Bank account with bad credit

[cameron2]

How do you open a business account with bad personel credit?

[d000hg]

Go into your local branch and ask to speak with someone who can tell you if they can offer you one? Or simply apply for one and see what happens?

[cameron2]

Go into your local branch and ask to speak with someone who can tell you if they can offer you one? Or simply apply for one and see what happens?

Tried on-line application and was declined!

[cojak]

You'll need to see someone face-to-face and explain how you are going to manage your business finances better than you managed your personal ones.

Either that or stay perm, pay your bills and try again in 5 years time.

For the OP's benefit, is there any bank out there who'd give him a basic business account (no credit cards, just somewhere to park his company's money?)

[d000hg]

Do you have to have a business account to use an umbrella? Assuming he wants to contract rather than posting a generic business question here, that would be an option while he repairs his credit.

[tractor]

How do you open a business account with bad personel credit?

Depends how bad. CCJ? More than one? Bankrupt? Admin Order?

Applying online with any bad marks are likely to generate a refusal. Do it personally.

[cojak]

Do you have to have a business account to use an umbrella? Assuming he wants to contract rather than posting a generic business question here, that would be an option while he repairs his credit.

This is probably one of those rare occasions when you should use an umbrella.

[stek]

This is probably one of those rare occasions when you should use an umbrella.

Or an LLP, no need for a Business Bank account there either.

[Mose]

Pretty much all banks have the option to give you a basic bank account regardless of credit history, although it's extremely rare they advertise them. Often staff will not know they can use a different form, so ask for the manger. You mostly need to apply in person and apply for the basic option, standard applications (like net applications) are for non-basic accounts, after refusal they will not offer you the step down unless you ask.

There is no need for a third party or additional costs. Although these guys often simply know of many more banks to apply to, often small operations serving minority religious groups.

Business accounts are very similar except many will ask for a float of cash to open a minimum balance.

The main exception is for people convicted of financial fraud.

If you are genuinely not able to open a bank account, with a fraud conviction, there are still roads open to you opening a business, and full business bank account, although it's costly.

Basic bank accounts will not offer credit or guarantees, terms are different, some usual business services will be more expensive ro not available.

[cojak]

You'll need to see someone face-to-face and explain how you are going to manage your business finances better than you managed your personal ones.

Either that or stay perm, pay your bills and try again in 5 years time.

For the OP's benefit, is there any bank out there who'd give him a basic business account (no credit cards, just somewhere to park his company's money?)

Untruthful eh Mose?

So could you name some for the OP's benefit, as I asked before?