Bank Accounts vs. Credit Score

[cbzdel]

Does having multiple checking accounts harm your credit score?? I keep hearing about these things, open a checking account here and get a free _________...

So I open an account.. So far I have gotten a free; iPod, GPS, Digital Camera, $100, $125, $150 and just am signing up today for another $125..

That being said after today I will have a total of 8 open checking accounts, and I only use my main one (Bank of America which I have had for 10 years) and all the others have about $5 in them and never get touched, and I am just waiting until the time is up is up so I can close them without having to re-pay the new client gift...

 

[99vengeur]

As far as I know, the number of bank accounts you have does not affect your credit score. Now if these were lines of credit, it would be a different story. Just let them expire and then start closing them.

 

[uscgduncan]

Yes, you are correct 99. Maybe I should look into that, I could use a new Ipod.:thumbup:

 

[angelsneverlose]

your good to go man, just never miss payments! open lines of credit does not hurt your score as long as there low bbalences and paid off on time! they actually help your score, you need them to boost your debt/equity ratio = what makes a good credit score

however, seeming how you have so many, i would recommend closeing a couple... you want several avilable, but you dont want to many cause oddly, then it starts to hurt your score again...

 

[mbridge51]

Does having multiple checking accounts harm your credit score?? I keep hearing about these things, open a checking account here and get a free _________...

So I open an account.. So far I have gotten a free; iPod, GPS, Digital Camera, $100, $125, $150 and just am signing up today for another $125..

That being said after today I will have a total of 8 open checking accounts, and I only use my main one (Bank of America which I have had for 10 years) and all the others have about $5 in them and never get touched, and I am just waiting until the time is up is up so I can close them without having to re-pay the new client gift...

Cbzdel,

I've been in banking for 14 years and can verify that having multiple checking accounts will not hurt your credit score. Every bank I've ever worked for only pulled an actual "Credit Report" if the customer was applying for some type of loan or line of credit. If a person seeking credit has numerous credit inquiries in a short period of time, it could bring ones score down. As an example, many car dealers will take a credit application from a prospective buyer and send it to numerous banks who will each pull a credit report, thus creating numerous credit inquiries in a short time period.

Get all the free stuff you can and don't worry about it hurting your credit score.

I would recommend caution because having so many accounts could expose you to identity theft if your account information or check/debit card information got into the wrong hands. I agree with you, that as soon as you meet the requirement to get the free stuff, close the account if it is not going to be used.

 

[Funkmaxtor]

I know some banks will charge you a fee for inactivity over a long period of time. Close the accounts you wont be using before the one year mark if possible.