Im opening up a savings account

[Aimster]

Someone told me that if I open up a savings account and then go with ING that I will have 2 inquries on my credit report and that will be bad and it is not worth it.

Opinions?

 

[Eli]

I'm not entirely sure if that's even true, but even if it is.. it shouldn't matter unless you plan on taking out a big loan or something in the next 6 months or a year or however long "hard" hits stay visable for.

Why don't you just open the single ING account?

 

[Zugzwang152]

Originally posted by: Eli
I'm not entirely sure if that's even true, but even if it is.. it shouldn't matter unless you plan on taking out a big loan or something in the next 6 months or a year or however long "hard" hits stay visable for.

Why don't you just open the single ING account?

savings accounts are a good intermediate solution to increase access to your funds, if you have a good amount of money to split between the two and may require funds at quick notice. I think ING takes 3-4 business days to transfer to and from your checking account? A savings account would make money instantly available.

I don't think opening bank accounts takes a significant chunk out of your credit score either.

 

[kranky]

What possible effect could opening a bank account have on your credit score? You're not borrowing money.

I say again, people worry FAR too much about their credit score. Live your lives the way you want, it will be fine. Just avoid the obvious stupid maneuvers like applying for 10 credit cards in a short time, paying late, etc.

My score has varied from 760 to 798 over the past two years and I haven't done anything different. Income, loans, credit cards - no change. If I spent a lot of time trying to figure out ways to influence it, I would have wasted all that time. The scoring system is secret for a reason - so people can't purposely manipulate it.

 

[aircooled]

It's not going to affect your ability to borrow money.