Is having "too many accounts" a bad thing?

[thatguycx]

I'm not talking about credit card accounts, loans, etc.. I'm talking about just normal checking and savings accounts. In my case, I have way more checkings and savings accounts as compared to my credit accounts. In total, I will estimate that if I add up all my checkings and savings, I have around 20 of them with some of them being recent such as just today (as compared to like only 3-4 credit cards).

Is having too many of these a bad thing when applying for a new credit card? Don't know if this is a good question or not considering some of these companies like Chase and AMEX can be picky and I don't want to raise any red flags when they do a hard and soft pull on me.

[Revelate]

Mostly irrelevant.

Not sure it's worth much though, even with my current two gigs there's only so many ways I can split my direct deposit to try to gain benefits at any given one and more and more banks / CU's are figuring it out: use our products more and we will give you better discounts.

It's not hard to manage with the rise of third party aggregation sites / apps and there is tracking (Chexsystems for example) and there might be some blowback trying to open up new bank accounts at some point.  Currently I don't know many/any for that matter credit cards that check the bank account tracking databases honestly, might come in the future but it's hard to see why they would do that.

End of the day I would suggest it's the same here as it is with credit products: make a plan and don't pick up irrelevant accounts.

[Remedios]

When I applied for Cash+, it was originally denied because of 2 new accounts. I called because nobody puts baby in the corner, had a lengthy chat with UW, who not only had my TU report, but also EWS and Sage Stream.

His closing words were "I suppose I can approve this, at least you're not opening checking accounts" 

I'm not sure how many lenders use ancillary reports, given the proclivity of US Bank for manual reviews, but it appears that those that do, see it as another example of "churning" if done in excess. 

Now if someone would define excess, that would be just peachy. 

Full disclosure,  my Chase and Becu accounts are over 15 years old. US bank was the only DDA account opened in the last decade or longer. 

[Gmood1]

Good thing my Sagestream and Innovias are frozen😂😂😂

US bank would have sent me packing!!😬

[M_Smart007]

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@Gmood1 wrote:

Good thing my Sagestream and Innovias are frozen😂😂😂

US bank would have sent me packing!!😬

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My blew

a

fuse

last

year

[Guyatthebeach]

I think it's a personal thing. I have accounts with 13 different banks and credit unions, each with something that benefits me. I move money aroung to maxmize my interest. Just like my credit cards, I have them listed on a spreadsheet and track them weekly. 

Guyatthebeach

[FieryDance]

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@Gmood1 wrote:

Good thing my Sagestream and Innovias are frozen😂😂😂

US bank would have sent me packing!!😬

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Novice question, but are there any downsides or risks to freeze Sagestream and Innovias?   

PS, I am sure US Bank would send me packing too just looking at my TU. 

[Gmood1]

@FieryDance 

The only downside I've seen is acquiring a bank account with US bank. At the beginning I couldn't get.one because Sagestream was frozen.

I waited a couple of months after getting the Cash+ and got one without unfreezing it.

Other than that no issues.