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Has Anyone Had Loc Be Declined?


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Go to Scotia. No problems and my credit is very very average, they actually treated me with respect and valued me for deciding to work with them.

 

If you're around southwestern Ontario I'd recommend Rod. Tell RBC to eat crow.

 

Seconding Rod. Don't even bank with Scotia or have an LOC with them, but he's pretty awesome.

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Thanks for all your comments guys and all the advice. RBC just let me know my LOC came back approved! I don't really know that any of that was as a  big deal as she was making it sound but anyway..They are offering me quite a few perks now beyond the regular deal without me asking...but since I was waiting for them for a while and stressing, in the meantime, I got talking to CIBC and Scotia...CIBC went to their lead or whoever to ask for the exception and is offering me a great deal as well, Scotia's deal is as is what is on their site, so nothing extra there although I agree that Rod is great:)

 

Anyone have any experiences here about CIBC's perks? Please share if so.

 

I am super grateful that I won't have to worry anymore about having the funds to go to school and can focus on the rest of the less stressful and more fun stuff about this process.

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Just stuff like a premium cc from both and at RBC their VIP banking package with that with fees waived. They don't usually do it though and she just did it for me because of the extra delays and stress this all was on me that for the most part it didn't need to be.

 

From RBC: are their premimum CC and VIP package fees waived only for the 1st year or all of med school + residency? I have an apointment with RBC tomorrow and would like to negotiate a bit ^^

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  • 1 month later...

Hi everyone,

 

Sorry for highjacking this thread btw. I was just wondering if any of you guys bought a car with your LOC? I called RBC credit counselling bureau to have an idea of which option would be the best (buying the car cash vs paying it every month+interest). They told me that I wasn't supposed to buy a car with my LOC because that money was supposed to be exclusively used for school purposes+living expenses and that my limit could be decreased if they saw any irregularities during annual check up...

 

Did any of you have any similar problems...? I didn't know that our LOC was attributed for very specific conditions...

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Hi everyone,

 

Sorry for highjacking this thread btw. I was just wondering if any of you guys bought a car with your LOC? I called RBC credit counselling bureau to have an idea of which option would be the best (buying the car cash vs paying it every month+interest). They told me that I wasn't supposed to buy a car with my LOC because that money was supposed to be exclusively used for school purposes+living expenses and that my limit could be decreased if they saw any irregularities during annual check up...

 

Did any of you have any similar problems...? I didn't know that our LOC was attributed for very specific conditions...

I haven't bought a car, but I told my RBC advisor that my partner and I were strongly considering trading ours in for something with more space. He told me I was free to do so, as it was my money, or more aptly; my debt. He told me that he thinks more medical students should be driving ferarris anyway, but I told him after reading a certain thread on this board that I'd be going with something a little less flashy.

 

But in all seriousness, I'd suggest talking to the advisor you normally deal with at RBC rather than calling someone at their credit bureau who likely has no idea what they're talking about

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Hi everyone,

 

Sorry for highjacking this thread btw. I was just wondering if any of you guys bought a car with your LOC? I called RBC credit counselling bureau to have an idea of which option would be the best (buying the car cash vs paying it every month+interest). They told me that I wasn't supposed to buy a car with my LOC because that money was supposed to be exclusively used for school purposes+living expenses and that my limit could be decreased if they saw any irregularities during annual check up...

 

Did any of you have any similar problems...? I didn't know that our LOC was attributed for very specific conditions...

 

you know I always wonder where this nonsense comes from each year. I get that it is hard to train everyone for what in reality a very small target audience for a bank (it is huge for us, but really it is quite tiny compared to other aspects of their market) but still you should figure out a way to do it and do it well none the less. Your use of the money will not be micromanaged at most places - and only is when someone is messing up basically. Bankers often get confused with their LOC for professional students and those for typical university students. For the latter it makes sense that you shouldn't use the loan for school for a car (you put at risk paying for the education which is the means you have for paying back the loan - of course they will be worried about that ha). That logic doesn't apply to a med/dent student.

 

You can do whatever you want with the LOC - and for the record having a car is quite often important in medical school depending on where you are. I was definitely in the minority by NOT getting one in medical school. You can have clerkship duties all over the city you are in for instance. You will have electives often all over the country ha. A car can be useful.

 

and those student got that car with their LOC. Or at the very least maintained it with it.

Edited by rmorelan
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