RBC student line of credit ruins your credit score
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%). SO PLEASE AVOID TAKING THIS LOAN AT ALL COST AS IT WILIL CONTINUE DEGRADING YOUR SCORE UNTIL YOU FULLY PAY THE LOAN. For detail example, see below:
Assume that you have no other debts except this student line of credit. Assume that the original loan was for $10,000. Month 1 you pay $1000 as repayment. The new balance is $9000. However, the way they report to Equifax is that I have line of credit of now $9000 and it is fully utilized. They keep on doing this until the balance is 0. This is a glitch in RBC and they don’t care about it. Equifax also acknowledges that they have several such cases but RBC takes no action.