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Is it true that bank accounts (checking and savings) do not show on consumer credit reports and are not used in determining your credit score or average length of accounts?
The last time I opened a bank account I saw that the bank had a list of all my open accounts, so it is getting tracked somehow.
generally when you open a deposit account (checking or savings) they won't pull your credit, what they WILL pull is what's called a CheckSystems report. This is similar to to a credit check but only shows how many deposit accounts you have opened recently, any overdrafts or debts owed to banks and credit unions from these overdrafts. Many banks will deny you an account if you have opened more then three accounts in the last 90 days.
I will caution that SOME banks/credit unions will pull a hard inquiry for a deposit account and this will have a temporary negative impact on your score. Call and ask to be sure
Your checking and savings account dont appear on your credit store as long as you keep them in good standing.. However if you go into the negative and then choose not to pay your negative balance then youre reported to Chex Systems and possibly reported to collection agency or the Loss Prevention area of the bank and then it could go on your credit report. Ive never heard of bankings pulling credit reporst to open a deposit account but it doesnt surprise me if this true. I would just ask to make sure.
Sometimes banks and credit unions do hard pull when you open an account to see if you qualify for credit cars, loan refinancing, and things like that. Even applying for a cell phone can cause a hard pull. What annoyed me is when Bank of America did a hard pull when I called to ask about refinancing my existing mortgage with them. Thanks for clarifying what ChexSystems does.
FYI when I opened my ING Electric Orange checking account a few years ago they did a credit pull due to a 'overdraft line of credit' that gets opened with the account. Didn't bother me, but I did notice it as a hard inquiry on my credit.
Is it true that bank accounts (checking and savings) do not show on consumer credit reports and are not used in determining your credit score or average length of accounts?
The last time I opened a bank account I saw that the bank had a list of all my open accounts, so it is getting tracked somehow.
We have never had any bank account or investment show for credit score except for our credit union from work -- and that was only when we took a loan against our savings for our daughter's summer college tuition rather than take it out of savings. [We paid off the loan in 6 mos. from pay. ] That showed up as a loan. I never understood how it should -- it was our own money and no interest to borrow it. Go figure.
We have never had any bank account or investment show for credit score except for our credit union from work -- and that was only when we took a loan against our savings for our daughter's summer college tuition rather than take it out of savings. [We paid off the loan in 6 mos. from pay. ] That showed up as a loan. I never understood how it should -- it was our own money and no interest to borrow it. Go figure.
Secured loans like that are a great way to establish a positive tradeline when you are just starting out or rebuilding, and no one will give you a traditional loan. It's how I started out.
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