If you have a history of bad credit, you’ll find it is so difficult to get a bank checking account. Then it leads to more hard to get out of debts. Regardless of the bad credit score, if you really want to have a healthy and normal financial life, you’d better to own a checking account for various paying.
Perhaps you have tried many times to apply a checking account, but failed. You may think that your bad credit score is right something to do with the situation. In fact, it is not the fact.
Why Does Bank Reject Your Application?
In fact, rejection of getting a new checking account has nothing to do with your credit score. Rather, the credit score only works while qualifying whether you are enough eligible for personal loans, mortgage loans, or auto loans etc.
The real reason that causes your failure is ChexSystems. It is such a risk assessment database which most of banks used to share personal financial information about their customers. There are many cases that your name will be reported to Chex Systems as below.
- 1. still owe a bank or overdraft.
- 2. there are some bank fraud or just something which maybe be mistaken for bank fraud
- 3. suspected to have check fraud
Fortunately, there is another good option for you, if you have been reported to ChexSystems. That is bank accounts for second chance checking which is identical in many ways to those regular checking account. And no matter if you are listed in Chex Systems, the bank can approve your application for a new checking account.
How to Prepare for Apply the Bad Credit Checking Accounts?
Here are some details for you:
- 1. Search and make a list of some banks offering second chance checking.
- 2. Review the websites and read the terms carefully, then find the best one for you.
- 3. Just apply now!
So, now you can get a checking account even with bad credit history.