 Dear
Dr. Don,
Does it hurt your credit rating if you keep opening and closing high-yield savings accounts? I started using Bankrate to find the highest yields in 2001 and opened an ING account. I've since moved it to E-LOAN and now noticed that I can do 0.5 percent better if I move it somewhere else.
-- Rich Rates
 Dear
Rich,
It's a common misconception that your bank deposit accounts influence your credit score. They don't. Your credit score is based solely on the information in your credit report with the weights as shown in the graphic at the bottom of this column.
Chasing high-yield savings by moving deposits to another bank doesn't hurt your credit score.
You do have a consumer banking report that shows the history of your banking relationships. Negative information like bounced checks show up on this report for five years. Closing a money market account wouldn't show up as a negative item on your consumer banking report.
Just like credit reports, you're entitled to a free consumer report on your banking relationships once each year using the "Consumer Debit Resource" Web site. ChexSystems Inc. and the Deposit Payment Protection Services/Shared Check Authorization Network, or DPPS/SCAN, are the two report providers on the Web site. Feel confident in your ability to chase yields using Bankrate's "100 Highest Yields."
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