Does anyone know of any downside to keeping small balance accounts at multiple banks?
I'm thinking specifically of credit score as one concern. Does anyone know for sure if having a "new" savings or checking account dings your credit at all? I am sensitive to it because I had a credit score of 805 but after I refinanced my mortgage, it dropped to 769. I was shocked. When I asked about it, I was told that it was because the average age of open accounts went down significantly (I replaced an 8yo mortgage with a 0yo mortgage) and because I shopped around for interest rates (I ended up with 3 hard inquiries that all counted).
I would like to open accounts at 2 banks that have lots of branches in my area so that I could spread out the dumping that I plan to do some day. I just don't want to suffer any on my credit score.
I'm thinking specifically of credit score as one concern. Does anyone know for sure if having a "new" savings or checking account dings your credit at all? I am sensitive to it because I had a credit score of 805 but after I refinanced my mortgage, it dropped to 769. I was shocked. When I asked about it, I was told that it was because the average age of open accounts went down significantly (I replaced an 8yo mortgage with a 0yo mortgage) and because I shopped around for interest rates (I ended up with 3 hard inquiries that all counted).
I would like to open accounts at 2 banks that have lots of branches in my area so that I could spread out the dumping that I plan to do some day. I just don't want to suffer any on my credit score.
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