Struggling to find bank accounts for bad credit?

£10 monthly fee

Struggling to find bank accounts for bad credit?

£10 monthly fee

Leave your credit history in the past when you open a thinkmoney Current Account.

No credit checks

Help to repair your credit score

Open to all credit scores

Can I open a bank account with bad credit?

Many providers will run a credit check to decide if they want you as a customer. A credit check will show them if you’ve missed payments or had debt problems before.

If you’ve got poor credit, you’ll probably find it difficult to get financial products. And that’s not just bank accounts and credit cards – it includes phone contracts and insurance too.

But you’re more than just your credit score

As long as you’re over 18 and you live in the UK you can bank with us. We don’t run credit checks when you open an account, so we can help you get back on your feet if:

  • You’ve got a limited credit history
  • You’ve had debt problems in the past
  • You’ve had applications rejected before

£10 monthly fee

Why have I got bad credit?

Bad credit is caused by missing payments, repaying loans/credit cards late, or only making the minimum payment. Any type of debt solution (such as bankruptcy or IVAs) also has a negative effect on your credit rating. These usually stay on your credit file for six years.

Bankruptcy: Bankruptcy is usually a last resort if you’re unable to repay your debts. Find out more about how we help during or after bankruptcy.

IVA: An Individual Voluntary Arrangement (IVA) is an agreement to repay your debts over a set period of time. Find out more about how we’ll help you manage your IVA payments.

CCJs: A County Court Judgement (CCJ) is a court order forcing you to repay your debts. Find out more about how thinkmoney can help if you’ve had a CCJ.

How does the thinkmoney Current Account work?

  • Money for bills is held in your ‘bills account’
  • Any money you can afford to spend is available on your debit card
  • 73% of customers with poor credit improved their credit score*

That’s on top of all the stuff you’d expect from a bank account: a contactless debit card, Direct Debits and standing orders, and an app to manage your account.

*Based on a sample of customers who held an account for 12 months and previously had limited credit history or substantial credit use

How can thinkmoney help if I’ve got poor credit?

Repair your credit

Your account budgets for your bills to make sure there’s enough money to pay them on time. Pay your bills on time every month and your credit could start going up.

Avoid unexpected fees

Pay £10 a month for the account and nothing extra for us refusing a payment due to lack of funds (such as if a Direct Debit bounces).

We’ll accept you

Whatever your credit or financial history, we’ll give you a place to put your income, a way to manage your bills, and a fresh financial start.

Stay on top of your money with our app

The account without the app is like toast without spread. It’s alright, but it’s missing something. The app gives you all this cool stuff:

  • See when all your payments are due for the next three months
  • Get a prediction of how your account will look in the future
  • Check your balance while you’re out and about
  • Temporarily lock your card if you lose it
  • Send money in a few taps

Stay on top of your money with our app

The account without the app is like toast without spread. It’s alright, but it’s missing something. The app gives you all this cool stuff:

  • See when all your payments are due for the next three months
  • Get a prediction of how your account will look in the future
  • Check your balance while you’re out and about
  • Temporarily lock your card if you lose it
  • Send money in a few taps

Help opening an account with poor credit

What is a credit score?

A credit score is a way of assessing how likely you are to pay back the money you borrow. It’s a number out of 999, 700 or 710 depending on which credit reference agency you use. The higher your credit score, the better your chances of getting the best deals on financial products.

Am I eligible?

You need to live in the UK and be over 18 to get an account with us but that’s all. You don’t need to earn a specific amount, and we accept applicants with poor credit.

How long does bad credit last?

Most things stay on your credit report for six years. So your credit rating will usually improve after 6 years if your bad credit was caused by missed payments, bankruptcy, an IVA or a CCJ.

What do I need to open my account?

Fill in the online form to open your account. We could ask to see proof of your ID and address at the end of your application, so it’s a good idea to check what ID we accept now and have it ready.

How do I repair bad credit?

All sorts of factors affect your credit score, so repairing bad credit can take a bit of time. Your credit rating should improve if you stay within your credit limits, pay bills and repayments on time and reduce the amount of credit you’re using.

Where can I get a free credit check?

You can get a free credit report at CredAbility - click here to find out more.

More Information

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