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LOC Problem


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Hi guys, I have a bad credit history and I am worried that I won't be approved for a loan. Also, I really don't know anybody with a good credit who would co-sign.

 

Is there anyone who managed to get a LOC even with a bad credit history? Please let me know what you did.

 

Thanks in advance

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hey

i had lots of debt (not student loan debt, but personal loan debt), and few missed payments and a collection listed on my credit file and still got full loc and credit card associated with the package from rbc... my banker had to really explain my situation so make sure you have reasons for your mess ups...

 

if you dont mind (+it might be helpful to others) why is yours bad?

 

In the end, you have nto go in and just apply!!

 

Keep us posted...

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I won't elaborate, but I had horrible horrible credit and got approved for the full thing no problem. First person I spoke to at RBC told me I would not get the full amount, there would be yearly restrictions, etc etc. but then I met with the professional LOC specialist at the RBC branch near my school and she laughed and assured me it wouldn't be an issue (and of course it wasn't).

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Hi LaPrep,

 

Without understanding the reasons why you have “bad credit history” it is difficult to give specific direction. It would be worth reaching out to your MD Management advisor to discuss your credit history. MD Management has dedicated certain MD advisors to specialize exclusively on the financial needs of medical students across Canada, and they can review your current financial situation—net worth, cash flow and debt projections, credit issues and other financial planning needs—in detail and answer any questions you might have. The MD advisor can then work with you to outline your monthly budget and advocate on your behalf to get medical financing in place. Regarding financing solutions for medical school, MD Management offers MD Banking Solutions in partnership with National Bank. National Bank allows borrowers to access up to $200,000 by the end of residency in flexible, annual increments, and they have credit specialists who understand medical student financing needs. This service is part of the value you get from being a CMA member.

 

I hope this helps!

 

James@MDManagement

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