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What do banks look for on credit card statements?

  • 30-03-2008 7:20pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    When you apply for a loan the bank wants credit card statements. What are they looking for exactly?

    Do they want you to explain each transaction in detail? Are they looking for regular transactions? Do they just want to know how much you're spending?

    Anyone with any idea?


Comments

  • #2
    Saibh
    Closed Accounts Posts: 10,431 ✭✭✭✭Saibh


    i am only guessing but they are probably checking to see you are able to make the minimum payments each month

    or proof of address maybe


  • #3
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    They want to see the actual credit card statements. The statements help build a profile:

    (1) Credit Card Limit - a high credit limit can tell tell them that you have a good credit rating or that you have paid statements off in full or had a card a long time or maybe even out a lot of purchases through the card. I know people who have huge earnings but a low credit limit due to not paying off credit cards in full, in time etc.

    (2) Shows a purchasing pattern - are you buying bottle of milk on the card because you have no money left in your current account ? The type of things that you purchase etc

    (3) Payment history - are you paying balances off in full, minimum monthly payment or no payments. Are you using it for cash advances a lot etc.

    So it is a bit of everything.


  • #4
    vector
    Registered Users, Registered Users 2 Posts: 1,756 ✭✭✭vector


    >The type of things that you purchase etc

    My statement just says the name of the shop; it doesn't specify what I bought there, so

    Dunnes Stores EUR 55 could be respectable grocery shopping, or all booze
    although I do remember seeing a BOI Business Card statement that said "Ryanair" and then continued to provide the passenger name, so there must be a narrative option on cards on the Visa/MasterCard level that is simply not passed on generally to cardholders on their statements


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