What banks dont check your credit score for opening an account?
Well heres the thing...i tried applying for a bank account at wachovia...but needless to say they run a credit check on you to open a account and it has to be above a certain score...since when do they do that...my credit isnt too bad..yeah i may have a few slip ups here and there but im in the process of clearing them up...most of them are done...but heres my question...what banks are out there that dont check your credit score when it comes to opening an account...any input or advice would be greatly appreciated...i know one of my associates has like nine accounts and its ridiculous how he manages all of it. thanks everyone
Public Comments
- I have never heard of a bank checking a credit report or score to open up an account, especially if this is just a regular checking or savings account. Now if when you say bank account you mean Credit Card, then they will for those and that is a totally different situation. Now, for a bank account they will check a database called ChexSystems. But the only time you would be rejected by this is if you had a bounced check or overdrew an account and never paid it back in the last 5 years. ChexSystem is totally independent from your regular credit scores.
- I can't guarantee it, but you might have more luck with a small local bank.
- Sadly, it is now Federal Law that a credit check is required when opening ANY bank account.... this is part of the Patriot Act and supposed protects us from terrorists. I ran into this recently, when I wanted to add an account with a bank that I already have 6 accounts with, and they told me they had to run credit. I was floored. I told them I DON"T WANT CREDIT! Just a checking account... but it is law now. There are credit card companies that allow you to get a "pre-loaded" credit card (Visa etc) which works like a pre-loaded phone card... you add the cash and then use the card until it is gone, or reloaded. You can google for these. The bank should not be able to deny you a savings or checking account based on your credit rating though... but they can deny a credit card. They should still let you get an ATM card though, since this only dispenses what you already have in your account. Good luck.
