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Does having more than one bank account (checking, savings, money market) at more than one bank negatively affect your credit score?


Why would it? Having a lot of bank accounts means you have a lot of money or, at worst, that you’re a financial packrat who doesn’t bother closing dormant accounts. Many people have accounts at several financial institutions based on the services they offer and the fees they charge. If you put your money in different places, it would just show that you’re fastidious about such things – if credit rating agencies even cared.
Checking and savings accounts, money-market funds, certificates of deposit and investments represent the asset side of your personal balance sheet. Credit rating agencies concern themselves with the other side, the debt side. The longer you have had active mortgages, credit cards and other accounts, the better. If you have no defaults and always pay the right amounts at the right times, better still. If you only use a small amount of the credit that has been extended to you – say the total limit on your credit cards is $30,000 and your outstanding balance is $5,000 – then that is even better.
-Conrad de Aenlle