Stock Markets Exposed
Is there an online site where I can do light stock trading even if I have bad credit?
I want to invest under $1000 in a few diferent stocks but Scottrade would not let me open an account. I am not sure why they are looking at credit anyway, but then again I am new to stocks and the rules of trading. Are there any sites that will allow you to buy stocks with bad credit?
Public Comments
- You may be unable to open an account with so little money. Try other on line brokers. Also investing $1,000 in several stocks makes little sense. With so little money you are better off investing in a good no load mutual fund. Any broker will accept your account if you can deposit a sufficient amount of money to meet their criteria. Your credit rating should not matter, because the broker is not lending your money. You may be unable to open a margin account.
- you should not be investing if you have substantial "bad" debt such as credit card or other loans at a >10% rate because the return on paying those off is probabaly better than stock investments. that being said, e trade or charles schwab should take you.
- Look at Sharebuilder, ETrade, Scottrade, or Ameritrade. I have stocks through each of these and they never did a credit check.
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