Financial Stability Begins With a Bank Account
Every day, millions of Americans check their checking account balances, too busy worrying about how little money is in there to realize that a lot of people have it much worse. They might be dangerously close to having a negative balance, and the balance might even dip below zero for a short time until the next paycheck hits the account or the account holders are able to get a family member to float them some money, but at least their bank account is still there. It might be prohibitively expensive for them to borrow money, and they may be living paycheck to paycheck while their debt balances hold steady even as they make payments, but they are in a better situation than people who do not have checking accounts. They have to pay hefty fees to access their money, and they have to start over setting up all of their automatic bill payments every time the debit card where they receive their wages expires. If your financial situation has gotten so bad that banks refuse to let you open a checking account, contact a Philadelphia debt relief lawyer.
As Long as You Have a Checking Account, Who Cares About Your Credit Score?
Most lenders require a certain credit score before they will issue you a loan; in some cases, they will still give you the loan if your credit score is lower than they would like, but the loan will cost more. The good news is that your credit score does not directly affect your ability to open a bank account; banks do not ask for reports from the credit reporting bureaus Equifax, Experian, and TransUnion when deciding whether to approve your application to open an account. Therefore, if you have a low credit score because of a lack of credit history or a financial setback such as a bankruptcy filing, this is not a barrier to opening a checking account.
There is another reporting system that can mess things up for you. This is ChexSystems; it keeps data on bad checks you have written and bank accounts you have previously closed due to insufficient funds. Banks may reject your application to open a checking account if there are too many blemishes on your record with previous checking accounts. You can fix this problem by repaying debts that you owe to banks where you previously held checking accounts. Another option is to open a second chance checking account; these are the checking account equivalent of secured credit cards, where you willingly pay for access to your own money, but you do it to build your credibility with financial institutions. Second chance checking accounts charge additional fees, but it is better than the hassle and expense of not having a checking account.
Contact CONSUMERLAWPA.com About Opening a Checking Account in Tough Times
A Philadelphia consumer law attorney can help you if you have a checkered past with checking accounts. Contact CONSUMERLAWPA.com to set up a free, confidential consultation.
Source:
finance.yahoo.com/personal-finance/open-bank-account-with-bad-credit-213321272.html
