Dealing with Bank accounts for many stealth accounts.

[tim348]

lets say we have 20 stealth accounts. Is there any other option available other than creating 20 different bank accounts? I dont think there is as far as I know but wanted to get some other opinions.

This is not good for credit scores as they run credit each time you open an account, but I suppose if you open 5-10 bank accounts at once they only need to run the credit check once right?

[phaz0rz]

Hard pulls don't pull down your credit too much as long as that's not the only thing on your credit report.

I opened accounts with 6 different institutions (4 CU's, 2 banks) before I started building my credit, so I had no credit and all of them still approved me. I did that over about 1.5 years. 2 were business accounts and the rest were personal - but they pull your personal credit either way. Most of the time when I go into open an account I also open at least a small CD with them so they know I'm not some broke kid who's going to be overdrafting all the time.

I've had most of those accounts for 2+ years now. When I need a new BA for a Paypal account I just request a new checking account at one of the institutions I'm already with.

Opening 5-10 bank accounts at once sounds like a really bad idea to me. Whatever bank you try that at would probably have a lot of questions you wouldn't be able to give valid answers for. When I was opening mine I waiting 2-3 months at least between opening accounts.

It's mostly about money and what you can offer the bank. As long as your credit isn't terrible and you're able to make a decent opening deposit then you shouldn't have any problems opening accounts at multiple institutions.

[slapped]

Soft credit checks do not affect credit score,,don't worry

[tim348]

i asked both banks i bank with and they specifically said it does hurt your credit score but its just a few points.

[phaz0rz]

Originally Posted by tim348

i asked both banks i bank with and they specifically said it does hurt your credit score but its just a few points.

Correct. The soft pull comment was irrelevant.

A hard pull is done anytime the credit report pull is initiated by you, like when you apply for a bank account or a line of credit. Soft pulls are done when the credit pull is NOT initiated by you, such as when Capitol One (purposely misspelled to avoid auto-linking) checks your credit to determine if they want to harass you with junk mail CC offers.

It really doesn't hurt much though. If I can open as many accounts as I did with no credit history, it can't be too much of a factor. Just have money to deposit when you go in and you'll be fine. Nothing to worry about.

[slapped]

Originally Posted by tim348

i asked both banks i bank with and they specifically said it does hurt your credit score but its just a few points.

I have been doing this for a LONG While,,,Credit score is NEVER an issue,,,the banks a FAR more interested in what ChexSystems has on you,,Believe me

[dallis]

I've never seen any impact on my credit score for opening a bank account, and believe me I've watched.

That said, I have a number of PP's without a bank account that I use just for purchasing goods from various suppliers, they don't need bank accounts because I never withdraw from them just purchase and that reduces the need for lots of additional accounting.

[rookprop]

Never heard about bank accounts affecting credit scores. When you apply for applications, what you put for INCOME affects it.

I would be more worried about the IRS seeing you opened 20 bank accounts all pretty much at the same time. They frown on that type of thing and yuo may be facing more problems than a point on your credit report.

You dont need to have all 20 pps going to banks. Try buying inventory with it that you can sel locally. Buy Amazon gift cards. Buy vanilla gift cards and use them for things you would normally pay for.

If youre bringing in 10s of 1,000s a month, be careful with bank accounts. Its called money laundering. Surprised people dont talk about it much here. Expecially if you have 20 accounts from 20 different paypals. IRS can check that if they really felt there was a reason.

[Datpiff]

I've had 37 bank accounts and a 750 credit score...


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[Datpiff]

You do need to do your taxes and make a LLC if people want to live in the real world


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[tim348]

yea i pay taxes on all my income from ebay. so there should be no issue there