The Essential Benefits Of Keeping An Open Checking Account

 by: Michael Saunders

Creditors look for bank accounts as a sign of stability. Quite frankly, they also look for bank accounts as a source of how you will pay your bills. If you fill out a credit application and cannot provide a checking account number, you probably won't be given credit.

A savings or money market account, too, will improve your standing with creditors. Even if you never deposit additional money into the account, creditors assume that people who have savings or money market accounts use them. Having an account reassures creditors of two things: You are making an effort to build up savings, and, if you don't pay your bill and the creditor must sue you to collect, it has a source to collect its judgment.

Just because you've had poor credit history, you shouldn't be denied a bank account. Shop around and compare fees, such as check writing fees, ATM fees, monthly service charges, the minimum balance to waive the monthly charge, interest rates on savings, and the like.  (continued...)
The Essential Benefits Of Keeping An Open Checking Account
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About The Author

Michael Saunders has an MBA from the Stanford Graduate School of Business. He edits a site on Credit Repair and Debt Consolidation and is president of Information Organizers, LLC.

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Edited by: Michael Saunders

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