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Posted in Banking
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Question By
gsxr750dave

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will connecting my bank account effect my credit score?
If I don't keep a large sum of money in my bank account will that negatively effect my credit score?

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No, your bank account has no bearing on your credit score. The credit bureaus do not keep track of your personal finances (checking or savings), they only look at personal or vehicle loans, mortages, credit cards, etc.  Connecting your account on here is simply for your financial management benefit, as you can have all of your up-to-date financial information in one place. Your credit score will still be based solely off of what is reported by Transunion, so even recent payments on a credit card will not effect your credit score until it is actually reported by the credit card company.

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Reply by
switchman70

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Helpful to 13 out of 13 people

Very good response.  I think an important part is realizing the balances/utilizations will not reflect correctly until the creditor reports to the bureaus, as stated above, and can cause confusion to users who link their accounts.

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johnr211@hotmail.com

Helpful to 9 out of 12 people

actually your savins acct. can help you in a possitive way if you can find a bank with bill pay services.Deposit all funds and your payments can be made on time. Withdraw cash only on extreme emergency. Look for a bank that has secure loan products.

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reporting

Is there anyway I can have my credit card agency report sooner? Someone suggested updating your address even if it hasnt changed, will prompt them to report.

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john211

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Actually, I was just reading an article that says it is a bad idea to have auto payments on your accounts because you can easily disassociate from having to pay the bill and you never learn "responsibility".  You should take charge of your own bills and accounts.

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Just wondering.  Thanks?

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