How does opening a bank account affect your credit?

[Anonymous]

How does opening a bank account affect your credit?

[Anonymous]

It doesn't.

[Callandra]

Unless they HP you to open the account (I think some CUs do this), pretty much none unless you overdraft and leave a negative balance. Then they send you to collections and that'll show on your credit report. Opening a bank account will most likely show on Chex though. 

[TheConductor]

In addition to Callandra's thoroughly correct info, I'll point out that while bank accounts don't show on your credit report, some types of lending (including some credit cards) do consider whether you have certain types of accounts as part of the application process,

I've had some card applications ask, for example, whether I had a checking account, savings account, retirement savings account, or some combination of them. In many cases this is on the honor system, but I would *never* advise giving incorrect information to a creditor. So opening an account of a particular type means you can claim ownership of that account on a credit application, and that may help you to get credit even if it's not factored into your FICO score.

Also, I'll point out that auto-pay has been a godsend for me and many other borrowers, and you need a bank account to set it up.

If I had no bank account and only paid bills with cash or credit cards, my credit scores would be at *least* 100 points lower. So in a sense, having a bank account has improved my credit substantially.

[Anonymous]

Only Credit Unions have pulled for me personally. 

They have their own scoring system I believe called Chexsystems?  Which you're allowed one annually. The Internet will guide you.

[Anonymous]

I will confirm that since I started tracking HPs this year, I found out my old CU (Members 1st) and current CU (PSECU) did a HP on me. I don't recall them mentioning this was part of the process, but oh well.

[Revelate]

CU's pull for membership generally; savings account isn't part of it just most people go in via the share account route.  

Pretty certain if you just opened a CC with membership as some allow you to, you could get a share account without a HP not that there's much difference, might as well take the savings account when you establish the membership anyway imo.