Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Has anyone locked down their credit?
Old 02-06-2019, 05:38 PM   #1
Dryer sheet wannabe
 
Join Date: Jan 2008
Location: Seattle
Posts: 11
Has anyone locked down their credit?

Anyone have experience locking their credit?

We have all the credit we need and I'm thinking about locking my credit to avoid possibly identity theft. I just heard of this the other day and it's interesting so just wondering.

Thanks in advance!
__________________

rando348 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-06-2019, 05:49 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 6,765
It's called freezing your credit. Now it's FINALLY free.

I know some folks do it here, and they report, as long as you keep the PIN # , you can unlock it fairly easy to get more credit/buy a car/rent a place etc.

Then freeze it back up.
__________________

__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is online now   Reply With Quote
Old 02-06-2019, 05:56 PM   #3
Moderator
braumeister's Avatar
 
Join Date: Feb 2010
Location: Midwest US
Posts: 12,696
There is a small difference between locking and freezing. Here's a quick rundown:
https://www.nolo.com/legal-encyclope...edit-lock.html
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 02-06-2019, 06:09 PM   #4
Thinks s/he gets paid by the post
flintnational's Avatar
 
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,209
We froze our credit reports at the big 3 credit bureaus a couple of years ago. It has worked fine. But, you might have to unfreeze it more than you might think. When we changed phone companies we needed to unfreeze a report for the new company. Also, when we purchased a new car (paid cash with a check) they also needed access to a credit report. Normally you can just ask which credit bureau a vendor uses and just unfreeze that report.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
flintnational is offline   Reply With Quote
Old 02-06-2019, 06:16 PM   #5
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 4,047
I froze mine and for awhile I didn't bother looking at new credit card offers, thinking it would be a pain to unfreeze, but got a good sign-on bonus for an airline card. I applied on-line and about a week later they sent me a letter and told me what credit bureau they needed unlocked and a number to call after I'd unlocked it. I followed the directions and was instantly approved and had no problem freezing it again. Just keep your records someplace safe.
athena53 is offline   Reply With Quote
Old 02-06-2019, 06:25 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Midpack's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 13,514
Quote:
Originally Posted by flintnational View Post
We froze our credit reports at the big 3 credit bureaus a couple of years ago. It has worked fine. But, you might have to unfreeze it more than you might think. When we changed phone companies we needed to unfreeze a report for the new company. Also, when we purchased a new car (paid cash with a check) they also needed access to a credit report. Normally you can just ask which credit bureau a vendor uses and just unfreeze that report.
We froze our credit with the big three in 2013 after the Target hack, because we shopped there almost weekly. I have the PIN’s but we haven’t had to unfreeze. We bought a new car recently and we got the impression the dealer tried and failed to check our credit. But we paid cash so we didn’t care.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57

Target AA: 45% equity funds / 30% bond funds / 25% cash - radically changed Nov 2018
Target WR: Approx 2.5% Approx 20% SI (secure income, SS only)
Midpack is offline   Reply With Quote
Old 02-06-2019, 07:34 PM   #7
Recycles dryer sheets
 
Join Date: May 2015
Posts: 263
Quote:
Originally Posted by rando348 View Post
Anyone have experience locking their credit?

We have all the credit we need and I'm thinking about locking my credit to avoid possibly identity theft. I just heard of this the other day and it's interesting so just wondering.

Thanks in advance!
We've done so for year.

Step by step. Highly recommend the free creditkarma as well mention.

Credit Freeze Guide: How to freeze your credit and protect yourself against identity theft
https://clark.com/personal-finance-c...redit-freezes/
eroscott is offline   Reply With Quote
Old 02-06-2019, 07:59 PM   #8
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 1,458
I froze everything when there was a 'reported' breech last year. So now I can only charge 18.5k
gayl is offline   Reply With Quote
Old 02-06-2019, 09:58 PM   #9
Confused about dryer sheets
 
Join Date: Feb 2018
Location: Tucson
Posts: 6
I locked mine after the Equifax breach a year or two ago. I switched cell phone carriers and had to unlock it, then again when I switched back, lol. But other than that it's been fine. Definitely save the pin #.
mabuhay is offline   Reply With Quote
Old 02-06-2019, 10:08 PM   #10
Recycles dryer sheets
 
Join Date: Dec 2018
Location: Wheaton
Posts: 112
yup. locked it down abt a year ago. good thing, too. about a month ago someone tried to open a credit card in my name at Chase. i found out when Chase notified me that they couldn't proceed until i allowed them to pull my credit report.
rk911 is offline   Reply With Quote
Old 02-06-2019, 10:22 PM   #11
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 9,998
Hi Rando -
you'll find several threads on the topic of credit freezes. It was discussions here in about 2016 that triggered my locking with all 3 bureaus.

As mentioned above - it's nice that it's now free to lock/relock. Before it varied by state - and here in California I had to pay to unlock/relock.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 02-07-2019, 06:28 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 9,260
Froze them more than 10 years ago and all has gone well. The biggest problem with thaws (new credit lines like CCs, cars, signing up for MySocialSecurity, etc) is that you usually have to unfreeze all three. That is a bit of a PITA but the peace of mind is worth the hassle.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 02-07-2019, 08:47 AM   #13
Dryer sheet wannabe
 
Join Date: Jan 2008
Location: Seattle
Posts: 11
Thank you all for your input. This is next on my to do list.
rando348 is offline   Reply With Quote
Old 02-07-2019, 08:56 AM   #14
Thinks s/he gets paid by the post
Rianne's Avatar
 
Join Date: Aug 2017
Location: Champaign
Posts: 1,485
I froze all 3 bureaus for DH and me. Lost all pins and passwords. I'm sure I hid them somewhere and cannot remember where. I'm wondering if my credit score can change if I've frozen the reports. Not planning on borrowing or opening new CC. I'll cross that bridge when I come to it.
__________________
"If you want to go fast, go alone. If you want to go far, go together.
Rianne is offline   Reply With Quote
Old 02-07-2019, 09:12 AM   #15
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 44,963
Quote:
Originally Posted by Rianne View Post
I froze all 3 bureaus for DH and me. Lost all pins and passwords. I'm sure I hid them somewhere and cannot remember where. I'm wondering if my credit score can change if I've frozen the reports.
Freezing your credit has no impact on credit scoring. It continues to change based on your financial activity.
__________________
Numbers is hard

Charter resident of the lumpen slums of cyberspace

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-07-2019, 09:20 AM   #16
Full time employment: Posting here.
EvrClrx311's Avatar
 
Join Date: Feb 2012
Posts: 569
I've had my credit frozen since the Fall of 2017... After a little research into companies that claim to do it for you I concluded that these credit lock companies deal with the aftermath of what happens once you've experienced identity theft... however they don't actually do much of anything to prevent it.

The one part they do however is something that people can do themselves... create credit freezes from the three main credit companies (EQUIFAX and the others). So I went to each of them and frozen my account, created a pin (little annoying they each have different pin requirements) and wrote them all on a sticky note that I keep in a safe place. As well as an encrypted e-mail I sent to myself from an obscure place...

I've only had to unlock my credit once, well I didn't unlock it, I just asked which credit branch the bank checked, and I provided them a 24 hour pin to access it (I received the pin by going to that credit website and asking for it).

So I've had peace of mind for the last 18 months or so of no one using my credit, and it hasn't been an inconvenience at all. I'd recommend it
EvrClrx311 is offline   Reply With Quote
Old 02-07-2019, 09:23 AM   #17
Thinks s/he gets paid by the post
Rianne's Avatar
 
Join Date: Aug 2017
Location: Champaign
Posts: 1,485
Quote:
Originally Posted by REWahoo View Post
Freezing your credit has no impact on credit scoring. It continues to change based on your financial activity.
Good to know. It's only freezing who gets access to see or use your credit.
__________________
"If you want to go fast, go alone. If you want to go far, go together.
Rianne is offline   Reply With Quote
Old 02-07-2019, 11:46 AM   #18
Dryer sheet wannabe
 
Join Date: Jan 2008
Location: Seattle
Posts: 11
Quote:
Originally Posted by Rianne View Post
I froze all 3 bureaus for DH and me. Lost all pins and passwords. I'm sure I hid them somewhere and cannot remember where. I'm wondering if my credit score can change if I've frozen the reports. Not planning on borrowing or opening new CC. I'll cross that bridge when I come to it.

I just froze all 3 and it took about 20 minutes.



Rianne, it looks like the PINS aren't needed if you go back in and login online to unfreeze. You only need the PIN when you call, that's how I read the fine print but who knows.
rando348 is offline   Reply With Quote
Old 02-07-2019, 12:13 PM   #19
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
sengsational's Avatar
 
Join Date: Oct 2010
Posts: 5,091
Here's another thread that talks about the same topic:


Have You Freezed/Unfreezed Your Credit Yet?


I pointed to my post that indicates specifics of a temporary thaw.
sengsational is offline   Reply With Quote
Old 02-12-2019, 04:19 AM   #20
Recycles dryer sheets
 
Join Date: Sep 2009
Posts: 51
It's easy peasy.
Locked and forgot about it.
Applied for new credit card and got letter saying I was rejected - reason turned out to be they couldn't access credit report.
So I went online and unfroze; called new company and told them it was unfroze; they instantly processed the request, and approved.

Lesson learned: unfreeze happens immediately. So you can say unfreeze on Day1, with re-freeze scheduled for Day 2. And that works.
__________________

sakowitzm is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Make sure you keep your credit locked Big_Hitter FIRE and Money 55 08-11-2016 06:05 PM
Locked in Natural Gas Price for 12 Mos jimnjana FIRE and Money 1 05-30-2009 10:53 PM
Administrator locked out jambo101 Other topics 20 04-05-2009 11:20 AM

» Quick Links

 
All times are GMT -6. The time now is 09:53 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.