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You can be, although it will be undesirable to the person you're sharing the account with.
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∙ 10y ago
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How do you get a checking account with bad credit?
Credit scores have nothing to do with checking accounts. Unless you've had major overdraft issues with a previous checking account you will have no problems opening a new one.
You have bad credit and someone is helping you to bring your credit score up will doing a joint account with you make the person credit rating fall because i have bad credit?
No, the only thing that would affect their credit is the joint account, so just make all the payments on time.
Where can one get a bad credit checking account?
That's a very good question. The best bet is to simply try around at various banks. One might get lucky and be able to open an account. One might also wish to read up on their website for information.
Can you get a bank account at a credit union with bad credit?
Most credit unions will allow anyone that is eligible for membership to open an account. It depends on what they use to verify a checking account when opened as to if they will allow you to open a checking. Some use a credit report and some use chexsystems, ews or telecheck
Does having a checking account improve your credit score?
No, a checking account is not correlated to your credit score. The only reason why you have to give your social security # is to prove that you have no outstanding debt with any other banks. ______________________________________ Actually, there is a correlation. Having a checking account doesn't improve your credit score, but you can be accepted or denied an account based on it. If you have bad credit, or no credit, you may be denied from a variety of bank checking accounts. I was told by my lawyer it does improve your credit if you keep your checking account in good standings he said the bank report it monthly to the crdit bureaus thats just what i was told
What are some of the obstacles with getting a bank account with bad credit?
It can be hard to open a checking account if you have had a bankruptcy court judgment or bad credit against you. Some banks like NatWest will let you open a Step Account where they track your record for a period of time, then let you move up to a regular account with checking.
Where can you get a checking account if you have bad credit?
Chex Systems Bites is a great site for a listing of banks where you can open a checking account with bad credit. They also have information on how the Chex System works and give recommendations on different banks. You can find the website at http://chexsys.tripod.com/goodbanks.html. Many, if not most banks, do not check your credit for a simple checking account. What they do check is if you've defaulted on a checking account at another bank. If another bank has reported you (rightly or wrongly) you will have a hard time getting an account.
Can a person with bad credit open a joint bank account?
yes as long as co-applicant has good credit history.
What is a 'joint checking' account?
An account shared between 2 people, They both have the same amount of power over the account. ---BAD IDEA!
Does having a joint checking account with someone with bad credit affect your credit?
Their credit is not reported on yours unless they mess up the checking account itself. If they bounce a check or start getting a lot of NSF's that will be on both of you. But their previous credit cannot affect yours. First, I would like to explain to you the difference between having bad credit, and having a bad report on ChexSystems. Banks and credit unions usually report people to Chexsystems regarding delinquent bank accounts. Financial companies and lenders report people to the 3 major credit bureaus regarding delinquent accounts. So, with that said, having a joint checking account with someone with bad credit does not affect your credit. If that person goes into delinquent status with the checking account and the bank reports him or her to Chexsystems or some other check verification company, then yes your name and social security will be reported as well. Your report will stay on Chexsystems for at least 5 years, unless you have it removed by some means. There are many banks that offer promotions for checking accounts for people with negative markings on their chexsystems report. A free consumer organization called "InfoAviator" has a pretty large list of them at infoaviator.org/finance/checking-accounts/2014/05/28/how-to-open-a-second-chance-checking/
Is a joint applicant's credit affected by a car repossession?
If this relates to a joint account holder or cosigner, then yes the person's credit rating will be affected by a repossession. Yes, whoever's name the car is in will be affected by the car's repossession. Only if the car is somehow tied to the account. Only a bad payment history on that joint account can affect your credit.
Does poor credit affect getting a checking account?
Yes, it can. Banks feel that they are taking a risk on someone who has bad credit. Most lending institutions think that you will write "bad checks" and not be able to pay for them, thus leaving them to charge off the account. If you have bad credit, they think that you can't manage money.
