How to get a business checking account with bad credit? All businesses need a
bank account especially a checking account. But people with bad credit have
been struggling to get this and they feel like they cannot. But that is not
true. I am here to tell you yes you can and I am here to help. Let's go.
I'm going to share with you the real way to get this done without the embarrassment
or the hassle of applying to the wrong bank so that they can tell you no and
further ruin your credit. I'm going to tell you the right way to do it. 2, I'm going to
give you the best and only banks that you should be applying to so that you
can get this done fast. You know, this does you don't want this process to drag
out. And 3, I'm going to give you the secret tool that you need so that you
can be successful in this. The first thing that you are going to have to
contend with if you have bad credit and you are trying to get a business
checking account, you're going to have to deal with the fact that you have bad
credit, okay? So, we have to overcome that. And the quickest and easiest way to
overcome that is to assess your situation. What is your credit score? What
is on your personal credit? Once you kind of know that, you can kind of assess your
situation and start talking about how to actually do this. And in order to
actually do this with personal credit that is not the best, you're going to
actually have a business that looks really good,
okay? So, let's talk about how you do that. Because it doesn't mean that your
business is making millions of dollars or anything like that. But in order to do
this, you actually need a real business. They're going to want to make sure that
you have the business set up you have the business registered with the state
that you have your LLC, your S Corp, or your C Corp or whatever you decide. That you
have your EIN number, that you have a phone number, that you have an email, that
you have an address for your business. Okay? So, getting those basic things set
up for your business is going to be a must if you have bad personal credit because
you have to have all of the t's dotted with what they need for the business so
that they never even look at some of those other stuff. Let's talk about which
banks you want to go to. So, many people think that they should go to the bank
that they already deal with. And sometimes you may already have a
checking account with one of these big banks. But unfortunately, they are
probably not going to give you a business checking account if you have
really bad personal credit. You're going to have to go find a new bank,
okay? And I'm going to tell you even though I. I'm going to give you my story. When I
first got my business checking account, it was with Wells Fargo, okay? Just being
honest with you. Because I already worked for Wells Fargo. I was, as
you already know, I was a manager for many years at Wells Fargo. And I had a
pretty good career there. And so, I had a personal checking account because I used
to be one of their team members. And so, when I went and I said I'm going to start
my business. While I was still working, I went to Wells Fargo and got a
business checking account. But that is not what I'm going to tell you guys to do.
Like I said, I'll tell you the stuff that I did just so I'm being honest. But I'm
going to tell you a better way that is working now for people that are in your
situation. Like I said, because I was an employee of the bank and I already had
an account with them, that's probably why they gave it to me with bad credit. But
I'm not going to tell you to do that because I know if you don't work for
them and all this other stuff, they're probably not going to give it to you and
I've had enough experience to see who they will give a business checking
account to and who they won't. So, if you're going into the situation and you
have situations where you have bad personal credit, but more importantly,
where you have an issue with a bank like you have written bad checks or you
bounced checks or you had a lot of overdrafts. Many banks use a system
called checks systems. And they report through all of the banks and all of the
major big banks use this to decide if they're going to give you an account or
not. But you don't have to use those banks, okay? I'm going to give you 2
options. Let's say you don't have terrible credit. This is just bad but
it's not terrible. You've never written any back or anything like that.
You want to go to like a mid-size bank, okay? And there's 2 reasons why you
want to do this. So, let me give you first what a midsize bank is and what I mean by
that. So again, your large big banks, we know, Bank of America, Chase, Wells Fargo,
Citibank, blah, blah, blah. Those are the big banks. Stay away from them if you
don't have good credit. Then there's mid-size banks. You know,
banks the size like SunTrust, BB&T, Regents bank, PNC. Gosh, I could go on and
on. But hopefully you guys are getting where I'm saying not the big bank but
that bank that's like big, they're in a few stays you're not just
in one state. They're not just that one Bank around your corner. You
know, we don't want a small hometown bank. But that midsize Bank. That is the sweet
spot for entrepreneurs. And I'm going to tell you why is because yes they will
probably give you a checking account but they'll probably give you even more than
that. They'll probably give you credit lines, credit cards and a bunch of other
stuff because they're a little bit more hungry. The
next place you want to try is credit unions, okay? So, most of the times, your
credit union will give you a business checking account if you have a
relationship established with them or if you establish a relationship with them.
They're actually pretty easy to set up. Not all credit unions they'll offer
business checking accounts to everyone. That is a really weird thing. I'm going
to be honest with you. Because some of your credit unions that's not their
specialty, they really are focused on employees of a certain type of thing. So,
many of them don't. But a lot of credit unions do and they are a great option if
you have bad personal credit. If you're looking for a business checking account,
a credit union is going to be a great option. Another option and this is not
for everyone. If you are a veteran or if you are military related. You have USAA
or Navy Federal Work a bank like that is military related, you want to try them.
Most of the time, they will do it, okay? A lot of times their requirements are a
little bit more lacks or they are a lot more friendly to people that are
veterans. So, military related type banks are also another great option. And then
here's the secret sauce, okay? Because this did not even exist a few years ago. This
is actually why I tell you do not watch all the videos. Do not watch videos from
5 and 10 years ago. I am so sorry. Do not. Because often they have a lot of old
information and things change. So, let me tell you what's going on there's some
new banks out there. They are called second chance
banks, okay? AZLO. A-Z-L-O, that is one, okay? They're backed by BBVA. Another one,
SOFI. S-O-F- I, okay? They are giving out bank accounts to people with bad credit.
They are second chance banks. Have you ever been to Walmart and seen a Wood
Forest National or First Convenience Bank, okay? And are you laughing? And some
of you're like, "Wait, I've seen that Bank inside of Walmart." Yes, those are second
chance banks and those are the locations and the banks that you should be
targeting if you have bad credit. I know for a fact those 2 banks are giving
out Bank business checking accounts to people and they are not checking and
making you know these rigorous requirements. So, you really want to try
some of those second-chance the banks that I just named. Okay? So now, that you
have gotten your business checking account, go
and check out that video about "How to get business funding with bad credit?" So,
you can put all of this together. I am out here giving you all of this
information for free because I care about you and your success.
To your success.