Does Having a Checking Account Improve a Credit Score?

Checking Accounts Are Not Factors in Credit Scores

A regular checking account will not improve or decrease a credit score. Credit scores are calculated based on credit payment history, amounts outstanding, credit history and types of credit. If a checking account includes overdraft protection or if the account has a credit card attached, timely payments will improve a credit score.

Opening Checking Accounts Can Impact Credit Scores

Opening a checking account can negatively impact a credit score if the bank makes a "hard pull" credit inquiry. "Hard pulls" are most often used to qualify a consumer for credit, but banks can do a "hard pull" upon opening a regular checking or savings account. "Soft pulls" will not impact a credit score; hard pulls typically reduce a credit score five points for six months.

Bottom Line

A checking account with overdraft protection or a credit card attached can impact a credit score. Positive payment history of credit accounts will improve a credit score. Check the bank's policies regarding hard or soft credit inquiries before opening a checking account.