Financing help

DJ... said:
Your comprehension skills remain as dormant as ever. Nowhere in that quote did I mention the blacklisting. :rolleyes:



I'm saying you don't know what you're talking about then...



You conveniently forgot to answer my questions. How on earth could you possibly prove yourself correct? You do not know the intricate workings of the bank, nor their risk management process, nor their credit approval process etc. How could you possibly know what exactly they are looking at once the OP submits all necessary details?
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/Sigh

I give up with you.....

You already came to the conclusion that this deal will not go through as one member is listed. I know what I'm talking about as I've been through it (CC finance loan). But what ever rocks your boat I guess ;)

I know what was asked of me and I know for a fact nor my name or my wife's name has been checked on the application. But again, having this discussion with you is fruitless. The OP has enough feedback to go an apply for this finance and feedback.

His concerns was the risk of his business since one member is in bad debt btw. You seem to have missed that. But he will get the finance based on the CC's credit record and finances, not those of the owners. End of argument :p
 
Unfortunately we will only be applying for the financing next week. But I will definitely keep you all posted. But as DJ said, whether or not we get approved or not for the financing I will not know what the factors that was taken into consideration was.
 
Adamp said:
Unfortunately we will only be applying for the financing next week. But I will definitely keep you all posted. But as DJ said, whether or not we get approved or not for the financing I will not know what the factors that was taken into consideration was.
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The sales person will tell you why the application was declined. The bank gives them a report for the application. If declined it will have a reason and you can take it up with the bank.
 
Pitbull, knowing your aptitude, I have my doubts that you've run a successfull CC with banking facilities to the tune that they feel no need to run verification. But then again, you did back-track and state they did. :confused: Oh well. Kudos to you and your wife for running such an exemplary business and teaching us a thing or two today.

@OP: rather have your ducks in a row before seeing the bank...;)
 
Pitbull said:
The sales person will tell you why the application was declined. The bank gives them a report for the application. If declined it will have a reason and you can take it up with the bank.
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Okay great. But lets hope that it does not come to that.
 
DJ... said:
Pitbull, knowing your aptitude, I have my doubts that you've run a successfull CC with banking facilities to the tune that they feel no need to run verification. But then again, you did back-track and state they did. :confused: Oh well. Kudos to you and your wife for running such an exemplary business and teaching us a thing or two today.

@OP: rather have your ducks in a row before seeing the bank...;)
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I agree DJ. I will borrow my head in shame. Some people don't think of it as a shame or something to be embarrassed about, but in most cases I don’t agree.
 
DJ... said:
Pitbull, knowing your aptitude, I have my doubts that you've run a successfull CC with banking facilities to the tune that they feel no need to run verification. But then again, you did back-track and state they did. :confused: Oh well. Kudos to you and your wife for running such an exemplary business and teaching us a thing or two today.

@OP: rather have your ducks in a row before seeing the bank...;)
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Backtrack?

We had to sign the approved loan. The 2 owners of the CC had to sign on behalf of the CC.

Unless no one needs to sign approved loans I have no idea what you are getting at?

But then again.... fruitless :rolleyes:
 
SiriS said:
I believe you, but it is highly (did I highlight that enough?) irregular. I used to work for a business bank and we always asked surety (it is a principle issue, not just financial - the jockey needs to put his balls on the line, because ultimately the success and ability to repay rests with the individual's performance)

Either you were buying for 50% of the value and they were extremely comfortable with the LTV or it was Saambou, The Business Bank, Regal Treasury Bank...banks that are all in bank heaven (or hell depending on your point of view). :)
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Why did I only see this now :o

The CC in itself stands as surity not so? If your CC has a turnover of let's say R 1m and the profit after salaries reflects in the account as growing since the start of the account. This CC had this current account for over 2 years and let's say the current account is sitting at R 50 000. All debit orders have never returned for the duration of that current account and the Credit card issued has never defaulted on any payments what so ever.

This CC is now applying to buy a car for R 120 000.

Do you now check and verify the stake holders personal credit history and ask for R 120 000 surity?
 
SiriS said:
I imagine the OP didn't quite expect this level of hard-headed opinions! Welcome to MyBB! :D
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Haha. Not expected at all. Going the extra mile and I enjoy the reading, thanks guys.
 
Pitbull said:
Why did I only see this now :o

The CC in itself stands as surity not so? If your CC has a turnover of let's say R 1m and the profit after salaries reflects in the account as growing since the start of the account. This CC had this current account for over 2 years and let's say the current account is sitting at R 50 000. All debit orders have never returned for the duration of that current account and the Credit card issued has never defaulted on any payments what so ever.

This CC is now applying to buy a car for R 120 000.

Do you now check and verify the stake holders personal credit history and ask for R 120 000 surity?
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PB all I'm saying is that you will always stand surety for the finance, regardless of what how much money you make, have in the bank, account behaviour etc. etc. etc.

What is entirely possible is that due to the factors you mentioned the bank will not do a credit check on the sureties, or even disregard the blacklisted member if they do. But there are so many factors to take into account it is very difficult to predict.

I suggest the OP call the bank beforehand to discuss, before submitting - that will give him a good idea of the process and checks. I'm guessing the CC falls under the retail/SME division - they normally have a very hands-off, generic "numbers and checks" system to process finance, very little human credit input.

If you still disagree, then I agree to disagree, I'm done. :):p
 
SiriS said:
PB all I'm saying is that you will always stand surety for the finance, regardless of what how much money you make, have in the bank, account behaviour etc. etc. etc.

What is entirely possible is that due to the factors you mentioned the bank will not do a credit check on the sureties, or even disregard the blacklisted member if they do. But there are so many factors to take into account it is very difficult to predict.

I suggest the OP call the bank beforehand to discuss, before submitting - that will give him a good idea of the process and checks. I'm guessing the CC falls under the retail/SME division - they normally have a very hands-off, generic "numbers and checks" system to process finance, very little human credit input.

If you still disagree, then I agree to disagree, I'm done. :):p
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No I agree with you ;)

I just wanted to know how you would assess the above application. I know it has been done without a check on the owners before and you admit it happens depending on certain things. We're not disagreeing at all :p
 
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