If I choose to open a saving account with a different company than my checking, does that affect FICO score?

I'm looking to open a money market saving account. I have a checking account with Chase and am contemplating opening a saving account with a different institution because the interest rate would be nearly 4 points higher than with Chase. I'm mainly concerned whether this has any effect on credit score. I know that having multiple credit cards has a negative effect on your credit rating, and wonder if having multiple savings/checking accounts with numerous banks has a similar effect. Thank you!|||The credit reporting agencies make random guesses for credit score





The credit reporting agencies do not arbitrarily decide on your credit score. In fact every loan, mortgage or credit card you take is closely monitored by the financial institution that provides it. The way you tackle your debt, repayment and interest rates is tracked by the company and sent to the credit rating agencies to calculate your credit score. The software used to calculate your credit score is FICO (Fair Issacs Corporation) after the people who designed it. It is a fairly complicated piece of software that decides on your credit score based on established parameters.





The credit reporting agencies are biased





No, not at all. No consideration whatsoever is given to factors like race, gender, nationality, marital status, or religion. It is your finances that matter. The feedback received by credit rating agencies from your banks, lenders etc. are the only things that matter. The idea is to establish your credit trustworthiness.





I have to pay heavy fees to credit reporting agencies to get my credit report





This is grossly untrue as the Fair Credit Reporting Act (FCRA) makes it mandatory for each of the credit reporting agencies to send a free copy of your credit report on your request each year. So, you can have a copy of your credit report absolutely free of cost once a year. If you require more than that you have to pay a small fee to the respective credit reporting agency. In fact, it is advised that you regularly check your credit report. It is indeed one of the best financial practices. Read more from: http://www.credit-card-gallery.com/artic鈥?/a>|||No, not at all. It's done all the time. I would like to know which money market is 4 points higher! Good for you.|||No, you can have as many savings and checking accounts as you want. FICO scores reflect how many credit cards and credit accounts you have- if you have "too" many, that lowers your score.|||No, opening saving and checking accounts does not affect you credit score. In fact you have beaten the interest monster that is knowing the diffrence between good credit and bad. As I say those who know about intrest get paid those who dont will pay. :)|||This really depends on what savings bank you use. For instance I just opened an online savings account with citibank, the account is ultimate saver. When I checked my FICO I see citibank has made a "hard inquiry". The savings account is all I have with them. My score has dropped a few points because of this.