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

[ScotiabankMedsAdvisor 36]

12 minutes ago, beepboopbot said:

I contacted Lynne for U of T scotiabank and she said the overall limit is increasing in the next few weeks.

This is correct I just can’t post specifics until the policies are updated.

 

[rmorelan 2,635]

11 minutes ago, shematoma said:

If I'm not mistaken, you continue to have access to your LOC once you start residency. But can you still open a new LOC, or transfer your LOC to a new bank while in residency?

Sure - one of the reasons competition is so alive with this stuff is that anyone can transfer any time. 

[rmorelan 2,635]

28 minutes ago, Doctorofmydreams said:

Do people generally switch over all of their banking to the LOC bank? I'm thinking of switching to scotia for the LOC and all banking services after i leave my job. It might be easier to centralize most financial things with one bank. Is this wise? 

Most do - I mean it is just easier not having two places to go for everything. Some keep the old one option in background (particularly if there are student accounts which are free etc). 

[rmorelan 2,635]

1 minute ago, ScotiabankMedsAdvisor said:

This is correct I just can’t post specifics until the policies are updated.

 

Ha, you are keeping us in suspense! 

I am still trying to organize a central place to store all the facts about the LOCs on the forum to make things clearer. Post exam I will try to pull every thing there. 

[j17f 222]

So Scotia is asking for proof of enrolment, although Ottawa won’t provide us with our student numbers not attest to our enrolement until mid July. Has anyone been able to get access to the LOC without this?

[rmorelan 2,635]

1 minute ago, Jfourn said:

So Scotia is asking for proof of enrolment, although Ottawa won’t provide us with our student numbers not attest to our enrolement until mid July. Has anyone been able to get access to the LOC without this?

hopefully someone from Ottawa can chime in - in the past I know they have occasionally extended access to a portion of the funds in advance but not the entire thing. I guess what you are planning to do would be important re amounts etc. 

 

[TheC0median 5]

Just now, Jfourn said:

So Scotia is asking for proof of enrolment, although Ottawa won’t provide us with our student numbers not attest to our enrolement until mid July. Has anyone been able to get access to the LOC without this?

Hey, I was able to gain access to LOC and Credit Cards today. I am going to the UofA, however I provided a screenshot of the acceptance status on Beartracks (the UofA's communciation system) as well as providing a screenshot of an email from MD Admissions stating I have been matriculated after completing all the steps such as 1000$ deposit, immunizations, etc. 

[j17f 222]

1 minute ago, TheC0median said:

Hey, I was able to gain access to LOC and Credit Cards today. I am going to the UofA, however I provided a screenshot of the acceptance status on Beartracks (the UofA's communciation system) as well as providing a screenshot of an email from MD Admissions stating I have been matriculated after completing all the steps such as 1000$ deposit, immunizations, etc. 

My email just says they “received all my documents”, which wasn’t enough. Maybe if I bitch enough I’ll get my way, or if anyone is good at photoshop and could help a brother out  

[ScotiabankMedsAdvisor 36]

58 minutes ago, rmorelan said:

Ha, you are keeping us in suspense! 

I am still trying to organize a central place to store all the facts about the LOCs on the forum to make things clearer. Post exam I will try to pull every thing there. 

I know it wasn’t suppose to take this long.  As I mentioned before I am impatiently waiting as well.  You would think me calling them every day  would speed up the process 

[gwgswgvgv 0]

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[FlameGrilledChicken 35]

1 hour ago, Jfourn said:

My email just says they “received all my documents”, which wasn’t enough. Maybe if I bitch enough I’ll get my way, or if anyone is good at photoshop and could help a brother out  

My advisor said the acceptance email was enough to complete the process and release all funds. Just that I have to get a proof of enrolment letter to him within 30 days afterwards.

[-D- 33]

1 hour ago, Jfourn said:

So Scotia is asking for proof of enrolment, although Ottawa won’t provide us with our student numbers not attest to our enrolement until mid July. Has anyone been able to get access to the LOC without this?

The PDF offer letter from uOttawa was acceptable for my advisor at Scotiabank, and I just got approval for the new LOC last week. He also said that annually I should send him confirmation of enrolment. 

[goleafsgochris 180]

15 hours ago, PhD2MD said:

Scotia can convert it to a professional line of credit for you

Thanks for the info!!  Do you know if there are any requirements for this?  Or will they convert any loan to a professional after residency?

[canada747 63]

Does anyone know when Scotia requires the principal of the loan to start being paid? RBC has it as 2 years after residency, but can't find anything on the Scotia site.

[ScotiabankMedsAdvisor 36]

40 minutes ago, canada747 said:

Does anyone know when Scotia requires the principal of the loan to start being paid? RBC has it as 2 years after residency, but can't find anything on the Scotia site.

Ours is 2 years after residency/fellowship.  With the option to convert to a professional line of credit.  It’s important to note that we include fellowships as most banks do not.

[GTA Med Advisor 25]

18 hours ago, shematoma said:

Your credit score could dip slightly but let's face it, the biggest factor is payment history. I have been open and closing lots of accounts and haven't been turned down for anything. Yes I can keep the card open indefinitely without fees, but why would I do that when I can open and close without fees and get big bonuses?

I've personally seen my score drop substantially from doing this myself, opening/closing credit cards frequently just to get these bonuses. I stopped doing it because my credit score was dropping so much. I'm not saying don't do it, I'm just saying be careful. The more you do it the more your credit score suffers.

[GTA Med Advisor 25]

11 hours ago, leothelion said:

Does anyone know when converting to a professional line of credit if RBC is prime -0.25%? 

I know Scotia changes to prime, but does RBC remain at -0.25?

Last I checked RBC was not converting their LOCs after residency. They close them and term them out.

[jumbocup 3]

 

11 minutes ago, GTA Scotiabank Med Advisor said:

Last I checked RBC was not converting their LOCs after residency. They close them and term them out.

 

12 hours ago, leothelion said:

Does anyone know when converting to a professional line of credit if RBC is prime -0.25%? 

I know Scotia changes to prime, but does RBC remain at -0.25?

Have just received confirmation from my local RBC professional student LOC advisor that they do indeed convert from the student to professional following residency/fellowship. No mention of the specific interest rate though. 

[macd 30]

13 hours ago, TheC0median said:

Hey, I was able to gain access to LOC and Credit Cards today. I am going to the UofA, however I provided a screenshot of the acceptance status on Beartracks (the UofA's communciation system) as well as providing a screenshot of an email from MD Admissions stating I have been matriculated after completing all the steps such as 1000$ deposit, immunizations, etc. 

Same^, I wouldn't be surprised if we are dealing with the same advisor.

[ScotiabankMedsAdvisor 36]

18 minutes ago, jumbocup said:

 

 

Have just received confirmation from my local RBC professional student LOC advisor that they do indeed convert from the student to professional following residency/fellowship. No mention of the specific interest rate though. 

Just to confirm with RBC they don’t convert to the professional line.  You must reapply and the limit approved is based on income.  Our conversion is preapproved and you would maintain the same limit.

[jul059 82]

Is there an updated version of the summary document now unavailable in the first post? I want to know where to go to, but reading 52 pages would take me longer than just booking an appointment with every bank .

Basically, I want a rate of prime-0.25%, 275k available from the first year and no fees. The only thing I'm interested in with credit cards at the moment is the best travel insurance. Who's best? RBC, CIBC, TD or Scotia?

[MacPreMed 2]

Hey guys, 

Please advise.

Is it better to go with:

Scotiabank Passport Infinite + Amex Gold? 

OR

Scotiabank Passport Infinite + Momentum Infinite?

[rmorelan 2,635]

22 hours ago, jul059 said:

Is there an updated version of the summary document now unavailable in the first post? I want to know where to go to, but reading 52 pages would take me longer than just booking an appointment with every bank .

Basically, I want a rate of prime-0.25%, 275k available from the first year and no fees. The only thing I'm interested in with credit cards at the moment is the best travel insurance. Who's best? RBC, CIBC, TD or Scotia?

one of the reasons that isn't updated yet is some of the plans are in flux - there are both new overall adjustments being made, and some local variations (whether those are real or advisers not being fully updated on policy is sometimes a debate)

You may not get all of that perfectly from any one bank - I mean the best travel card I believe is the Scotia one, with meets everything else you asked for except often gives out a fraction of the money each year (a large fraction mind you - no one is starving on any of these plans). RBC would typically give it all to you but has weaker cards. Those two banks are "in it to win it" mode with med students and tend to have better deals and are more responsive to adjustments the other players are making. 

[Eudaimonia 314]

1 hour ago, MacPreMed said:

Hey guys, 

Please advise.

Is it better to go with:

Scotiabank Passport Infinite + Amex Gold? 

OR

Scotiabank Passport Infinite + Momentum Infinite?

Just depends on which rewards program you prefer, cashback or points. Both have 4% max in certain categories, check what appeals to your spending. Keep in mind Amex is not accepted everywhere but is usually fine for bigger purchases so you'll still be accumulating lots of points. If you're using the Passport too, think about how you want to balance different rewards programs. Using it with Amex will grow your points much faster.

[ScotiabankMedsAdvisor 36]

38 minutes ago, rmorelan said:

one of the reasons that isn't updated yet is some of the plans are in flux - there are both new overall adjustments being made, and some local variations (whether those are real or advisers not being fully updated on policy is sometimes a debate)

You may not get all of that perfectly from any one bank - I mean the best travel card I believe is the Scotia one, with meets everything else you asked for except often gives out a fraction of the money each year (a large fraction mind you - no one is starving on any of these plans). RBC would typically give it all to you but has weaker cards. Those two banks are "in it to win it" mode with med students and tend to have better deals and are more responsive to adjustments the other players are making. 

We did change our plan a couple years ago and now give access to the full approved amount up front as well.