Books

  • Jeff Michael: Repair Your Credit and Knock Out Your Debt

    Jeff Michael: Repair Your Credit and Knock Out Your Debt
    I highly recommend this book because I wrote it.

  • Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds

    Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds
    I have about a dozen entries in this book.


  • DISCLAIMER: The opinions presented on this weblog are solely those of its author, and do not represent the opinions of my employer or clients. I cannot guarantee that the materials presented on this site will be error-free, or that any errors will be corrected. I make no representations as to the accuracy, correctness, or reliability of the information presented here; this site reflects only the personal opinions of its author and is for entertainment purposes only. * Further, this site is not responsible for any comments left in response to weblog posts, and we neither endorse nor guarantee any content contained therein, nor do we endorse any materials, websites, or services linked to in comments left by blog readers. I reserve the right to remove comments at will, but accept no obligation to do so.

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Jeff, I do believe this has been true for some time, but don't have a way to prove it. As to whether applying for a checking account pulls down a credit score -- they may be considered soft inquiries, but it calls for further investigation, and bears watching.

A better question would be: with ever-worse practices like these, how long will it be before any consumer who doesn't have business reasons to have a bank account at a traditional bank will be doing all of his or her banking at the local credit union?

Anyone who pays their bills and manages their financial busines responsibly will have available to them all of the priviledges that banks offer. If a bank writes off an unpaid loan or a bad accout, it is the money of its depositors that is being lost. The system needs to avoid such losses if it - the backbone of the U.S. economy - is to thrive.

Tom, I'm trying to find out whether the inquiry is "hard" or "soft." A representative from the bank who closed this consumer's account did claim that the inquiry was a soft hit, but I really think the credit bureau is the better place to ask to get an authoritative answer.

And your second question, re: credit unions... get ready for massive rent-seeking from the traditional banks. As credit union membership opens up to more and more people, the banks are furious; they believe the nonprofit status of credit unions puts them at a competitive advantage. I'd argue that consumer-friendly practices are what really put the credit unions at an advantage, but that won't stop the banks from buying off members of congress to rein in credit unions.

Gene, I pointed out in the story that the consumer who lost her account had no negatives on her ChexSystems report, and the collection account on her TransUnion report was put there by a junk debt buyer. She's only 18. I believe the negative on her credit report is illegitimate. So as far as I'm concerned, she did "pay her bills and manage[d] her financial business responsibly". Her only offense was having a common name (one that happened to be Hispanic) that a junk debt buyer was able to exploit.

I HAD A CHECKINGS ACCOUNT BACK IN 2000 WITH A KNOWN BANK MENTIONED AND IT CLOSE FOR UNSUFICIENT FUNDS IN 2002. THEN ON JANUARY OF THIS YEAR, I WENT TO OPEN AN ACCOUNT ON A BANK NOT MENTIONED AND WAS DENIED. REASON WAS THAT WHEN THEY CHECK FOR MY PERSONAL INFORMATION. THEY CAME ACROSS A FRAUD ALERT FROM A BANK THAT I NEVER HAD CONTACT WITH. AND I DO FEEL BAD BECAUSE UNTIL TODAY ALL I KNOW IS THAT IT WASN'T ME AND I OWE THIS BANK $0 AND STILL BECUASE OF THEIR POPUSTROUSE INFO I CAN'T OPEN AN ACCOUNT AND WHAT'S WORTS NO ONE CAN HELP ME.

I tried to open a checking account with Regions Bank, but was denied based on a credit report from equifax..I have no records on check sytems....I strongly believed it was based on my credit score..or active collections accounts on my report...This sucks coz I went through a divorce, my ex filed bankruptcy and dumped all the debts in me...some of the credit cards he had was before we were married...he just odered cards with my name on it....How does the govt want people to get back on their feet, if they pass laws that doesn't allow you to have a bank account?? and to function???

Does anyone know of a bank that'll allow me to open a checking account even though I have poor credit? I've tried B of A, Wachovia, and two credit unions, one of which is solely for city employees (and I've worked for this city for 5 years.) I've been denied by all because my credit score wasn't good enough.

So I know it's a new policy of most banks to pull potential customers' credit histories, but now I find out credit unions are doing the same. Can anyone give me some advice on where to open an account? I mean, I want to open an account so I can get back on track with my credit! How are you supposed to build credit when no one will give you a chance to?

in as much as banks are quick to report you to the credit agencies, they don't appear to be as eager to report healthy and accounts that are operated responsibly in order to assist credit scoring. before the world of credit cards, banks and credit agencies ranked active and well run checking accounts highly in the credit scoring system - and I'm not that old!!

I was recently denied a checking account at Salem5 because of my credit score. I realize that my score may have dropped recently but I was just approved for a new credit card this weekend, but was denied by salem5 two weeks ago.

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