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About Toad

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  1. Current Canadian Law School Rankings??

    I assume he's talking about RBC's "A-List" (IIRC) Toronto, Osgoode, Western, UBC, UAlberta Given that Alberta is $13000~ a year and Edmonton isn't crazy expensive, it's likely not based on expensiveness.
  2. Changes to Scotiabank's Offering

    Well, they already are offering prime, 10/15 year repayment options, 2 years after articling before repayment, credit cards, overdraft, and fees waived on pretty much everything. The only things I can think of off the top of my head that they can change to be even more competitive would be increased limits, prime minus, not decreasing credit limits based on active accounts, or signing bonuses (free stuff). Although I am excited that they are improving their offer I am definitely not excited at the process I'll likely have to go through to get my accounts amended. My Scotia rep is not good at answering questions and is, at times, excruciatingly slow. @ScotiabankLawAdvisor Are you able to tell us whether or not the changes would be something that people who already have their accounts set up would benefit from or is it only for new customers?
  3. Lol, it's not illegal The main thing that would happen is someone on the UofA waitlist would likely be offered your spot and that person more than likely would shit their paints in joy Schools wouldn't need waitlists, particular ones that are 50+ people long, if everyone was locked in after deposit deadlines.
  4. It seems to be a recent phenomenon where getting approved without a cosigner with no credit history is the norm. Is it a fairly safe assumption that not much is going to change between now and this time next year? Probably. But why chance it? It's not hard to get a good credit score. If you open a basic student credit card account and make minimum payments on time for a year or so you'll probably have a score of around 700~. You have to be late an entire 30 days before a late payment is reported on your credit report (though banks may increase your interest rate if you're consistently late). You don't even really have to worry about paying off the balance in full each month--though it is good advice to help avoid overspending--as long as you pay down the balance to lower your utilization around a month or so before you apply for credit, as far as your credit score is concerned you're in the exact same position as a person who paid the card off in full each month. If you get a card from your current bank, you can link your credit card and debit card with online banking. Meaning you log into online banking and you'll see both accounts. You can see your credit card minimum payment and due date and transfer whatever amount you want from your debit account to your credit card to make a payment. It only takes a few seconds. Most banks even have features where they will text or email you notice that you have a payment coming up. There's really no hassle at all, it's not much more than a 30 second commitment once a month. As far as rent goes, rent generally doesn't show up on your credit report unless you were missing payments and your landlord took you to the tenancy board and got a judgement against you. Cell phone bills are reported on your credit report, but they don't really help to establish credit--they mostly just hurt you if you miss payments. Utilities like cable/internet/house phone won't show up unless they go to collections. Some cities will also send things like unpaid parking tickets to a collection agency too. Not having a credit card doesn't necessarily mean you have no credit. My girlfriend did a number on her credit score by making a bunch of late cellphone payments during undergrad for example If you want to verify whether you have (or don't have) a credit history you can get a free credit check from Borrowell (Equifax score) or CreditKarma (a Transunion based score). Borrowell updates your score automatically once a month and CreditKarma does it weekly. They're VERY useful.
  5. Should I give up?

    How many questions did you get wrong from each section of the LSAT? You'll probably have an easier path to a 160+ (which is what you'll need with your GPA) if you lost a lot of points on logic games. You'll need an extra 30 +/- 3 or so questions correct to jump up to a 160 from 144. UofA is the only school that averages the LSAT, but it's also the school that is most forgiving of people with low cumulative GPAs.
  6. Are you sure paying off your LOC is an absolute requirement? Or is that just what is required to receive the full amount? When I was first approved I was approved on the condition that I close all of my other revolving credit accounts, but that was easily bypassed by instead lowering the limit of the professional student line of credit by the limits of all of my revolving credit accounts combined. Your debts aren't excessive, so I find it a bit peculiar that you'd be required to pay anything off before being approved for the PSLOC. Are you dealing with someone you're confident is familiar with the PSLOC for law students? That being said, unless the person is doing something incorrect during the application process, it looks like your best case scenario from Scotiabank might be needing an acceptable cosigner and lowering the limit of your PSLOC by $10,000. Is the cosigner option on the table for you? And don't worry about the effect these inquiries will have on your credit report. Credit inquiries for mortgages, car loans, or student loan type debt made within a month or so of each other typically only count as one inquiry for your credit score. You'd likely be considered a rate shopper rather than someone looking to open multiple credit products. As the Scotia rep on here said before, if your credit was terrible you wouldn't be able to get approved even with a cosigner. The fact that the cosigner option is on the table suggests that your credit situation is marginally unsatisfactory rather than just plain bad. The bright side of this is that marginally unacceptable for one bank might mean acceptable for another one. I've seen multiple people who have been rejected from Scotia on here in the past later get accepted for a PSLOC at another bank. Definitely explore your options with every bank.
  7. Changing psloc

    Did they fund any of your products yet? If they didn't fund any of the products yet, it probably would be reasonably easy to close the accounts. If for example, they already used your PSLOC to consolidate debt or already released the credit cards it may be slightly more complicated. The only person on this forum I heard of who received prime minus was someone who says they also got accepted to medical school, so I guess the rep that person was dealing with decided to match a feature of medical PSLOCs for the law PSLOC. I'd say it's unlikely that you'll get prime minus. If I were you I'd see if I can get Scotia to match the prime rate. It seems to be the norm for applicants this admission cycle to receive prime. I'd also make sure that everything about TDs offering is competitive (Scotia also offers an extra $10k during articling, fixed interest rates, the ability to switch to 15 years for the payments, and 2 entire years after articling before having to make principal payments). You can also simply apply to TD to see if they can give you a better deal than whatever Scotia is offering and then just walk away if they can't match or beat it. The only negative consequence would be a temporary couple point ding on your credit report for the credit inquiry
  8. http://www.scotiabank.com/ca/common/pdf/personal_banking/Scotiabank_SPSP_representative_English.pdf Everyone on that list, theoretically, should be up to date with the PSLOC program
  9. I was offered prime +0% right away from the Scotia email listed for UofA. When the documents were mailed to a local branch for signing the local representative was also aware that the rate Scotia was offering was now prime +0% I think it was just this past year where they switched to prime + 0, whereas beforehand it was prime + 0.5 unless Scotia was matching the offering of another bank. So it seems like if you go to a representative that isn't completely up to date you may get the wrong information. Honestly the most frustrating part about Scotia's PSLOC is the variation in service/offerings you get based on what representative you deal with. If the representative is unfamiliar with PSLOCs they may put your application in as a regular student line of credit and get you rejected as they have much higher standards for regular students. If they are familiar with the PSLOCs but don't keep up to date with them you may get offered lower limits or higher interest rates. Some representatives fund and release credit cards/overdrafts right away, others wait until class registration is confirmed in August. Some representatives can get the application approved and the papers all signed and everything set up in 1-2 weeks, others can take damn well near 3 months which would seriously suck for someone getting accepted off the wait list during the summer.
  10. Scotiabank PSLOC

    I don't think it matters too much. The only thing that has to be done in person is the signing of the documents and they can send them to a local branch to do so. Everything else can just be scanned and emailed. What city do you want to live in after you graduate? You may want to go with a rep in the city you plan on living in so that you can begin to establish a relationship with a local small business advisor just in case you need their services again in the future. The only person on the list I have personally spoken with was Ali Algermozi. He knew everything about the PSLOC for law students and was very professional and friendly in person. But he's in Halifax which is neither where you live or where you're going to school.
  11. Equifax Credit Score

    When I got approved a month ago my ERS 1.0 score (Equifax.ca) was 689 and my ERS 2.0 score (Borrowell, Ratehub, etc) was 677. Both of these scores are in the "good" range just like yours Keep in mind that the average credit score for those in the 18-29 years old range is only around 650. Given that the average first year law student is around 25~ and that the Scotia rep on this forum said only a handful out of the 200~ applications he has personally done came back as needing a cosigner or rejected we can probably infer that there are lots of people getting approved with a credit score in the mid 600s. That being said, out of the people who I've read of getting rejected it is mostly because of excessive late payments or collections rather than just the score itself. If for some reason you can't get approved at Scotia you may want to try RBC. RBC uses Transunion instead of Equifax. You'd have to pay for a real Transunion score to be sure, but if your Transunion score is similar to your CreditKarma score you may have a better chance at RBC.
  12. Scotiabank LOC application process experience

    It depends. CreditKarma is a fake Transunion score for the most part. It's based on the data acquired from Transunion but the score generated is from a formula CreditKarma created themselves. For the most part it shouldn't be too far away from your Equifax score, but it depends on the particulars. In some cases, certain information is only reported to one bureau. For example, although I applied to Scotia a month ago, my CreditKarma report doesn't list the inquiry Scotia did on my report even though it is updated weekly. This means my Equifax score would have taken a 3-10 point ding that my Transunion score did not. In an extreme case, another member on this forum said they had a union collection get reported to one bureau but not the other. In his case, one credit score would likely be 150-200+ points higher than the other. Each score also considers different variables differently. For example, Equifax risk score (2.0) more heavily penalizes high utilization than Equifax risk score (1.0) and Transunion. Until I got my utilization under control my ERS 2.0 score was 30-40 points below my other scores. A quick Google search can also find lots of threads/posts/etc from people wondering why their CreditKarma score is +/- 50-100 points from their other scores. This shows how wildly different the credit score formulas can assess different peoples reports
  13. Scotiabank LOC application process experience

    I'm not sure it's worth salvaging the relationship with this advisor. Although it's clear that they didn't quite know what they were doing, it also appears like they didn't particularly care about your business either. If I were you I'd try to get things rolling with the rep(s) for your school. Also CreditKarma is not the best score to use if you're applying to Scotia. CreditKarma is based on Transunion and Scotia uses Equifax. The closest score/report to the one that Scotia will use to assess you would be ERS 2.0 which can be obtained free from Borrowell with a report included too
  14. Low cGPA 3.1

    My L2 is 3.8. I didn’t even bother calculating my CGPA but I suspect it’s no higher than yours I received a first round offer at Alberta. They did take my summer/spring classes Some of the predominantly L2 schools take into consideration your CGPA to some extent, but Alberta doesn’t give a shit. Have a sufficiently high L2 and LSAT and you’re in.
  15. Do I Still Have A Chance?

    Looks like OPs average LSAT is 155.5. Unfortunately for OP that means their chances at UofA are exceptionally slim.