checkaccount04's Blog

It isn't really enjoyable being refused for a checking account simply because you have all messed up your credit. And I Am sure most would agree, it is not really fair either. What does bad credit need to do with acquiring a checking account?

I have no idea why financial institutions turn down people merely because of a bad credit rating. Your Credit Rating reflects how you are able to pay your bills. Your Checking Account simply has to do with you depositing cash into your personal bank account to write checks.

Finance institutions probably assume the worst with a bad credit standing. Thinking if the person cannot pay their expenses, they might end up over drafting their accounts as well which in my opinion is bogus.

But in the world that we live in, people are being turned down each day by the thousands. They can't open checking accounts due to their bad credit scores.

Think about this. Would you rather have poor credit and be turned down for a checking account? Or be in Chexsystems and be rejected for a bank account? My answer would be, I'd prefer in Chexsystems. Mainly because, people with bad credit rating will have those marks on their Credit Reports for seven years.

Likewise, people who are in Chexsystems the banks usually move a little more better toward you after you have been recorded for about three or four years.

You see, with the current financial system banks are being more protective than ever and their specifications are more powerful than ever. That means, if you have poor credit you most most likely will be rejected a bank checking account.

If they really want your business and they pull a Chexsystems record and you have been recently listed for three or four years you may have a really good opportunity of that bank opening the account for you. That's, if no other bank listed you after your first Chexsystems Mark.

Individuals who have bad credit need to encourage their Creditors which they can be credit worthy again, before they'll even get another credit card. So they have to begin with low limit cards and start again until they prove themselves. Once proven, their limits are raised by the Loan Companies.

A Second Chance Checking Account for people with bad credit is exactly the same way. You have to prove to financial institutions that you can do this. That you aren't going to overdraft your bank account. There are banks that give you a second chance. These financial institution will report your Account in good history (that is if you keep it in great standing) and this can give you the increase and reference to ultimately be able to open a new checking account in your region.

With over 90% of banks operating credit checks now-a-days, much more people than ever are being rejected due to bad credit. Again, is it Reasonable? I think no. Nonetheless, it is truth.

So, get an account that enables for Direct Deposit and provides you a Visa or Mastercard Debit Card. Although no check writing is accessible. Use this account for a minimum of a year, and get the Credit Reference on your record. Then go apply for a checking account within your area. Show them that you opened this bank account over a year ago, and have never ever overdrafted your account. Show them you can be responsible. This is the ideal solid proof one might get to show the banks that they too can open up an account for you with checks, and believe you just like the previous financial institution did.