Debt Management and Your Credit Score

Is it Possible to Get a Bank Account Without a Credit Check?

Can you open a bank account even if you have bad credit? Check out this blog post to find out more.

Man in Grey T-shirt Using Scissors to Cut Up his Credit Card to Cut Down on his Spending and Improve His Credit Score to Open a Bank Account

These days is impossible to try to function in a modern society without a bank account. Whether you are working or receiving some form of government benefits, the first thing you need is a bank account. For most people, this is a straightforward exercise, and all it takes is a trip to the bank of your choice. 

However, some banks insist on conducting a credit check before they will open a new account. This is fine, too, as long as you have a good credit score. But what do you do if you have a bad credit score? Don’t despair! There are still options available to you, even if your credit score has seen better days.

What is a Credit Check?

credit check is a report that details your financial habits. Financial institutions most often request it before they give you any lending product. In some cases, a bank may even request a credit check for non-lending products if there is a possibility your account may end up with an overdraft balance. 

The primary purpose of a credit check is to see how well you’ve paid back any loans or credit cards you have. A bad credit score is usually the result of not paying back your debts or consistently making late repayments. 

How to Get an Account Without a Credit Check?

If you need to open a bank account but aren’t looking forward to being scrutinised with a credit check, you have several options available to you. You can simply open a basic bank account with a debit card, or you can opt for an account with a prepaid debit card.

One of the best features of a prepaid debit card account is that you can only spend money directly deposited into the account. Some banking providers will offer these accounts to the clients, but they are also available from retailers and other companies – although you probably won’t get the same features and functions on offer as a prepaid debit card provider.

These accounts are easy to use, you can have payments made directly into the account, and you can never spend more money than you have in the account, which removes the risk of going overdrawn and increasing your debt.

Re-Building Your Finances & Improving Your Credit Score

If you’re not happy with your current credit score, there is a lot you can do to improve it again. Use a basic account or one that has a prepaid debit card for your income and expenditure. It’s also important to know where your money is going to track your expenses. 

It’s almost impossible to know how to cut your spending unless you know where your money is being spent. Once you do this, you can see where spending can be cut and money can be diverted to paying off debts and making improvements towards your score.

One of the other ways to show your financial institution you are proactively trying to improve your credit score is to save some money regularly. Even if it’s just a few pounds per week, it will show you are responsible for your money, which will go a long way to achieving a better credit score. Best of all, if you consistently try to save money, you will eventually have a tidy sum put away for a rainy day or a special trip.

Alternative Accounts with Suits Me®

Here at Suits Me®, we believe in financial inclusion which means that if your credit score isn’t excellent, or even good, we will be able to provide you with an easy way to manage your finances and boost your credit score! 

Our accounts are personal e-money accounts that work similarly to a traditional bank account. You’ll gain access to your online account and our mobile app, where you’ll be able to manage your money on the go, 24/7.

We offer a whole variety of banking-like features including:

  • The ability to set up standing orders and manage direct debits,
  • Send money within the UK via a transfer, international transfers are available via a partner in the Suits Me® app,
  • Gain access to our exclusive cashback reward programme where you’ll automatically get a percentage of your money back when you use your Suits Me® debit card with our retail partners.

Opening a Suits Me® account takes 3 minutes and you’ll gain access to your online account immediately so you can start managing your money. We don’t ask for proof of address or run a credit check. We accept 99.8% of all applicants – so if you’re looking for a suitable alternative solution apply today!

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