How to Get a Bank Account With Bad Credit History

Opening a bank account with a bad credit history can be difficult. These instructions will help you to open an account--even with a negative credit file.

Instructions

1

Obtain a copy of your credit report and correct any inaccuracies in your credit file. A low score can sometimes be the result of errors on your report.

2

Obtain a copy of your ChexSystems report. Some banks do not check credit history--but they will check ChexSystems. If you have a negative history with a bank, try to settle your debt. Sometimes banks will let you re-open a closed account if you pay what you owe.

3

Open a savings account. These days, savings accounts are able to facilitate as many transactions as does a checking account, minus the checks. Most savings accounts can receive direct deposits and may offer an ATM card. After maintaining your savings account for a little while--even with a negative credit history--some banks will allow you to open a checking account.

4

Open a checking account at a local credit union. Credit unions usually have more relaxed standards than do traditional banks. To open an account at a credit union, you may only need to open a savings (or shared) account first.

5

Open an account with a bank affiliated with your employer. Direct deposit has become more popular and many workplaces have special arrangements with banks to open accounts. Check with the human resources department of your employer for more information.

6

Open an investment account. Many investment banks (such as Fidelity and Merrill Lynch) will open a banking account for you, without a credit check, if you have investments with them. This approach will have a higher start-up cost because you many need to invest as much as $1,000 in an investment account, but it is a way to avoid undergoing a credit check to open an account.

7

Open a prepaid Visa/MasterCard account. These debit cards are backed by accounts that function just like a banking account. You will be able to accept direct deposits, mail in deposits and make ATM transactions.