Q: Can moving my checking or savings account to a new bank inadvertently hurt my credit score?

A: Rest assured, changing banks shouldn’t have any effect on your credit score as long as you don’t apply for a new credit card at the same time you’re opening up a new savings or checking account.

A spokeswoman for Equifax reiterated that banks don’t report information on checking or savings accounts since no line of credit is being extended in order to set up either of them, so changing the financial institution that holds your money wouldn’t create any new lines on your credit report or remove any old ones.  (If you were to sign up for a credit card with that bank, however, that’s another story.)

Additionally, while many banks will pull a report to evaluate new customers looking to join the bank, these are “soft inquiries that do not impact their credit score,” a spokesman for Chase confirms. 

As MainStreet has previously reported, soft inquiries are typically generated by any credit pull that isn’t related to obtaining a line of credit, such as checking your own credit score, employer background checks and, yes, opening a bank account.

A hard inquiry is generated when you are looking for a loan and can lower your credit score by about three to five points.

Want to know what affects your credit score? Email your questions to MainStreet at editors@mainstreet.com.

—Jeanine Skowronski is staff reporter for MainStreet. You can reach her by email at Skowronski.jeanine@thestreet.com, or follow her on Twitter at @JeanineSko.