Timing Between Acceptance And Proof Of Enrollment

[amichel]

I have both cards - the Amex is a new card that wasn't offered when I first signed up with Scotia.

 

Amex does get you more points especially with 4x on gas and groceries, which is why I signed up. A lot of the bigger chains take Amex nowadays but I kept my gold Visa as a backup. You are able to transfer points between cards via the ScotiaRewards website so I transfer points to and use my Gold Passport Visa to pay for trips as I get 5% cash back with it.

 

My branch waived all my credit card fees until the end of residency.

Wow looks like you got a good deal.

[xcon2run]

I have both cards - the Amex is a new card that wasn't offered when I first signed up with Scotia.

 

Amex does get you more points especially with 4x on gas and groceries, which is why I signed up. A lot of the bigger chains take Amex nowadays but I kept my gold Visa as a backup. You are able to transfer points between cards via the ScotiaRewards website so I transfer points to and use my Gold Passport Visa to pay for trips as I get 5% cash back with it.

 

My branch waived all my credit card fees until the end of residency.

 

Thanks for the information. Looks like I'll be trying to do the same thing as you if I end up going with Scotiabank for my LOC.

[AS9Wave]

Hey guys, 

 

I just finished speaking to a financial rep at CIBC, and they mentioned that I'll need a guarantor to sign on my behalf for taking out a LOC. Sorry for being so noobish, but is that typical? He made it sound like it's standard practice. Maybe it's only a CIBC thing, and hence why I dont see many people talking about this institution on these forums. 

 

Does anyone have any experience with LOCs and co-signers/guarantors?

 

--thanks in advance. 

[ellorie]

That's not typical unless you have some special circumstance, like you're going to the US or have a bunch of pre-existing debt.  If CIBC isn't used to dealing with medical student lines of credit, they might not be the best ones to go with.  You probably need to either speak with a medical/dental student specialist at CIBC if they have them, or switch to another bank.

[adhocdds]

I experienced this co-signor/guarantor requirement with both them and BMO. Made it that much easier to cross them off my list of institutions I'm considering for my LOC.

[schmitty]

As other have said, you should NOT need a cosigner...unless you have some terrible credit or something. Make sure you are dealing with a person that specializes in PROFESSIONAL LOCs, not regular ones. Just go to another institution (scotia, TD and RBC are popular for this) if need be. I got my full $250K from RBC despite having quite a lot of debt including a mortgage and previous undergrad debt, no cosigner required.