amo_jh Posted May 17, 2012 Report Share Posted May 17, 2012 Hello all, Pretty sure not many people had such experience, but did anyone here get a professional line of credit with terrible credit history? I made a terrible mistake with a couple years ago with my credit card and now have a terrible credit. But I have a sibling who is a doctor (finished residency last year) willing to cosign for me. Can I still get the line of credit? Link to comment Share on other sites More sharing options...
RealTalk Posted May 17, 2012 Report Share Posted May 17, 2012 If you are accepted to a Canadian school they will give you one without a co-signor even if you have a ****ty credit history. Link to comment Share on other sites More sharing options...
Birdy Posted May 17, 2012 Report Share Posted May 17, 2012 If you are accepted to a Canadian school they will give you one without a co-signor even if you have a ****ty credit history. Really? If so, cool. My credit is improving, and will be decent in three years' time, but it won't be spectacular by any means. Link to comment Share on other sites More sharing options...
RealTalk Posted May 17, 2012 Report Share Posted May 17, 2012 They might give you some flack but they're just playing the game to suck you in. Just be cool when dealing with loan shar--I mean, financial advisors. Link to comment Share on other sites More sharing options...
maybeadoc Posted May 17, 2012 Report Share Posted May 17, 2012 This worries me too! I have a few late payments to utilities that report to the bureaus + 40k in debt already!! This is comforting... But i cannot believe that they dont care about credit history Link to comment Share on other sites More sharing options...
rmorelan Posted May 17, 2012 Report Share Posted May 17, 2012 This worries me too! I have a few late payments to utilities that report to the bureaus + 40k in debt already!! This is comforting... But i cannot believe that they dont care about credit history They don't care. Seriously Your old life just doesn't matter - they know how much you will make as a doctor in the end. It just blows away all of that. The banks want you as a long term client. Not because of the LOC - they don't make money on LOC. No one is making a lot of money asking for prime on a loan (take the interest rate - inflation and see what they are really earning before expenses. It isn't much at all. LOCs are basically almost loss leaders) They want you as a client for everything else you will bring in the end - investment banking, business accounts, mortgages, RESPs, RRSPs, those special visa cards you will be paying for, etc, etc, etc. You are a long term cash cow. To get you as a long term client they give you the LOC. It is that simple. Link to comment Share on other sites More sharing options...
sirnoodleton Posted June 25, 2012 Report Share Posted June 25, 2012 They don't care. Seriously Your old life just doesn't matter - they know how much you will make as a doctor in the end. It just blows away all of that. The banks want you as a long term client. Not because of the LOC - they don't make money on LOC. No one is making a lot of money asking for prime on a loan (take the interest rate - inflation and see what they are really earning before expenses. It isn't much at all. LOCs are basically almost loss leaders) They want you as a client for everything else you will bring in the end - investment banking, business accounts, mortgages, RESPs, RRSPs, those special visa cards you will be paying for, etc, etc, etc. You are a long term cash cow. To get you as a long term client they give you the LOC. It is that simple. Thanks for this. Link to comment Share on other sites More sharing options...
sirnoodleton Posted June 25, 2012 Report Share Posted June 25, 2012 Anyone have any experience with MD financial (a CMA company)? Link to comment Share on other sites More sharing options...
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