New answers tagged credit-score
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In short, some credit referencing agencies think older accounts indicate stability (I think Experian mentions it), so may give you a lower score for a while if you open new current accounts.
But it is just a scoring they have decided. Lenders may ignore it entirely and you could argue that a "savings score" would be just as relevant.
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It's hard to give an authoritative answer because it depends on how your bank carried out the changes to your old and new cards. And, on how you're using the card(s).
Ultimately, credit cards are just a tool for accessing a credit card loan. You can cancel, replace, lock, etc the card without closing or otherwise impacting the loan. You can even change the ...
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Presumably when you opened the bank accounts there would be hard inquiries run when the banks checked your history. Hard inquiries only have a small temporary negative effect on your score, and your score should go back up within about 6 months. If that doesn't explain the dip then perhaps something else changed about your credit profile; for example, credit ...
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You asked,
Does multiple bank accounts reduces your Credit rating
The answer depends on the type of account. If it is a loan, it will show up on your credit report and will impact your score. A deposit account won't show up and won't impact your score.
There may be other, less obvious things happening with respect to your credit report, which may also ...
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