Bad Credit Checking Account
When it rains it pours, right? When one area of our finances suffers, it often takes the rest of our well being with it.
Credit card debt leads to trouble with our home, autos, and even our check book.
Often when somebody finds themselves in financial trouble, they end up without enough money to cover expenses.
Overdraft fees and bounced checks begin to pile up leaving us unable to pay them and get in to positive financial territory.
Most of us understand that when we don't pay our bills on time, it may be reported to one or all of the three major reporting bureaus, but do banks do the same thing? An estimated 80% of banks report to ChexSystems.
Similar to the bureaus, if you have a negative report on file, it is almost impossible to be approved for a new account.
You have the right to view your report free of charge.
If you are turned down based on that.
You can go to chexhelp.
com and request a copy it.
Many experts advise avoiding companies offering 2nd chance accounts because of the high fees associated with them.
Are there other ways to still be approved? Yes there are.
First, go to the bank of your choice and make an appointment with the branch manager or new accounts manager.
Tell them that you've had some problems in the past and ask them for options.
For those who had some short term problems but have began to rebuild, often banks will be more receptive to your request if you offer to open a $1,000 Certificate of Deposit for a year.
If, within that year, you show a spotless record, your problems may be solved.
Don't forget about unions.
You most likely live in a city where you are able to become a member of a credit union.
Often they will give you a chance to prove yourself especially if you are willing to take a class that helps you practice better financial habits.
Keep in mind that there will probably be a small fee associated with this.
If neither of these options work, then a prepaid card can do the trick.
Many give free direct deposit and free bill pay.
Eliminating those costly money orders and check cashing charges of $1.
00 - $3.
00.
Credit card debt leads to trouble with our home, autos, and even our check book.
Often when somebody finds themselves in financial trouble, they end up without enough money to cover expenses.
Overdraft fees and bounced checks begin to pile up leaving us unable to pay them and get in to positive financial territory.
Most of us understand that when we don't pay our bills on time, it may be reported to one or all of the three major reporting bureaus, but do banks do the same thing? An estimated 80% of banks report to ChexSystems.
Similar to the bureaus, if you have a negative report on file, it is almost impossible to be approved for a new account.
You have the right to view your report free of charge.
If you are turned down based on that.
You can go to chexhelp.
com and request a copy it.
Many experts advise avoiding companies offering 2nd chance accounts because of the high fees associated with them.
Are there other ways to still be approved? Yes there are.
First, go to the bank of your choice and make an appointment with the branch manager or new accounts manager.
Tell them that you've had some problems in the past and ask them for options.
For those who had some short term problems but have began to rebuild, often banks will be more receptive to your request if you offer to open a $1,000 Certificate of Deposit for a year.
If, within that year, you show a spotless record, your problems may be solved.
Don't forget about unions.
You most likely live in a city where you are able to become a member of a credit union.
Often they will give you a chance to prove yourself especially if you are willing to take a class that helps you practice better financial habits.
Keep in mind that there will probably be a small fee associated with this.
If neither of these options work, then a prepaid card can do the trick.
Many give free direct deposit and free bill pay.
Eliminating those costly money orders and check cashing charges of $1.
00 - $3.
00.
Source...