Checking Account With Bad Credit?

So today i was deined a free checkings account at regions and apparently i have some sort of bad credit,i called a couple of banks and they said they do credits checks,So what i'm asking is i'm basically screwed from opening a checkings account anywhere?

[money2009]

One piece of advice is that you may want to see what's going on with your credit. You can get a free credit report from each of the 3 major credit reporting companies (Transnion, Experian, and Equifax).

There may some things you can do to improve your credit score.

That being said it's almost become standard practice for banks to check credit prior to opening accounts. Some are more lenient than others.

[simpletron]

to reject because of bad credit means they are offering some line of credit. the only possible line of credit would be overdraft protection, so if you can find a bank that doesn't have overdraft protection or optional overdraft protection, then you should be able to get.

another possible way around this would be to open a saving account first then open the checking account with a link to the saving acount as overdraft protection. this could also work if already you have a credit card with the bank.

i don't know if either of these will work/exist, but it is what i would try next.

also banks have varying credit standards between them, so just because one rejects you doesn't mean all of them will. it depends on how bad your credit really is. also credit unions have checking too with yet another batch credit standards.

also your credit report/credit score can vary between the three credit bureaus and different banks might check different bureaus.

since you were reject because of credit, you should have gotten a letter stating which credit bureau supplied the credit report + other information. you have 60 days from notice to claim a free credit report from them. i would do this just to make sure that only correct information is on your credit report.

the last thing i can think is to open a joint account with someone that has good credit, but in this case you will need to be able to trust the other person not to spend your money and they will have to trust you to not hurt their credit by overdrafting. if you do this, then as soon as you have not bad credit, open a new checking account, switch everything over and then close the joint one.

if you don't mind me asking, how did you get bad credit without a checking account somewhere? this question is just bugging me because my checking account is the center of my finiancial universe and was gotten before any sort credit.

[vsjhoc]

The banks may check Chex Systems, which is a consumer reporting bureau for banks. They report people who have bounced checks. It's a good idea for everyone to get a free report. The banks may also check the credit bureaus so check your Experian, Equifax, and TransUnion reports at https://www.annualcreditreport.com as another poster suggested.

[poundwise]

Woodforest Bank has an account that they call Second Chance Checking, which is described as an "...unlimited check-writing account... ideal for customers who have experienced previous credit or bank account challenges."

There is a monthly fee of $7.95 or $9.95, depending on whether or not you use direct deposit and Woodforest is not in every state.

[myrdale]

Regions is who I bank with.

When I first went to open up my checking account I had no credit at all. However this did not give me any problems. What did give me problems is I presented them with my Alabama drivers license. The lady refused to open up an account because I didn't have a Georgia license.

I explained to her that "I wanted to GIVE them my MONEY." I said there were several Regions banks back home. I explained that with a good deal of trouble I could go back home, open an account, then do my business there so she might as well save me the trip. They opened the free checking / debt account and they haven't regretted it since (especially considering I financed $100,000 30 year fixed mortgage a year later, and with no credit history still to boot!)