Bank Account Shops

If this is addressed somewhere else, please let me know. I did try searching but my search terms may not have been good enough.

I just opened two accounts at a bank. I read somewhere that people open and close accounts so that they can do those types of shops again. I've also seen similar shops at different banks.

Does anyone know how opening multiple accounts can affect one's credit? My credit score is fairly low and I'm trying to raise it. These types of shops look like they pay a lot. I'd love to keep doing them, but not if it's going to hurt me.

What say you?

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Opening bank accounts does not affect your credit score. Opening credit card accounts may temporarily depress your score slightly. Of course, if you use those wisely, they can also help to build your credit score.

One way to help rebuild your credit score may be to have a credit card that you use ONLY for MS related expenses, pay off every month and do not put any non-business expenses on. It may help to have a separate checking account for MS and make sure that you allow enough of your MS fees to stay in that account, or accumulate there so that you can always pay off the credit card. Then also use that card for printer ink or toner, printer paper, and other MS-related supplies. That will help when you are computing your business expenses at the end of the year. In addition, if you use that cc ONLY for business expenses, if you do have a month when you have an interest charge, that interest will be a valid business expense for tax purposes. So, never, ever, use that cc for personal expenses, just in case.

Based in MD, near DC
Shopping from the Carolinas to New York
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As wales said, your credit will not be affected by opening and closing deposit accounts.

In order to avoid the fees on the bank accounts, make sure that you either fund or close them by the due date, usually 60 days.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Most banks do what is called a "soft check" on your credit before opening an account, just to be sure you wont need a second chance account for overdrafts, bankrupt, etc.

MegglesKat

@clinen11 wrote:

Most banks do what is called a "soft check" on your credit before opening an account, just to be sure you wont need a second chance account for overdrafts, bankrupt, etc.

From the previous posts, may I conclude that a "soft" check doesn't affect one's credit?

Off Topic - Fortunately, I don't have a problem with over drafting, but is that one of the things that would cause an account to be denied?

@walesmaven depending on the bank, if it is a hard check, it WILL impact (or at least appear) on your credit report. As @clinen11 correctly stated, a soft check will not effect it.

There are plenty of blogs that help you determine which banks do and do not run a hard check against your credit. Here's just one: [www.hustlermoneyblog.com]

A related question about bank account shops: do the shops that require you to open and/or close accounts pay substantially more than shops that only require you to inquire about accounts, loans, etc.? Just curious.

Well, I have a real reason for asking this. If I keep my accounts in a small number of places, am I eligible for more mystery shops at more banks-- at the locations where I do not have an account?

Nature does not hurry, yet everything is accomplished. - Lao-Tzu

Edited 1 time(s). Last edit at 01/12/2017 05:47PM by Shop-et-al.

A soft check of your credit does not affect your credit score and is done for marketing purposes. The banks want to know if you are creditworthy enough for their credit products.

A ChexSystems report is pulled to see if you are in bad standing with other banks. This has nothing to do with your credit score.

A hard pull of your credit is done when you apply for a credit product. This affects your credit score.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Inquiry shops pay between $14 and $25.

Account opening shops pay between $50 and $200.

One MSC says that you should keep the account open, as it will make you eligible for future shops. I kept my account open for 30 days, and never saw that bank.

Another MSC has account opening shops, and shops for the same bank for existing customers.

@Shop-et-al wrote:

A related question about bank account shops: do the shops that require you to open and/or close accounts pay substantially more than shops that only require you to inquire about accounts, loans, etc.? Just curious. Well, I have a real reason for asking this. If I keep my accounts in a small number of places, am I eligible for more mystery shops at more banks-- at the locations where I do not have an account?

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Edited 1 time(s). Last edit at 01/12/2017 08:35PM by HonnyBrown.

@clinen11 wrote:

Most banks do what is called a "soft check" on your credit before opening an account, just to be sure you wont need a second chance account for overdrafts, bankrupt, etc.

I will expand upon this for anyone that is interested.

There are two types of pulls that go on a credit report. A soft pull has no affect on your credit score, while a hard pull will lower your credit score by 10-20 points (usually) for about 2 months (after 2 years it is removed from your credit report). Most banks do soft pulls which have no affect on your credit score, however some banks do hard pulls which do.

Here is a link to many banks and what their pulls are considered.

[www.doctorofcredit.com]

In addition to what JonieQ said, even if you "opt out," banks will still do soft pulls.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

Well, I have only run into needing an account to get a letter notarized. For the requirements for the account and the money that is paid it is not worth it.

@PiperTWilson wrote:

Off Topic - Fortunately, I don't have a problem with over drafting, but is that one of the things that would cause an account to be denied?

I'm not sure I'm answering the question you're answering, but I will add that some banks will pull a hard inquiry for overdraft protection as they consider it a credit product.

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At the moment only demons come to mind

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