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Trying to find a bank in michigan that will let you open an account even with creidt problems? |
Trying to find a bank in michigan that will let you open an account even with creidt problems? This depends on the type of account you are looking for. No matter what your credit, almost any bank will allow you to open up a savings account. This is because you can't overdraft on a savings account, so there is no way for the bank to loose money. When you request a checking account the bank usually checks with ChexSystems or a similar company to see if you have a history of bouncing checks or overdrafts. Most banks won't let you open a checking account if you have outstanding overdrafts or unpaid bounced checks with another bank. As far as opening a loan with a bank, they will check your credit report and score among other factors such as employment history and income to see if you qualify. If you have bad credit then one option is a secured loan where you put down the money in advance or let the bank hold the title to your automobile as collateral until you pay back the money. I don't live in Michigan, but a credit union is always the best choice for stuations like yours. They are there to help you rebuild your credit. You could even check with the local banks in your area and ask if they have second chance accounts and what the criteria are for opening one. There are lots of banks in Michigan that have accounts for people with credit problems. It depends which type of account you are talking about. If you are looking for a small signature loan or an installment loan you should consider your local credit union. If your credit is below their guidelines opening up a checking and savings account first helps your rating with them and they are more likely in the next year or so to approve you for an instalment loan, which is your first step to improving your credit score. career |
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