Lines of Credit for Medical Students (Scotia is the best option)

[JohnGrisham]

Did anyone who went with Scotia have issue with being allowed 1/3 of 200k in first year? I'm worried that it might run over. When CIBC did ny budget with me it worked out to be higher than Scotia's limit, but the advisor I spoke to at Scotia didn't think it would be a problem.

 

Also, yes, the two scotia cards points stack, at least that's what I was told at the Hamilton branch.

Do you not get provincial/federal student loans too? That + 60-70k LOC should be way more than you need. You should not be spending anywhere near that much as a student. Maybe if you have a large family and were the sole breadwinner prior to going back to school, but even then that should be enough living frugally..

[rmorelan]

Do you not get provincial/federal student loans too? That + 60-70k LOC should be way more than you need. You should not be spending anywhere near that much as a student. Maybe if you have a large family and were the sole breadwinner prior to going back to school, but even then that should be enough living frugally..

 

exactly - we are talking about 80K in total here. What are you spending 60K after tuition on?

[JohnGrisham]

exactly - we are talking about 80K in total here. What are you spending 60K after tuition on?

Thanks Kermit <3

[mmd7]

I am wondering if they had to split your credit limit between the Passport Gold and the Amex Gold cards? Apparently I was approved for a credit limit of 5000, so they'd have to split it between two cards (for example, 2000 on one and 3000 on the other). However, both gold cards need to have a minimum credit limit of 5000 (just a requirement for gold cards), so basically I can't have both cards. Did anyone else encounter this at Scotiabank and what should I do?

The branch that I went to made me choose between the Visa and the Amex. The advisor that I talked to said that where I live, amex was covered by about 90% of all retailers and for sure most of the gas stations, groceries, and restaurants (chain restaurants, that is). He said it would mainly be local businesses that wouldn't accept amex and I had suspected as much. But I still plan to put all my auto pay bills on it and stuff to rack up points and buy all my groceries and gas with it (which is where a BIG chunk of my money goes every month already anyway). I never asked to split the cards, but I told them that I didn't want to give up my 1000$ amazon chase visa (because visa is good for everywhere and so it's a good emergency card to keep and the limit is nice and low), so they just applied for a $199, 000 line of credit instead of consolidating (kinda dumb, IMO because really its 1000$ and in the grand scheme of things a drop in the bucket, but whatever, that's their policy).

 

Edit: now that I think of it, if you really want the second card, I bet you could get them to just apply for 195, 000 and give you the 5000$ second credit card. Not sure, but maybe.

 

I haven't talked to my advisors yet (will do that next week) but I had a question regarding the Scotiabank passport visa and the AMEX. 

Do the rewards points from the two cards stack? By that I mean if I got 1000 points each in two cards, I can redeem an item worth 2000 points? 

 

Also for the RBC folks, anyone successful in upgrading their visa card from the lacklustre Signature Visa to something like Visa Infinite Avion ?  

 

They don't stack because you can only get 1 card with your LOC (or at least that's what my branch told me, so you have to pick one or the other). I mean, technically if you did at some point get two scotiabank travel points cards all the points go to the same account and can be used towards whatever.

 

Did anyone who went with Scotia have issue with being allowed 1/3 of 200k in first year? I'm worried that it might run over. When CIBC did ny budget with me it worked out to be higher than Scotia's limit, but the advisor I spoke to at Scotia didn't think it would be a problem.

 

Also, yes, the two scotia cards points stack, at least that's what I was told at the Hamilton branch.

 

I think they told me they would only release 50 K per year (so 1/4), but that I could come back at any time and ask for an extension one year at the detriment of other years. Now, I'm sure if I went and asked for an extra 20 K first year, and at the end if I was at like 180 K on my LOC and needed 50 more or whatever, they would allow me to sign an extension up to 275, 000 or whatever. 50 K is twice as much as I plan to spend on it per year so I didn't ask any questions further.

[oshaku]

The branch that I went to made me choose between the Visa and the Amex. The advisor that I talked to said that where I live, amex was covered by about 90% of all retailers and for sure most of the gas stations, groceries, and restaurants (chain restaurants, that is). He said it would mainly be local businesses that wouldn't accept amex and I had suspected as much. But I still plan to put all my auto pay bills on it and stuff to rack up points and buy all my groceries and gas with it (which is where a BIG chunk of my money goes every month already anyway). I never asked to split the cards, but I told them that I didn't want to give up my 1000$ amazon chase visa (because visa is good for everywhere and so it's a good emergency card to keep and the limit is nice and low), so they just applied for a $199, 000 line of credit instead of consolidating (kinda dumb, IMO because really its 1000$ and in the grand scheme of things a drop in the bucket, but whatever, that's their policy).

 

Edit: now that I think of it, if you really want the second card, I bet you could get them to just apply for 195, 000 and give you the 5000$ second credit card. Not sure, but maybe.

 

 

They don't stack because you can only get 1 card with your LOC (or at least that's what my branch told me, so you have to pick one or the other). I mean, technically if you did at some point get two scotiabank travel points cards all the points go to the same account and can be used towards whatever.

 

 

I think they told me they would only release 50 K per year (so 1/4), but that I could come back at any time and ask for an extension one year at the detriment of other years. Now, I'm sure if I went and asked for an extra 20 K first year, and at the end if I was at like 180 K on my LOC and needed 50 more or whatever, they would allow me to sign an extension up to 275, 000 or whatever. 50 K is twice as much as I plan to spend on it per year so I didn't ask any questions further.

 

I asked my advisor about getting both the amex and the visa and she said no.  Reason being that each card has an annual fee of about $100 and they can't waive the fees on both, which I thought was a fair argument. I am allowed to get a second/third/fourth etc. credit card if I pay the annual fees though.  

[RichardHammond]

What did you guys use for your proof of enrollment to authorize the release of your LoC funds? The representative I am working with needs something with my name, student number, length of program and cost breakdown. In my mind, I thought an email saying I will be starting in the MD program this fall is sufficient because cost and length of program can easily be found online. If anyone has information specific for Schulich, that would be most helpful but information for other schools is also welcome!

[rmorelan]

What did you guys use for your proof of enrollment to authorize the release of your LoC funds? The representative I am working with needs something with my name, student number, length of program and cost breakdown. In my mind, I thought an email saying I will be starting in the MD program this fall is sufficient because cost and length of program can easily be found online. If anyone has information specific for Schulich, that would be most helpful but information for other schools is also welcome!

 

only trouble is email can quite easily be mimiced etc.

 

At Schulich the office is able to provide something to send off if you contact them and you bank requires something more "firm".

[Birdy]

What did you guys use for your proof of enrollment to authorize the release of your LoC funds? The representative I am working with needs something with my name, student number, length of program and cost breakdown. In my mind, I thought an email saying I will be starting in the MD program this fall is sufficient because cost and length of program can easily be found online. If anyone has information specific for Schulich, that would be most helpful but information for other schools is also welcome!

I contacted my admissions office and they prepared me a letter with the necessary information in short order. They were quite used to preparing the letters for students who need to access their LOCs.

[Razer]

What did you guys use for your proof of enrollment to authorize the release of your LoC funds? The representative I am working with needs something with my name, student number, length of program and cost breakdown. In my mind, I thought an email saying I will be starting in the MD program this fall is sufficient because cost and length of program can easily be found online. If anyone has information specific for Schulich, that would be most helpful but information for other schools is also welcome!

 

When I asked for proof of enrollment, Schulich responded promptly by e-mail. The confirmation of enrollment just has my name and length of program on it, which worked for my bank (Scotia). My funds were available the same day.

[Sisushi]

I asked my advisor about getting both the amex and the visa and she said no.  Reason being that each card has an annual fee of about $100 and they can't waive the fees on both, which I thought was a fair argument. I am allowed to get a second/third/fourth etc. credit card if I pay the annual fees though.  

That's very strange. At the Hamilton branch I went to I was offered both cards with both waived. Which branch did you go to?

[Sisushi]

exactly - we are talking about 80K in total here. What are you spending 60K after tuition on?

Thanks for the assurance guys.

 

I'm just super nervous since I've never made a budget before and don't know how much insurance or gas or etc would run me, since it's going to be my first time owning a car as well. 

 

OSAP hasn't come through for me yet, so I don't know how much I'm getting from them. That's my main worry. 

[rmorelan]

Thanks for the assurance guys.

 

I'm just super nervous since I've never made a budget before and don't know how much insurance or gas or etc would run me, since it's going to be my first time owning a car as well. 

 

OSAP hasn't come through for me yet, so I don't know how much I'm getting from them. That's my main worry. 

 

you won't even need osap - I mean you shouldn't even need the roughly 40K a year either to live on you would have from the LOC alone. I had a 4 year degree - thus had more living expenses than you will have - and didn't even use 1/2 of the LOC. There are bursaries - in particular the 9K OMA one to factor in. Plus you will get OSAP ultimately anyway etc etc.

 

Don't go nuts - but it won't matter that bank you are using - in any case you simply cannot spend that much money per year and should have no reason to at all

 

if you post a rough budget I am sure we can make sure you are on track. No worries.

Edited June 17, 2015 by rmorelan

[wottawa]

Do you know anything specific for Ottawa? I emailed the admissions and they won't be able to provide me any confirmation of enrollment before the 3rd week of July. For the release of funds of loc, would the letter of acceptance be enough or would I have to wait till my confirmation of enrollment comes through to be able to access my funds? Thanks!

[wottawa]

For RBC loc specifically

[xkittens]

Anyone at RBC getting fees waved on a VIP account/avion card indefinitely?

[oshaku]

That's very strange. At the Hamilton branch I went to I was offered both cards with both waived. Which branch did you go to?

 

Montreal....

[Sisushi]

Montreal....

Maybe try calling some Ontario places, because from my understanding once they patch you through with the acceptance and both forms, you're free to work with other advisors, at which point you can return to a more local one (if that is your local area).

[oshaku]

Maybe try calling some Ontario places, because from my understanding once they patch you through with the acceptance and both forms, you're free to work with other advisors, at which point you can return to a more local one (if that is your local area).

 

well, I live in montreal and will be going to med school in montreal.. so it's as local as I get. 

 

I'm going to look into calling the ontario advisors for the other card once the paper work is processed here.

[ieatpremeds]

well, I live in montreal and will be going to med school in montreal.. so it's as local as I get. 

 

I'm going to look into calling the ontario advisors for the other card once the paper work is processed here.

 

If you pressure your Scotia adviser you can definitely get both cards (Gold Amex + Visa) with fees waived. Trade off is they will remove the 5k from your LOC.

 

Edit: The time to ask for perks is now, before you sign... once your signature is on that paper the tables turn.

[cats5ever]

If you pressure your Scotia adviser you can definitely get both cards (Gold Amex + Visa) with fees waived. Trade off is they will remove the 5k from your LOC.

 

Edit: The time to ask for perks is now, before you sign... once your signature is on that paper the tables turn.

My Scotia advisor in Hamilton offered me both cards if I gave up the 5k worth of overdraft protection (why would I need this...), no pressure needed. Kept the full 200k.

[oshaku]

Hamilton seems to be the place where they do it. 

 

If you pressure your Scotia adviser you can definitely get both cards (Gold Amex + Visa) with fees waived. Trade off is they will remove the 5k from your LOC.

 

Edit: The time to ask for perks is now, before you sign... once your signature is on that paper the tables turn.

 

I'm such a pushover with these things.  paperwork's already signed.  I'll just stick with my one card for now...

[lisait'syourbirthday]

Hamilton seems to be the place where they do it. 

 

 

I'm such a pushover with these things.  paperwork's already signed.  I'll just stick with my one card for now...

 

I also only just got the one card with Scotiabank (I didn't do the paperwork at a Hamilton branch). And my question is, why would you need 2? I understand that the Amex gives you more reward points but unless you're a big credit card user, I don't see that making a difference, especially because not all places will take the Amex. I guess it depends on the individual and how much you're going to use your credit card but it really doesn't seem like a big deal to me

[Sisushi]

I also only just got the one card with Scotiabank (I didn't do the paperwork at a Hamilton branch). And my question is, why would you need 2? I understand that the Amex gives you more reward points but unless you're a big credit card user, I don't see that making a difference, especially because not all places will take the Amex. I guess it depends on the individual and how much you're going to use your credit card but it really doesn't seem like a big deal to me

I want both because AMEX isn't accepted everywhere. The points on the Passport Gold can combine with AMEX, so a lot more points build up on them when you can use VISA where AMEX isn't taken. 

[oshaku]

I want both because AMEX isn't accepted everywhere. The points on the Passport Gold can combine with AMEX, so a lot more points build up on them when you can use VISA where AMEX isn't taken. 

 

this. 

[ieatpremeds]

I also only just got the one card with Scotiabank (I didn't do the paperwork at a Hamilton branch). And my question is, why would you need 2? I understand that the Amex gives you more reward points but unless you're a big credit card user, I don't see that making a difference, especially because not all places will take the Amex. I guess it depends on the individual and how much you're going to use your credit card but it really doesn't seem like a big deal to me

You make a good point, truly doesn't matter at the end of the day... majority of these big bank LOC packages are basically the same. Unless your planning to max out your 5 or 10k card every month, you may have enough points for a flight to NY after 3 years.. if that lol.