Switching banks in Kansas City is made easier at Cornerstone Bank in Overland Park. From personal to business accounts, Cornerstone Bank has helped the Kansas City metro and beyond do their banking with confidence and care.
Contact us for advice, and to see what we offer when you’re looking for a new banking home. We’re part of the Kansas City community and are ready to help. We also answer important questions, like will switching banks affect my credit score?
Will switching banks affect your credit score? The answer is: no, it shouldn’t. However, there are a few instances where it could.
Credit score impact 1: a hard inquiry
Most banks make a soft inquiry into your credit score when you apply to open an account. This doesn’t affect your credit score. A hard inquiry knocks your credit score down a few points.
At Cornerstone Bank, we don’t need your credit score to open a savings or checking account. If the bank you’re looking at asks to check your credit score, tell them no, plain and simple.
Credit score impact 2: negative balance on the closed account
As you close your old account, make sure you haven’t accidentally neglected to pay any balances due. The entities to which you owe that money—including that bank—could send the delinquent debt to a collection agency.
Should that happen, the lapse is almost guaranteed to be reported to credit bureaus, and that will negatively affect your credit score.
“Should I Switch Banks in Kansas City?” Get answers here.
Credit score impact 3: frequently applying for new accounts
Applying for new checking and savings accounts is expected from customers. However, if you frequently close accounts and apply for new ones, this could raise a red flag on your credit report. That red flag might make the bank do a hard inquiry- and that adversely affects your credit score.
Read our blog on 5 Things to Watch for When Switching Banks.
The score on your credit score
“Will switching banks affect my credit score? Not if I do it right.”
And you can do it right with help from the banking professionals at Cornerstone Bank in Kansas City. Personal accounts, business accounts, or hybrid accounts, contact us for an appointment.
You may also apply online at your convenience. Explore our services wherever you are, whenever you want. We will always do our best to make your experience at Cornerstone Bank 100% to your satisfaction.