But since the credit bureaus have no idea what your bank account balance looks like, they can't take it into consideration. And when you apply for a new credit card, the credit bureaus will see a hard inquiry made on your record. The same is true for your credit card company if you don't make your minimum payment by the time your monthly bill is due. However, the items in the list above do get reported.Īs an example, if you're late paying your mortgage, your loan servicer will report that late payment to the credit bureaus. Part of the reason is that the credit reporting bureaus don't know how much savings you have banks don't report savings account balances to the credit bureaus. Whether or not you have money in a savings account technically won't have a direct effect on your score. Your new credit accounts: How many loans or credit cards you've recently applied for.
Your credit mix: What types of borrowing you do.Your credit history: How long you've had various accounts or loans in good standing.Your credit utilization ratio : How much of your available revolving credit you're using at once.Your payment history: How timely you are with your bills.Please read our Privacy Statement and Terms & Conditions.Ī number of factors go into calculating a credit score, but your savings account balance isn't one of them. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you.