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I was hoping to get some advise and opinions

I currently have a psloc with Scotia for 125 000, at prime plus 0.5( I should have pushed for prime but for whatever reason I just didint as the rep was unknowledgeable on the matter when  I mentioned it and I just wanted it finished so I didn't pursue it)

I decided to talk to td because they recently jumped their offer to 125 as Well, I always banked with td and their longer hours and amount of branch locations in the GTA is A big plus , plus by my calculations if they offered it at prime or prime minus 0.5 and lets assume I use the whole  125 000 ( hopefully not lol) my payment would differ in savings of 300 or 600plus dollars a year, assuming a 10 year amortization period (according to.bmo loan payment calculator) which can be used to go on a vacation or w.e lol

Now the td rep I originally talked to wants me to apply for the td psloc

But I like Scotia relationship with scene points, the point I could gain could help me offset a lot of my monthly  entertainment expenses since me and my fiance love movies , and for travelling the infinite Scotia card is great as Well, but I guess td  infinite  first class visa is just as good for travelling but it lacks the scene points 

Any advise on the matter of switching , any negative consequences, is it even possible, etc.

Any and all advise is appreciated , thanks in advance 

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Instead of going through the hassle to switch over to TD just for the lower rate, work on getting yours down to Prime rate. If your current advisor/branch won't do it, talk to another that will. PM me if needed.

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@WindsorHopeful

People on this forum have done it, although I agree it probably is not a common occurrence but maybe that's because we as law students havnt tried to push for it with td or the other banks offering these packages at prime 

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3 minutes ago, Timmies123 said:

@WindsorHopeful

People on this forum have done it, although I agree it probably is not a common occurrence but maybe that's because we as law students havnt tried to push for it with td or the other banks offering these packages at prime 

I have not seen a post with someone getting a better rate than prime. They offer -.25 to medical students, and that's just because their credit limit/debt is so high. 

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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

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1 hour ago, Timmies123 said:

@WindsorHopeful

People on this forum have done it, although I agree it probably is not a common occurrence but maybe that's because we as law students havnt tried to push for it with td or the other banks offering these packages at prime 

I read that one person on here claimed they had gotten it sub-prime but with not too many details as to how or where etc. I've not heard of it through any of my colleagues or anything internally here though. I would expect it to be very unlikely that it would be done though unless there was an advertised/known offer from another bank.

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20 minutes ago, Toad said:

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.

Yes that was it. It could have been that the person at the bank who set it up either knowingly or unknowingly coded it as though he/she is a medical student. There is no offer from any bank below Prime Rate right now for law students, and I'd be surprised to see anyone else get the same sub-prime rate as that poster did going about it through the proper channels/procedures (on the banker's side of things I mean).

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On 5/15/2018 at 9:28 AM, Timmies123 said:

@WindsorHopeful

People on this forum have done it, although I agree it probably is not a common occurrence but maybe that's because we as law students havnt tried to push for it with td or the other banks offering these packages at prime 

I pushed for it, there was not any wiggle room for a subprime rate (I think his response was "mmmm I can try, but I am pretty sure that's not a thing for law students" - followed by him coming back with prime as best offer).  I had no issues getting prime from scotia though.  

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