“Dear Steve,

Ok my credit started to get bad about 6 maybe 7 years ago with charge offs for credit cards. Lately I have had some recent things like medical etc.

I just went to get a checking account and they refused me (Univest) and sent me email of why. In that email it stated that I have an equifax score of 588.

I am sure I prob have things on my report that are outdates. Such as charge offs.

From my understanding if I get these removed (older like 7 years ago) that will make my credit much better and to focus on making an agreement with the most recent ones first (medical etc).

Please help me so that I will be able to get credit again. No one will lend me credit with a 588.

Please help “Get out of debt guy” Steve.

Ken”

The Answer

Dear Ken,

When applying for a bank account, one of the most important items that can hold you back is if you have any past negative items with a bank. This might be old bank related charges that you never paid for or an account that was closed for insufficient funds.

If that’s the case it would be a good idea to go back and that care of those items if you can. But if that’s not a possibility then there are still things you can do.

I see Univest is in Pennsylvania predominantly. If that’s where you are I’d try a couple of your local credit unions to open an account. While credit unions make money selling financial products, they have historically been a bit more forgiving in situations like yours.

Here is a list of Pennsylvania credit unions.

The secret trick that has always worked for me, as an employer, is this. If you have a good relationship with your employer, ask them if they can help you open a bank account at the same bank they bank at. Typically the bank wants to keep the business of the employer and keep them happy so they override the decline and allow the employee to open an account.

Try both of those approaches and let me know what works for you.

Oh, and while we are at it, let’s rebuild your credit.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

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