<p>Hello. everytime I move, it seems I have to open a new account at a local bank… sice I’ve always lived rurally, the best option is a credit union… anyway, I’m wondering if should close my accounts (I have 5 in 3 credit unions and one bank)?</p>
<p>If you dont use them anymore (and don’t anticipate using them ever again), then sure.</p>
<p>I find it helpful to have one “school” bank account and one “home” bank account.</p>
<p>If the accounts are linked to a bank issued credit card, then no.
Always keep revolving debt accounts open–there’s no reason to shorten your account history and decrease your credit limit. </p>
<p>The rest can be closed–and probably should be closed in case they start requiring minimum balances or start charging fees. (Fees are probably less of a concern for credit unions).</p>
<p>I was wondering if having multiple accounts open could affect my credit (which is already horrible).</p>
<p>Multiple bank accounts don’t affect your credit report unless you have a negative balance for so long that the bank sells your debt to a collection agency (at which time your “bank account” becomes an “outstanding debt” which credit agencies track.</p>
<p>But these banks often issue credit cards which increase your total line of credit and increase the average age of your accounts. </p>
<p>There’s 2 things to consider when closing a bank acct:
- Are there credit cards linked to the account which will be closed? (If so, then consider keeping these accounts open)
- Do you have the time to keep track of multiple accounts which could levy fees for not keeping a minimum balance or could become a negative balance? (If not, then consider closing these accounts)</p>