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Can I Open Up A Checking Account With Bad Credit?

There are many reasons you need a checking account if you have bad credit haunting your money situation.  It may be hard to get a checking account with bad credit because most big banks run strenuous credit reports to see if they want to take a risk on your money.  There may also be laws in certain states that prevent banks from opening an account with a low credit score.  Citibank is a bank that will not allow someone with bad credit to open an account.  Citibank checks out the persons credit when they apply for a checking account more in detail than most banks.

If you keep applying for checking accounts that can hurt your credit because they run credit reports each time.  This is the same as applying for a loan or applying for credit cards but worse if you are refused by that financial institution.  If the same bank refuses you for a checking account you may not be able to apply for one at that bank until they drop it out of their records.

You can open a bank account with bad credit but it may not be a checking account with liquid money you can take out as easily.  You may have to settle for a savings account at first then prove after six months that you can handle a more accessible account.  Savings accounts normally do not require as good of credit.  This can also help you build your credit.

Credit Unions may also put you on a probation period for three to six months.  It may be helpful to try a credit union if your bank has denied you an account.  There are also banks that offer second chance banking.

Here are a few options if you have bad credit and need to get a checking account:

1.  Open up a virtual checking credit card with direct deposit

2.  Open a checking account guaranteed (if you have a job paynig with with direct deposit) Read More about Second Chance Checking