Is it good to close long holding bank account?Is it good to close long holding bank account? I opened my first bank a/c 9 years back in Michigan. Since, I have moved to different state and due to some difficulties I am thinking to close that a/c and open another one. That bank branch is not here in TX. Will this affect credit history? Any side effects? Thanks... |
Go ahead and close it. if you don't use it, they may start assessing you fees that eat up the account. No credit repercussions..
it doesn't affect your credit history to close an account. don't feel bad about closing it--they're not in your area...no biggie.
when you open your new banking account make sure you bring your driver's license, social security card, and one or two bills with your new address on it (to establish your identity). they may run you thru "chexsystems" and "equifax". Chexsystems is a database that keeps information on people with bad account history (if you owe one or more banks money from going negative, if they have commited fraud, if they have abused for accounts, etc). It might cause a "soft hit" on your credit history--but nothing long standing.
There should be no problem. I always move my bank account to one that is convenient when I move from one place to another.
I've had accounts in S. Carolina, New York, plus several locations in Texas
Where you bank has nothing to do with your credit rating.
