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How does it look on a credit rating to have 3 bank accounts open?

SnowTwqd asked:


I have several accounts open for different reasons that I would like to keep but I am trying to improve my credit rating, does that look bad on a credit report. Any other tips to improve credit fast? I don’t have bad credit but I am trying to get the best rate possible on a student loan in a year or so.

Alvin
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This entry was posted on Thursday, January 1st, 2009 at 6:17 am and is filed under Credit Questions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

4 Responses to “How does it look on a credit rating to have 3 bank accounts open?”

  1. Stuart Says:
    January 3rd, 2009 at 11:28 am

    Bank accounts do not show up on your credit report.

    -Stuart

  2. SPIFIMAN1 Says:
    January 6th, 2009 at 1:00 am

    Since bank accounts do not show up on credit reports it doe’s not matter.

    The quickest way to raise score is by using a couple of credit cards for every day things never exceed 30% of your credit limit and pay them off in full every month before the due date.

    Credit scores are based on the following factors;
    1. Payment history 35%
    2. Time in bureau 15%
    3. Types of loans 10%
    4. New loans 10%
    5. Debt to credit ratio 30%

    To have the very best score and profile people need 3 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long pay history’s.

    Notice I said nothing about available credit because it doe’s not matter the only thing that does is your debt to credit ratio and it needs to be under 30%.

  3. Suzy Says:
    January 6th, 2009 at 7:24 am

    Bank accounts do not show on your credit report. The best way to increase your credit score is to have a consistent record of on time payments. Also, close any credit accounts that you do not use often. They count as potential debt even with a zero balance.

  4. jc2k353 Says:
    January 7th, 2009 at 2:09 pm

    bank accounts do absolutely nothing for your credit… the only things that affect your credit are open/active revolving or installment loans.

    So… you need to get a small loan or credit card/gas/department store card to establish credit. You DO NOT have to carry a balance, just open the account.. use the card 1 time and pay it off @ the end of the month.

    If you do carry a balance… be sure it’s less than 30% of the limit ($300 limit- keep balance under 100)

    Good luck!!

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