Is it okay to close these accounts

[JanH]

I don't know much about how credit reports work yet. So I have a question. My kids both have their own bank accounts at their own banks. DS has said to close his old credit union account under both our names. He hasn't used it in a couple of years. DD has an old account there, also, but we only used it to save for her car and her bed. She had a different bank account that she closed, now she has another from when she worked. So neither one needs the old credit union accounts. Can I close those or do they need to stay open for credit reasons to show longevity with these accounts? Or do bank accounts have any bearing on the reports at all? We are just trying to simplify all this paperwork!

[Ima saver]

Re: Is it okay to close these accounts

Go ahead and close them.. I do not believe bank accounts have any bearing on your credit report at all. I closed my granddaughters little accounts a few years ago.

[JanH]

Re: Is it okay to close these accounts

Thanks, Ima, we just don't need to be keeping track of so many little accounts!

[Ima saver]

Re: Is it okay to close these accounts

No, you really don't. I opened them when the girls were real little and they never seemed to add anything, plus the interest rate is about 1/2 of 1%. I put the money in their mutual fund accounts I opened when they were babies.

[Broken Arrow]

Re: Is it okay to close these accounts

Clutter creates waste, and I suppose that applies to bank accounts as well. In fact, I'm in the process of closing my old credit union accounts myself. Simple living is my preferred way of life. Pragmatically, I could keep them open with a simple savings account, but there's not a lot of advantages over my new credit union for me to do so.

[tinapbeana]

Re: Is it okay to close these accounts

Clutter creates waste, and I suppose that applies to bank accounts as well. In fact, I'm in the process of closing my old credit union accounts myself. Simple living is my preferred way of life. Pragmatically, I could keep them open with a simple savings account, but there's not a lot of advantages over my new credit union for me to do so.

ah, voluntary simplicity, i love the concept and the ideal but apparently my house abhorrs a vacuum so i have yet to reconcile the two.

[PRICEPLUS]

Re: Is it okay to close these accounts

It has been said by many that less is more. I agree that you can close these accounts with no concern about credit rating.