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horgad
1000+ Penny Miser Member



USA
1641 Posts
Posted - 02/18/2008 :  12:23:35  Show Profile Send horgad a Private Message
quote:
Originally posted by HoardCopperByTheTon

Does having a lot of accounts increase or decrease your credit score? Does closing an account negatively impact your score?


I have a copy of my credit report right in front of me. My bank accounts only show up in the Inquires section. They do not show up in the list of Accounts. Of course I always refuse credit/debit cards when I open an account.

So as far as I can tell checking and savings account do not show-up on your credit report as accounts if they don't have credit/debit cards attached to them. The Inquires section states "Inquiries that may impact your credit rating:" and "Inquiries remain on your credit report for two years."

So it is possible that banks are looking at the Inquires and figuring out that you have opened alot of bank accounts lately. But it is unlikely that this hurts your credit score unless there are loans associated with the bank accounts and then the bank accounts would show up as accounts on your credit report (hope that makes sense).

For example, the checking account that I have had for over two years does not show up anywhere on my credit report. The credit union where I dump pennies at only shows up in the Inquires section.

By the way, it is everybody's right to get a free credit report once a year from the three major credit agencies. Coincidently, I got my free reports a couple of weeks ago...

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Edited by - horgad on 02/18/2008 12:30:23
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HoardCopperByTheTon
Administrator



USA
6807 Posts
Posted - 02/18/2008 :  14:47:51  Show Profile Send HoardCopperByTheTon a Private Message
So if I remember correctly, each inquiry actually dings you for a few points. If you were to open 20 bank accounts it could lower your score a bit.
If your percentages are low.. just sort more. If your percentages are high.. just sort more.

Now selling Copper pennies. 1.6x plus shipping. Limited amounts available.
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wheatcent
Penny Sorter Member



USA
26 Posts
Posted - 03/02/2008 :  12:38:31  Show Profile Send wheatcent a Private Message
If I get a mean teller that will be my dump bank. I will have fun bring $1500-$2000 in pennies every week.
Sell off some of my copper pennies $85.00 shipped for 5000 copper cents
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HoardCopperByTheTon
Administrator



USA
6807 Posts
Posted - 03/02/2008 :  12:51:16  Show Profile Send HoardCopperByTheTon a Private Message
If you bring in that many they will just cut you off.. or start using the F word.
If your percentages are low.. just sort more. If your percentages are high.. just sort more.

Now selling Copper pennies. 1.6x plus shipping. Limited amounts available.
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