I’ve been unemployed for about 5 months, & I have a little bit of money in there. But I need it for bills, & etc. Would I lower my credit if I close my bank account ?
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You don’t need to close the acct to take your money out. Pull it all but $1 if you need it. The $1 will keep the acct open.
It will likely cost you more in the long run to operate without a bank account as you will need a way to pay your bills. Closing your account is not wise. However, if you do it it will not affect your credit score.
Here are the eight factors that impact your credit score:
• Payment History (30%)
• Amount of Credit Used (20%)
• Amount of Cash flow (15%)
• Types of Credit (10%)
• Credit Balances (10%)
• Amount of Available Credit (5%)
• New Credit Lines Opened (5%)
• Length of Credit History (5%)
Better to keep it open if you can, altho it shouldn’t impact credit rating.
LLs an potential employers prefer that you have an account
Even unemployment benefits are paid into your account or you get a debit card with fees eating up your pittance
Check with bank if you can keep it open but dormant without fees.
Source(s): tax pro
No,
Unless your bank account is tied to a credit card, it will not lower your credit score. Since a bank account does not extend you credit, there is no reason to report it to the credit bureaus.
If you have a credit card tied to your account (for overdraft protection) and it is closed, it could adversely affect your credit.
No it will not affect your credit score.