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Lorena is Worried That Having Multiple Banks Accounts Will Hurt Her Credit

Lorena

“Dear Steve,

I have three bank accounts. Does opening more than one bank account affects my credit score?

What can I do to fix this?

Lorena”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

Dear Lorena,

I am not aware of any reason why having multiple bank accounts would negatively impact your credit score or credit report at all as long as they are all in good standing.

A bank account is rarely reported on a credit report but almost always listed on a bank credit report like those from ChexSystems. A bounced check or overdrawn account could appear as a negative mark on that type of credit report.

Having multiple bank accounts makes it more likely that something might fall through the cracks as you try to juggle keeping all the accounts in good standing. A good reason for maintaining separate accounts at different banks used to be to make sure that your total deposits at each bank were protected under the FDIC protection in case the bank failed.

If you no longer have a specific reason for maintaining all these different accounts you might just consolidate them into one account and that would simplify your life and just make things easier to manage.

Thanks for the question.

Steve

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

 

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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