You may ask ‘What’s the point? I never go into my bank because I do everything online’. It would take a very long time to save enough cash to buy a car or a home and so when we do want to make a big purchase, most of us go to the bank and ask them to lend us the money.

It may seem simple to us but banks look at our financial situation with a different lens basing their decision on our ability to repay the money consistently and without fuss. It’s our reliability that they’re most interested in.

How to get in their good books:

• Hold a steady job or a proven and reliable source of consistent income.
• Build a positive credit rating – if your credit history shows you may your minimum payments on time, the bank is happy.
• Grow a positive net worth – more assets than liabilities.
• If it’s a big purchase, be prepared to put it up as collateral until the loan is repaid.

Back to the original question….while the proof rests with the numbers, your banker will be happier to submit and support your application if you have established a positive financial profile.

Here are some tips:

• Choose your bank carefully and stick with it….holding an account for 10 years without a NSF (non-sufficient funds) cheque looks a lot better than opening the account 6 months ago.
• Keep your credit shiny by making your payments on time and don’t hold or apply for excessive credit.
• Be prepared to provide the information that your banker requests (pay stubs) – direct deposit pay doesn’t hurt either.