Whether you need a loan today, next week or in three months time. Good client conduct when using your primary bank is a must. A person’s credit score is the most important aspect of their financial well being. The worst thing that consumers make in relation to their bank account that hurt their chances of getting a loan as and when they need it is the reversals of debit orders. A good example is a prospective client of mine. He applied through the moneyboss.co.za loan application form, I did the credit scoring and he did not qualify. I realized he will be able to qualify in thirty days, I informed the client and got permission to do a credit check in thirty days. When I did, the prospective client qualified for a sixty thousands Rand (R60 000) loan but be promptly told me he did not need the money at that stage and promised to call in three months time. It was on the 27th of May. Then the client got paid three days later on the 30th of May, the same month. He then went and reversed a three thousands Rand (R 3200) personal loan installment from a bank. A week later, he call to find out if the loan offer is still valid I told him it is and asked his permission to request his three month bank statement to do a proper affordability check. I was greeted by the big debit order dispute on the bank statement which meant his loan application was now automatically rejected due to bad client conduct. If you dispute any amount over five hundred Rand (R500), you destroy your chances of getting personal loan as and when you need it. The only way of dealing with such bank statement disputes is to provide proof that the debit order was unauthorized. A big debit order dispute means you have to wait another three months before you can qualify for a loan again, because even if you qualified in terms of credit score, you will be rejected for bad client conduct, in the mean time your cash flow situation will go from bad to worst. A single mindless debit dispute can put you in a difficult financial situation for many months even years before you regain a credible credit score. Be mindful of your action when dealing with your bank statement.
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