Random Finance Question -- does it ding my credit score when....

[AtlantaBob]

Hi all,

Random question.... I have a bank account with Chase-- they're offering $100 if I can deposit $5,000 in a savings account (which I can withdraw almost immediately with no consequence). I'm lucky enough that I have that type of money to deposit with them.

If I open up an account with them and close it after 6 months will that ding my credit?

Thanks,

Bob

 

[Jumpem]

I wouldn't think so.

 

[rudeguy]

my question is...isn't there something better that you could invest in that would return more than 2%?

 

[TruePaige]

my question is...isn't there something better that you could invest in that would return more than 2%?

2% immediately beats 5% annually.

 

[AtlantaBob]

my question is...isn't there something better that you could invest in that would return more than 2%?

Rudeguy,

Sorry for being unclear. Yeah, the APR on this would suck. However, if I could "invest" 5K (which is really for an emergency fund anyway) and then withdraw it 2 weeks after the fact to put it into something that earned better interest (the best online money markets seem to be between 1-2% APR....)

I suppose one of the unstated assumptions is that I want the money in "cash" (or at least FDIC-insured cash) for emergency fund purposes...

Thanks, and sorry for the late-in-the-weekend post. Hope it makes sense,

Bob

 

[kranky]

It MAY affect your score IF Chase does a hard pull on your credit to open an account. How much it might affect it depends on many other things.

 

[AtlantaBob]

Kranky,

Not to be an ass, but I don't know much about all of this stuff.

I wouldn't be looking to buy a house or engage in any other credit purchase for at least 1 Year + -- should I still be concerned, or would any "hard-pull" issue be gone by then?

Thanks,

Bob

 

[DaWhim]

I think I have the same offer.

I don't see chase will pull your credit report for a saving acc, but i don't care. I don't need my credit to get me a car or a house anytime soon

 

[kranky]

Kranky,

Not to be an ass, but I don't know much about all of this stuff.

I wouldn't be looking to buy a house or engage in any other credit purchase for at least 1 Year + -- should I still be concerned, or would any "hard-pull" issue be gone by then?

Thanks,

Bob

Under those circumstances, I wouldn't worry about it at all. Go for it.

 

[KillerCharlie]

Bank accounts (checking/savings), don't show up in your credit report at all. I've never heard of a bank doing a credit check before offering you an account... at least they've never done that with me. Even a pull on your credit only slightly affects your score.

This is a side note, but for major purchases like a house, they don't just look at your score. They're smarter than that and look into your whole report. I had a missed payment on a school loan (an accident, their website sucks). It knocked me down 100 points. When buying a house the loan officers were smart enough to realize it for what it was and it didn't affect the rate I got.

 

[kranky]

Bank accounts (checking/savings), don't show up in your credit report at all. I've never heard of a bank doing a credit check before offering you an account... at least they've never done that with me. Even a pull on your credit only slightly affects your score.

There definitely are banks who do a hard pull when opening checking and/or savings accounts.

The account doesn't show up on a credit report (since it's not credit) but the inquiry does.

 

[AtlantaBob]

Thanks, all, for the comments.

Am I right in thinking that a hard pull (even if they do that) only stays on the account for a new (<6 months?)