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  #1  
Old 08-27-2012, 05:08 PM
ChiefBlonde ChiefBlonde is offline
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Default Bank Account despite poor credit score

Hey everyone,

I'm currently looking for an online bank account but my credit score isn't very good. I need an account where the bank doesn't check on your rating. So far I've found eccount banking and a few others where you can apply with any credit score. Can anyone give me some advice or name some simliar banks?

Thanks very much!

Jessica
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Old 08-29-2012, 04:15 PM
ChiefBlonde ChiefBlonde is offline
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Default Re: Bank Account despite poor credit score

Doesn't anyone have any advice?
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Old 09-01-2012, 06:26 PM
gggreenapple gggreenapple is offline
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Default Re: Bank Account despite poor credit score

Most banks do not check on your credit score when applying for checking accounts rather they do a chexsystem run, which is based off your checking relationships with other banks.

Even the big banks like bofa, citi, chase, and wells Fargo do this (although I'd avoid bofa at all costs)

Most important is you understand how the checking accounts work so you can avoid fees and black marks.
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Old 09-05-2012, 08:41 AM
adrianjill adrianjill is offline
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Default Re: Bank Account despite poor credit score

Hello,

I have one helpful advice and that is Credit Union, well i think once you should try Credit union if you want to open an account with having poor credit than other banks....check here "thirdstream.ca" if you want to know more information...

Thanks..
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  #5  
Old 12-05-2012, 05:47 AM
rockymountain rockymountain is offline
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Default Re: Bank Account despite poor credit score

Some basic tips will help for bank account poor credit score:
1. Avoid High Interest Rate Schemes
Among the many kinds of predatory lenders who charge extremely high interest rates to borrowers with bad credit, payday loans and auto title loans are often the worst offenders. Steer clear of these often shady shops entirely, and always ask even traditional lenders about how high interest can get, since lending companies often boost interest rates for customers with bad credit if they are approved.
2. Use Informal Lending
One of the most obvious solutions for people with bad credit is to try to borrow from individuals first. If friends and family are not an option, since this can often put a strain on interpersonal relationships, take a look at available micro-lending web sites where private investors with a little capital choose debts to invest in. These alternatives can sometimes help individuals who have been blacklisted by their bad credit.
3. Evaluate a Cosigner
A cosigner is somebody who can get loan approval for a bad credit carrying customer by adding their name to the agreement. This can be problematic for a variety of reasons, and some lenders can be deceptive about adding a cosigner. Don't try to add a cosigner unless all parties are comfortable with the agreement and understand what they are signing up for.
4. Bring Down Credit Risk
Borrowers with marks on their credit can also use other factors to lower their common-sense lending risk. One of the simplest ways to do this is by showing income and assets. For example, if a person has seriously bad credit due to past bankruptcies or open judgments, but currently has thousands of dollars in the bank or owns a home or multiple vehicles, this can make him a better credit risk than his credit score implies. When these individuals hook up with the right lenders, those who are holding the debt will be able to overlook a bad credit score if there are mitigating factors.
5. Fix a Credit Score
There's also the idea of fixing a credit score to lower credit risk and boost lending approval chances. Many times, the individual consumer can repair a credit score simply by pointing out errors in their credit history to the three credit agencies responsible for maintaining credit records. It all starts with getting your own credit score and evaluating your credit history. Other ways to repair a credit score include taking out the right small lines of credit and paying them off on time, as well as paying off old creditors and negotiating "clean slate" situations with even partial payment of old debts.
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