Does having more than one bank account help or hurt my credit?
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I have 4 active bank accounts. My score used to be pretty bad, but I’ve worked hard for the past two years on improving it. And it did get better. However, I’m still puzzled about that one: Does having more than one bank account help or hurt my credit?
It does nothing to your credit
Fico credit score (and all the other scores) do not factor bank accounts (checking, savings and CDs). They are not an extension of credit, and as such are not reported to the credit bureaus and are not factored into the credit score formula.
The only exception is when a bank closes an account and the balance is not zero. Then the bank may report the debt to the credit bureaus, or sell the debt to collection companies.
BTW, are you sure you need 4 different bank accounts? Are you paying NSF fees? You may be better of with just one or two account.
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