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

[IMislove]

13 hours ago, Dalhousie23 said:

Here is my timeline this year..

• Applied.
• I had access to my new chequing account the same day I applied
• I waited 4 weeks exactly to have my LOC approved and I signed the forms that day. 
• I still have no access to my LOC and the interest rate is wrong.
• The credit card was just shipped, told to wait 10 business days, and no rewards points applied at this moment.

Worst experience ever. 100% switching advisors. Regretting this bank already. 

So altogether, it will be 6 weeks for me to receive a physical credit card and a little less for my LOC. 

 

Ooof that’s terrible. Just goes to show how variable some banks are at different locations such. Sorry for your pain.

[Fortress]

Hey all. Quick question about Scotia. When you book flights through the Scotia Travel Rewards website, are the posted prices for flights the same as the prices posted on the airline's website? Or is it more expensive? I know with RBC for example, the prices are the same as the ones on the airline's website but they don't allow you to choose the most basic and thus the cheapeast fare. The only option available is to choose a slightly advanced fare (standard fare for air canada, econo for westjet).

[LostLamb]

never found a competitive fare on the travel rewards side.

IMHO you are better off finding a good fare from the airline, then applying your points to the travel expense that you charged to your scotia CC.

 

[Fortress]

5 hours ago, LostLamb said:

never found a competitive fare on the travel rewards side.

IMHO you are better off finding a good fare from the airline, then applying your points to the travel expense that you charged to your scotia CC.

 

So just to clarify, the prices posted on the travel rewards website are more expensive than the airline's, right?

Also, if you purchase the flight from the airline and then apply your points to the travel expense, would it be at the same rate of 100 points=$1 value? Or is it a different rate?

[GTA Med Advisor]

1 hour ago, Fortress said:

So just to clarify, the prices posted on the travel rewards website are more expensive than the airline's, right?

Also, if you purchase the flight from the airline and then apply your points to the travel expense, would it be at the same rate of 100 points=$1 value? Or is it a different rate?

From my experience they usually are more expensive, but I've heard from some people that they've found cheaper prices on flights there than online/with the airline as well. It doesn't hurt to check whenever you're looking to book anything just to compare.

Point values are the same regardless of who you book with.

[distressedpremed]

11 minutes ago, GTA Med Advisor said:

From my experience they usually are more expensive, but I've heard from some people that they've found cheaper prices on flights there than online/with the airline as well. It doesn't hurt to check whenever you're looking to book anything just to compare.

Point values are the same regardless of who you book with.

For the scotiarewards, if you talk to them on the phone if there is a price mismatch they will try to match the price in my experience.

However, usually they are pretty much the same price in my experience as buying from the airlines themselves.

In terms of customer service - honestly all the banks are pretty terrible. I was originally with RBC and their customer service rep sucked throughout years of medical school. They refused to do -0.25% when other banks were starting to, and I just had to pack up the LOC and move to scotia.

Now when I'm with scotia, there are just dumb things that happen as well that I get irritated with. My "rep" is just an ever changing cascade of people in that position, it all seems they're using that spot as a springboard for other things. The new reps are usually clueless about what the other banks are offering. Every year they ask me "is this my last year of residency" and I'm like dude, honestly I've sent your predecessors an email every single time bout when I'm done. I even send confirmation of enrollment myself and they still ask me!

Honestly just compare the banks in terms of what they offer, which still seems to be scotia so far. Don't be afraid to ask questions or take your money anywhere else. It's not that hard to switch LOCs.

[Pikachu03]

I'm sorry if this is a stupid question (I never had business with scotia before) but do you have to choose between Gold american express and Passport visa infinite card to get your LOC? Also, is this card a separate credit card account or is this what you use to withdraw from your LOC?

[IMislove]

51 minutes ago, Pikachu03 said:

I'm sorry if this is a stupid question (I never had business with scotia before) but do you have to choose between Gold american express and Passport visa infinite card to get your LOC? Also, is this card a separate credit card account or is this what you use to withdraw from your LOC?

you can get both. LOC is it's own account, you transfer that to your regular account IIRC.

[docK]

hey anyone know of a good CIBC rep dealing with medical line of credits? can't seem to find an advisor online except actually applying online 

[Fortress]

Hey everyone. I am with RBC and I have a question regarding the interest I pay on my line of credit. So I got a few statements from my line of credit. The statement shows the amount of applicable interest I am required to pay as well as the payment due date. When the interest is automatically withdrawn from my chequing account on the payment due date, the amount withdrawn is actually different from what is shown on the statement. For example, my last statement showed an applicable interest of 1.84 dollars due on the 30th of September. The amount that was actually withdrawn from my chequing account on the 30th was 1.66 dollars. And all of the previous months were like that. The statement shows one thing but the amount deducted is different, sometimes higher and sometimes lower than the amount shown on the statement. 

Is it just me or do other people have the same thing? Is there an explanation why this happens even though there was no changes made to my line of credit between the statement end date and the actual due date of payment?

Would appreciate any input on this.

[GTA Med Advisor]

Just a heads up to you all, there are more bonus perks now more than ever before to open a new banking package with Scotiabank. These are the current offers available to new clients:

- $300 cash bonus for opening up a new Preferred Package

- up to 45,000 bonus Scotia Rewards points ($450 worth) on a new Scotiabank Passport Visa Infinite Card

- up to 30,000 bonus Scotia Rewards points ($300 worth)  Scotiabank Gold American Express

- MD Financial is also offering a $500 cash incentive for their clients who open a new SPSP line of credit between October 7 - December 31.

 

That's $1,550 combined worth of cash ($800) and points ($750) up for grabs. Obviously there are criteria that have to be met for each offer, you can view the details through the site. I don't think the details on the MD offer is posted anywhere but essentially you have to talk to one of their advisors/have an account with them/onboard a new account to qualify.

[LittleDaisy]

To anyone who is interested, Scotiabank is increasing their LOC limit to 350 K!

I just emailed my advisor the increase form today, and got it approved shortly this afternoon!

They mainly look after your credit score, mine is just good- 760; which is average. 

I would personally increase it for emergency fund; or to use it for downpayment as last resort (if you don't save 20% and insurance can be more expensive than prime - 0.25% in some cases).

Just my two cents

[AAAmeds]

On 10/8/2019 at 6:23 AM, GTA Med Advisor said:

Just a heads up to you all, there are more bonus perks now more than ever before to open a new banking package with Scotiabank. These are the current offers available to new clients:

- $300 cash bonus for opening up a new Preferred Package

- up to 45,000 bonus Scotia Rewards points ($450 worth) on a new Scotiabank Passport Visa Infinite Card

- up to 30,000 bonus Scotia Rewards points ($300 worth)  Scotiabank Gold American Express

- MD Financial is also offering a $500 cash incentive for their clients who open a new SPSP line of credit between October 7 - December 31.

 

That's $1,550 combined worth of cash ($800) and points ($750) up for grabs. Obviously there are criteria that have to be met for each offer, you can view the details through the site. I don't think the details on the MD offer is posted anywhere but essentially you have to talk to one of their advisors/have an account with them/onboard a new account to qualify.

Are any of these available to current scotia LOC holders that signed up 2+ years ago? Or do we need to switch to another bank and switch back to scotia to qualify for these offers?

[LostLamb]

you will only get the bonuses on the extra things you haven't already opened up with scotia.

ex. I did not have any bank accounts, opened a preferred package, and if I do several tricks in the next 3 weeks i'll get the $300 in a couple months (you have to have some auto debits or make a transfer plus something else). I haven't decided if I will do it yet because I have a different main account but am setting up for staff life by opening up this one.

I suppose that if you don't yet have the passport visa infinite or gold amex then signing up for them you'll get the bonuses (worked out for me when I opened them in 2018). 

For reference, I got my LOC in 2011.

LL

 

[GTA Med Advisor]

On 12/7/2019 at 10:22 PM, AAAmeds said:

Are any of these available to current scotia LOC holders that signed up 2+ years ago? Or do we need to switch to another bank and switch back to scotia to qualify for these offers?

As LostLamb mentioned, these are sign up bonuses so if you had any of these existing accounts they would not qualify.

[mdforme]

Hey there,

Looking for some insight as in the studying for MCAT stage and planning for what to do after acceptance in regards to LOC.

The main problem for me I am seeing is that everything I read for LOCs for medical school say that you need a cosignor.

So, I am wondering:

1. has anyone gotten approved WITHOUT a cosignor?? (i.e. I am a mature adult, have a lengthy full time working history in health care (decent $), and a decent credit score/history).

2. If necessary, does a spouse qualify as a cosignor?  (if they meet all the credit score needs etc. etc.), or is a spouse not eligible to cosign because they would automatically be liable for the loan should someone forfeit paying or the like?

Any guidance is extremely appreciated, I am a person who grew up in foster care who literally has nobody to cosign except POSSIBLY spouse if that is at all an option.

Cheers!

[ArchEnemy]

30 minutes ago, mdforme said:

Hey there,

Looking for some insight as in the studying for MCAT stage and planning for what to do after acceptance in regards to LOC.

The main problem for me I am seeing is that everything I read for LOCs for medical school say that you need a cosignor.

So, I am wondering:

1. has anyone gotten approved WITHOUT a cosignor?? (i.e. I am a mature adult, have a lengthy full time working history in health care (decent $), and a decent credit score/history).

2. If necessary, does a spouse qualify as a cosignor?  (if they meet all the credit score needs etc. etc.), or is a spouse not eligible to cosign because they would automatically be liable for the loan should someone forfeit paying or the like?

Any guidance is extremely appreciated, I am a person who grew up in foster care who literally has nobody to cosign except POSSIBLY spouse if that is at all an option.

Cheers!

I did not have any prior jobs, had huge OSAP debt from undergrad, and yet I was able to obtain the LOC without a co-signer. As long as your credit score is decent and you got into a Canadian medical school, I would not worry about this. Even if your spouse would qualify as a cosigner, I would not list her as this is not required. 

Good luck with your MCAT. 

[mdforme]

5 minutes ago, ArchEnemy said:

I did not have any prior jobs, had huge OSAP debt from undergrad, and yet I was able to obtain the LOC without a co-signer. As long as your credit score is decent and you got into a Canadian medical school, I would not worry about this. Even if your spouse would qualify as a cosigner, I would not list her as this is not required. 

Good luck with your MCAT. 

Thanks @ArchEnemy for taking the time to respond, you just resolved a ton of stress and uncertainty for me!

[chiynadoll]

15 minutes ago, mdforme said:

Thanks @ArchEnemy for taking the time to respond, you just resolved a ton of stress and uncertainty for me!

Don't worry about it at all. If one bank wants anything more from you other than an acceptance letter/ proof of registration, go to a different bank. 

Medical students are almost guaranteed an LOC unless you have a horrifyingly bad credit score/credit history.

[Clover_236]

Does anyone have contact info for Scotia and CIBC reps dealing with med LOCs in BC? 

[Keyboards4Days]

On 4/13/2020 at 3:28 PM, Clover_236 said:

Does anyone have contact info for Scotia and CIBC reps dealing with med LOCs in BC? 

Not BC but for anyone looking for a med LOC in Ottawa - I would recommend Kyu Tompkins for Scotiabank kyu.tompkins@scotiabank.com and Kimberly Ondrechak for RBC kimberly.ondrechak@rbc.com

[brattatat]

Should incoming med students wait a bit to let the banks offer us more stuff at fairs and stuff or should we get our LOC now?

[frenchpress]

12 hours ago, brattatat said:

Should incoming med students wait a bit to let the banks offer us more stuff at fairs and stuff or should we get our LOC now?

The banks often take a month or two to get their offers up to date, and it might be slower than usual because of COVID. I wouldn’t rush into it unless you’re really needing the cash. Usually June/July is when it’s clear what the offers are for the incoming class.

[brokenwings]

Has anyone successfully gotten perks for Scotiabank while already being a Scotiabank customer?

[medicmac]

no but i honestly think that if you tell them hey rbc offers pretty comparable deals the only difference is as a new customer i would get a sing up bonus from the promo, they might be able to offer their own sign up bonus even though you are already with them.

I have always been an RBC client but i am considering signing up with scotia.  I will wait as per this forums recommendation however i was wondering how useful amex gold card was for some upper year students.

I am from quebec, but on the border of ontario and will be attending Uottawa Med.
Thank you,