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Alz84
06-05-2008, 01:58 PM
Hey Everyone...

I know this could probably fit into another thread somewhere but I wanted to share the info about my dealings with RBC over the last few weeks because I think it might help some people out...

I first tried the branch that was closest to me and applied for a regular student line of credit. (At this time I wasn't aware of the professional designation program that they have for medical, dental students etc...). After going over my financials and pertinent info, the rep told me she'd get back to me. Like I expected, she said there was no way this was going to happen without a cosigner. I then found out about the professional program from a friend of mine attending school in the states. RBC gave her a 100 000 limit professional line of credit with no cosigner. I gave my banking rep a call and asked her about this program, but she basically stone walled me telling me that as I'm attending an international school there is no way I would get this done without a cosigner.

After reading tons and tons of posts on here...I noticed a lot of people have tried going to different RBC branches to try their luck, I was skeptical about this, but figured it couldn't hurt. I met with a different woman at a different branch, and long story short was able to arrange a no cosigner line of credit. They did not give me the full 150000 off the bat, I get it in portions upon proving enrollment every year which is fine with me.

I don't want to get into any more detail than that here on the public board, message me if you'd like some details, but I'm amazed that it's true that policies and practices do vary so much between branches.

Hope this is useful for some people...keep trying! :D

Mike77
06-05-2008, 02:17 PM
Hey Everyone...

I know this could probably fit into another thread somewhere but I wanted to share the info about my dealings with RBC over the last few weeks because I think it might help some people out...

I first tried the branch that was closest to me and applied for a regular student line of credit. (At this time I wasn't aware of the professional designation program that they have for medical, dental students etc...). After going over my financials and pertinent info, the rep told me she'd get back to me. Like I expected, she said there was no way this was going to happen without a cosigner. I then found out about the professional program from a friend of mine attending school in the states. RBC gave her a 100 000 limit professional line of credit with no cosigner. I gave my banking rep a call and asked her about this program, but she basically stone walled me telling me that as I'm attending an international school there is no way I would get this done without a cosigner.

After reading tons and tons of posts on here...I noticed a lot of people have tried going to different RBC branches to try their luck, I was skeptical about this, but figured it couldn't hurt. I met with a different woman at a different branch, and long story short was able to arrange a no cosigner line of credit. They did not give me the full 150000 off the bat, I get it in portions upon proving enrollment every year which is fine with me.

I don't want to get into any more detail than that here on the public board, message me if you'd like some details, but I'm amazed that it's true that policies and practices do vary so much between branches.

Hope this is useful for some people...keep trying! :D

So.... Basically you did the exact same process for both, one rejected you, and the other didn't?

I thought that they'd have the record of the first application on file at least. I am not even kidding, tell me where this adviser is located, name, etc. , and I will fly there! (not kidding)

covarubious
06-05-2008, 06:59 PM
Its pretty messed up! soo much hastle and inconsistency! If they weren't the number one lenders I would say F*** them and not bother dealing with them... I would also like to see a list of branches that are easier to deal with... There must be a few in Toronto...


So.... Basically you did the exact same process for both, one rejected you, and the other didn't?

I thought that they'd have the record of the first application on file at least. I am not even kidding, tell me where this adviser is located, name, etc. , and I will fly there! (not kidding)

Mike77
06-06-2008, 10:17 AM
Its pretty messed up! soo much hastle and inconsistency! If they weren't the number one lenders I would say F*** them and not bother dealing with them... I would also like to see a list of branches that are easier to deal with... There must be a few in Toronto...


covar, since you're older and have a much more established credit, you might not have much of a problem. For me, however, i am 21 years old, 25k+ in student loan debt, and have had a credit card for 2 years (and seemingly every year around March-April when my $$ runs out, I miss a couple payments which causes me some dings). Don't assume that your application will be the same as mine.

covarubious
06-06-2008, 12:31 PM
lol i'm older (god, makes me seem like the crypt keeper, or worse, **** Clark) but i also have a bad past with credit cards lol I filled for bankruptcy 8 years ago to clear out my debt. its completely gone from my credit now and i am rebuilding but not perfect yet...


covar, since you're older and have a much more established credit, you might not have much of a problem. For me, however, i am 21 years old, 25k+ in student loan debt, and have had a credit card for 2 years (and seemingly every year around March-April when my $$ runs out, I miss a couple payments which causes me some dings). Don't assume that your application will be the same as mine.

Mike77
06-06-2008, 06:20 PM
lol i'm older (god, makes me seem like the crypt keeper, or worse, **** Clark) but i also have a bad past with credit cards lol I filled for bankruptcy 8 years ago to clear out my debt. its completely gone from my credit now and i am rebuilding but not perfect yet...

I thought it stayed with you for life?

Irresponsbile old man, tsk tsk tsk...... ;)

covarubious
06-06-2008, 08:32 PM
bite me tan lines! lol no, after 7 years if you behave its all gone


I thought it stayed with you for life?

Irresponsbile old man, tsk tsk tsk...... ;)

mower1000
06-09-2008, 08:58 AM
bite me tan lines! lol no, after 7 years if you behave its all gone

If I am remembering this correctly, in the US it depends on the type of bankruptcy. 7 years if it is a Chapter 13 bankruptcy, but 10 years if it is a Chapter 7 liquidation. The difference is that Chapter 13 is a "reorganization" of your debts and you pay off a portion of your debts over a 5 year period or so. With a chapter 7 liquidation you generally surrender almost all of your assets but walk away without any further obligations to your creditors.

But, don't forget that while it will eventually fall off your credit report and most lenders will never know about it, the US Federal record of your bankruptcy remains a "public record" indefinitely and can be accessed by anybody who requests a search of those Federal public records. However with 1.3 million (?) bankruptcies a year hitting the court system, I'm not sure it has the same stigma that it used to. Hope that helps...

covarubious
06-09-2008, 09:18 AM
my debt was erased and after 7 years the bankruptcy. not sure how the court thing works here in canada but i'm clear ;) the important thing is the banks don't know lol


If I am remembering this correctly, in the US it depends on the type of bankruptcy. 7 years if it is a Chapter 13 bankruptcy, but 10 years if it is a Chapter 7 liquidation. The difference is that Chapter 13 is a "reorganization" of your debts and you pay off a portion of your debts over a 5 year period or so. With a chapter 7 liquidation you generally surrender almost all of your assets but walk away without any further obligations to your creditors.

But, don't forget that while it will eventually fall off your credit report and most lenders will never know about it, the US Federal record of your bankruptcy remains a "public record" indefinitely and can be accessed by anybody who requests a search of those Federal public records. However with 1.3 million (?) bankruptcies a year hitting the court system, I'm not sure it has the same stigma that it used to. Hope that helps...

Tikolo
06-19-2008, 02:16 PM
Hello Alz,

Congrats on your loan approval. I was borrowing from canhelp but it shut down some time ago and was looking into banks too within toronto. I have gone to a few RBCs within tornoto but without luck. I was wondering if you could give me some tips on what i should say to the bank personall on getting approval without a cosigner since i thought only give it to students who are studing within north america. Alright take care.

regards,
Tik

Mike77
06-19-2008, 04:43 PM
Hello Alz,

Congrats on your loan approval. I was borrowing from canhelp but it shut down some time ago and was looking into banks too within toronto. I have gone to a few RBCs within tornoto but without luck. I was wondering if you could give me some tips on what i should say to the bank personall on getting approval without a cosigner since i thought only give it to students who are studing within north america. Alright take care.

regards,
Tik

More importantly, what was your credit rating?

Mine is somewhere between 'bad' and 'are you ****ing kidding me, you want a loan?'







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