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Old 05-05-2010
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Arrow Does having too many bank accounts effect your credit score?

Does having too many bank accounts or credit cards effect your credit score? Because of Amazon, I open new accounts every single month.
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I highly doubt it unless you overdraft on them and not pay it off.
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When you have many credit cards it does effect your score. Let's say you have ten cards.
The credit side of your score see's 10 x 2500 limit or " this person could go out and buy 25,000$ worth of goods and walk away". I'm not sure how it's worded or if it's just tagged on to the report as risk. I asked my banker and he said it's true. But only credit cards not debit cards.
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Some banks pull your credit to open a checking account and some don't. Depends on the bank you use. Each time somebody checks your credit unless it is a "soft" credit check the check will count as a inquiry. To many inquiries will affect your credit score dramatically. I am in the process of buying a house and when my mortage officer pulled my credit one of the banks I just opened a account with had pulled my credit and it counted against my score.
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Old 05-06-2010
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As stated before, no it cannot hurt your score besides the hits from the credit check.

Also, lenders and tell the difference between the type of inquiry. Hits from applying for a bank account will be overlooked, as it doesn't count as a hit for applying for a credit line.
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So you can have as many credit cards as you want without effecting your score?
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Well the amount of credit cards can affect your score based on how long you have had them and also what the balance of the debt to credit limit ratio is. The newer account and higher the ratio the more it will hurt your credit.
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Having too many bank accounts, especially checking, and credit cards will certainly affect your credit score, but I am not sure how far it will go.

One thing I am certain is you may have a comment like "too many account inquiries" on your credit report, which may or may not affect your lending options depends on your lender(s). I was once told that if you open a bank account and close it within 2 months, or 3, I forgot, that it will leave a mark for early termination. This probably will not hurt you big time, but for some picky banks like Wells Fargo used to be, they may not let you open accounts with them if they see such comments on your credit report.
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Old 05-15-2010
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just use prepaid cc and greendot cards so you wont have that worry.
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