How difficult is it to get approved for yo.

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t2doyle 28 Jan 2013

I've been trying to read through recent threads regarding loan approval and the concensus seems to be that for law students, a line of credit is fairly 'easy' to get. I suppose I'm looking for more specifics. Does anyone know the hard numbers regarding getting approval? For example, would it be safe to say that you need a credit score above good to be approved? How necessary is it to have a cosigner and what does their credit need to be like?

I think I might be a bit worried as I have about 10 years of post-secondary school under my belt and this obviously can add up (although the majority of the debt is OSAP which I've heard is not really considered when applying for PSLOC). External to the debate of whether or not I want to go further into debt (in regards to both money and time) I find myself wondering if I will be even approved (even with my co-signer).

Any help/advice would be great!

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Mal 28 Jan 2013

It seemed pretty easy for me to get. I never left school and basically only

had a small limit credit card, phone and those sorts of things when I applied for my LOC.

From my understanding debt doesn't matter as much as to whether you are approved (as long as you are current) but goes against how much you can borrow. For example, I had a credit card and my LOC was reduced by the limit on the credit card. I have never had any government debt so am not completely certain, but from what I have read what you are going to borrow from OSAP doesn't affect the LOC but what you already have does.

The easiest thing to do would probably be to ask the bank rather than ask here.

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Bloom 29 Jan 2013

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Little Chicken Little 29 Jan 2013

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Mal 30 Jan 2013

It is going to be interesting to see if this bubble ever actually bursts. It seems like banks are now giving $100k regularly whereas it was $75k when I got mine even a few years ago and employment prospects seem to be deteriorating over time.

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Bloom 30 Jan 2013


Category: Credit

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