"Open A Bank Account With Bad Credit" Discussion

Upsolve Community Member
Some people have better luck with credit unions and credit unions can have advantages over big banks, but if you're going to file bankruptcy that might not be your best option. The article https://upsolve.org/learn/credit-unions-and-bankruptcy/ explains more. 

Upsolve Community Member
I just saw this article: https://upsolve.org/learn/checking-account-for-bad-credit/. It has some interesting suggestions and I think you'll find it worth your time to read. 

Upsolve Community Member
Try US Bank

Upsolve Community Member
That's a great question! Upsolvers, what's worked well for you? Any resources that have helped you make your decision? 

Upsolve Community Member
Great article! FYI, Chime (fintech) has no issue --- in fact, they name a GREAT program, "Credit Builder" to address those who are just starting out or have been caught in a "Life" event that brought about a bankruptcy. 

Upsolve Community Member
Deep breath and don't hesitate to share your questions with this community as you go through the process. 

Upsolve Community Member
Thank you 

Upsolve Community Member
Barbara, I'm thinking of asking Upsolve to open a "Deep Breathing" Room because there are many fellow Upsolvers who have been financially stressed out for quite some time now. Ugh! But relief is on the way. Start envisioning your life a few months from now without that giant weight on your back. It's a good feeling, this FRESH START! Until then, as Andrea says, deep breaths -- 3 of them!                            Good luck! :-)

Upsolve Community Member
It's so normal to feel anxious, coming here and sharing this is a big first step. Keep us posted on how you're feeling and don't hesitate to post any questions/comments that come up along the way! 

Upsolve Community Member
I like the deep breathing room idea! 

Upsolve Community Member
https://upsolve.org/learn/the-automatic-stay/ will keep bill collectors from calling and will stop collection activity so that should help provide some stress relief! 

Upsolve Community Member
Thank you all for the encouragement. I’m going to work on completing my bankruptcy package this weekend so I can get it mailed out on Monday. I think a deep breathing room is a wonderful idea. I’m looking forward to relieving the stress & anxiety I feel with my debt issues. 

Upsolve Community Member
I’m stuck, someone help! Please

Upsolve Community Member
Is there anyone online that can answer my questions?

Upsolve Community Member
Hey Mark! Love how easy this process has been. Couldn’t have done it without upsolve

Upsolve Community Member
💙💙💙💙

Upsolve Community Member
I see a sign above saying how many upsolvers are online. Will the format have live chatting in the community or still the FB layout?

Upsolve Community Member
Yup, live chat is already possible! When in the questionnaire, you'll see a button in the bottom right. When a team or community member writes back, you can open the conversation alongside the questionnaire. We've definitely taken lessons from FB as you can probably tell by the current design, but we have a lot of other ideas we're excited to special for this community

Upsolve Community Member
Thank you for inviting me!

Upsolve Community Member
My 341 is Friday 10-1-21, very nervous but not as much as I would have been without Upsolve

Upsolve Community Member
My 341 got pushed back to 11-4-21 because trustee waited til day before original date to request additional info. I had on more than one occasion when sending info asked if there was anything else I needed to send, anyway I sent everything asked for and requested verification of receipt and if there was anything else needed. Haven't heard anything...

Upsolve Community Member
One thing that a lot of people think about is their credit score- this can be really important for things like applying for housing. Here's our https://upsolve.org/learn/rebuild-credit-after-chapter-7-bankruptcy/

Upsolve Community Member
Upsolvers, what else has helped you after discharge? 

Upsolve Community Member
I saw that there's a tool that helps people build their credit by giving them a loan

Upsolve Community Member
^ yup! a credit builder loan! 

Upsolve Community Member
Check out https://www.seedfi.com/, I've heard they have some of the best rates amongst the credit loan tools.

Upsolve Community Member
Julie, I was discharged in July 2020 but after I had completed my Questionnaire, I worked on my "new" budget --- life AFTER Chapter 7. My preference is Mint, a free app but there are many budget tools out there. I opened a Chime Credit Builder account and it provides me with a Visa credit card but is SECURE meaning I'm drawing on my own funds and building credit. I'm just now completing my 2nd year of using this card and I have had no complaints at all! I also applied for an installment loan from Self, Inc. I call this "forced savings" because, when you make payments, you are actually paying YOURSELF. Yes, there is interest but at a decent interest rate while you make your monthly payments which are reported to the credit bureaus. So the credit and installment accounts help provide the "mix" of credit that the credit world likes to see. Lots more info, Julie! Let me know if you have specific questions about my rebuilding journey! Good luck! :-) 

Upsolve Community Member
You may find this helpful as well: https://upsolve.org/learn/rebuild-credit-after-chapter-7-bankruptcy/

Upsolve Community Member
Jeff Z, thanks for the heads up on Seedfi! I have two Builder installment loans already and don't want a third so I will payoff one and open the other to get slightly better rates. :-). 

Upsolve Community Member
If you're like me and never heard of a credit builder loan until you came to Upsolve, this article https://upsolve.org/learn/credit-builder-loans/ is a great introduction to the topic!

Upsolve Community Member
Jacqueline, I had never heard of them either but the concept is novel and, if followed wisely by us borrowers, it CAN BE a nice option when rebuilding credit. What it boils down to is weighing the "credit building" aspect with the interest rate they are charging so you need to shop credit builder loans too! Case in point: Jeff Z, an Upsolve Team Member suggested Seedfi (post above) and after going into my Creditwise account, I was paying TWICE the interest and I am supposed to be teaching this stuff, so never stop learning and seeking better terms no matter WHAT your economic status is! :-) 

Upsolve Community Member
One more thought. "Secured" credit cards and installment loans (working with your own money AKA "forced savings") I emphatically endorse, at least for me in the first 2-3 years after discharge? Why? While I learn better habits, what the best budgeting tools are, the best ways to build my "rainy day fund" etc, I am taking steps to improve my credit score. After this 2-3 year period of time, I may want to test the waters of practical unsecured lines of credit --- and if the interest rate has merit, only then would I take the plunge.