Bank account?

I have a checking account with Washington Mutual. My account is $400 overdrawn. If the bank closes my account and sends me to collections will that hurt my FICO credit score? The reason why I ask is because one of the office workers there sat down with me on the issue and he said it wouldn't hurt my credit score but I'm not so sure.

Public Comments

1. yes it will for the main reason your bank has to show as if you did not pay back the credit and hince they write it off affecting your credit score
2. anything that sends you to collection can hurt your score.
3. It depends. Some banks will place a negative checking account with a collection department or an external agency. If that happens, they may place a collection item on your credit report, which will effect your score. You should try to make arrangements to repay over time.
4. If they report the charge off to the credit bureaus, it will hurt your score. On the other hand, if they reported the overdraft, your score may already have taken the hit and a charge off may not hurt any more. If they have an in house collections department, they may not report you to the credit bureaus. What doesn't get reported, can't affect your score.
5. Yes, it will...my second suggestion for you is if you are going to let them close the account and not pay it.. RUN to the next bank and open a new account BEFORE the old bank closes the account and sends it to Chex Systems. If you wait you won't be able to open an account anywhere (not checking anyways.)
6. the bank will close your account and report you to chexsystems, which will prevent you from opening another checking or saving account in most other banks.. until the matter is clear up or 5 years go by
7. No, it won't hurt your credit, unless you are applying for commercial credit and are asked for bank information. Your personal credit score is based on your payment history on notes and accounts payable. Banks report their credit cards and loans, but they don't report their overdrawn accounts. If you owe them $400, secured by a note, then the note will be reported, but you will be fine if you are paying as agreed.
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9. w
10. depends if you're overdrawn for something you did or the bank did. anything sent to collections is not good as it will show up on your credit score.