Does having a savings account really count in your credit score?

I have heard some people say that having a savings account improves your credit score, but i%26#039;ve only started hearing this recently. I only have a checkings account but if having a savings will help build my score then I will definitely go get one soon. I%26#039;d planned on getting one anyway but had just been putting it off. So is it true that a savings account affects your credit score?

Does having a savings account really count in your credit score?

Everybody%26#039;s had some good answers. Now here%26#039;s mine. To be honest with you, it%26#039;s all in how you look at it. Everyone is correct in that a checking and savings account used traditionally doesn%26#039;t directly affect your credit score. But keep this in mind, if you really think about it, it%26#039;s the most effective tool you have as far as credit%26#039;s concerned. Would you in your right mind mail in a cash payment? I would hope not. And if you were to use a money order, even still, how well does that REALLY work? So, you see the true worth of having a bank account goes a lot deeper than what you really see. With the majority of banks featuring the ability to pay bills online, just that ability alone allows you to do what%26#039;s considered the most important: PAY YOUR BILLS ON TIME. Payment history makes up 35% of your credit score. While you don%26#039;t have to pay on a checking account every month to build credit, you would pay FROM your checking account every month to help you continue to build credit on accounts that do report on your credit.

As for a savings account, there is a way that it can be related to building credit by becoming a collateral account for a secured credit card. Usually the amount that%26#039;s in the savings account would be the same in a line of credit. The savings account itself wouldn%26#039;t be able to be used to pay the minimum payment of the balance each month or the balance itself, unless the account went delinquent then the balance in the savings account would be used to offset what was owed.

So in closing, having a savings account doesn%26#039;t directly affect your score, unless it%26#039;s tied to a secured credit card.

Does having a savings account really count in your credit score?

No, credit scores are based on your ability to pay back loans and how much you have outstanding not how much assets you have. If you look at any of the credit reporting agencies, none of them list your checking or savings account and so it does not affect your score either way.

Does having a savings account really count in your credit score?

Checking and savings account will build your credit with the bank that they are in but doe%26#039;s nothing for your actual credit score because these are not the type of accounts that banks report.

Thye only report loans and how you have paid them.