Still Haven’t Switched Checking Accounts

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Awhile back, I talked about switching our main bank account to ING. I didn’t end up switching. After thinking about it and the steps I’d have to go to switch everything over, I chickened out. Then I heard that they do a credit check for the Electric Orange account, and I didn’t want my credit run, so that sealed the deal.  Recently I received a postcard in the mail for a $50 ING Electric Orange bonus and that made me question my decision.

The deciding factor was that the check credit before they open an account.  I’ve got good credit, so what’s the problem?  Like many people, I don’t like the idea of having my credit checked more times than absolutely necessary.  I’m so fickle I don’t know when I’ll need to use my credit so I like to keep the credit checks down.

Another factor of why I haven’t switched is because my hubby’s employer doesn’t offer direct deposit, so I’d still have to keep my accounts at my current bank open.  Not only would I have to keep up with those accounts, I’d have another checking account to keep up with!

I don’t know if I’m being reasonable or being silly.  I don’t foresee any instances in the very near future where we’ll need to use our credit, so should I even worry about that? *knock on wood* Is it really that big of a deal for a hit on your credit score when they run credit?  I don’t know.

Do you think I should switch? Am I worrying about the credit check for nothing?

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10 thoughts on “Still Haven’t Switched Checking Accounts

  1. LivingOurWay says:

    We don’t really care about our credit. We don’t have bad credit, but we really just don’t use it. We do have an electric orange account but I just keep enough in there for me to purchase gas and a few other things that I need between pay periods. Our main account is still at our local branch and that is where our bills are payed out of. I’ve been happy with electric orange so far.

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    Mrs Money Reply:

    LivingOurWay- Good point! I think I’m just making a big deal out of it. 🙂 I’m happy to hear you like your Electric Orange account- that makes me feel better!

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  2. Karen says:

    I don’t think you should worry so much about the credit check. If your credit score is strong (and I assume it is), the effect will be minimal, and more importantly, it won’t stick around on your record for long. It might dip a point or two, but it should rebound within a couple months.

    Are you sure they run a hard check when you open an ING account? Their customer service is fantastic, so if you want confirmation, I say you should call them to make sure it’s a hard check and not just a soft check. I feel like it seems sort of extreme to run a hard credit check for a checking account.

    Oh, but honestly, if your husband’s work doesn’t do direct deposit, I don’t know if I’d recommend ING for you anyway. I absolutely love them, but that’s because I so rarely use my “linked” account. I occasionally have a small paper check to deposit, and honestly, moving money from bank to bank is a pain. It takes a few days to clear, and it’s pretty annoying. I wouldn’t want to deal with that every time my husband got paid.

    But it might be worth it to open the account just to get the $50 bonus! You might use it in the future if your husband’s work ever offers direct deposit!

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    Mrs Money Reply:

    Karen- That’s the thing, the direct deposit is such a pain, and I don’t want to make more work for myself! I thought about opening it up just for the $50, but haven’t done it yet. I wish his job offered direct deposit! That would be fabulous!

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  3. Budgeting in the Fun Stuff says:

    I’m a fan of online banking, so I’d suggest opening the account. We have kept our brick and mortar bank for deposits of real checks and to be able to write real checks. We use ING (1.1% on savings and .25% on checking) for our main checking account and short-term savings goals. We use Smarty Pig (2.15%) for our emergency fund and tax account since we don’t escrow.

    I wrote an article for a little magazine a year ago about how to build your credit and found out that a credit check only “dings” your credit score for 5 points and repairs itself in about 6 months. Most credit companies even disregard that tiny change when they see it on your credit reports.

    If the credit check is the only thing you are worried about, I’d suggest moving ahead. If you have other reservations, then it becomes a personal decision.

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    Mrs Money Reply:

    Budgeting in the Fun Stuff- Thanks! That definitely helps. 🙂 I think I am making a big deal out of the stupid credit check. 🙂

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  4. Mike says:

    Mrs. Money

    I wrote a post on credit scores last month!!

    Inquiries only make up 10% of your total credit score. On top of that, a single inquiry won’t make a big difference.

    Also keep in mind that while inquiries will hurt your credit score, they will only hurt your credit score for the first twelve months that they’re on your credit report.

    I know that this doesn’t apply to you but for most credit scores, if you perform all your credit inquiries in a 14 day period, they will only count against your score once. This is good to know if you’re shopping around for a mortgage, car loan, etc.

    Hope that helps!

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    Mrs Money Reply:

    Mike- Thanks so much! That definitely helps. 🙂 I think I need to get over it. lol

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  5. Alison says:

    I don’t think you should worry so much about the credit check, unless you are planning on purchasing something in the very near future that would involve an interest rate (such as a car or a house).

    We have direct deposit, but don’t DD to our ING account. I manually switch the money over. I initiate the transfer on the ING end and it just takes a few clicks. It does take a few days for the money to get over there, but it hasn’t bothered us enough to quit doing things the way that we do. I think I commented about how much I love our ING accounts the last time you wrote about this topic, so I’m probably just repeating myself!

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    Mrs Money Reply:

    Alison- I’m so glad you endorse it! That definitely helps. 🙂
    xoxo

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