How bad is it for your credit

[User1001]

title and summary asks it all.

 

[manlymatt83]

None..... bank accounts use chex for history reporting. Revolving accounts, etc. use the three CRA's (Equifax, Transunion, Experian).

The only negative this can have is if you close, say, a Bank of America bank account, then reopen the Bank of America bank account. Banks like these tend to pull "hard inquiries" on your Credit Report when opening an account.

Also, internally, a company like American Express may conduct a Financial Review (FR) if you have revolving credit and/or a charge card with them. If you tell them you no longer have a bank account, it may cause concern...

 

[mugs]

Not at all. Bank accounts have nothing to do with your credit.

 

[RedBeard]

Well when you get a loan the applications will ask you if you HAVE a checking/savings account. But I assume you would still have at least one account.

 

[Vic]

No effect at all. Listing your bank accounts on a loan application is for documentation of capital assets, not for credit (the 4 "C's" of underwriting: credit, capacity, collateral, and capital).

 

[Kenazo]

Why would it affect your credit?

 

[fitzov]

Well, if you close it before your checks have cleared, that could affect your credit.