Banks and their great policys

[Dinkleman]

CRH us getting more difficult in my area. 4 of the banks I frequent have changed their policys so now only acct holders can get change. I already have accounts at 3 banks. I'd have to guess that having a million accounts can't look good on your credit report. Any who just a quick tip I have been having good luck at banks that have a coin return in the bank. They will have way higher number of customer returned coins. Best of luck to everyone and mayou the silver flow.

 

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[Vdubguy]

I have accounts at 6 or 7 banks. I have had them for over a year now and have not seen an impact on my credit. Some of the accounts have just the minimum balance required and I deposit a $1.00 here and there as to avoid dormant account fees.

 

[Liu21]

pretty sure only credit accounts have a impact on your credit report/score...

 

[Scott (Mich)]

Last winter when I reviewed my car insurance, which is based on my credit score, one of the factors that effected my score negatively was "multiple bank/credit union accounts".

I am not sure how many accounts you have to have to take a hit on your score, but it cannot be many as I only have one bank account and had two accounts at the same credit union, plus as an adult my name used to be on my kid's accounts, so that would be two more accounts. Also maybe because I am treasurer at my town's historical society that credit union account might factor in too as my name is on it.

My car insurance info did not tell me anything more than the multiple account statement. I think it is a load of @#!$%# to have to pay higher car insurance (due to a lower credit score) because I have multiple bank & credit union accounts.

Also I have not used a credit card to buy on credit since 2008. Always cash or my debit card. I'll have to check my credit report and see if there are any active credit card account still open in my name, and then close them if there are.

 

[bertmaster2000]

Before I opened multiple bank accounts, I researched the potential affect on my credit score. My research indicated my credit score may decrease by a couple points for each bank account I opened, but the few point decrease would return to "normal" within a very short time. I opened multiple bank accounts and found the impact on my credit score was not measurable.

like Liu said, opening a bank account is very different from opening a line of credit. I've noticed a few point decrease in my credit score when I obtain a new credit card, but even this decrease bounces back to "normal" in a very short time.

The challenge is accurately accounting for multiple bank accounts. I use a spreadsheet and have no problems.

 

[baddbluff]

Scott -
Using credit cards is good for your credit - as long as you don't carry a balance. I have a ton of debt (student loans, mortgage, car loans, etc). But, I don't keep a credit card balance (bad debt), and I've never missed a pmt. My credit score is 825ish. Nothing wrong with bank accounts - just don't get a lot of late fees or miss pmts on loans.

 

[kcm]

Guess I'm the lucky one - for while it lasts! The banks in this area won't accept rolled coins. Therefore, ANY bank in the area (at least that I've been to) will take loose coins and run them through their machine at no charge. Also, none of the banks (so far) require you to have an account with them to either drop coins or to buy a limited amount of coins.

I'm planning on opening an account at the other local bank anyway, but they will end up being my "Source" bank. My current bank will be my "Dump" bank, as they apparently do not like the trouble of having to pass out boxes of coins to customers. One of the long-time tellers there simply HATES to lift the boxes!! Last time we were in, she did nothing but complain - and I mean vocally! ...And she wasn't even our teller. She was assisting our teller - not that we were doing anything big. Just got 7 boxes of coins total - not a big deal. (1)$0.10, (2)$0.05, and (4)$0.01.

 

[fistfulladirt]

I gave up banks all together. I had multiple accounts at a half-dozen banks and did everything to comply to avoid fees, like direct deposit and keeping more than the min balances, but they all kept upping the ante and I grew tired of it. Close to zero percent interest received on savings, add fees, they pulled me into negative rates, so I closed on the greedy beggars.

 

[cyberdan]

I'd have to guess that having a million accounts can't look good on your credit report.

Does that really matter I have accounts at 4 banks and two credit unions and my score is over 800. Just got a construction loan and starting that next week.

 

[jcole77]

Up until Scott's post, I had never heard of multiple bank accounts negatively affecting credit. As far as I knew, the only things which negatively impact it are running up debt on credit cards, late payments, and accounts in collections.

 

[fistfulladirt]

In most cases, multiple accounts do not affect credit reports.
My wife has been a loan officer at banks and CU's.

 

[Tommybuckets]

My credit score went down sixty points overnight from opening new accounts and those stupid credit cards they keep haggling me with. I got two cards recently which is really dumb since I have no intention of using them. I don't really care about my credit because if I can't afford to walk in and pay cash for it I don't need it. That's why I don't have a ctx 3030 yet or a back up excalibur. I also have already gotten all the big purchases for the next couple years ( house and car). I could have financed a nicer house or fancier car but I shopped smart, bought used and foreclosed and saved a lot. I can't believe I didn't know about crhing and for years after I found out about it I went through a coin shops half dollar dumps religiously every week. I was convinced there was no silver until I saw a gleaming teller tray...