Bank question

[medhope2011]

Sorry if this question has been asked before. I travelled to one of the big 5 Canadian banks to inquire about a LOC. I was informed that even for student line of credits, parents are still required to co-sign? Is this the case because I was under the impression that professional students at Canadian schools didn't require a co-signer?

[HBP]

No, you don't need a co-signer unless you have terrible credit.

You MUST speak to a professional student representative at the banks you're visiting.

For RBC see: http://www.rbcroyalbank.com/RBC:Td-xSqwWAAsAEiBqdKg/student/medical/specialists.html

[astrogirl]

Ditto to what HBP said. I just got one from Scotiabank with no cosigner. You might need one if you've declared bankruptcy in the past or something like that, but in ordinary circumstances you don't need one.

[DocT7]

Ditto to what HBP said. I just got one from Scotiabank with no cosigner. You might need one if you've declared bankruptcy in the past or something like that, but in ordinary circumstances you don't need one.

Hey Astrogirl,

Did you have previous credit history? I don't have *bad* credit history, I just don't have much and Scotia's telling me I may need a cosigner...

[astrogirl]

DocT7 - I have some credit history, but not a lot. I was in the States for the first 7 years after high school, so no Canadian credit history there (and they don't see the US stuff). I have a credit card and a line of credit with Alberta Treasury Branch (just a regular student line of credit) with both of my parents as cosigners for that, but that's it, and I've only had those for 3.5 years. No car loans, no student loans, no mortgage or anything. I don't even have utility bills because I've been living in residence. Are you talking to someone at Scotiabank who specifically does student professional lines of credit? There's a list here: http://www.scotiabank.com/images/en/filesbusiness/26436.pdf. I'm in Halifax at the moment (for 4 more days!), so I set mine up here since I won't be in Calgary until July, and they've been really awesome to deal with.

[HBP]

Hey Astrogirl,

Did you have previous credit history? I don't have *bad* credit history, I just don't have much and Scotia's telling me I may need a cosigner...

I wouldn't accept that. Go negotiate around.

No credit does not equal bad credit!

[1centrino]

Sorry if this question has been asked before. I travelled to one of the big 5 Canadian banks to inquire about a LOC. I was informed that even for student line of credits, parents are still required to co-sign? Is this the case because I was under the impression that professional students at Canadian schools didn't require a co-signer?

I got one from RBC and no co-signer required. In fact, they matched everything Scotia offered except free personalized cheques and got their GoldVisa (it isn't their top visa but it came with >>5K limit). I went with RBC because they had no limit on my 200k, I like to have the flexibility for mayb purchasing a place.

[Sanosuke]

I just talked to a scotia rep today who was very helpful and had gone through the trouble to find out about the Professional student lines. He emphasized that NO co-signer is required unless you have bad credit. With good or no credit there is no-cosigner required. They must not understand the plan completely.

[DocT7]

Thanks everyone!

I have told him I won't be going with Scotia if a cosigner is needed so we'll see. I am not afraid to shop around but would prefer going with Scotia. Its nice to hear these things -- so that when I am stubborn I know I have reason to be :)

Thanks again! :)

[rmorelan]

Thanks everyone!

I have told him I won't be going with Scotia if a cosigner is needed so we'll see. I am not afraid to shop around but would prefer going with Scotia. Its nice to hear these things -- so that when I am stubborn I know I have reason to be :)

Thanks again! :)

yeah don't be - I have never heard about that co-signer thing at scotia and it is not a habit I want to reinforce :) I am sure like everyone else you can get it won't the need co-signer.

[tyler123123]

I was approved at RBC last week without a cosignor. It seems to depend who you talk to.