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

[Bambi]

Does anyone in Edmonton know of a decent advisor for Scotiabank and TD that I could talk to regarding LOCs?

 

Despite having called ahead and specifically asked to speak to individuals who have helped medical students with line of credits in the past, I have had two meetings with different people at different branches at both banks who had absolutely no idea what they were talking about. This has left me considering taking RBCs offer despite the fact that I don't have a lot of trust for them.

 

Please PM me. Appreciated

I am not in your city but am happy with RBC.

[ArchEnemy]

Just a thought - was anyone able to request for half of a life of credit with each bank (say RBC & Scotia), as oppose to the full amount with only one of them?

 

This way you reap the benefits from both banks.

[fugacity]

is anyone able to get this card?

 

Avion Visa Infinite Privilege

http://www.rbcroyalbank.com/credit-cards/travel-credit-cards/avion-visa-infinite-privilege.html

 

Tbh ever since UBC stopped accepting credits for payment, it's really hard to get points (being frugal and all).  Therefore it might be worth it to get a card with more side perks: free checked bag, priority check in etc.

[ArchEnemy]

is anyone able to get this card?

 

Avion Visa Infinite Privilege

http://www.rbcroyalbank.com/credit-cards/travel-credit-cards/avion-visa-infinite-privilege.html

 

Tbh ever since UBC stopped accepting credits for payment, it's really hard to get points (being frugal and all).  Therefore it might be worth it to get a card with more side perks: free checked bag, priority check in etc.

 

 

Considering they are offering the Platinum Avion ($120 annual fee) for only 1 year and refuse to extend it to all 4 years, you will be hard-pressed to convince them to offer you the Visa Privilege ($399 annual fee) even for 1 year. But do let us know if you are successful!

[van1466]

How is Scotia with requiring a cosigner? If i get into medicine I would like to obtain a LOC without a cosigner, my parents are disabled and I don't want to ask any extended family. I have an engineering degree with previous internship experience, but still worried that they would decline me without a cosigner. :S 

[oshaku]

How is Scotia with requiring a cosigner? If i get into medicine I would like to obtain a LOC without a cosigner, my parents are disabled and I don't want to ask any extended family. I have an engineering degree with previous internship experience, but still worried that they would decline me without a cosigner. :S 

 

I'm with scotia without a cosigner.  They never asked me for one to begin with.  I think you'll need a cosigner if you're going to school in the states though

[rmorelan]

I'm with scotia without a cosigner.  They never asked me for one to begin with.  I think you'll need a cosigner if you're going to school in the states though

 

yeah no one needs a co-signer unless they messed up there credit - I have run into that and had to help figure out someway to make it work re repairing the underlying credit.

 

med schools and residents seem to be in some really strange special land where the normal rules of credit don't apply. The more I think about it the more nuts it is to me that the system works the way it does but there you go - I am not complaining

[JohnGrisham]

yeah no one needs a co-signer unless they messed up there credit - I have run into that and had to help figure out someway to make it work re repairing the underlying credit.

 

med schools and residents seem to be in some really strange special land where the normal rules of credit don't apply. The more I think about it the more nuts it is to me that the system works the way it does but there you go - I am not complaining

Yeah, if you go to a Canadian school, you do not need a LOC Cosigner(Missed this key word ).

 

Anywhere else  will need a cosigner.

 

Edited.

[van1466]

How is a LOC not required? I've exhausted my student loans so i would need some form of a loan

[amichel]

How is a LOC not required? I've exhausted my student loans so i would need some form of a loan

Pretty sure that's a typo and they meant cosigner.

[JohnGrisham]

How is a LOC not required? I've exhausted my student loans so i would need some form of a loan

Oops, missed a very important word in my OP!

 

Yes definitely need a LOC for sure, or saved money for those who time  off to work etc.

[MarsRover]

Is it possible to have two LOCs at once? Just something I have always wondered 

[rmorelan]

Is it possible to have two LOCs at once? Just something I have always wondered 

 

you cannot exceed a total credit amount - say usually 250-275K in LOCs and other similar products, but you can have more than one of them.

 

I guess technically I have three of them ha. Anyway it won't help you is the point, and banks may be less likely to give you perks if you are not willing to move everything to them.

[Ethereal]

This is probably a naive question, but if I'm accepted to medical school, how soon can I get the line of credit? ASAP?

 

It would be nice to have some cash to travel with in the summer. 

[rmorelan]

This is probably a naive question, but if I'm accepted to medical school, how soon can I get the line of credit? ASAP?

 

It would be nice to have some cash to travel with in the summer. 

 

depends on the bank it seems - usually you need a letter of acceptance at least. Certainly can be done in advance of the start of school

Edited February 26, 2016 by rmorelan

[oshaku]

letter of acceptance is usually not enough. banks need proof that you've accepted the offer and/or proof of registration in the program.  Then there's a short approval period - usually days, and then you get your LOC. For example, I got accepted in May, but registration for the next school year didn't open till June, so I had to wait till then to apply for LOC.

 

The wisdom of blowing your LOC on travel pre-med school is another conversation entirely.

[plane]

This is probably a naive question, but if I'm accepted to medical school, how soon can I get the line of credit? ASAP?

 

It would be nice to have some cash to travel with in the summer. 

 

 

I got mine within a week of getting in with just a letter of acceptance and showing the "accepted" status on your school's online portal/registration system. 

[JohnGrisham]

letter of acceptance is usually not enough. banks need proof that you've accepted the offer and/or proof of registration in the program.  Then there's a short approval period - usually days, and then you get your LOC. For example, I got accepted in May, but registration for the next school year didn't open till June, so I had to wait till then to apply for LOC.

 

The wisdom of blowing your LOC on travel pre-med school is another conversation entirely.

Depends on the situation. I showed CIBC that i paid my seat deposit and had my acceptance..and had the LOC a week later in June.

[rmorelan]

Depends on the situation. I showed CIBC that i paid my seat deposit and had my acceptance..and had the LOC a week later in June.

 

yeah there are variations - that is my point Plus you can often get a smaller loan anyway to tied you over. I mean you don't need a 250K loan to go on a trip.

[thethirdlaw]

Anyone have a back up of the Google doc? Or an updated version, just wanted to verify Scotia is king here, and what perks I should negotiate for with an advisor. So long TD I guess...

[daftypatty]

Anyone have a back up of the Google doc? Or an updated version, just wanted to verify Scotia is king here, and what perks I should negotiate for with an advisor. So long TD I guess...

Interested in this as well, is there updated info? Or is this pretty much still valid

[hypersomniac]

Does anyone know if we can apply for two med LOCs? 

I imagine when they do a credit check, it shows as a "credit check" on the applicants credit report which does not particularly mean if he/she is approved for it or not! 

So assuming that someone does two LOC applications in the same day, at two different banks, the second bank would have no idea whether the person has a LOC in the first back or not, since the application at the first bank is still in process (and doesnt show up on the credit report of the applicant). 

 

I'm thinking hypothetically, maybe im stupid ...

Any ideas? 

[JohnGrisham]

Does anyone know if we can apply for two med LOCs? 

I imagine when they do a credit check, it shows as a "credit check" on the applicants credit report which does not particularly mean if he/she is approved for it or not! 

So assuming that someone does two LOC applications in the same day, at two different banks, the second bank would have no idea whether the person has a LOC in the first back or not, since the application at the first bank is still in process (and doesnt show up on the credit report of the applicant). 

 

I'm thinking hypothetically, maybe im stupid ...

Any ideas? 

Are you trying to do so for non-Canadian schools?

 

Otherwise you should have zero reason to even consider this hypothetically.

 

That said, its strongly discouraged and any good banker wouldn't allow this. That said, i have heard of people doing exactly as you said - go to 2 banks on the same day and hope for the best. It worked out for them.

 

The problem is, if you somehow had 400k+ in LOC usage...and something happened? Get sick? Injured? Could lead to a lot of problems.

[RichardHammond]

Why stop at 2?

[rmorelan]

Does anyone know if we can apply for two med LOCs? 

I imagine when they do a credit check, it shows as a "credit check" on the applicants credit report which does not particularly mean if he/she is approved for it or not! 

So assuming that someone does two LOC applications in the same day, at two different banks, the second bank would have no idea whether the person has a LOC in the first back or not, since the application at the first bank is still in process (and doesnt show up on the credit report of the applicant). 

 

I'm thinking hypothetically, maybe im stupid ...

Any ideas? 

 

ha, actually it won't work - there is a deliberate delay in issuing the loan to ensure all parties are on board. Not to mention the follow up checks down the line. 

 

This is a common problem as you can imagine - I mean people for all kinds of reasons people would want to get more money than the standard calculation would allow. The entire credit check system is designed to prevent that from happening