Are There Such Things As Bad Credit Bank Accounts
It's really not feasible to get by without a bank account in the modern world. You will need an account of some sort to receive your wages and any other form of income and many power companies, mortgage providers etc will encourage one form of electronic payment or another for their services. Basically, the days of dealing in cash and cash alone are some way behind us.
There are however those whose credit scores are too bad to get a bank account. This could be because they have become bankrupt, ended up with a CCJ or missed a few too many credit card payments. Either way it could stop them being able to open a bank account as there are usually credit checks involved when opening one in which the applicant has to have a certain level of credit score.
But what about consumers who have a poor credit score? For whatever reason, whether it is a CCJ, bankruptcy, payment arrears or any other form of problem can be obstacles when it comes to obtaining a bank account. This is because most full current accounts require a credit check. Any applicant will have to meet a minimum standard in terms of their credit score in order to successfully open such an account. So what exactly can those who have a poor credit history do, given their inability to open a full current account?
At one time, those who went bankrupt or incurred CCJs might not have been able to have a bank account at all. However, given our growing dependency on the banking system, this has now changed. A number of banks are now providing basic bank accounts, commonly known as bad credit bank accounts.
So while the facilities may seem limited in some ways, the idea is simply that consumers can access the necessary banking facilities on a day to day basis, irrespective of their credit histories.
Click to find out more about bad credit bank accounts
Tags: business finance, personal finance, Credit Card, basic bank accounts, credit card paymentsFiled under Bad Credit by 
Comments on Are There Such Things As Bad Credit Bank Accounts
Trent at The Simple Dollar reviews Mint:
Here is a review at Get Rich Slowly:
Mint can import data from most financial institutions. It makes beautiful graphs and pie charts. But it raises questions about privacy of sensitive data.
A Look at Bad Credit Home Loans | Home Equity Loans With Bad Credit -
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imagine the impact jay? z couldve made if he wasnt corrupted
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Wise words! I'll organize how I should spend my money from now on! I don't want? to be a slave to debts.
K,
Glad to hear you're deciding to take control of your finances and saving! Financial independence is such an important goal, and it's never too late to learn.
Since you're reading personal finance blogs, I thing getrichslowly.com is a wonderful place to start. JD Roth is an independent blogger who started a personal finance site because he was in tons of debt and wanted to clean up his financial life. He's my favorite. But there's loads of great ones out there.
Wisebread (another great personal finance site) came out with a list of the top-ranked personal finance sites here
So, those are some great ones to get you going.
We've got a couple of finance experts on hand, all the time and we'd love to help you out if you've ever got questions or need some friendly encouragement!
Shoot me an email anytime
Happy Saving!
Best,
Elisa@Thrive
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What Is Bad Credit Student Loan Consolidation? | #1 Student Loan …
Personal Finance for Dummies is a great starting point. It incorporates basic personal finance ideas, builds you up to a philosophy of investment, and gives you a grounding in why you would choose certain options over others.journygal: I think you can open a 529 plan and designate whomever you want as the beneficiary. I was thinking of doing that for myself, actually.
Is the AMEX Blue Sky travel rewards card worth the annual fee? You decide:
Excellent post, Chat. Most "journalists" today deal in gossip and propaganda rather than news. They remind me of Rona Barrett, the "Hollywood Reporter". ( Does anyone but me remember her? )
I love that idea, Janicen. The title is the key. Who cares if there's nothing of substance inside? ( Kind of like Obama himself. )
I'm thinking of writing a Personal Finance / Spiritual Self-Help book entitled "You CAN Take It With You" and filling it with nonsense – like most personal finance and self help books.
becuz of him we r so far in the shit hole he can suck my? dick and call me mama he is a dick and fuck all of u conservadist bastards u r the reson our economy sucks
Thank you for your explanation. I found it both? interesting and practical. The credit card advisement is a wise tip. Thank you for the post.
I am seeking a definition in "plain English" for shadow banking system.
Would this be correct?
The shadow banking system represents a financial system that operated (operates?) totally outside regulation (national and international). In this system AAA-bond rated financial products were sold to mainly pension funds and mutual funds.
Thanks James for this timely post. All replies welcome.
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credit checks
Having a strong credit score also allows you to have more cost effective annual premiums on your home and auto insurance. Here in New Jersey, most of the auto and home insurance is rated off of your credit score. If you're credit score is poor (not that I see the actual number) but your rates would be higher than if someone had a strong credit score (their's would be cheapper).
P.S. Can't have my morning coffee without turning on Fox N Friends! Keep up the great work.
Great event yesterday! Thanks to all the HUD certified counselors, Newark developers and mortgage providers who participated!
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10 Ways to Improve your Credit Score after Bankruptcy
Good to see some Mortgage providers being extra helpful today, either somethings in the water or it could be Friday!
In addition to the "right to work" laws that many states have, there should be a law that credit scores cannot be used as a factor in employment or making a living, whether hiring or offering licensing in one's field of work, provided that the means of making a living doesn't involve handling large sums of money. Credit scores should only determine the risk of lending someone credit or giving them a loan, period.
hahaha …. there is no free bank account as you noted. It never existed and never will. If a bank account was ruled by the investment side of the regulatory police, the word free would not be permitted because money sitting with no return is not free.
The answer to your post apocalyptic bank account world is simple. Lots of fees charged by banks.
The interesting thing might lie in the alternatives that are not bank accounts per se, but payment methods that don't exist today. But the checking account will be defunct.
Credit Score Resource provides intelligent and helpful information for consumers seeking answers to how credit scores work and how to improve them
Poor
You scream #MoneyTeam but let's see ya credit score #teamcreditscore720 lol
"Current" accounts – the money is used by banks and this is a BIG problem because it requires this (so far unfunded) deposit guarantee idea.The money is "on call" and so does not get as much as an investment account.I think the best thiing is to call a spade a spade and make existing current accounts what they are in truth, investment accounts, i.e. you only have a balance INVESTED, but not deposited. True current accounts, i.e. on call, are not invested and the cash is owned by the depositor and is just held by the bank. No need for a guarantee scheme. No interest paid. Only charges. If you want to get away from that, invest it, but then you do not have an automatic right to all your balance back as a government subsidy, as that is private return and public risk.]]>
aight ill add u on my current account but im also making a new account for mw3
“how I’m supposed to know how many bank accounts I have ?”
Actually, this statement apply to me.
In Thailand, they are giving bank account for free. Apply for bachelor degree, wham… student ID with bank account. Another university, another bank. Salary pay-roll, gimme your account… no, not that bank, create another account with the bank we use. Buy bonds, promisory note, or Aom-sin lotto… need even more bank account.]]>