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Bank Line of Credit without co-signer

A photo of Canuklehead Canuklehead
Hey all,

Question to see if anyone has had similar experience to this: I'm a mature student, returning to college after being in the workforce for 7 years. Unfortunately, this means that I won't have a co-signer for my bank, when applying for student lending.

Has anyone had similar experience in this? any success in asking the banks for a Student Line of Credit? I estimate that I'm between 5K - 10K away from being able to afford living and tuition...
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5 replies
 
A photo of mynameismattgotmlgo mynameismattgotmlgo
I used my dad as a co-signer, and I was able to get a 100k/4yrs professional student line of credit (with Scotia). Scotia would not have given me anything without a co-signer; RBC, on the other hand, would have given me 80k/4yrs without a co-signer.

I'd highly suggest shopping around. What you'll get depends on your finances, but chances are you'll be able to get 10k/yr. If your credit/finances aren't so great, and you shop around, I'm sure a bank would give you at least 5k/yr.
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A photo of Canuklehead Canuklehead
Thanks!

I've been with Royal for the longest time and currently have an application in with them. I know I have a good credit rating (at least mid-"A"-ish)... and I have no trouble jumping ship is RBC is going to be tough. Unfortunately, getting a co-signer is out, for more (or at least, a very long shot) so I'll have to hope that someone can get me something without

but thanks for the help! Was worrying about hos likely doing this would be.

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A photo of mynameismattgotmlgo mynameismattgotmlgo
I know quite a few people with LoCs; RBC tends to be the best. I only decided to go with Scotia because it is the bank that my dad and I have always done business with.
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A photo of Canuklehead Canuklehead
Ah, gotcha. RBC was pretty alright my first time around, but I had a co-signer and even then it was a bit of a struggle. Scotia is actually really competitive, now... I had a brief meeting with them last week and plan to go back once my RBC application is done (so as not to hurt my credit rating with the first one). Do you remember if the application process took very long, with Scotia?
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A photo of mynameismattgotmlgo mynameismattgotmlgo
It took a VERY long time. Every week they seemed to want something else, and my dad was really not impressed. I applied the day after I was accepted, some time in early July, but I didn't finally get access to my funds until like mid-late September. My dad has stellar finances by the way (and I basically had no finances at the time).
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