Opening multiple savings accounts -- can this hurt your credit?

[Amy752]

I am considering opening a couple savings accounts (4 total - 2 in my name, 2 in hubby's) to get in on the sign up bonus. But can having multiple accounts hurt our credit? We already both have an ING account. One of those is the one we actually use. TIA!

[sweeps]

Most banks either do not pull your credit score or if they do it's a "soft pull" which does not harm your score.

However, there could be a bank or two out there that do a hard pull. You'd have to check with the terms and conditions to be sure.

[Ima saver]

The only time a bank has pulled our score is when we have applied for a mortgage loan. I don't think having multiple savings accounts will hurt a bit. I have a bunch of mutual fund accounts and my score is great. I also have several savings and money market accounts also.

[ender513]

I wouldn't worry about multiple savings accounts hurting your credit score. Some banks do pull your credit in order to verify that you're truly who you say you are, but this shows up as a soft hit on your credit and doesn't hurt your score. Bank accounts don't show up on your credit history, but it would be different if you were opening multiple credit cards in order to get an opening bonus since credit cards will show on your credit report and may affect your score.

Most banks do some type of verification process, but it's seperate from a credit history. Banks use systems such as telecheck or chexsystems in order to verify if you owe other banks money from a closed out negative account. However, this is seperate from a credit pull and will only have a connection if you owe a bank money because of a closed out account and have been sent to collections. Being sent to collections may show up on your credit history, but the account itself doesn't.

[Amy752]

Thanks all - you've made me feel much better!

[shelbylovesmelby]

I agree it won't hurt anything unless your credit is pulled hence possibly effecting your score.

When I worked for a CU they started pulling reports b4 they opened any accts, even savings to deter & or reduce the amt of fraud & negative bal accts. We even had to verify employment!! Believe me I hated opening accts!!

[CJsoccerchic]

Wow, I'm glad someone asked the question cause I wondered that too!!
Does anyone know about the credit card applications thing? I have been trying for an "American Express" and they are HARD. Does it hurt my credit to try again?

[Amy752]

If you apply and get denied, yes it will affect your credit score. Not sure how much though!

[Fern]

Be sure not to forget any of the multiple accts. when you file your taxes next year.