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k9kreationz

Checking Account and Credit

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Does the age of the checking account matter in regards to your credit (assuming you've never had NSF or any issues with them)? If it does matter, would it matter if it's a savings account vs a checking account (again, with no issues and the saving is not a LOC)? I'm not talking about the Chexsystem stuff, just a credit report.

 

My husband has an individual BoA account that he's had for, let's just say 10 years. He doesn't want to get rid of it because it's the longest, in good standing, checking account that he has (dangit, I got his credit all cleaned up and now he focuses so hard on that damn FAKO number). I told him checking accounts don't have any thing to do with your credit unless you overdraft a lot. And since it's a BoA account, most likely we won't be using their services (granted, I may want him to get an Alaska Airlines CC). This is the first checking account he's been able to get on his own for a long time since, yup, he screwed over banks in the past. I want him to close it for convenience, so I don't care if he opens another account that is more convenient.


 

 

 

 

 

 

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it has no impact on credit other than some creditors might put some preference on having a longstanding banking relationship.

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2 hours ago, hegemony said:

it has no impact on credit other than some creditors might put some preference on having a longstanding banking relationship.

 

Would only BoA care because he has a BoA account or do you mean any creditor might care? Thanks!

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Does the age of the checking account matter in regards to your credit (assuming you've never had NSF or any issues with them)? If it does matter, would it matter if it's a savings account vs a checking account (again, with no issues and the saving is not a LOC)? I'm not talking about the Chexsystem stuff, just a credit report.
 
My husband has an individual BoA account that he's had for, let's just say 10 years. He doesn't want to get rid of it because it's the longest, in good standing, checking account that he has (dangit, I got his credit all cleaned up and now he focuses so hard on that damn FAKO number). I told him checking accounts don't have any thing to do with your credit unless you overdraft a lot. And since it's a BoA account, most likely we won't be using their services (granted, I may want him to get an Alaska Airlines CC). This is the first checking account he's been able to get on his own for a long time since, yup, he screwed over banks in the past. I want him to close it for convenience, so I don't care if he opens another account that is more convenient.


He can convert his checking account to basic version of BofA Advantage checking and avoid monthly fees. I think it is called SafeBalance. All you need to do to avoid monthly fee is opt in for preferred rewards.

Why is this account not convenient?

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See, BofA now has physical retail presence in Wayzata, Plymouth, Edina, Minnetonka, Ridgedale, Uptown Minneapolis, St. Paul (Highland Park), Maple Grove, West St. Paul, and Woodbury.

 

Therefore, they are convenient.

 

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2 hours ago, k9kreationz said:

 

Would only BoA care because he has a BoA account or do you mean any creditor might care? Thanks!

only BOA and it will only make a marginal difference if at all.

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2 hours ago, Sidewinder said:

See, BofA now has physical retail presence in Wayzata, Plymouth, Edina, Minnetonka, Ridgedale, Uptown Minneapolis, St. Paul (Highland Park), Maple Grove, West St. Paul, and Woodbury.

 

Therefore, they are convenient.

 

I heard you

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21 hours ago, credit_help said:

 


He can convert his checking account to basic version of BofA Advantage checking and avoid monthly fees. I think it is called SafeBalance. All you need to do to avoid monthly fee is opt in for preferred rewards.

Why is this account not convenient?

 

 

Actually, this is what it says to join the preferred rewards:

Quote

 

There are no fees to join or participate in Preferred Rewards. Here's all you need to enroll:

  • An eligible Bank of America® personal checking account
  • 3-month average combined balances of $20,000 or more in qualifying Bank of America® banking accounts and/or Merrill investment accounts.

 

He doesn't have the second bullet point.

 

His BoA account isn't convenient because I have to transfer his direct deposited payroll twice a month. If I forget or do it late, well, we have ended up with NSF's. And due to the bank fees and not being able to split his check into two different places, what's the point of having the account if he doesn't use it.

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Posted (edited)
21 hours ago, Sidewinder said:

See, BofA now has physical retail presence in Wayzata, Plymouth, Edina, Minnetonka, Ridgedale, Uptown Minneapolis, St. Paul (Highland Park), Maple Grove, West St. Paul, and Woodbury.

 

Therefore, they are convenient.

 

Tell that to our little rural town. The nearest BoA is a 40 minute drive away. That's not convenient. And it wasn't about location, it was about me having to transfer his direct deposit twice a month.

Edited by k9kreationz

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19 hours ago, hegemony said:

only BOA and it will only make a marginal difference if at all.

Thank you!

 

And funny update, I was talking to him about opening another account and he said, "wait, do I have to take care of that account?" I said "yes" he said, "then I don't want my own account" LOL.

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The $20,000 is to attain Gold level.  You can still be enrolled in Preferred Rewards with a lower balance; you'll just be reaping more meagerly.

 

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On 6/20/2019 at 4:53 AM, k9kreationz said:

Does the age of the checking account matter in regards to your credit (assuming you've never had NSF or any issues with them)? If it does matter, would it matter if it's a savings account vs a checking account (again, with no issues and the saving is not a LOC)? I'm not talking about the Chexsystem stuff, just a credit report.

 

My husband has an individual BoA account that he's had for, let's just say 10 years. He doesn't want to get rid of it because it's the longest, in good standing, checking account that he has (dangit, I got his credit all cleaned up and now he focuses so hard on that damn FAKO number). I told him checking accounts don't have any thing to do with your credit unless you overdraft a lot. And since it's a BoA account, most likely we won't be using their services (granted, I may want him to get an Alaska Airlines CC). This is the first checking account he's been able to get on his own for a long time since, yup, he screwed over banks in the past. I want him to close it for convenience, so I don't care if he opens another account that is more convenient.


 

 

 

 

 

 

 

A savings or checking account will not appear on any credit reports unless you had a major screw up and owe the bank money -- like bounced checks.  Even then.

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