Hey, maybe one of you can give me some solid banking advice...

Currently I'm trying to secure a $5000 line of credit, however, due to University shenanigans, I have a horrible credit rating. My brother has offered to co sign for me. He has a good credit rating, and a well paying job (lawyer). I applied through RBC for a line of credit, but I was rejected. However, the person that processed my request was a total space cadet, and I'm not so sure it was processed correctly.

I was wondering if anyone would have any advice on how to get this line of credit, given the above situation (my poor credit rating). Thanks a lot everyone.

I have a Bank of Montreal student line of credit. You can get a maximum of 6500$ per school year, for up to four years total. I like it because you can use only as much as you need, and you only pay interest on how much you have used. There is a lot of information on the bmo site.... www.bmo.com

What the "space cadet" probably did was, did an application with you frist and then added your brother onto it. Hence the application might improve "based on your bros credit history" but by not much.
Tell the guy that you want to apply for a credit line but your brother is the primary client and you as secondary. It doesnt mean much because yoour both liable for it equally. Take your brother with you and try to deal at the bank where he deals and the person he deals with. the rest is up to the following...your bros income and your income should support it and also the fact that your brother should have a good credit history + if you stuff in collection then it might get difficult.

Goodluck



Call me "the Advisor"



Global G tonite....and AVB tommorow!!!!!!!

student line of credit is simple to get.
Scotia gives up to 10K/per school year, and like PartEgurl said, you only pay interest on the portion you take out of it.
I like it.

___________________
Retired TA.

walkindude has good advice...put your brother as priniciple or co-borrower, not just a co-signer...from a credit standpoint it makes no difference, as a loan still shows on a co-signers credit bureau.

I only sell secured lines of credit, not unsecured, so I can't *directly* help you...but the best advice I have is to go with your brother into HIS bank branch (whichever bank that is). Bring with you a current paystub and '03 T4 for both of you. Tell them what you want by way of a credit limit, but don't go nuts. I don't care what they say, rates ARE negotiable at most institutions...if another bank has a significantly better rate, say so...but say that you'd prefer to deal with _________ (whichever bank he uses).

That will be your best bet for getting approved. If he has good credit, good income and a good (and long?) relationship with his bank, then they will be more inclined to accomodate him vs another bank will be inclined to accomodate you.

hope that helps!

My advice: get a job

-+Aron

___________________
"It's mercifully over. But a new phenomenon has taken hold. I recognize it: feelings. Now that they're back, even overcompensating, I never want to lose them again. Bitterness, anger, jealousy, sadness: They all make me happy."