Will opening a savings account raise your FICO score?

[Madison]

I was wondering if it does. Would it be advisable to open your savings account with the same bank you have your checking account?

[llecs]

Nope to raising your FICO score.

[MidnightVoice]

Yes to being a good idea for all of us. 

[Anonymous]

I think I just replied to exactly the same question. As has been said, it does nothing for your FICO, but it does in most cases increase your desirability as a client for the CCC's.

Message Edited by hdj on 10-24-2007 12:58 PM

[haulingthescoreup]

Don't see why it would make you more attractive to the CCC's, unless your savings are at the bank or CU that issues the CC. Otherwise, how would they even know that you have savings? We list them for mortgages, etc, but I don't remember listing them on a CCC app.

But oh yeah, everyone needs a serious savings account. I'm using a Roth IRA as emergency savings until I can free up some $$$ for a separate regular savings. Right now I'm doing catch-up retirement deductions for the max $20,500 this year, so my take-home from my day job is $272-something every other week, before the $200 Roth deduction. Party on!