My credit score is 515, Im sure this means it is horrible. Can I open a Bank Checking Account with such a low score? Does anyone know of any banks I could approach? Thanks.
I opened two checking accounts with scores in your range, without problem. This was about two years ago. The only thing is, they would net let me have a visa branded check card, only an atm card. However, about 6 months later they both sent letters telling me I could get the check card if I wanted. I guess you just have to establish a good history with them. BTW, one bank was local and the other was a big national bank and both handled me the same way.
I didn't realize that it made a difference with your credit score when a bank authorizes you to have Visa or Mastercard check card. My credit is terrible and the bank I used offered it to me without me even asking! Since we're on the subject of bank accounts and bad credit, would the bank that you do business with more apt to give you a credit card because they already know your history or will they just go by your credit report?
My credit union gave me a 9.9% visa with a 6k limit and my EQ FICO was 604. They based it on my 2 year history with them (car laon, boat loan, etc).
My FICO is less than that. I thought that credit union are different from banks because they are more lenient?
From what I understand, Credit Unions can be more lenient. A local credit union here, that I have experience with, is even worse than the national bank that I use. Who knows why. But the two banks I opened the new accts with did check my credit and denyed me the visa branded check card. Perhaps they are more lenient if you have a previous relationship with them. But if you come in off the street they may be more wary.
