If in good standing, do multiple checking accounts hurt my FICO score?

[Anonymous]

I have five checking accounts (accumulated for business reasons or because of promotional offers). All of these accounts are in good standing, but three of them have an average monthly balance which is low. Does this multiplicity of accounts hurt my FICO score or otherwise cast me in a bad light for a new credit card or loan application? And for the same reason, should I hold off on accepting promotional offers for yet additional checking accounts? Similarly, for personal usage is there an "ideal" number of accounts in terms of having a good credit profile?

[FireMedic1]

Checking accounts dont affect FICO scoring. ChexSystems is where that info is kept. Unless it gets closed down for excessive overdraft fees and never become current. That would show up on your reports as a closed account witha balance. Applications for credit do look at ChexSystems. My 1 denial was from AMEX for too many new checking accounts. A whopping 1 with NFCU. Dont know why you'd need more accounts. That could raise some flags with all the govt regulations with 6 checking accounts.

[OmarGB9]

Checking accounts have nothing to do with your FICO score.

I'd still hold off on opening too many checking accounts. Not for credit-related reasons, but for reasons that may make you look suspicious to the government as @FireMedic1 noted above. 

[Anonymous]

Promotional offers for new checking accounts can be seductive--e.g., "open a new account, and we'll give you $300 after X-number of months."

[Kahnawake007]

I have 1 checking account, and 2 savings accounts. All from 3 different entities. 

I cannot speak for your business affairs. But I would think 5 is too many, unless of course you were an entrepreneur of some sort that had 5 different business ventures. You can get red flagged and accounts closed and money confiscated doing that. Chexsystems might see that as money laundering. 

[CYBERSAM]

I have many Checking/Saving accounts! Never had any issues or had negative impact from having them.

As long as you are not paying any fees to keep them active than you should have no issues from multiple Checking/Saving accounts!

[FireMedic1]

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@CYBERSAM wrote:

I have many Checking/Saving accounts! Never had any issues or had negative impact from having them.

As long as you are not paying any fees to keep them active than you should have no issues from multiple Checking/Saving accounts!

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Your a drop in the bucket. One person out of millions. Just because you didnt have any problems doesnt mean no one else could. One person may get a GW deletion from Cap1 for 1 late payment. Doesnt mean the hundreds on here were all successful. And the hundreds that get a successful deletion that never become a member here. We wont know who they are. Congrats.

[tnhomestead]

If we have gone so far that 5 checking accounts gets you on watch lists, well that's a problem. Have friends with multiple 200k bank checking accounts,  to stay under the 250k insurance limit. Even Forbes magazine sees no problem in multiple accounts. 

Now if your depositing 9k a day in cash into each account, well that's between you, the irs and the dea.

Other than that, don't see a problem. Heck I am a veteran, voter and have 4 checking accounts so I am probably on a ton of watch lists! Good luck

[CYBERSAM]

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@FireMedic1 wrote:

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@CYBERSAM wrote:

I have many Checking/Saving accounts! Never had any issues or had negative impact from having them.

As long as you are not paying any fees to keep them active than you should have no issues from multiple Checking/Saving accounts!

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Your a drop in the bucket. One person out of millions. Just because you didnt have any problems doesnt mean no one else could. One person may get a GW deletion from Cap1 for 1 late payment. Doesnt mean the hundreds on here were all successful. And the hundreds that get a successful deletion that never become a member here. We wont know who they are. Congrats.

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If you're moving large amount of money then sure! Transferring in international level then sure! But I'll challenge anyone to come forward for being confronted by government for simply having few checking accounts.

[FinStar]

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@CYBERSAM wrote:

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@FireMedic1 wrote:

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@CYBERSAM wrote:

I have many Checking/Saving accounts! Never had any issues or had negative impact from having them.

As long as you are not paying any fees to keep them active than you should have no issues from multiple Checking/Saving accounts!

---

Your a drop in the bucket. One person out of millions. Just because you didnt have any problems doesnt mean no one else could. One person may get a GW deletion from Cap1 for 1 late payment. Doesnt mean the hundreds on here were all successful. And the hundreds that get a successful deletion that never become a member here. We wont know who they are. Congrats.

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If you're moving large amount of money then sure! Transferring in international level then sure! But I'll challenge anyone to come forward for being confronted by government for simply having few checking accounts.

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There have been instances where this happens @CYBERSAM, but it's more specific to high-profile individuals, persons of interest, and/or entities. It's not the number of deposit accounts per se, it's the activity that can get flagged by participating institutions.

An item to keep in mind is that ChexSystems is one of several reporting agencies that track this data. EWS is another, which most people tend to forget.

But, to @Anonymous's question, having 3, 5, 10, 20+ deposit accounts (in any flavors) will not impact FICO credit scores. But, lenders have access to things like CoreLogic, for instance (or other data analytics resources), that could impact a lending decision.