Sharing Daily Discoveries About Personal Finance And Business Topics

Saving Money Versus Hurting Your Credit Score

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Lately I have been thinking of completely switching banks as the service doesn’t seem to be fitting my needs where the bank has appeared to have introduced so many little fees. While I would normally be quick to jump, I have actually been using the same bank ever since I was a child and so it made me wonder if closing that account would cause my credit score to tumble dramatically.

In some ways even if it did tumble I don’t think it would affect me in life that much as I don’t exactly try and get loans for things that are outside of my means. At the same time, it’s one of those you never know type of situations where there are times that your credit score can have influence on more than just getting some kind of financial product. Example, certain companies using it as a way to evaluate your qualifications.

At this point, I am going to simply keep the old bank account for the sake of the credit score. In many ways it is kind of silly, but at the same time it’s like a necessary item to maintain. Unless you are like a billionaire that can pretty much buy anything you want. You can pretty much create your own credit score system then.




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