Business accounts for bad credit with no credit check
What's in this guide?
- Business accounts for bad credit with no credit check
- Can I open a business bank account with bad credit?
- What can I do to prepare for a business account application?
- How can I open a business account?
- Is it possible to open a business account without a credit check?
- What can I do if I have been refused a business account?
- What credit score do you need to open a business account?
- Compare business bank accounts for bad credit
- Business accounts for bad credit: A summary
Can I open a business bank account with bad credit?
But there are measures you can take to increase your chances of being approved for a business account if you have bad credit, as well as some providers who offer business accounts without conducting a credit check (more on both of these things below).
What can I do to prepare for a business account application?
- Make sure you’re registered on the electoral roll
- Check your credit report to ensure there are no mistakes on it
- Pay back any credit you owe on time
- Pay off as much as you can on any existing loans and credit cards
- Don’t make too many credit applications in one go
- Don’t apply for credit again immediately after being rejected
How can I open a business account?
Some providers may also go further, conducting credit checks and asking you additional information about your business and its finances.
It might be worth approaching your current banking provider first (a bank that you have other financial products with, such as a personal current account or credit card). If you’ve used any existing accounts sensibly, your bank will be able to see this and take it into account when looking at your new application.
If you have a bad credit history, another outcome here is that your provider may offer you a basic version of a bank account first, to get you started on rebuilding your credit score. You can then look into moving to a full business account at a later date.
For more information on the range of business accounts that exist in the UK, visit our business banking section.
Is it possible to open a business account without a credit check?
This type of banking provider will still require some contact details from you and will check that your business is registered, but they won’t conduct a credit check.
However, do bear in mind that business accounts which target banking customers with a poor credit history do often come with higher fees than some of the other business accounts on the market.
What can I do if I have been refused a business account?
There’s also the option of going to a business account provider that doesn’t carry out credit checks at all, but be aware that the fees associated with these accounts are among the least competitive out there.
What credit score do you need to open a business account?
It is impossible to answer this question for a number of reasons.
First off, different bank account providers will have different limits when it comes to accepting applicants with low business credit scores. Also, these banks have a choice of different credit reference agencies using different algorithms to measure your score.
On top of that, your credit score is only one factor used to determine your eligibility for a business bank account. If your business scores well for other eligibility criteria, a bank may be more willing to overlook a poor credit score.
Compare business bank accounts for bad credit
Business accounts for bad credit: A summary
Many consider opening a business bank account with bad credit to be a difficult challenge, however it is possible. Here we have summarised the options available.
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