CharlesMTF
New Member
Cash: $ 0.70
Posts: 3
Joined: 17 Sep 2005
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Just joined the board... first time posting.
I'm curious on the effect that opening multiple checking/savings/MM accounts can have on my credit. I know TOO MANY credit cards might be bad, and too many loans might be bad... and I read a lot that says cancelling multiple CC's at the same time also looks bad (in regards to credit score). How about opening/closing multiple bank accouns (none are credit-bearing), or opening multiple checking and savings accounts?
Just in the process at the moment of trying to sort out my credit. It has always been good (VERY good for that matter), but since I just bought my first home I have found myself doing a lot of "playing" with my credit and what accounts stay and go... including credit cards AND bank accounts.
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Sat Sep 17, 2005 3:48 am |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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Other than proving you have the money for down payment when buying a home, I don't think checking/savings/MM play any part in your credit rating, as long as they are not overdrawn or used fraudulently. It is a "credit" score, not an asset/liabilities score. http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx?fire=5
Until recently, I only had 1 checking account. When I refinanced, that bank set up an interest bearing checking account to auto pay my loan and to do my own tax/insurance escrow (I guess so they can track that I pay those, but no required minimum balance). So I do a split direct deposit of a set amount to cover payments/tax/insurance and some savings (until moved elsewhere) in one account, and balance for variable expenses in my other checking account.
"After" I refinanced, I cancelled several credit cards (no current or pending car loans). But I still have more available credit than I could ever safely use.
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Sat Sep 17, 2005 10:58 am |
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CharlesMTF
New Member
Cash: $ 0.70
Posts: 3
Joined: 17 Sep 2005
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Sounds good... I see these rates with linke IngDirect or even the local HSBC, but sometimes I'm skeptical on opening more bank accounts in fear of lowering my score. I know its not too much a big deal since I already have my largest purchase I'll ever make, but you never know.
Thanks.
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Sat Sep 17, 2005 1:08 pm |
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Nikita771
Member
Cash: $ 2.30
Posts: 16
Joined: 03 Aug 2005
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That is an interesting question. I have heard that it looks good to have bank accounts because it shows that your credit is good enough to open these accounts.
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Sat Sep 17, 2005 1:17 pm |
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ushomeloans
Full Member
Cash: $ 10.55
Posts: 57
Joined: 08 Sep 2005
Location: Sacramento
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Banks use a different reporting agency that is very similar but COMPLETLY sepperate from any credit reporting agency. It is called Check Systems, and opening and closing checking/savings/mm all day long wont change your credit score one bit. Worked at a bank for a year and a half...
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Tue Sep 20, 2005 7:29 pm |
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Rolo
Yo' Daddy
Cash: $ 309.70
Posts: 1551
Joined: 13 Mar 2005
Location: Colorado/Florida
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Cash accounts are not reported/listed on your credit report. My brokerage account (a margin account even) isn't even on my credit report.
"Expect me when you see me."
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Wed Sep 21, 2005 2:40 am |
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