Right now, banks will be completing analysis on their clients who have failed to meet their mortgage payments and will start to build profiles of those future clients fit this profile and they can decide that they don’t want that client.
Now because your bank has access to your bank account for analysis, and often when you go for a loan you need a number of months of bank statements, credit cards etc you may not so much be judged on if you have a deposit (thanks Uncle and Auntie) or that your group certificate says that you can afford the loan, but by the spending habits you have.
There are some obvious no-no’s and start with your gambling ap that drags money from your bank account every time you use it, because you don’t win in gambling. Use it often and you start to head to a red flag. Then contact food deliveries, takeaway and even coffees probably can all add up to a judgement of who you are. (Living in Melbourne where you must drink coffee maybe that should not count).
I have changed how I spend money. I draw out my weekend budget and my weekly budget and as I say, if I run out of money I go to the freezer and defrost something. I have a nagging doubt about telling my bank or anyone how I spend money and what I spend it on.
The same applies with your business. Is your ABN bank account full of gambling ap payments and coffee, bottle shops payments and other things obvious to a banker or lender trawling your accounts?
We are making no judgement on what you do with your money, only we would like you to consider – how much are you telling organisations things that are now of their business.
If you want to understand budgeting and business give us a call at Your Business Angels on 1300 982559