Supper
08-09-2008, 06:53 AM
Planning on switching banks here shortly, but have a question for anyone that might know:
would it be a good idea to keep my checking account that I've had for freaking ever open with a very small balance in it just to help keep my average account age higher? I don't remember if checking accounts and savings accounts count towards that or if its just credit cards and whatnot.
czarofzar
08-09-2008, 07:15 AM
additional bank fees if any would be a worry plus it'll be another thing to manage are the cons.
the pro side....I cant think of one atm.....
I worked at a credit bureau for a little while and I don't believe that savings or checking accounts help your credit score at all. The reason being is that anyone can get them. However, there is no universal credit score formula. Most financial institutions seem to have some variation on how to calculate it, so while it is possible that it could be a factor somewhere, I doubt that it will be. Doesn't hurt to keep it either.
Vert8813B
08-09-2008, 12:35 PM
I worked at a credit bureau for a little while and I don't believe that savings or checking accounts help your credit score at all. The reason being is that anyone can get them. However, there is no universal credit score formula. Most financial institutions seem to have some variation on how to calculate it, so while it is possible that it could be a factor somewhere, I doubt that it will be. Doesn't hurt to keep it either.
What the Canadian said. Non credit accounts don't count.