Online Banking and Your Credit Rating ??

[Pagoda]

I am preparing to switch from ING to either HSBC. I was thinking I would leave $.01 in each of my ING accounts should they get competitive again. My question is does having a ton of savings accounts affect credit in any way?

[sweeps]

In general, your score is not affected by checking and savings accounts. Your score can go down, however, if you open several accounts at banks that do hard inquiries on your credit.

I suggest waiting a few days to see what HSBC's new rate will be after the promo ends.

[Pagoda]

So you are saying it would be smart to keep the $.01 so I can move my money quickly as rates change?

[sweeps]

Yes. Should be no reason to close the ING account -- just in case it decides to become competitive again in the future.

FYI, I have read a couple of reports of ING closing accounts with less than $1 in them. May want to keep at least a buck in the account.

[billybob]

I have .51 in my ING account. They can close it if they want, I sure dont care! Got my $25 bonus out of them which was all i wanted... They spend too much on advertising and being the most recognizeable brand. As long as they have this going for them, I dont see their rates competing with Emigrant or HSBC

[Bluezy]

I'm not looking to take out a house note at the moment, so I'm really not too worried about my FICO. My interest is directed towards establishing some solid bank and CU relationships as well as my 5% APR online savings account with RateEdge.

I'm sure the hard pull RateEdge shows, however, one hard pull is not that bad.

[mrvirgo]

Pagoda, Give leaving enough money to keep your ING account open some thought. Who knows where things will be six months from now? I too started pulling my money out of ING this week, but wouldn't dream of closing my account with them since it takes very little money to keep an account open and I don't want to go through the process of re-opening a new account in the future. What if six months from now ING is back on the top?

[CJsoccerchic]

In complete agreement with keeping ING open - $1 is all it takes.
Who knows, they might have a CRAZY figure like 10% for a whole 30 days, Id jump on that in a heartbeat - if yo uknow what I mean...