I know many banks check your credit history/score when you open accounts with them, but if you open a savings account does that effect in any way your credit score? For example, besides being illogical what would be the downside of opening 20 savings accounts? Obviously I dont need that many, but is there any downside to opening another?
2006-06-23 08:38:58 · 15 answers · asked by disk7 2 in Business & Finance ➔ Personal Finance
Some do... at the FatWallet forums (which I'll link to), they've compiled a list of the financial institutions (as well as some other companies) that are known to do a "hard pull" on your credit report (which messes it up) for non-credit accounts.
http://www.fatwallet.com/forums/messageview.php?start=0&catid=52&threadid=260724
2006-06-23 09:24:33 · answer #1 · answered by trpmaverick 3 · 1⤊ 1⤋
Savings Account Credit Score
2016-11-14 13:13:10 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, they still check your credit, which puts a request on there. Credit checks are normal, but if you have a large number of them, like the 20 you suggest, it will not look good on your credit score, until they show that you have a lot of money stored in the account.
Unless you have over 100,000 bucks in the account, don't open up another. Your funds are guaranteed by the FDIC for up to 100,000 dollars. If you have more than that, a second account may not be a bad idea.
2006-06-23 08:41:33 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Just opening a (or many) savings account has no effect on your credit score. They won't even pull a report for opening up a savings.
2006-06-23 18:09:10 · answer #4 · answered by plebes02 3 · 1⤊ 0⤋
Open as many as you like it can never hurt your credit score borrow money from the bank and do not pay it back that will effect your credit score but if you pay it back it will increase your credit score over time.
2006-06-23 08:43:25 · answer #5 · answered by crystal_clear_0000 3 · 1⤊ 0⤋
No, its not going to do anything for your credit score. Open a checking account and get a credit card.
-J.
2006-06-23 08:42:59 · answer #6 · answered by Jason 4 · 1⤊ 0⤋
No it doesn't. It helps the bank to give out loans to individuals and biz. It doesn't really help much for you because the interest rate given by the bank isn't worth it. Now if you are depositing a huge about i.e. millions then you can differentiate the income from the interest, otherwise I suggent getting a CD, it's interest rates isn't much but definitely higher than the savings interest rates. Its also good for discipline people who are interested in long term investments.
2006-06-23 08:43:21 · answer #7 · answered by I.B. 1 · 0⤊ 0⤋
Savings accounts are opened on deposit, and there is no credit involved. It does not affect your credit score nor does it get an inquiry.
2006-06-23 08:41:37 · answer #8 · answered by Stuart 7 · 1⤊ 0⤋
Zero effect on your credit unless you overdraw it and it gets charged off. Then is is a negative item.
2006-06-23 12:03:08 · answer #9 · answered by atmjay 3 · 1⤊ 0⤋
Nope... I interned at a bank, trust me.
2006-06-23 08:40:17 · answer #10 · answered by ongo_run 2 · 1⤊ 0⤋