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I've been getting offers from Chase for $100 free if I open a checking account with them (due to a recent move into the neighborhood). I already have an existing big bank checking account and a recently opened credit union checking account. I've been debating opening the third checking account (3 months of use, a few debit transactions per month required to get the free money). Would this have any negative effects on my credit score. if I were to open a third bank account? FYI, the credit union is now my main bank, and the big bank accounts I will keep while I have a big loan with 90% of my debt with them (payoff between 3-4 years from now). |
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Opening a checking account in itself does nothing to your credit score. What could impact your score however is whether the bank (in this case Chase) decides to do a hard inquiry or a soft inquiry. A soft inquiry has little if any impact on your credit ratings. A hard inquiry by itself won't damage your score, but enough of them over a short period of time could impact your score slightly. The good news is that they don't stay on your credit for very long. I think overall you will be fine unless you are looking into getting a major loan in the near future, like a mortgage, and have had other hard inquiries on your credit recently. |
Great question!