How does having multiple bank accounts affect your Credit Report?

Question

I read once ( at freecreditreport.com ) that having multiple bank accounts open at the same time can reduce your credit score. For example, I currently have a checking and a savings. If I open an additional Checking today, will it look bad to a potential creditor? If you know, please advise....thank you.

Answer 1

Depository accounts do not affect your credit score.

Are you sure about the wording on that website?  They were likely saying that opening a third Credit Card account can reduce your credit score.

Nobody can see from your credit report/credit score how many bank accounts you have.  The amount does not adversely affect your credit, nor does it help it.  Credit is about your history in repaying loans (credit cards, mortgages, etc.) that have been issued to you.  A bank account does not reflect any of the above.

The only time that a checking/saving account would appear on your credit report is if your balance went into the negative and *remained* in the negative long enough to be sent to a collections agency.  This would signify you owing the bank money, and failing to pay them back.

Answer 2

i have multiple accounts and it hasnt negatively impacted my credit rating

Answer 3

Bank accounts do not affect your credit report as they are not credit products and just deposit accounts.

In the event that you are opening chequing accounts every few months, then sure you'll have a string of inquiries from the bank credit checks but no biggie.  

Answer 4

multiple accounts do not affect your credit report , multiple credit cards with money left on the limits is what improves your credit score , your credit score reflects how much money you are approved to borrow already but are not using .... like if you have 5 cards with a 10 000 dollar balance , that is better than just one card with a 10 000 balance that is maxed out , just be careful not to use this credit for stuff you cant pay for