Switching LOCs

[sfuguy]

Had a falling out with my bank anyone have any experience switching locs while in med school? Are they likely to approve you given a partially used LOC from another bank??

[PhoenixFlare500]

You can get a new line of credit/account at any of the major banks and just transfer the balance by paying out your old loc with the new one.

[Med0123]

yes, very easy

[rmorelan]

yes, very easy

 

ha, amazingly so - I mean they all want your business so they MAKE it easy.

[sfuguy]

i have an appointment with cibc, anyone have any experience with them?

 

They now go up to 275k (70k/year limit) and it seems quite standard otherwise. interest only in school, prime, access while in residency, later conversion to a personal loan or professional line of credit

[rmorelan]

i have an appointment with cibc, anyone have any experience with them?

 

They now go up to 275k (70k/year limit) and it seems quite standard otherwise. interest only in school, prime, access while in residency, later conversion to a personal loan or professional line of credit

 

well that is pretty standard - make sure they are now prime during repayment (at least during residency etc). They didn't used to be.

[CIBC_Professional Edge]

well that is pretty standard - make sure they are now prime during repayment (at least during residency etc). They didn't used to be.

 

Yes, in almost all cases CIBC will keep your LOC at Prime upon successful completion of your program so long as you keep your credit in good standing. We would just transition them into our normal Professional Edge Lines of Credit.

 

Another option if you complete your program and are opening up a practice is to consolidate the LOC into the start-up loan. Depending on your province there can be some tax advantages to this.