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Rbc student line of credit rbc maurice duplessis

National Bank All-In-One is a registered trademark of National Bank of Canada. However, interest accrues during this period and is compounded monthly. Subject to not exceeding the maximum line of credit amount available, i.e., 65% of the value of the property. For students in medicine, dentistry, pharmacy, optometry, veterinary medicine, chiropractic and engineering: No principal and interest payments required until 12 months after the end of studies or loss of full-time student status (subject to not exceeding the authorized credit limit). If you have student line of credit, you have this issue. I already got RBC acknowledge the issue and Equifax is also aware of this with RBC. It is a good point to be aware of how the student lines are report to the credit bureaus. I had an RBC loc that was ‘converted into a loan’ after graduation. However, this conversion is simply a change on RBC internal systems and externally/credit bureaus it still shows up as a line. Therefore, every loan payment reduces the balance, but it always shows up as a maxed line. The credit bureaus do show my regular loan payment as the last payment amount. This reporting has meant that when I was looking for a mortgage I had to go to RBC and get them to write me a letter confirming that this is in fact a loan and confirm the payment amount. to get those inquiries removed, it would be such a hassle. Because it is still reporting as a maxed out line the other banks were calculating tdsr based on a 3% of the balance as the minimum payment when in fact my regular loan payment was a fraction of the 3% calculation. im sure I could've done something about it, I even have the screen shot saying im preapproved but my score didn't drop by more than 5 points so its whateverrr It is a good point to be aware of how the student lines are report to the credit bureaus. On the flip side RBC was the only bank that approved me without a guarantor and based simply on my credit score and post graduation earning potential . I had an RBC loc that was ‘converted into a loan’ after graduation. So just something to keep in mind if looking for a mortgage/other lending and you have an RBC loc that has been converted to a loan.whether what op is saying is true or not, its always really important to keep tabs on credit scores! However, this conversion is simply a change on RBC internal systems and externally/credit bureaus it still shows up as a line. Therefore, every loan payment reduces the balance, but it always shows up as a maxed line. The credit bureaus do show my regular loan payment as the last payment amount. This reporting has meant that when I was looking for a mortgage I had to go to RBC and get them to write me a letter confirming that this is in fact a loan and confirm the payment amount. Because it is still reporting as a maxed out line the other banks were calculating tdsr based on a 3% of the balance as the minimum payment when in fact my regular loan payment was a fraction of the 3% calculation. On the flip side RBC was the only bank that approved me without a guarantor and based simply on my credit score and post graduation earning potential . So just something to keep in mind if looking for a mortgage/other lending and you have an RBC loc that has been converted to a loan. And I'm having a ridiculously hard time getting RBC to give me the letter that you got... All they keep sending me is a letter saying what amount I'm paying monthly, and that it's up to date. Whom did you contact to get a letter that clearly states that although it's listed as a LOC, it's actually a loan at this point, in repayment? It's really affecting our ability to get a mortgage... My student LOC went into repayment in July and my credit score dropped a ton. No missed payments or other reasons why it would have happened. I just checked my Trans Union credit report and it shows the limit decreasing every month as I make payments. Does anyone know if this issue exists with other banks? I had a student line of credit with RBC and I still have about 1500 left to pay off. I am going back to school for a Master's and do not want to have to deal with this again. It's the way RBC reports it, and you can see that best when using a service like Credit Karma. They report it as a revolving credit product and not an instalment loan (such as a car loan). So every month when the payment comes out, whatever is remaining on the loan and becomes the new "credit limit" and is effectively at 100% utilization. As you can see below, my LOC (which has turned into a "loan" for repayment is under the revolving category, whereas my car loan is in the instalment category, as it should be with my LOC. I had a student line of credit with RBC and I still have about 1500 left to pay off. It's the way RBC reports it, and you can see that best when using a service like Credit Karma. They report it as a revolving credit product and not an instalment loan (such as a car loan). So every month when the payment comes out, whatever is remaining on the loan and becomes the new "credit limit" and is effectively at 100% utilization. As you can see below, my LOC (which has turned into a "loan" for repayment is under the revolving category, whereas my car loan is in the instalment category, as it should be with my LOC. Superfresh89 It’s not a question of ruining a score. When it’s reported as a line, the payment on a $50k balance is calculated by other lenders as 3% or $1500. Therefore, looking for a mortgage, you get $1100 of your income wrongly attributed as already used by another lender. So your total income available for the mortgage is reduced by $1100 reducing your potential purchase by a couple hundred thousand. Superfresh89 It’s not a question of ruining a score. When it’s reported as a line, the payment on a $50k balance is calculated by other lenders as 3% or $1500. Therefore, looking for a mortgage, you get $1100 of your income wrongly attributed as already used by another lender. So your total income available for the mortgage is reduced by $1100 reducing your potential purchase by a couple hundred thousand. I called RBC the other day and they confirmed that it is like this (revolving with credit limit decreasing each month as payments are made, showing 100% utilization). They said there is nothing they can do about it but the person I spoke to on the phone agreed that it is "not right" for them to do it like that. I hope things change in the future for other people getting Student LOCs but I'm doubtful it'll change. Yes, my dad cosigned for me as I was 18 when I got the loan (start of undergrad). I'm going back for a Master's degree and am getting a student LOC at TD and there is no cosigner, which is typical of most post-graduate degree SLOCs. Rbc student line of credit rbc st charles A credit card is a great way to start building credit history as using your card and paying it off before the due date every month shows you’re responsible with credit. Building a good credit history may make it easier to qualify for a car loan or a line of credit in the future. I got the RBC student line of credit when I first got into my BSN program and I am glad I did. Student loans covers tution, books, daycare and car insurance, and that's it. I had to get my husband to co-sign, and each October I have to send them a letter stating my standing with the school. This loan will always show 100% utilization of debt even though you keep paying the monthly repay amount along with interest. Unfortunately, the neither the advisor nor the agreement states that taking student line of credit will continue to impact your credit score you pay off the loan. It is because the way they set up the loan and how they report to Equifax. Debt utilization is the second biggest factor negatively impacting your score (30%). However, the way they report to Equifax is that I have line of credit of now $9000 and it is fully utilized. This is a glitch in RBC and they don’t care about it. SO PLEASE AVOID TAKING THIS LOAN AT ALL COST AS IT WILIL CONTINUE DEGRADING YOUR SCORE UNTIL YOU FULLY PAY THE LOAN. Equifax also acknowledges that they have several such cases but RBC takes no action. this sounds more like a non-revolving LOC, and when I had my Student LOCs, this wasn't the case (a while ago though). For detail example, see below: Assume that you have no other debts except this student line of credit. Did something change with your credit worthiness and therefore your line is no longer revolving? You are right that if it always reports you has 100% utilize, it would negatively affect your credit, until you can return to a normal utilization %. Unfortunately, the neither the advisor nor the agreement states that taking student line of credit will continue to impact your credit score you pay off the loan. It is because the way they set up the loan and how they report to Equifax. But, in reading this, I feel there's a chance your case is not universal for RBC Student LOC. This loan will always show 100% utilization of debt even though you keep paying the monthly repay amount along with interest. Debt utilization is the second biggest factor negatively impacting your score (30%). However, the way they report to Equifax is that I have line of credit of now $9000 and it is fully utilized. This is a glitch in RBC and they don’t care about it. SO PLEASE AVOID TAKING THIS LOAN AT ALL COST AS IT WILIL CONTINUE DEGRADING YOUR SCORE UNTIL YOU FULLY PAY THE LOAN. Equifax also acknowledges that they have several such cases but RBC takes no action. If you have student line of credit, you have this issue. I already got RBC acknowledge the issue and Equifax is also aware of this with RBC. If you have student line of credit, you have this issue. I already got RBC acknowledge the issue and Equifax is also aware of this with RBC. For detail example, see below: Assume that you have no other debts except this student line of credit. From personal experience and checking my credit reports, during the period of study, the LOC is like a credit card and reported as such with amount owing and limit. The credit score system is there to help lenders and creditors assess risk. Once the LOC enters repayment, it is converted into a loan so there is no limit, no utilization as such. IF you have a credit product that has dedicated fixed monthly payments... Actually repayment is when the real problem starts. Actually repayment is when the real problem starts. that sounds exactly like what your student LOC is when it turns into repayment mode after graduation. LEnders need to know this to help determine if they can extend you credit within their risk tolerance. As long as you pay your bills and loans on time, and don't max things out... You'll most likely have little problems getting credit that is suitable for you. As soon as it goes in repayment mode, it will show reducing balance with 100 utilization. As soon as it goes in repayment mode, it will show reducing balance with 100 utilization. As a student, you can take advantage of a non-refundable tax credit that allows you to claim interest paid on student loans. You can only claim interest paid on federal and provincial government loans. Interest paid on your bank student line of credit, loans from other countries or other private funding doesn’t qualify. If you haven’t made enough income to take advantage of the tax credit, you can choose not to claim it and carry it forward to a future tax year. The Canada Revenue Agency lets you claim eligible interest paid in the previous five tax years, provided it hasn’t already been claimed. To claim interest, fill in your interest amount both on line 319 on your federal Schedule 1 and on line 5852 on your provincial or territorial Form 428.


RBC gives you 2 years after you finish school before you have to start repaying your loan with full access to your credit line during the grace period. With our competitive rates and flexible limits, there’s a Student Line of Credit that’s right for you! Student Line of Credit is provided by Royal Bank of Canada and are subject to its standard lending criteria. Offer may be changed, withdrawn or extended at any time, without notice. Not available in combination with any other rate discounts, offers or promotions. Prime Rate means the variable annual interest rate announced by us from time to time as a reference rate for determining interest rates on Canadian dollar commercial loans in Canada. Student Royal Credit Line rate quoted is subject to change based on changes to the Royal Bank Prime Rate on the date of this offer. The interest rate discount on the Student Royal Credit Line is up to 0.25 % of the current prime rate. The discounted rate is subject to change at any time without notice. Two Student Royal Credit line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter. Refer to your Student Royal Credit Line Agreement for details. That’s why they’re glad that their RBC advisor Kris recommended getting a line of credit a few years back. Kris explained to them that a line of credit is a lot like a loan – in that they were approved for a pre-determined amount (or credit limit). And they find juggling the expenses of everyday life can be a lot to manage. But, unlike a loan where you borrow the full amount up front, once you’re approved for a line of credit – you decide how much you use. You can use it all, or just part of it, any time you want without having to reapply. It is also a bit like a credit card– but with a much lower interest rate and no annual fees, or cash advance fees. By repaying what you borrowed on your line of credit, that amount becomes available to reuse again. To learn more about a line of credit and whether it’s right for you – talk to your RBC advisor today. Having a line of credit has really helped RBC clients Sarah and Jack stay on top of their money. Sarah estimates that in the two years since they got it, they’ve saved over $2,600 in interest. They saved by using their low interest line of credit to pay off their higher interest debt - like the $5000 balance on their travel rewards card, their $10000 personal loan And the $2,000 sofa from the big box store’s “don’t pay” event. RBC Clients Sarah and Jack have found that using a line of credit helps them manage their everyday expenses, save money and improve their cash flow. Just those three moves alone added up to $2,600 in interest savings over 2 years! A big part of Sarah’s income comes from quarterly commissions – and having cash on hand can be tough during those “in-between” months. They put many of their everyday purchases on their travel rewards card – getting them closer to that dream trip to Paris. And when money’s tight in a given month they pay off the balance with their lower rate line of credit. That way they get the points and reduce their monthly payments and interest costs until the next commission cheque comes in. Sarah and Jack have made great everyday use of their line of credit to: - Take advantage of opportunities like a seat sale to Paris with the lower interest rate of their line of credit - Improve their cash flow by switching balances and reducing their monthly interest costs with a lower interest rate Is this a tool that could work for you? A line of credit offers a lot of flexibility in both how you use it – and how you pay it off. Sarah & Jack use their line of credit monthly to pay off their credit card or to handle unexpected costs. That way they are paying the least amount of interest possible. During months when money’s tight or something unexpected happens having the option of paying as little as just the interest payments allows them to manage their monthly expenses easily. And other months when they have extra money they can pay more – or even the full balance at once. With Sarah’s quarterly commission cheques and Jack’s annual bonus that flexibility suits their needs well. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Interested in a flexible tool like a line of credit? Personal lending products and residential mortgages are offered by Royal Bank of Canada and are subject to its standard lending criteria. There is no charge to withdraw funds via ATM or transfer out of RCL. Two Royal Credit Line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter—and a charge for cheque orders that depends on the design and quantity of the cheques you choose. Refer to your Royal Credit Line Agreement for details. Two Royal Credit Line cheques may be written during each monthly cycle without charge. A $2.00 Royal Credit Line Cheque Fee applies to each cheque thereafter—and a charge for cheque orders that depends on the design and quantity of the cheques you choose. Refer to your Royal Credit Line Agreement for details. Royal Credit Line accounts are available to clients who meet RBC Royal Bank standard credit criteria. Rbc student line of credit rbc banque royale com en direct The Royal Credit Line from RBC Royal Bank is a flexible, low cost way to borrow money. It offers an everyday low rate, no annual fee, 24/7 access, re-usable credit and much more. Try RBC Royal Bank's Line of Credit & Loan Payment calculator to estimate your minimum line of credit payments or installment payments on a personal loan. A credit card is a great way to start building credit history as using your card and paying it off before the due date every month shows you’re responsible with credit. Building a good credit history may make it easier to qualify for a car loan or a line of credit in the future. As you sit down to prepare your 2012 tax return over the weeks ahead, you may wish to pay particular attention to rules governing the deductibility of interest, especially if you are a student or have kids attending post-secondary education.[np_storybar title=”Taxes are dreaded by most Canadians, but not by all” link=”https://business.financialpost.com/2013/03/02/taxes-are-dreaded-by-most-canadians-but-not-by-all/”]Believe it or not, some Canadians enjoy filing their tax returns according to a new national survey commissioned by Thomson Reuters, the makers of the tax software program UFile. The survey found that 41% of Canadians enjoy filing their tax returns, but the majority still do not.[/np_storybar]Under the student loan interest rule, which was introduced for 1998 and subsequent tax years, you can claim a non-refundable tax credit for the amount of interest paid on certain student loans. Note that while only the student can claim the student loan interest credit, the interest on the loan itself can be paid either by the student or by someone related to the student, such as a parent. If the student has no tax payable for the year, either because they had minimal income or had sufficient other credits to reduce tax payable to zero, it makes no sense to claim the interest credit and instead, the student can carry the interest paid forward and claim it on any tax return in the following five years. So which student loans qualify for the interest tax credit? The Income Tax Act is very specific and states that only loans received under the Canada Student Loans Act, the Canada Student Financial Assistance Act or a similar provincial or territorial government law qualify. This condition can be fatal to determining your eligibility for the tax credit as two sisters recently found out in Tax Court in a case decided earlier this year. The issue in the case was whether interest paid by each of the sisters on their student loans in 2010 was eligible for the student loan tax credit. The students, who were represented in court by their mother, had borrowed money under a special student line of credit offered by a bank since they were previously turned down for student loans offered under the government’s student loan program because their parents’ income was too high. The program, referred to as the “Student Line of Credit,” allowed a student to borrow up to $45,000 for post-secondary education. Promotional material issued by the bank stated that the interest rate on the line of credit was lower than the rate on student loans and that no principal repayments were required until one year after graduation. Unfortunately, the law in this area is quite clear. As the judge explained, “The tax relief for interest on student loans in…the (Income Tax Act) is designed to apply to loans that are provided under legislation aimed at providing financial assistance to students at the post-secondary level.”Since the loans provided to the sisters were not eligible under any government program, the interest paid was not eligible for the non-refundable tax credit. While Mom tried to argue that the loans “must be sanctioned under some legislation because the bank is a federally regulated institution,” this argument failed since the only federal statutes that qualify are the Canada Student Loans Act and the Canada Student Financial Assistance Act.