I have two checking accounts from two different banks open currently. One is solely for school and I just use the debit card for the ATM and the occasional purchase. The other is from back home with a savings account attached as well. If I can cancel both accounts I have now and open a new account at a different bank would that affect my credit score or credit in anyway? Thanks for the help guys.
The exact formulas used by each of the three reporting agencies are trade secrets, but people who work with credit a lot tend to develop good guesses about what makes a score go up and down. Changing accounts in the manner you stated should not affect your score. Savings and checking accounts are not even on your credit report. You can list them as assets in a credit application, and I know mortgage underwriters will insist that you at least have a checking account, but moving accounts around should not affect your credit.
my capital one credit card offers to give me a credit report every once in a while that lists all my scores on it so i can see if its good bad or average.
it really helps because every now and then you have something billed to you after you have moved and you never know about it until you have your credit checked. when my credit card company gives me my report, i can see if anything appears that i owe something.
Capital One protects against Viking invasions as well.
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Anyone who wants to get a good insight as to how certain things effect your credit score should sign up for credit watch at myfico. It's like $8 per month and it will alert you to changes on your report when they impact your score. That will allow you to see in real time how different things effect your score. HIGHLY RECOMMENDED.
Example- since I have this service, I watched my credit score tank from 740 down to 680 because I had a bunch of business debt on my personal credit cards. I am currently working on getting financed on a $540,000 piece of property. Since I knew my score was impacted so negatively by the high revolving debt, it gave me the opportunity to shuffle the credit card balances temporarily out of my name and it brought my score back up to around 750.
This equates to a savings of about $300 per month because with a higher credit score your mortgage rate goes down.
Also read "From Credit Repair to Credit Millionaire" by Donna Fox. GREAT info on building and repairing credit.
Anyone who wants to get a good insight as to how certain things effect your credit score should sign up for credit watch at myfico. It's like $8 per month and it will alert you to changes on your report when they impact your score. That will allow you to see in real time how different things effect your score. HIGHLY RECOMMENDED.
Example- since I have this service, I watched my credit score tank from 740 down to 680 because I had a bunch of business debt on my personal credit cards. I am currently working on getting financed on a $540,000 piece of property. Since I knew my score was impacted so negatively by the high revolving debt, it gave me the opportunity to shuffle the credit card balances temporarily out of my name and it brought my score back up to around 750.
This equates to a savings of about $300 per month because with a higher credit score your mortgage rate goes down.
Also read "From Credit Repair to Credit Millionaire" by Donna Fox. GREAT info on building and repairing credit.
Yes, having a credIt monotoring service is a must, especially if you are a real estate investor and are constantly looking to finance real estate deals.
I am currently subscribed to experian credit watch which is really good.
