosigner.

 

So I will continue the meeting with the Scotiabank specialist as well as one with MD financial and see what happens.

[rmorelan]

Hi everyone,

 

Thanks for all of your advice and replies. I contacted the MD financial office and it seems for them, at least, any credit history is OK to have an LOC without a cosigner.

 

So I will continue the meeting with the Scotiabank specialist as well as one with MD financial and see what happens.

 

sounds good Again your credit history would also be fine for the other banks but clearly they aren't organized enough to get you to the right person immediately.

[lynn333]

I finally got approved with Scotiabank.

I suppose the other banks were not sending the right information as was hinted at on this site.

 

Thanks for all of the help!

[rmorelan]

I finally got approved with Scotiabank.

I suppose the other banks were not sending the right information as was hinted at on this site.

 

Thanks for all of the help!

 

excellent - good to hear! There really shouldn't be anything stopping any new med student from gettting the typically full LOC

[itimebomb2]

This is probably the problem right there - you have to talk to specialists only - the other ones just don't have a clue. It is sad but that is the way it is.

 

Your ego probably got smacked around in all of this - it is time to reaffirm the power you actuall hold in this situation. This whole cosigner thing this year is a bit stupid.

 

Find and talk only to specialists at the banks (preferrable actually from the city your school is in). You will quickly be put back on the right path.

 

Most ppl should get the LOC without a co-signer, but you have to realize that there are people out there with really bad credit - not all med students are equal. There are people walking in with over 50k in undergrad/grad debt already, and a really bad history of paying bills etc, so its not unreasonable for them to request a cosigner.

[shannn]

Ahh, I'm still on the fence between Scotia and RBC

 

I like RBC better, but I hope they can give me free cheques.

 

They told me I could get either $150K with no limits, or $200K spread out too

[itimebomb2]

Ahh, I'm still on the fence between Scotia and RBC

 

I like RBC better, but I hope they can give me free cheques.

 

They told me I could get either $150K with no limits, or $200K spread out too

 

I got free cheques from RBC.

[shannn]

I got free cheques from RBC.

 

Cool, I just got offered free cheques too (but only the first set, which consists of 100, which should be plenty enough)

 

Going to RBC tomorrow to get the deal done

[Guest viscous]

Cool, I just got offered free cheques too (but only the first set, which consists of 100, which should be plenty enough)

 

Going to RBC tomorrow to get the deal done

 

did you talk to the RBC in downtown? Or somewhere else?

[jonrice]

I went to Scotia and the lady I talked to seemed hesitant as I don't really have any form of income and am asking for $200,000. What should I do?

[dr_horrible]

Was she a person who dealt frequently with med student LOCs? From my experience at Scotia, and what others are saying, your current income should be irrelevant.

 

When I spoke to a rep at Scotiabank, I only had to provide proof that I was going to be a medical student in the fall, and agree to close any currently open credit cards, to receive the full $200,000. Although I am working at the moment, no questions about current employment, past student loans, etc. were even asked.

 

I went to Scotia and the lady I talked to seemed hesitant as I don't really have any form of income and am asking for $200,000. What should I do?

[rmorelan]

I went to Scotia and the lady I talked to seemed hesitant as I don't really have any form of income and am asking for $200,000. What should I do?

 

This again You have to make absolutely sure you are dealing with the banks professional student loan advisor. A regular loan officer just won't do - it seems they are more clueless than ever this year. You ultimately will have no problem getting your loan but make sure they put you in contact with the professional loan officer - in London that person doesn't even work at a normal branch for instance.

 

I had the same problem initially last year with TD, royal and CIBC until I figured this all out.

[shannn]

Was she a person who dealt frequently with med student LOCs? From my experience at Scotia, and what others are saying, your current income should be irrelevant.

 

When I spoke to a rep at Scotiabank, I only had to provide proof that I was going to be a medical student in the fall, and agree to close any currently open credit cards, to receive the full $200,000. Although I am working at the moment, no questions about current employment, past student loans, etc. were even asked.

 

Yea, that sucks, I don't understand why Scotia wanted me to close CC's to get the full $200K. That is what had me leaning towards RBC (especially since they bumped up their LOC's to med students to $200K really recently)

 

I have around $20K worth of CC credit, and I didn't want to close any of them at the risk of hurting my credit score (which may have affected my ability to get an apartment)

 

 

I hope you did not close your oldest CC