How to Get a Bank Account With a Poor Credit Rating
- 1). Review your situation and determine whether you have bad credit in terms of not paying your credit cards or other bills on time and, therefore, have a low credit score versus having bad credit in terms of having had bank accounts closed due to unpaid overdrafts, negative balances or bounced checks. If you do not have a history of a bank account closure or bounced checks, you should be able to open a checking account with any bank or credit union. If you do have bad banking history, proceed to step 2.
- 2). Contact the bank or credit union you have a negative history with and find out what it will take to clear up the damage caused by your previous actions. If possible, pay the amounts due and request a letter verifying you have settled the accounts in full.
- 3). Visit your local bank or credit union and attempt to open a checking account. Make sure you have your letter in hand, showing the negative account has been settled. As the bank representative goes through the process of opening the account, you will likely show up in the system as having a negative account unless enough time has lapsed where the original bank has updated. If so, present the representative with your letter stating the account has been cleared. Be prepared to give an explanation as to what happened to cause the previous negative account.
- 4). Contact local banks and credit unions by phone if you are unable to clear your negative banking history. Ask if they offer second chance banking. Wells Fargo, Sun Trust, and TCF are known to offer second chance accounts. If so, go in to open an account. Have your identification and Social Security number when you apply for an account.
- 5). Ask each bank or credit union if you are able to open a savings account if the bank will not open a checking account. Ask how long you will have to keep the savings account in good standing to be qualified to open a checking account.
- 6). Keep any account you are able to open in good standing. Over time you will be able to qualify for additional accounts.
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