Checking Accounts For People With Bad Credit
65So where can I get a checking account with bad credit?
There are such things as “second chance checking accounts”. They literally are giving you a second chance. They do not pull your credit report, normally. Some won’t even send you checks because all it literally is for, is to breathe life into your banking credit score. These types of checking accounts will not overdraft your account, and report you as in good standing to keep your reports up. For all of this, you do pay fees, they are not ridiculous, but you must check with the various second chance checking accounts. You are not likely to see this type of bank on the street, so I recommend just finding one online. Second chance checking accounts can help you TONS if you are being denied accounts because of your bad credit.
People being turned down for checking accounts because of bad credit are in a tough position. Because much like cell phones, why must your credit score be pulled… it is not like we are getting a loan, we want to put money in a checking account! It feels bad enough to be denied a credit card because of our bad credit, but being denied a lousy account in person is ten times worse.
Bad Credit or Chexsystems?
If you were turned down for a checking account because of bad credit you need to find out if it is because of your credit score, or what it because you were listed in ChexSystems. ChexSystems are basically the equivalent of your credit reporting agency such as Transunion, Experian, or Equifax, but for bank accounts. More leniencies seem to be given from them rather than your bad credit… which stinks for us.
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Credit Score Basics…
Now, you were denied because of bad credit. You need to fix this up! The easiest ways to do this are pretty easy. First, pull your free credit reports online, so you can check if you have any past dues accounts, or accounts you forgot about, or even if your identity has been stolen. Next, you want to fix everything on those credit reports. Third, you need to pay down, or consolidate your debt and especially past due accounts if you have any. After you get caught up, it is just a time game. Your credit score will improve over time, as long as you pay everything on time and don’t continue to charge out of your budget!
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