Checking Account & Credit Score?!?

iVillage Member
Registered: 02-19-2004
Checking Account & Credit Score?!?
9
Tue, 10-25-2005 - 11:03pm
I was so very mad today and couldn't believe what happened at the bank. I have two jobs and decided to open a second checking account to keep track of my "second job money". I have my "bill paying" checking account at Wachovia, so I decided to go to another bank to get a the second account. I went through the entire process and at the very end, the women behind the desk says "Oh...it seems I can't open the account today." Then she hands me a card with a number to Equifax on it. I tried to call, but of course, I couldn't get a live person...only a recording telling me how to order my credit report. I am a member of freecreditreport.com, so there was no need to do that. I was dumbfounded. Apparently, my 550 credit score won't allow me to open a checking account with the bank, whose name I'm not going to mention. I have never heard of anything like this!!! Has this every happened to anyone else? It wasn't a checking account attached to a line of credit or anything like that. It was just your basic, free, standard checking account. I'm astonished. I didn't know you had to have a perfect credit score to open a checking account these days! Geez! I guess that's even more incentive for me to get that all important little number into the 600s or higher.
iVillage Member
Registered: 12-05-2004
Tue, 10-25-2005 - 11:37pm

Can you check with another bank? Maybe call ahead and ask whether they will open an account for someone with your credit score before going there? That does seem odd that they would deny you. I mean, how does someone start to rebuild their score without a checking account? I would definitely check around and try again.

Wishing you luck! :-D

Pat :-D

iVillage Member
Registered: 10-07-2005
Wed, 10-26-2005 - 12:04pm

It happened to me. I went to the bank that I have an account for my Girl Scout troop, and they turned me down! I told them that I had an account there already, but they said it was different because it was a non-profit account. Whatever! I opened one that attached to my savings account at my credit union. Go figure!

Michelle

iVillage Member
Registered: 02-19-2004
Wed, 10-26-2005 - 1:22pm
That is just the craziest thing I had ever heard of! I'm glad I'm not alone and that this has happened to someone else. It made me feel weird...not really humiliated, but strangely embarrassed. It really is ridiculous. What does a person's credit score have to do with opening a basic, free checking account? I swear, this credit score thing is getting ridiculous! It's almost as if that's the only judgement that any place has of a person now is how high that stinkin' score is!!! That's all that seems to matter. There is much more to a person's financial make up that just their credit score. UGH! I'm frustrated!
iVillage Member
Registered: 03-27-2003
Wed, 10-26-2005 - 1:39pm

I've heard of this--not being able to open a checking account due to credit score. Banks do numbers well, and sadly that means that sometimes that's the only thing they do. Statistics show that people with credit scores under a certain number are a higher risk for writing bad checks and what-not, so they decide simply not to do business with anyone with a score under that amount, regardless of the reason or any other factors.

Sad, but true.

Try your local credit union, or a smaller regional bank. We've had really, really good experiences with RBC Centura (formerly just Centura), but they may not be available in your area, and I'm not sure whether all regions of the bank are the same. Ours was a regional bank before it merged with RBC (out of Canada), so it may be that we get better service than other areas that have been added since the merger--but I really don't know. Anyway, they have always treated us very well. Even when we went in for a mortgage, the guy didn't even check our credit score, just the report, and he had already prequalified us before he even looked at the report, and he followed through on all his promises. It was very casual and friendly, so much so that we almost worried that it wasn't legit (except that we'd been working with Centura for years, so we knew it must be)! LOL It was the way I've always heard old-timers describe transactions in the days before credit reports.

We also work with USAA, which is only available to members of the armed forces, their dependents, and existing members & members's families (i.e., I'm a member because my dad was air force, and even though I'm no longer a dependent, I'm allowed to maintain my membership from when I was; dh is a member because I am). If you are eligible, you should look into it--they are really a top-notch organization.

Anyway, good luck, and don't be embarrassed. The bank is looking at you as a number, and you are not a number. You are not your debt. Do what you have to to get by, and remember these experiences in later years when you're thriving and you can come back and post encouragement to someone else who is going through it. :)

Blessings,

Heather

iVillage Member
Registered: 02-19-2004
Wed, 10-26-2005 - 4:44pm
I'm just thankful I have my checking account at Wachovia! I've had it for years. Thanks everyone for the support!
iVillage Member
Registered: 03-07-2005
Wed, 10-26-2005 - 9:45pm
Do they do that with a savings account too?
iVillage Member
Registered: 02-19-2004
Wed, 10-26-2005 - 11:00pm
At that particular bank I tried, they do. RIDICULOUS!!!
iVillage Member
Registered: 11-13-2004
Thu, 10-27-2005 - 10:01pm
I have heard of this happening, that's why I haven't tried to get a checking account on my own since before I had to file for bankruptcy and my scores plummetted. My HIGHEST score at the moment is 601, which is pathetic. I have a sister who works at a well known bank with branches all over the country. I won't mention the name, but what she did is opened an account in her name and then added my name to the account as the primary account holder. So she basically gave me the checking account. She doesn't use it, but her name is on it in case something were to happen to me. My name is the only name on the checks and check card and stuff, so its like any other account. I don't know how she swung that one, but like I said, she works in the business, so I guess connections definately help. Otherwise, the chances are pretty good that I wouldn't be able to get one on my own, and wouldn't even try at this point. But I can do everything with it. Online banking even. What's funny is this is something that she did on her own. I didn't seek her out to help me with this. She knew my history with my ex and how he screwed me financially and stuff, and I guess she just wanted to help out in some way. It was a small gesture on her end, but for me it is a major milestone in getting my life back together. I hope things work out for you and you are able to find another bank to go through. Take care.
iVillage Member
Registered: 02-19-2004
Thu, 10-27-2005 - 10:38pm
I think I'm just going to stick with the Wachovia account that I've had for years. Good ole trusty Wachovia! ;) I just don't understand how banks think it's a good idea to use credit scores for the purpose of opening checking and savings accounts. I make a decent amount of money, thus I would be able to put a decent amount of money into another account. Oh well...that's good business lost for them!