Does getting a new bank card affect credit score?

Does Opening a New Bank Account Impact Your Credit Score?

The short answer is: potentially, but usually minimally and temporarily. Unlike applying for a loan or credit card, opening a new bank account doesn’t directly impact your credit score in the same way. There’s no hard inquiry on your credit report specifically for opening a checking or savings account. However, there are indirect ways a new bank account could cause a fleeting blip.

The most likely scenario involves the application process itself. Some banks, though not all, may perform a soft credit check as part of their account opening procedure. A soft inquiry doesn’t show up on your credit report and doesn’t affect your credit score. However, if the bank uses a third-party service for identity verification or fraud prevention, that service might conduct a hard inquiry. This hard inquiry would temporarily lower your score, but its impact is generally minimal and short-lived – usually impacting your score by only a few points and quickly fading within a few months.

Another less common indirect impact could arise if you’re simultaneously applying for other forms of credit. If you’re opening a new bank account while also applying for a loan or credit card, multiple hard inquiries within a short period can lower your credit score more significantly. This isn’t directly because of the bank account, but rather the accumulation of credit applications.

Therefore, the effect of opening a new bank account on your credit score is largely dependent on the bank’s specific procedures and your concurrent financial activities. If you’re concerned about your credit score, it’s best to check your credit report regularly to monitor any changes. Keep in mind that maintaining responsible financial habits—paying bills on time, keeping credit utilization low, and avoiding excessive credit applications—is far more influential on your credit score than the minor, temporary fluctuation that might occur from opening a new bank account.

In conclusion, while a new bank account could indirectly and subtly affect your credit score, it’s generally not a significant concern for those with responsible financial behavior. Focus on maintaining good credit practices rather than worrying about the negligible impact of opening a new account.