So many bank accounts, not a problem?

[captainfwiffo]

It seems like a lot of people have lots and lots of accounts at different banks... Doesn't that screw with your credit report? I'm probably going to have to get accounts at two new banks because my current bank isn't going to be suitable for picking up or dumping, and I'm worried I'm gonna set off red flags everywhere.

 

[Yinzi50]

Only if you apply credit card from the new banks. When you just open a checking or savings account, the bank won't check your credit history. Too many inquiries on credit history will affect your credit score negatively.

 

[byrne3]

Yes it will affect your credit score. Banks do pull hard inquiries for opening non-credit accounts like checking and savings accounts.. I think pretty much all of them do this without even telling you..

If you need to open 2 accounts, open them around the same time (within 30 days) and the 2 hard inquiries will count as 1.

 

[Yinzi50]

OK, here are some contradictory information. I talked to the banker each time I opened a checking account and that was what they told me. So maybe the other poster's area is different. I suggest that you simply ask the banker when you open your checking account.

 

[quiksilver]

According to my mortgage broker its credit cards not the bank accounts that are the problem

 

[SpareTime]

I think it best to ask the bank. Every local, regional and Big box bank in my area run credit when you open an account. Make sure you know the right answer ask before you get started!

 

[mlayers]

I have not had problem with my credit.......Matt

 

[kb4iqm]

We decided to cut up our credit cards 2 decades ago, I don't like debt. Instead, I use a bank debit card or a "check card" for card type purchases. No interest, and one cannot overextend ones ability to pay. Let them run a credit check on me when I open an account, I really don't care. I'll not be using my credit score, or a lack thereof, for any purpose. Like the lottery, the only way to truly quarantee a win is not to play. Use that money for something else, like CRH'ing

 

[captainfwiffo]

Well, you need a credit score to buy a house or a car (unless you pay with cash) or rent an apartment. Since I want to remain able to procure shelter in the future, I don't want my credit score to get trashed. But it seems that opening multiple bank accounts doesn't really have any negative impact, so I guess I won't worry about it.

 

[TheRandyMan]

I recently opened up a new account at a credit union and they told me they would be doing a credit check...I asked if it would be a "soft" or "hard" hit on the check and they could not tell me. I wanted to open an account with them as a dump location as they offered free use of their coin counting machine. So, no biggee, its worth it to me for that service.

 

[pat-tekker-cat]

I keep money spread out amongst a bunch of different banks.
As, you never know who gonna be closing................can you say Ohio Fin. Savings.............
and a few others, and folks, Mark somebody in Miami, or Millican?(maybe I don't wanna remember)? I've chosen to forget about...................

Never had a credit problem, other than ppl sending me them $83,614.72 checks in the mail, and telling me if I cash it, I can pay them 22% interests!
I had to put a stop to all that! QUICK!
I don't do debt, nor interests!

 

[BillyOceansEleven]

Simply having several bank accounts will not impact your credit score at all. The only impact may come when opening the account, as most banks do a credit pull when you apply for a deposit account. If they do a "hard" pull, it shows up on your report as an inquiry and will ding you a few points. If it is a "soft" inquiry, it doesn't show up as an inquiry and has no impact. In my experience most banks do soft pulls, but even if they do a hard pull I wouldn't be too concerned unless you plan on applying for credit in the near future as the impact is pretty minimal.

 

[captainfwiffo]

My credit is pretty good, so I can take a few points here or there. It probably gets damaged more because I pay off my credit cards paid off every month and never carry a balance.

 

[conpewter]

I believe they are doing soft pulls. I applied for a mortgage at a couple different banks (shopping around price) and they said that it would not hurt my credit rating when they ran my credit. So if they do soft pulls for a mortgage, then I think they'd be doing the same for regular accounts.