does having too many bank accounts hurt your credit?

[caitlion]

like if you had a lot of checking accounts?

just to clarify the situation, my bf and i would like to open a checking account together, but he heard from someone that it lowers your score, so hes scared to.

 

[arcenite]

Originally posted by: caitlion
like if you had a lot of checking accounts?

Nope

 

[krunchykrome]

like if you had a lot of checking accounts?

It depends on why you have had so many checking accounts. And it depends on what you mean by credit.

 

[AlienCraft]

Originally posted by: caitlion
like if you had a lot of checking accounts?

Maybe if they were all closed for "inappropriate" activity.....
Open, active, in good standing, nope....

 

[Dissipate]

Originally posted by: caitlion
like if you had a lot of checking accounts?

just to clarify the situation, my bf and i would like to open a checking account together, but he heard from someone that it lowers your score, so hes scared to.

No, he is probably just scared that you will take the account for a RIDE at the mall.

 

[caitlion]

Originally posted by: Dissipate

Originally posted by: caitlion
like if you had a lot of checking accounts?

just to clarify the situation, my bf and i would like to open a checking account together, but he heard from someone that it lowers your score, so hes scared to.

No, he is probably just scared that you will take the account for a RIDE at the mall.

well, except for the fact that i hate shopping. it will be an account that we both use for gas actually, since we live about 2 hours apart. so we will both contribute the same amount and then ONLY use it for gas. or maybe dinner or something

 

[Mill]

No, it won't effect your credit unless you overdraft them or bounce checks and it goes into collections.

 

[Nocturnal]

I didn't know bank accounts counted towards your credit. Unless you write a bad check and it goes to a collection agency, I don't see how it counts towards your credit.

***Using your debit card does not count toward your credit since you are using YOUR own money in your own checking account hence no borrowed money, no reason for it to be called credit***

 

[caitlion]

Originally posted by: Nocturnal
I didn't know bank accounts counted towards your credit. Unless you write a bad check and it goes to a collection agency, I don't see how it counts towards your credit.

***Using your debit card does not count toward your credit since you are using YOUR own money in your own checking account hence no borrowed money, no reason for it to be called credit***

nobody called it credit.

 

[mugs]

Why don't they teach this stuff in school?

 

[yllus]

From Degenerates.org - How to build good credit:

Types of credit = 10% of your FICO credit score. Credit cards, retail accounts, installment loans, finance company accounts and mortgage loans are the big hitters here. This last ten percent of your score also considers the total number of accounts the credit user has for different loan types - and while it is possible to have "too many" accounts of one type, how many is too many differs from lender to lender.

--

So while bank accounts like ones for chequing and saving don't affect your credit score, having too many (credit-linked) accounts can.

 

[Dissipate]

Originally posted by: Nocturnal
I didn't know bank accounts counted towards your credit. Unless you write a bad check and it goes to a collection agency, I don't see how it counts towards your credit.

***Using your debit card does not count toward your credit since you are using YOUR own money in your own checking account hence no borrowed money, no reason for it to be called credit***

Well let's just say if you can't even get a checking account at a bank because you overdrafted too much lenders aren't going to count this as a positive.

 

[MillionaireNextDoor]

only for lines of credit, not really debit

 

[AlienCraft]

Originally posted by: caitlion

Originally posted by: Dissipate

Originally posted by: caitlion
like if you had a lot of checking accounts?

just to clarify the situation, my bf and i would like to open a checking account together, but he heard from someone that it lowers your score, so hes scared to.

No, he is probably just scared that you will take the account for a RIDE at the mall.

well, except for the fact that i hate shopping. it will be an account that we both use for gas actually, since we live about 2 hours apart. so we will both contribute the same amount and then ONLY use it for gas. or maybe dinner or something

In this case, it is not a good idea. You end up linking your credit history to his, in the event the account is abused. Better to simply pay for yourself, imo.

 

[caitlion]

Originally posted by: AlienCraft

Originally posted by: caitlion

Originally posted by: Dissipate

Originally posted by: caitlion
like if you had a lot of checking accounts?

just to clarify the situation, my bf and i would like to open a checking account together, but he heard from someone that it lowers your score, so hes scared to.

No, he is probably just scared that you will take the account for a RIDE at the mall.

well, except for the fact that i hate shopping. it will be an account that we both use for gas actually, since we live about 2 hours apart. so we will both contribute the same amount and then ONLY use it for gas. or maybe dinner or something

In this case, it is not a good idea. You end up linking your credit history to his, in the event the account is abused. Better to simply pay for yourself, imo.

actually his gas costs a lot more than mine.. which is why i want to do this. i have a honda civic and he has a mitsubishi 3000gt.. big difference there i dont even currently have a credit history, since im only 17, and as you can see hes very careful with making sure he's building good credit. good advice though, thanks.