How to Open a Checking Account With Low Credit Score
- 1). Visit your employer's bank when you cash your paycheck. Explain your needs and mention that you have had credit problems in the past. The bank's representative can inform you about the possibility of setting up a checking account. Many banks will open an account if you sign up for direct deposit, where your employer deposits your paycheck directly into your account.
- 2). Fill out an application and allow the bank officer to verify your information. He will then explain whether you are approved or denied. Some banks are not that concerned about bad bank credit and take other factors into consideration as well. If you're approved for an account, be prepared to make the minimum deposit required.
- 3). Look for banks that will accept online applications, like Wells Fargo, PNC or Sun Trust (see Resources). Fill out an online application. This way you will avoid the embarrassment of being rejected in person. If you're approved, the bank will contact you and ask you to bring in additional documentation or fax it.
- 4). Open a savings account or a secured debit card account instead of a checking account. Many banks offer this type of account. The savings account comes with a debit card, but you can only withdraw money you actually have in the account. Once you become an established account holder, you can ask to open a checking account again.
- 5). Visit a local credit union. This type of bank is smaller and often does not rely on credit reports or check writing history. A local credit union is more willing to understand a person's past financial problems. Call to ask what the minimum deposit is, then go in and fill out an application. Be prepared to make the minimum required deposit.
Source...