topic Re: Does opening/closing checkins or savings affect anything? in General Credit Topics

Does opening/closing checkins or savings affect anything?

Anonymous — Wed, 04 Mar 2009 22:27:25 GMT

I guess when you apply for checking or saving account they do a soft pull, so it does not really affect your credit score. However, I dont know if generally opening and closing checkings account can be seen as something bad from creditors or somebody who is eveluating your credit report?

I travel alot, so every 6-7 months, I find a better deal for where to have a checking account. Currently, I have 2 checkings and 1 saving and I want to apply for another checking account and probably close on of the others. Do you think that if I "play around" with this too much, it can be a "minus" in me record?

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Wed, 04 Mar 2009 22:44:14 GMT

Some banks do pull your credit, especially credit unions. I have a tendancy to shop around for the best interest rate on savings accounts and it hasn't hurt me at all. Though I leave my check account alone because i don't keep a lot of money in it and the fees usually associated with checking accounts that yield interest are usually not worth it to me.

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Thu, 05 Mar 2009 05:11:18 GMT

Last July I opened a checking account at compass Bank and they did four hard pulls on my CR. Vicki

Re: Does opening/closing checkins or savings affect anything?

Junejer — Thu, 05 Mar 2009 05:30:54 GMT

That's exorbitant!

Re: Does opening/closing checkins or savings affect anything?

smallfry — Thu, 05 Mar 2009 10:38:46 GMT

@Anonymous wrote:
Last July I opened a checking account at compass Bank and they did four hard pulls on my CR. Vicki

No way would I stand for that. IMO 1 is one too many especially if you didn't ask for overdraft protection.

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Thu, 05 Mar 2009 16:12:48 GMT

When my wife and I combined checking with BofA, they pulled my credit. I also had my credit pulled with BB&T. However, I still have one checking, two savings and an HSA account with BB&T and I don't see negative reporting there. I don't know how mortgage lenders might look at that though when they ask for bank account info.

Re: Does opening/closing checkins or savings affect anything?

BlessedHappiness — Tue, 10 Mar 2009 11:00:14 GMT

BofA made a hard pull when they opened my checking account. Crazy though as I did not apply for any credit.

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Tue, 10 Mar 2009 13:33:54 GMT

The catch about opening checking and savings accounts is that you have to be careful of Chexsystems. I don't understand all the ins and outs of it, but it is to checking and savings accounts what Equifax/Experian/TransUnion are to credit cards.

When you apply for a checking account and/or savings account, some banks and credit unions check your Chexsystems report. I've read that, generally speaking, 3 or more Chexsystems inquiries within a 90 day period is considered a red flag; plus, Chexsystems itself flags your file as "suspicious" if there are more than x-number of inquiries are on your file during a certain span of time

Furthermore, I *think* that sometimes banks and credit unions periodically check Chexsystems and may take adverse action against your preexisting checking/savings account for anything that looks like a red flag in your Chexsystems file.

While negative information stays on your Chexsystems report for either five or six years, I don't know how long non-negative information stays on. And I'm not sure right now how long Chexsystems inquiries (from applying for checking/savings .. and sometimes even CDs) stay on your Chexsystems report.

Message Edited by MojaveMoon on 03-10-2009 06:33 AM

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Tue, 10 Mar 2009 13:46:19 GMT

ChexSystems' website: link

You're entitled to one free annual Chexsystems report: link

Message Edited by MojaveMoon on 03-10-2009 06:46 AM

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Tue, 10 Mar 2009 16:50:46 GMT

Between my wife and I, I have probably opened up 20-25 checking/savings/brokerage/online accounts over the las 18mths and have never had a problem. Sign-up bonuses are a great way to earn extra money.

Re: Does opening/closing checkins or savings affect anything?

Anonymous — Wed, 11 Mar 2009 00:24:04 GMT

BlessedHappiness, I think Wachovia and Bank of America did a hard pull to me too! I cant believe that they have the right to do that! Wachovia even repeatedly pull a report and I have regular Checkings and Savings with them. I will check my report again. If all of them are hard pulls, I will call them.

MojaveMoon, I have never knew about Chexsystems! That is really interesting and good to know! Thank you for your post!

CreditCardWhore, that what I want to do LOL. There are really good bonuses out there!