Is there a credit benefit to having multiple checking accounts?

[Anonymous]

I understand some join multiple credit unions in order to maximize rewards and benefits of certain cards or loan offers. Aside from making it easier to get more cards or loans from different sources, is there a credit benefit to having multiple checking accounts from multiple banks?

[B335is]

I have a few checking accounts and other than the reasons you mentioned, haven't seen any credit benefit from it.

[Anonymous]

I have five checking accounts across four banks. No credit benefit that I can see.

[Revelate]

Zero credit benefit.  Maybe some relationship benefit if you're leaving non-trivial cash there, but I don't so I don't think it matters in my case.

I do find some other benefits to them but it's nothing to write home about.  Generally the only account I really enjoy having in addition to my primary deposit account, is USAA with their most excellent no ACH fee policy (in or out).    I have a slew of them but don't use many of them regularly, DCU's gets some usage too.  The old BOFA account really doesn't, and the Alliant deposit is just babysitting a 5 year auto pay secured loan.  The other half dozen do squat, and I have no need to hide from the IRS these days heh.

These days I could switch the majority of my things over to bill pay and get pretty much everything that I need out of one account, though picking up some things like 3% savings bonus on $500 at DCU is worth keeping the account around for a portion of the reserve funds.  If I get sloppy on my payment calendar and I need to make an application, having what amounts to a 0 day / no waiting payment clear to zero a balance isn't a bad thing but better organization couldl get me around that.

Some downside: I don't have significant cash in them but I probably have another 4-5K across my secondary accounts: won't make a difference to my mortgage app as I have no need to declare assets beyond my primary checking and brokerage account, but if I needed that money, it'd be a documentation NIGHTMARE. 

[takeshi74]

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@Anonymous wrote:

Is there a credit benefit to having multiple checking accounts?

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You can see for yourself.  Take a look at your reports.  Your credit is assessed based on the data in your reports.  Scores are based on the data in your reports.  See also:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

What do you see in the link above and in your reports for checking accounts?  At most you might see hard pulls for opening the accounts but that depends on the financial institution.

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@Anonymous wrote:

Aside from making it easier to get more cards or loans from different sources

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That's an incorrect asumption.  It can help in some cases but having a checking account isn't going to make or break a credit approval on its own.

[Anonymous]

Opening an account with a credit union might help you if you app through them as a long standing member rather than an outsider. Other than that, none.

[Anonymous]

No credit benefit except maybe to establish a relationship with a credit union for future loans.  The only bank that acts like that is Wells Fargo, which sometimes requires people to have a checking/savings to get a CC with them.

I will say, it never hurts to have two checking accounts in case something goes wrong with one of your accounts, you will have that second one as a back up.  

[Anonymous]

Nope. The benefit comes from the internal score at a bank which can help with loan decisions, but checking accounts have no influence on your credit. 

[kdm31091]

Don't think it matters. Checking accounts do not pull credit when opened and have nothing to do with your credit. So having multiple will not help or hurt you.

[Its_Me]

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kdm31091 wrote:

Don't think it matters. Checking accounts do not pull credit when opened and have nothing to do with your credit. So having multiple will not help or hurt you.

I opened a checking & savings with a local credit union last fall - hard pull on my credit report. I opened a checking & savings account with DCU a couple months ago - same thing. Opened both with Huntington less than 2 years ago, another hard pull.

I did not apply for any loans or credit cards with any of these.