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Any pitfalls for freezing your credit at the 3 credit bureaus?

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  • Any pitfalls for freezing your credit at the 3 credit bureaus?

    That is if you don't need any more credit in the near future?

  • #2
    I have frozen my credit in the past when someone tried to open a credit card in my name. It was a hassle in terms of getting a credit check when purchasing an investment property. We are now unfrozen as far as credit, but we use multiple layers of credit monitoring that send alerts when any credit pull occurs, or any new account is opened.

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    • #3
      It took about 30-60 minutes for my wife to reset her passwords and unfreeze her credit when we bought a house. I was never ambitious enough to freeze my credit so I saved those 30 minutes.

      I probably should freeze my credit though. Apple tells me some of my passwords are on the dark web.

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      • #4
        My and my wife's credit is frozen unless we are seeking credit - I can unfreeze and freeze any of the three in less than 2 mins - actually two of them in less than 30 seconds. I've done it sitting in the dealership on my phone. Huge upside with little to no downside.

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        • #5
          We received a brand new upscale credit card the other day under my wife's name. We did not apply for it. Called the CC company and they replied that someone may have opened it under her name/ID. We had the card cancelled. I've frozen her credit at the three bureaus, but now am thinking why not just freeze my credit pre-emptively. Don't have any plans to get credit in the foreseeable future.

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          • #6
            I am frozen. No issues

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            • #7
              Originally posted by Tangler View Post
              I am frozen. No issues
              Same here

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              • #8
                Been frozen for years now. Even when applying for a refi I unfroze easily for a designated day. Quite frankly I don’t know why everyone doesn’t do this (who has reasonable credit and doesn’t need a bunch of loans, which is a whole different level of personal finance existence than what is typical here).

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                • #9
                  I'm frozen. The main disadvantage is that even though unfreezing is not difficult, if you're lazy like me, it's annoying to have to do. But, to be honest, I haven't actually unfrozen, since I have no need for new credit. If the processes is as easy as described, then even for someone as lazy as me, it shouldn't be a problem.

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                  • #10
                    I am frozen too. It prevents you getting new credit cards that look like they have good deals (was looking at Chase Sapphire) which may end up being good I suppose. I also never gathered enough inertia to unfreeze my accounts to refinance my mortgage (have a 2.875% 15 year mortgage, but people were quoting 2.3-2.5% a year or so ago?). I actually went through the trouble of applying to refinance through my current mortgage bank but got frustrated when they wanted me to unfreeze my accounts because it doesn't seem like I should have to if I already have a mortgage with them. Other then adding a layer of complexity to loan applications, I don't see why everyone wouldn't.

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                    • #11
                      My intuition was to freeze both accounts.

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                      • #12
                        I needed a credit check for a new utility service, it was annoying to unfreeze because I had to go to my file cabinet for the passwords and the rep couldn't tell me which service they used, so had to do all 3. But honestly, it was a lot faster than dealing with a breach--it took 5 minutes and froze again automatically.

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                        • #13
                          at one point i froze and forgot i had then had to have a credit check.
                          that was annoying.

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                          • #14
                            Originally posted by nephron View Post
                            I am frozen too. It prevents you getting new credit cards that look like they have good deals (was looking at Chase Sapphire) which may end up being good I suppose. I also never gathered enough inertia to unfreeze my accounts to refinance my mortgage (have a 2.875% 15 year mortgage, but people were quoting 2.3-2.5% a year or so ago?). I actually went through the trouble of applying to refinance through my current mortgage bank but got frustrated when they wanted me to unfreeze my accounts because it doesn't seem like I should have to if I already have a mortgage with them. Other then adding a layer of complexity to loan applications, I don't see why everyone wouldn't.
                            Been frozen for several years. The only "pitfall" was the hassle of having to have it temporarily unfrozen (ha ha thawed, for 48 hours) to get a HELOC. It's a pain to be on hold with the 3 major rating agencies, but still less pain than dealing with identity theft. Which I have had to deal with recently too, interestingly with my CME card, thanks for nothing Wells Fargo (couldn't screen out a "executive mentor" online program based out of Luxembourg but with the bill going to Nigeria!?!)

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                            • #15
                              Not sure why everyone isn’t frozen. It’s so easy. and un freeze is instant. I had lender check credit but couldn’t bc it was frozen. I un froze it from an app on my phone, and they immediately were able to check. Then I froze again.

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