
Second chance banking is usually needed after filing for bankruptcy, gone through an ugly divorce or filed for foreclosure on their home. The individual credit rating of a person who has gone through such a financial catastrophe is normally totally eliminated. Such individuals usually end up losing their credit cards and even bank account in some cases. To re-establish one’s credit is a long and arduous process. Most banks are not open to letting a person start over without having some collateral. This is where second chance banks with second chance accounts come in.
Second chance accounts are bank accounts made for people who have difficulty in opening an account in regular banks. Here these banks will not take...