Checking Accounts For People With Bad Credit

Have you ever gone to apply for a new checking account and been turned down

? If you have then you need to get hold of two very specific reports and take a look at them. The first is your Credit Report and the second is your ChexSystems Report. It is these two reports that MOST banks use to determine whether you are a good credit risk or not. If you are looking at that last statement and shaking your head in confusion, you are not alone. You might not think that credit has anything to do with being able to open up a checking account, yet it does here. If you have any type of Bad Credit you will need to look for a Second Chance Checking account.

The first thing that you are going to need to do is look into your credit report and then clear up whatever you actually can clear up easily or right away. If there are charge-offs and/or a bankruptcy on your credit report you are going to be told that your credit is too poor to be considered a good credit risk even when trying to open a checking or a savings account. This makes no sense to some people and perfect sense to others. How you have handled your money and financial responsibilities in the past speaks volumes to a bank. The problem comes in when it is irrelevant to the current situation. This is where Second Chance Checking accounts come in.

The thing that a Second Chance Checking account is good for is primarily its name. This is referring to the fact that you have a second chance to open a checking account when you find a bank or a credit union that will let you open a checking account. There are quite a few banks and even more credit unions that are willing to take all of this into account and will allow you to open a checking account. You are going to need to do your homework in terms of finding out which bank charges what types of fees and what the restrictions are on those accounts.

There are going to be certain things that you cannot do with this account that you need to know about ahead of time. When you are looking into Second Chance Checking accounts it is vitally important to know exactly what you can and cannot do with that account. If you have had problems keeping a positive balance in your checking account in the past you might find that you will have to wait a specific amount of time before you will have access to money deposited into your account.

You might also find out that the monthly maintenance fees for that account are a little higher than other banks change. Another possible restriction is the usage of debit/ check cards directly linked to your checking account. It is a good idea to always keep that checking account balance "in the black" or positive all the time to regain your financial credibility.

by: Martha Geenes.

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