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Thread: True or False: Switching Bank Accounts Affects Credit Score?

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    Default True or False: Switching Bank Accounts Affects Credit Score?

    I was told by a financially savvy dancer that switching bank accounts affects (negatively, obviously) your credit score/rating... I assume this is true? Is there any way to get around this? How long does it last... and how much of an affect is this?? I finally saved up over 10k (YAY!!!!! The beginnings of my future house downpayment!!!) in my savings account, and was extremely disappointed to find out that my account doesn't switch (isn't tiered like other online accounts) @ the 10k mark... so I wanted to switch to an account where I can get a better savings rate. I take it the blow to my credit rating is not worth a better savings rate?? What do we think?
    Thank you in advance...

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    As far as I know, your credit report doesn't even list your checking/savings accounts, so I don't see how it could affect your credit score. Having savings =! credit.

    That said, your lending institution could take length of account when considering giving you a loan, but that's different than your 'credit score.'

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    oh. hmm. I suppose it's worth a chat with my customer service rep, then... just to make sure. But thank you!

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    I would say go for it!

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    also have you looked into a cd for your savings so you're getting around 4 percent in interest? i'm not a financial expert but it's worth looking into.

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    the rate i found was 5.4 *claps exitedly* for online savings.

    EDIT: daahhhhh it's gone!!! Booooo.... it was a little savings account hidden away under BofA 'my expressions' banking linked to a wildlife fund in oregon. and now it's gone. fuckity fuck. oh well... methinks i'll do b of a rollover cd's now.
    Last edited by ColetteCalahan; 09-15-2008 at 02:57 PM.

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    Have you looked into an online savings acct such as ING (if you don't want to use CDs/money market acct)? I love their customer service...

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    i'm sorry, i meant wamu.

    check out the 8 month rates!!!
    that's goooood... better than ING, i think. i have no prob w/ cd's.

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    WaMu is doing VERY poorly right now... they just fired their CEO, its stock has lost 92% of its value in the last year and it's on the short list of banks in trouble, the same direction that IndyMac went a few months ago.

    The CD rates sound good, but you might want to do a bit more reading on the bank and see if you want to get on board w/ them at this point in their financial outlook.



    You might want to wait to work w/ WaMu 'til Oct 12 when they announce their earnings...

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    ^ hahahah oops... no wonder they are offering such nice things to attract people right now. thanks for that.

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    ^^^

    It could affect your credit rating if you were transferring a bank loan I suppose, but I can't imagine that just transferring your count would matter
    Sexy Jasmine after getting fucked over at work:

    God loves strippers and when guys do things like that its an automatic ticket to HELL!


    Quote Originally Posted by anomar View Post
    Perhaps you stopped spending money on her. Strippers need money to operate. They are like coin operated juke-boxes of love.

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    National City has CD's for 5.25% right now- they just extended their offer.
    I hope this bank will be ok, it sounds like a good rate, and I'm thinking about it.

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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    Found a breakdown of FICO score calculations!

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    Featured Member Vamp's Avatar
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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    Transferring a checking or savings account does NOT effect your credit score in anyway. The only time an account could effect your standing is if it is closed with a negative balance. Then it would go to collections which would end up on your credit report. But transferring an existing positive balance won't effect your score.

    Transferring loans or credit cards can effect your credit score. How would it? That would depend on a lot of different variables.
    Nature knows no indecencies; man invents them. ~ Mark Twain


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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    oh... hmmm... thank you very much (and anomar, thanks a lot for that link!!!)

    damn the financial world. silly credit. why... i want to trade in rocks and shells and lapdances.

  16. #16
    AudreyLeigh
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    Default Re: True or False: Switching Bank Accounts Affects Credit Score?

    Quote Originally Posted by ColetteCalahan View Post
    I was told by a financially savvy dancer that switching bank accounts affects (negatively, obviously) your credit score/rating...
    Obviously not as financially savvy as she claims!

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