Depending on where you open your savings account, you might impact your credit score -- but probably not in the way you'd expect. Some banks will pull your credit report before approving you to open a new savings account, even though you're not applying for credit. That results in an inquiry on your credit report, which dings your score, but generally not more than five points.
No Further Impact
Besides the potential initial inquiry, your savings account won't affect your credit score in the future, because your assets aren't figured into the credit scoring formula. However, lenders may consider your assets as a separate factor when deciding to loan you money or not. Having extra assets makes it more likely you'll be able to stay current on your loan when unexpected expenses pop up.
- Bankrate: Ask Whether Bank Pull Credit Reports
- MyFICO: What's in Your Report?
- Wells Fargo: What Lenders Look For
- Consumer Finance Protection Bureau: Key Dimensions and Processes in the U.S. Credit Reporting System
- Discover: Most People Say They Are Aware of Their Credit Standing, but Far Fewer Check Their Credit Score More Than Once a Year
Based in the Kansas City area, Mike specializes in personal finance and business topics. He has been writing since 2009 and has been published by "Quicken," "TurboTax," and "The Motley Fool."