as i have a bad credit i cant get a bank account at all, what can i do ????

Question

been to lots of banks and they keep saying no. I need a bank account

Answer 1

Similar situation - got my self stupidly in debt as a student which effected my credit rating big time

I opened an abbey basic account. Again no cheque books, debit cards or overdraft, but you can use it for Direct Debits and Standing Orders which is useful

A way i've started rebuilding my credit is to get one of those "Credit Building credit cards" I've got a capital one card (Not the platinum) they approve practically everybody. DONT use it too much, but if you must, dont stop paying any credit you owe off. One good thing is they can set the credit limit off at £200, so you cant get stupidly in debt with cards again. And if you pay it off every month it slowly starts to rebuild your credit apparently (Seems to be working, i'm now passing a few more credit checks than I used to!) only thing is, it is high interest so that is why you need to be careful with them

Also, if you've just been "Blacklisted" (Ie - no CCJS, but your credit limit is cr@p through defaulting on payments) I heard it takes 3 years for that to clear, 6 years for bankrupcy and CCJ's - but dont hold me to that.

Good luck - it sucks but once you pay it off, BEST feeling in the world. What annoys me is that i'm now in a better financial state than all my friends and family, no debts etc, but I'm still a credit risk! GRRRR! Oh well, price you pay. I've learnt my lesson!

Answer 2

Usually bank accounts aren't based on credit such as your credit score, it's based on your history with other banks. They use a universal system called ChexSystems that each institution reports if people abuse their accounts, etc. When these banks are rejected you they need to be either giving you a reason, or a phone number to call ChexSystems to find the reason. I would call them and see what is negative on their about you, and even if you can't clear up your entire credit clean up these items. Once a little time has passed, like a year, and they see the items have been taken care of, they are more likely to approve you for an account. Also, start with just a savingss account, and then work up to checking once they have had you as a customer in good standing.

Answer 3

HI Babe, I feel for you as Ive been there. It is hard to get a bank account but most banks will set up an account for you. Its just that you wont be allowed a cheque book, overdraft facilities etc it will just be a basic account with a hole in the wall card. So you wont be allowed to take out money that isnt there but at least you can get paid your wages into it, but you wont be allowed direct debits. Im with the HSBC and as long as your upfront with them and tell them you just want a basic account they will do it for you. And dont be embarrassed about asking, good luck!

Answer 4

Well, I have a terrible credit rating and I was still able to get a basic bank account, so I shudder to think what situation you're in.
Anyway, try the Post Office, I got one from HSBC so maybe they're more liberal in dishing out the accounts.
Failing that, unless you can get someone else to open one up and effectively give you the account my giving you the cards and pin numbers, I don't think you can get one.
Try the Citizens Advice Bureau, they helped me with my debt and were pretty useful.

Answer 5

Take responsibility for it.

Get your credit reports from the 3 bureaus. Go to their websites and order them or call for them. You get one a year. The bureaus are :transunion, experian and equifax.

Fix any errors in your credit reports. Pay off your debts and judgements.

Go to www.bankrate.com and read up on fixing your credit.

Make sure you cancel any cards you don't use.
Start building a line of credit. You might have to get a secured card - which means you have to put money down first and you can never take out more than you put down. Also see if you can get some store cards or gas cards.

Pay all your bills on time.
Never max out any cards you get.
Never use more than one third of the credit you are offered - and never max out a card.

It will take 6 months to a year, but if you stay at it you will get a much better credit rating.

Answer 6

Attempt to get an on-line account with a known bank, like bank america.

Good luck!

Answer 7

what they will do, is give you a very basic bank account, literally called a basic account.

Sometimes they dont allow direct debits or debit or switch cards.

You will have a basic 'hole in the wall' card Very limited those sorts of accounts.

i am sure back in the day, all you needed to do was prove your age and address and you had a bank account!
Now you have to get credit checked! How times have changed.

Answer 8

Usually you can get an account at Wells Fargo unless you owe another bank money. Meaning you are overdrawn with another bank and you never payed the balance off. If that happened you probably won't get an account until you pay off that balance.

Answer 9

If you have lots of money then you can open a bank account at Cayman Islands ( I have seen this in several movies). As long as u have money they dont care whether u have bad credits or not

Answer 10

I dealt with this by going to lloyds tsb with a genuine letter offering me employment with a decent salary and convinced them to give me a cash account, anyone shouold be able to open one of these. You only get a cash card, no credit, no cheque book etc., but if you keep the account in order for 3 years they will upgrade it to a better account. Good Luck.