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Old 06-29-2021, 11:45 PM
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Credit freezes.



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Do you freeze your credit reports?

I've had a freeze at the three big credit reporters since about 2017. I just had to temporarily lift them for a background check a prospective employer's doing on me.
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Old 06-30-2021, 06:55 AM
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Didnít know you could freeze it. I canít understand how they come up with scores. Mine at one time was 830. When I paid off my mortgage it went down. When I used Affirm to pay for my Peloton it went down. Pay my visa off every month along with all other bills. The only thing I can figure is that I donít have a huge line of credit cause I donít need it. No auto loans, no HELOC, nothing.
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Old 06-30-2021, 07:30 AM
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No Vee but we pay Identity Guard $9.99 a month to monitor our credit and give us a heads up anytime an event happens. I don't know if it's worth it but it makes us feel more secure.

The VA has lost so much veteran personal info including Social Security numbers and birthdates so many times that I thought I ought to protect us.

Frank
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Old 06-30-2021, 07:58 AM
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Had mine (and my ex's) frozen since it became an option something like 20 years ago.

It's been a bit of an inconvenience when buying a new home or a car, but otherwise, peace of mind. You used to have to pay to unlock it briefly for those purchases, I think that changed?
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Old 06-30-2021, 07:58 AM
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Quote:
Originally Posted by dlong View Post
I canít understand how they come up with scores. Mine at one time was 830. When I paid off my mortgage it went down. When I used Affirm to pay for my Peloton it went down.
Let's say you have two card accounts with a limit of $10k each. Let's say you use them regularly and pay your bills regularly but you're hovering around a $5k balance on each one for whatever reason. You have a credit score of X because you're showing that you're reliable. And.... if you wanted to.... you have the ability to go another $10k in debt overnight, right?

Now pay off both cards so your balance is zero. What has changed is that you can now go $20k in debt overnight. A potential lender sees that as a negative to your credit risk (score), not a positive.
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Old 06-30-2021, 08:50 AM
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I owe nothing, pay off the one credit card soon after charges are made, haven't had a "time payment" in over 10 years...credit score is 835.
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Old 06-30-2021, 09:45 AM
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I have no debt and haven't for years. Wrote a check for the last new suv we purchased in 2917. I have no idea of my credit score. Way back when we purchased the suv that preceeded the current one it was 832 if I remember correctly. We use credit cards for most purchases now and pay the full amount every month. I don't know what this does to my credit score.
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Old 06-30-2021, 10:05 AM
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Some ten years or more back, the South Carolina Department of Revenue had a security breach and SSN's and such were compromised. My wife and I froze our credit scores and other than occasionally being forced to unfreeze an account for 24 hours for a credit check, it has not proved to be bothersome. We don't borrow or buy on credit but when we needed to deal with someone like DirecTV or Dish, we were forced to open an account for a short time.

It gives some peace of mind, I guess. I don't have a clue what my credit scores are.
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Old 06-30-2021, 10:09 AM
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no i do not freeze my credit reports. i guess i could if i wanted to, but so far, no reason to.
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Old 06-30-2021, 10:36 AM
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Everything we own is paid off with no CC debts nor late payments ever. I've no idea what our score is nor care.
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Old 06-30-2021, 11:44 AM
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Quote:
Originally Posted by Vee3 View Post
Do you freeze your credit reports?

I've had a freeze at the three big credit reporters since about 2017. I just had to temporarily lift them for a background check a prospective employer's doing on me.
Same here, except also frozen with a fourth bureau (Innovis). I discovered I was part of the Equifax data breach-not going into how I discovered this, but it was extremely unsettling. My credit has been unfrozen for exactly 2 days (to qualify for a mortgage) since I initially requested the freeze. I plan to keep this freeze in place forever. There are still mistakes on my reports that the bureaus can't or won't correct. Consumer Reports has reported on this recently and was scheduled to testify at a congressional hearing about our broken credit reporting system yesterday.

Freezing your credit, in theory, prevents someone else from fraudulently being able to open a line of credit or obtain a credit card using your data.

Anyone who is not concerned about this should take a look at this list:

https://en.wikipedia.org/wiki/List_of_data_breaches

Last edited by bberg7794; 06-30-2021 at 11:58 AM.
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Old 06-30-2021, 12:42 PM
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Originally Posted by bberg7794 View Post
I discovered I was part of the Equifax data breach-not going into how I discovered this, but it was extremely unsettling. My credit has been unfrozen for exactly 2 days (to qualify for a mortgage) since I initially requested the freeze. I plan to keep this freeze in place forever.
Me too.

My info was involved in at least three breaches that I know of. My SS# and credit card info were also stolen from a doctor's office. I see no downside to freezing. There are no fees associated with it. Took me about 10 minutes to lift it yesterday, and it will refreeze automatically in a few days.

A credit freeze and comprehensive identity theft protection let me sleep better.
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Old 06-30-2021, 01:29 PM
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Originally Posted by Sophia View Post
Let's say you have two card accounts with a limit of $10k each. Let's say you use them regularly and pay your bills regularly but you're hovering around a $5k balance on each one for whatever reason. You have a credit score of X because you're showing that you're reliable. And.... if you wanted to.... you have the ability to go another $10k in debt overnight, right?

Now pay off both cards so your balance is zero. What has changed is that you can now go $20k in debt overnight. A potential lender sees that as a negative to your credit risk (score), not a positive.
Not necessarily. In general (if you already have good credit), the more available credit you have, the better it is for your score. It shows that you can be trusted not to go into piles of debt.

An exception to the above would be if you had a lower credit score and/or little credit history and/or little existing available credit, and you opened up a credit card account(s). In that case (excluding other factors) your score would likely go down.

As you use more of your available credit, your credit score will generally go down. You're carrying more debt and are a higher risk. If you pay the balance off regularly, you will gradually build a better score.

A rule of thumb is to not use more than 30% of your available credit. Other factors aside, if you use 0%, your score will be higher than if you carry a balance.
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Old 06-30-2021, 04:15 PM
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Me too.

My info was involved in at least three breaches that I know of. My SS# and credit card info were also stolen from a doctor's office. I see no downside to freezing. There are no fees associated with it. Took me about 10 minutes to lift it yesterday, and it will refreeze automatically in a few days.

A credit freeze and comprehensive identity theft protection let me sleep better.
I don't see any downside either, unless one is often applying for credit. It is somewhat inconvenient to unfreeze with the three bureaus, but I feel the hassle is worth it in that my credit and credit score are as protected as possible.
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Old 06-30-2021, 05:13 PM
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Credit frozen. Have had issues with someone in another part of the state opening up TV, phone, and net accounts in my name on numerous occasions. They get the top tier services and never make a payment for 3 or 4 months until service is disconnected, then move on to a different service provider. The Big service providers get greedy and open accounts easily, but make it difficult and time consuming to clear the fraud. Then they play victim instead of verifying who they provide services to. They have even accused me of trying to scam them. Was able to obtain several fraudulent service address that were provided to LE with a promise to press charges and testify, but no prosecution action ever transpired that I'm aware of.

No debt, all bills paid off monthly, sometimes in advance. Haven't werked in two years, so income down, but credit score has gone up.
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