Can I open a Bank Account with Bad Credit History

May I open a bank account with a bad credit rating?

Any negative information on your ChexSystems report may be due to errors. So in theory, closing an older account could have a more negative impact." Rejecting your application to open an account probably means that the bank has found negative information in your bank history, as reported by ChexSystems. Creditworthiness of a merchant; history of credit card processing;

bank statements; company website. Answering this question is not easy because each person's financial situation, credit history and vehicle requirements are different.

Learn how re-opening a credit or debit card can help your balance

In general, open credit or debit or credit/credit card account information looks better than open credit or credit/credit reports because open credit or credit/credit account information contributes to your credit history. It is good for your creditworthiness to have a long credit history. So if you made the error of shutting down credit or debit card as I did and want to re-open it, you can just ask the credit or debit company to do so.

This may, however, lead them to open a new account. The best wager is to ask them beforehand if it appears as a new account on your credit reference or if the old balance changes to "open". In the best case, they consent to re-open the credit or debit card. Yes.

Why you want them to re-open the credit is because credit cards that are flagged as "open" on your credit reports are generally better for your credit rating than a closed account. They want this older credit facility to keep building history. First, your credit worthiness is greatly influenced by your paying behaviour - the more history (positive, of course), the better your rating will be.

Second, an open account indicates that you didn't screw it up so badly that the vendor shut (or wrote off) the account. Therefore, if there is the occasion, it is prudent to ask the lenders of any accounts on your credit reference to consider opening the account again. First, I requested and obtained a secure credit line to re-establish my credit (Open Sky Secure).

One year after that, I phoned client service and asked if they "would consider re-opening my account, courtesy of the final moves I made to enhance my credit rating and the ones I know well at the moment". I got a new Capital One credit with a $500 credit line a few short months later.

When the credit or debit cards you want to re-open have bad history records, take a look at my article: Getting a little away from your credit report. Ryan has also been writing on credit for Lifehacker, BuzzFeed and The Huffington Post for the past 10 years.

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