How Does Closing My Bank Account Affect My Credit Score?

Changing your bank account cold turkey isn’t a bad idea if you’re trying to curb overspending or relocating. However, you don’t want your credit scores to suffer if you say goodbye to your bank, do you? Maintaining good credit scores on your credit reports can’t be wasted like that! Improve the quality of your life by visiting



When it comes to your credit score, your bank account is not the only factor that matters. Other factors may affect your credit score. While these other factors may be linked to your bank, your bank account itself has no effect on your credit score if you close it.


Having said that, you still need to be aware of the effect closing a bank account will have on your credit score. Your bank balance and credit score are linked because several factors are interdependent. Examples include:


  • Negative Closing Balance: Did you leave your bank account with outstanding dues that haven’t yet been paid? If so, this can negatively affect your credit score.
  • Overdraft Bank Accounts: Your bank drafts might not have a significant effect on your credit score or even on the major credit bureaus. In contrast, if a bank account with too many drafts closes, that may attract unwanted attention and speculation.
  • Repayment Records: Your overdue payments and other parts of bank records are still visible after you’ve said goodbye to your bank account. In this scenario, the three major credit bureaus, Equifax®, TransUnion®, and Experian®, can access your bank records to see how you’ve performed before closing. Your credit score can be affected by this information, which is important for your credit report.


Here are a few steps to take to close your bank account effectively.


  • View your transactions carefully. If you’re switching bank accounts, review the transactions and deposits carefully before starting the new account or closing the previous one.
  • Apply for second-chance bank accounts. With the help of these accounts, users can recover some of their lost credit and faulty reports.



Even though closing a bank account will not affect your credit score, it is still essential to monitor your credit scores since these records have long-term consequences. This is because your credit score is based on several factors that the credit bureaus consider. Check your credit score today!


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