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Hi guys. So, I've been denied for the Scotia PSLoC as well as TD. I have poor credit, my score is around 490. I was really irresponsible with credit in my early 20's, and it's obviously catching up to me now. I applied to both Scotia and TD with a strong co-signer ($110,000 income, 750 credit score), although the gentleman I spoke to at Scotia wasn't helpful at all and actually quite rude in outlining any other options I may have. I'm getting to the point where I think I am out of options and might have to take the year off to work on my credit. Has anyone ever been in my position? Can anyone shed some light as to what my options might be (if any)? I will try to exhaust all options in terms of going to all banks that offer a PSLoC, but if realistically I cannot get approved I definitely understand why. I asked the Scotia rep if I could request a lesser amount and answered with "I don't know, figure it out and get back to me," so I'm not quite sure if that's an option that would help my case. I am honestly willing to go down to $60,000. Looking forward to any insight/advice you guys can offer. 

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2 minutes ago, harveyspecter993 said:

What law school are you intending to go to? Some have deferred tuition programs.

Thompson Rivers University 

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Posted (edited)
2 minutes ago, futureJD1996 said:

Thompson Rivers University 

I'm familiar with their financial aid policies but you should scour their website and speak to the financial aid office to see if there's anything that can be done. But before that I'd exhaust all the other banks first. You haven't even spoken to RBC yet. You should also consider speaking to another scotia rep.

Edited by harveyspecter993

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Just now, harveyspecter993 said:

I'm familiar with their financial aid policies but you should scour their website and speak to the financial aid office to see if there's anything that can be done. But before that I'd exhaust all the other banks first. You haven't even spoken to RBC yet.

Yeah I have an appointment at RBC and ATB today, hoping for the best. I'll definitely speak to financial aid if I don't have good results by the end of this month. Thanks so much!

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Speak to a Scotia bank rep who deals with this stuff. There's a list floating around referring you to people specifically dealing with law PSLOCs. This rep was not only rude, but seemed to be fairly incompetent.

I'd personally file a complaint, but that's another matter and just how I'd react.

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I know everyone here is trying to be supportive - and I agree that you should try to exercise all of your options. However, the reality of the situation is that credit score of 490 is really, really bad. 

Your co-signor sounds strong - but remember that a score of about 750 is approximately average in Canada and I don't think that any bank will think that's "strong enough" to help out a 490. You should be prepared to be denied for this. Instead, take the year, work, save and consult an agency to help you increase your score. 

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Posted (edited)
On 6/21/2019 at 8:38 AM, futureJD1996 said:

Hi guys. So, I've been denied for the Scotia PSLoC as well as TD. I have poor credit, my score is around 490. I was really irresponsible with credit in my early 20's, and it's obviously catching up to me now. I applied to both Scotia and TD with a strong co-signer ($110,000 income, 750 credit score), although the gentleman I spoke to at Scotia wasn't helpful at all and actually quite rude in outlining any other options I may have. I'm getting to the point where I think I am out of options and might have to take the year off to work on my credit. Has anyone ever been in my position? Can anyone shed some light as to what my options might be (if any)? I will try to exhaust all options in terms of going to all banks that offer a PSLoC, but if realistically I cannot get approved I definitely understand why. I asked the Scotia rep if I could request a lesser amount and answered with "I don't know, figure it out and get back to me," so I'm not quite sure if that's an option that would help my case. I am honestly willing to go down to $60,000. Looking forward to any insight/advice you guys can offer. 

Try BMO with your cosigner. Also, it will take more than a year to get your 490 fixed. Number one thing is to pay off/resolve any collections and make sure everything is up to date ASAP. Then go from there with paying things down.

Edited by ericontario

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On 6/21/2019 at 6:38 AM, futureJD1996 said:

Hi guys. So, I've been denied for the Scotia PSLoC as well as TD. I have poor credit, my score is around 490. I was really irresponsible with credit in my early 20's, and it's obviously catching up to me now. I applied to both Scotia and TD with a strong co-signer ($110,000 income, 750 credit score), although the gentleman I spoke to at Scotia wasn't helpful at all and actually quite rude in outlining any other options I may have. I'm getting to the point where I think I am out of options and might have to take the year off to work on my credit. Has anyone ever been in my position? Can anyone shed some light as to what my options might be (if any)? I will try to exhaust all options in terms of going to all banks that offer a PSLoC, but if realistically I cannot get approved I definitely understand why. I asked the Scotia rep if I could request a lesser amount and answered with "I don't know, figure it out and get back to me," so I'm not quite sure if that's an option that would help my case. I am honestly willing to go down to $60,000. Looking forward to any insight/advice you guys can offer. 

Hi guys! To update you, I've paid off all of my credit card debt and resolved all collections, my credit score has gone up 26 points and I have been approved for a PSLoC at ScotiaBank and ATB. I think my financial advisors made a huge impact, both were actually great but I will probably go with Scotia as I was approved for 125K there and 90K at ATB. I'm getting a lot of direct messages from people in similar situations so if you guys want the names and contact info of both individuals at Scotia and ATB just let me know and I'd be happy to pass them along! 

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On 7/7/2019 at 7:51 AM, TheScientist101 said:

I know everyone here is trying to be supportive - and I agree that you should try to exercise all of your options. However, the reality of the situation is that credit score of 490 is really, really bad. 

Your co-signor sounds strong - but remember that a score of about 750 is approximately average in Canada and I don't think that any bank will think that's "strong enough" to help out a 490. You should be prepared to be denied for this. Instead, take the year, work, save and consult an agency to help you increase your score. 

  On 6/21/2019 at 6:38 AM, futureJD1996 said:

Hi guys. So, I've been denied for the Scotia PSLoC as well as TD. I have poor credit, my score is around 490. I was really irresponsible with credit in my early 20's, and it's obviously catching up to me now. I applied to both Scotia and TD with a strong co-signer ($110,000 income, 750 credit score), although the gentleman I spoke to at Scotia wasn't helpful at all and actually quite rude in outlining any other options I may have. I'm getting to the point where I think I am out of options and might have to take the year off to work on my credit. Has anyone ever been in my position? Can anyone shed some light as to what my options might be (if any)? I will try to exhaust all options in terms of going to all banks that offer a PSLoC, but if realistically I cannot get approved I definitely understand why. I asked the Scotia rep if I could request a lesser amount and answered with "I don't know, figure it out and get back to me," so I'm not quite sure if that's an option that would help my case. I am honestly willing to go down to $60,000. Looking forward to any insight/advice you guys can offer. 

I've paid off all of my credit card debt and resolved all collections, my credit score has gone up 26 points and I have been approved for a PSLoC at ScotiaBank and ATB. Thanks

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On 6/25/2019 at 2:31 PM, pzabbythesecond said:

Speak to a Scotia bank rep who deals with this stuff. There's a list floating around referring you to people specifically dealing with law PSLOCs. This rep was not only rude, but seemed to be fairly incompetent.

I'd personally file a complaint, but that's another matter and just how I'd react.

Yeah I actually did file a complaint once I got approved with Scotia with my current advisor, he agreed that a lot of what the other advisor said and did was quite inappropriate and that he actually made a handful of errors in the application and adjudication process. He called me and apologized but other than that I don't think I'll escalate it. Just wouldn't recommend him to anyone I know 

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16 minutes ago, futureJD1996 said:
  • I've paid off all of my credit card debt and resolved all collections, my credit score has gone up 26 points and I have been approved for a PSLoC at ScotiaBank and ATB. Thanks

Congrats - that is great news for you! I am surprised that with a 516 you were approved (even with a co-signor) - but that really excellent for you (and very informative for future readers) and I imagine quite the relief. 

Best of luck! 

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Sounds like Scotiabank really really wants law students' business. They seem really aggressive with their marketing for the PSLOC and perks. Far and away the best standard package you can get as a law student in Canada.

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Scotia will either approve for full amount 135 or none at all. You can't apply for a lesser amount. Speaking from work experience.

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On 7/17/2019 at 12:34 PM, SAReimer said:

Sounds like Scotiabank really really wants law students' business. They seem really aggressive with their marketing for the PSLOC and perks. Far and away the best standard package you can get as a law student in Canada.

Their hope is that we'll stay with them after law school and they can make money off our mortgages.

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