Author Topic: Will closing a money market account hurt my credit score?  (Read 395 times)

hashbrowns

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Will closing a money market account hurt my credit score?
« on: August 01, 2018, 06:51:08 PM »
I just got a flyer in the mail that Capital One is offering $200 to open and deposit $10K in a money market account, with a 1.6% APY. I have some savings I'd be able to deposit, but I might be looking at needing to buy a car soon. If I close the account after collecting my $200 would it hurt me in any way, specifically my credit report? From my understanding, no because it's not an account that offers a line of credit...? Does anyone have experience with this?

Duke03

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Re: Will closing a money market account hurt my credit score?
« Reply #1 on: August 01, 2018, 07:47:50 PM »
No it will not hurt your credit.  I'd open the account.  I just made $1000 off of chase but I had to tie up 33k for a few months.  Might have to look into capital one and see if I can open the same account.

kpd905

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Re: Will closing a money market account hurt my credit score?
« Reply #2 on: August 01, 2018, 07:50:06 PM »
Bank accounts will not typically do a hard credit pull.  We've opened about 40 in the last year with no hard pulls.

hashbrowns

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Re: Will closing a money market account hurt my credit score?
« Reply #3 on: August 02, 2018, 01:02:31 AM »
Saweet! I'm doing it!