Will putting money on my savings account raise my credit score?

I bank with Wells Fargo and I have checking and savings from them. I can save $500 per month from working full-time. If I put $500 on my savings account every month for at least 12 months, will this raise my credit score?

Public Comments

1. Hey Yes it will. If the banks see you saving money they will know you can pay off a loan
2. I doubt it will raise it high enough to be noticeable. Get a credit card and spend as little as possible on it and keep it for a year and keep it paid off in advance and that will do you more justice.
3. Re Hey...no it will not... credit scores are based open CREDIT accounts with an established history of payments and credit limits.
4. No effect whatsoever. Use the money to pay outstanding debts. If you're one of the lucky ones without any, just save it, and know it will help you in the future.
5. No, not at all. Credit scores are based upon a history of payments on bills. Here are some factors involved in your credit score process. * An individual's history of making credit payments on time * The total amount of debt being carried along with available credit * The age of an individual's open credit lines (more history is better) * The frequency with which someone applies for new credit * Wild card factors such as the types of credit lines
6. Like others have said, it has no effect. Those accounts aren't reported at all, unless you overdraw them and owe the bank. Keep in mind it's a "credit" score, so it's a measure of how you manage credit with other institutions.
7. Your credit rating is established mainly on your credit history. Your credit history is based on the information that your creditors have reported to credit bureaus, including credit cards, loans, and even some utility bills. If you have little to no history, there's nothing to go off of to establish your rating, so your credit will be established at a lower rate. There are no prior indicators whether or not you're a delinquent or on-time payer. So, if you want to build your credit, get a credit card, charge a few things, and pay off the majority of the balance. Financial experts recommend keeping your account balances less than 50% of your available credit. It shows that you have the ability to pay back your debt.