There are many people who think that it is impossible to open a bank account with bad credit. But it’s practically possible, and we’ll show you how to avoid that dreadful foreclosure. If you are branded as having bad credit, you will face various disadvantages. One of them is refusal to open a bank account.
The economic and social disadvantages suffered by the parties are indescribable. Among them, the biggest disadvantage is probably foreclosure. Among them, since there is no bankbook to receive wages right away, there is a situation where it is necessary to receive it in cash, which causes various difficulties in profit activities.
Of course, if it’s a daily job or a job where cash transactions are easy, it would be less.
These days, credit ratings are also treated as part of an asset, so if your credit score goes down to 300, you can’t use credit cards and installment payment services for people with bad credit, and all credit transactions such as rentals and leases are blocked.
Opening a bank account for bad credit
In fact, opening a bank account is cumbersome if you only go around a few banks, but it is practically possible. By the way, the problem is the seizure from the creditors after opening a bankbook. When a bankbook is opened, the assets accumulate anyway, so to prevent the hiding of the assets, the creditors proceed with the seizure of the bonds they have.
Usually, if you can prove your employment, even if you have bad credit, it is not a big problem to open a bankbook. However, as mentioned above, the reality is that even if you are worried about foreclosure, you use a bankbook under your family name. This is equally cumbersome.
If you have used financial products before you became bad credit, you would have used your main account by registering a bank account. It is common for most foreclosures to go to this representative account. Usually, the creditor applies for a foreclosure of the bond and freezes all the money in the bank account. 신용불량자 통장개설
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Major banks that you usually use, that is, large banks, are prohibited from trading at all branches nationwide when the debt collector selects one bank and executes the foreclosure. This is reverse use.
In the case of Saemaul Geumgo and unit agricultural cooperatives, each branch has a separate operator under the concept of a cooperative. Since each operation is carried out separately, it is difficult to realistically find out even if a financial transaction is made through the opening of a bank account for a person with bad credit. If you try, you will have to search for each branch nationwide, so the cost will be incurred per case.
There is an application fee per case to proceed with the application for temporary seizure of the bankbook of a person with bad credit. In large banks, it is possible to search all branches even if you apply for only one branch, but it is not easy to try because individual cooperative branches such as unit agricultural cooperatives and water cooperatives cost as much as the number of branches.
How to recover from bad credit
A lot of people don’t know what caused their bad credit. Most of them know that it is because they have not paid something back, so there are many cases where they do not receive relief even if they are damaged. At the very least, you need to know what to do to become a bad credit person, but you can also take action, so please be aware of the following.
In order to be branded as having bad credit, you must pay at least 500,000 won in arrears for more than 90 days before you go through the registration process. A person with bad credit is also called a long-term delinquent. If such a long overdue record remains, you will not be able to even dream of issuing a credit card or using financial products.
Even if you repay all of the principal and interest that have been overdue, the overdue record will be deleted only after 5 years have elapsed from the time of full payment.
If you become bad credit and receive a debt reminder for a considerable period of time, there is a statute of limitations. If the statute of limitations has passed, there is no reason to repay the money any more. This can be confirmed with the creditor change inquiry system of ‘All Credit’. You can check where the financial products you received in the past have been sold. You can also check the expiration date.
If the purchaser does not extend the statute of limitations at this point, there is no longer any reason to be reminded of the debt. After that, you will be able to use various services as well as financial transactions again. If you pay a certain amount of debt from the institution without checking whether the statute of limitations is complete, you will be forgiven.
The surest way to solve the bad credit is to repay the arrears quickly and, if that doesn’t work, use the national bankruptcy system. Of course, you will have to go through a judgment process, but personal rehabilitation can solve up to 90% of the principal of the debt, and you can quickly escape from various seizures and demands.
Rather than giving up when you can’t see the light with your own strength alone, I hope that you can recover your personal life by using the personal regeneration system around you.