Unlike credit cards or other loans, your financial assets, including checking and savings accounts, don't appear on your credit report and don't affect your credit score. However, some financial institutions will pull your credit score when you open a new checking or savings account, which adds an inquiry to your credit report, potentially dinging your credit score. In addition, when you apply for a new loan in the future, a lender isn't limited to considering only your credit score, and some lenders may want to see that you have financial assets to cover your costs if you have an unexpected financial hardship.

Applying for New Accounts

When you apply for new checking or savings accounts, the bank might pull your credit score, causing an inquiry to appear on your credit report. This, in turn, nicks your credit score for a year, but the impact is minimal. In addition, your new bank might check your ChexSystems report, which is like a credit report but is for bank accounts and covers things like bounced checks. If you've had a number of bounced checks, you might want to make sure you can get a new checking account before you close the old one.