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🔐 Credit freeze vs credit lock. | FinTips 🤑
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- Опубліковано 8 сер 2024
- Today we talk about a sneaky credit trick that the major reporting agencies are trying to get past you. Most of you may know about the credit freeze but today we will compare it to the credit lock and why you may want to avoid the credit lock.
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WOW those big Credit companies are just a bunch of sleaze bags they are the real crooks. Thanks for sharing the video and giving me some very good tips.
Oh my goodness, Thank You So Much for this information! A Great video, and Extremely Helpful. Subscribed!
Great information! Thank you!
Thanks for sharing the info brother. Highly appreciate it!
Hey, what happened to the "Mack the Knife" intro? LOL! Just kidding Dustin. Another good video as usual.
Excellent info. Thanks!
Wow. How enlightening.
😊 Thank you.
What good marketers, the credit and card companies.
I was unhappy that I couldn't lock 🔐 all 3 Bureaus and could only Freeze the other 2.
Thanks to you, now I understand I should Freeze all 3. I didn't want any of my information sold.
Thank for making that real clear 👍
Great info. Appreciate it.
OMG Thank you! I was so confused about that.!☝🏼New subscriber here !
Great content 💯
Thank you so much!
Thanks for the great information Dustin. All of these big companies do things without letting the smalll guys like us know and try to change the wording so in the end they end up winning.
Thank you!
Thank you.
Great information
Thanks Dustin they should be liable !!
Thanks
Can I lock or freeze my credit to get a apartment?
Now is the transunion credit lock not as good as the transunion freeze? They are both free.
3rd video talking about credit lock and freeze and none of them tell me HOW.. maybe a link?
Thanks for the video. If all my reports are frozen, can I apply and get approved for a credit limit increase ?
Most credit cards don’t hit your credit to provide you with an increased credit line. So no you don’t usually need to unfreeze your credit to request and receive a credit increase.
So my question is if you choose credit freeze. Do you have to contact all three of the Credit Agencies and freeze your credit with each one?
Yes! I believe u have to with all 3 to work Best!
It actually take about 10 mins to freeze and unfreeze them all. But ONLY unfreeze your credit when you ABSOLUTELY need it, and ONLY do a TEMPORARY UNLOCK, NEVER a PERMANENT UNLOCK. And when you’re done, IMMEDIATELY RELOCK your credit. It really is important and can save your financial and personal life...
I know I capitalized a bunch of words, but I just want to be very clear.
@@Nighhhts Will my credit score continue to change while frozen? I have been improving my score for a while and just want to make sure it does not prevent payments and such being reported that help my score.
@@ShadowKingpin
No, as long as you pay your bills on time and don’t have any derogatory (which lasts 7 years) or inquiries (which lasts 2 years), you should be fine.
When your credit is frozen, you cannot get any new credit cards/lines until you unfreeze all three bureaus. So before you sign up for any new credit cards, unfreeze your 3 bureaus. After you sign up for the card your choose and are accepted, you will get an inquiry, which will last for 2 years. Any time you’re accepted (or denied) for a new credit line/card, you get an inquiry, so don’t be too concerned with that. It should go away after about a year, but it’ll still be on your report for 2 years. But warning, if you’re denied, DO NOT keep trying to sign up for a new credit card, because every time you do, you get an inquiry, which lowers your score by 5 each time and can really mess up your credit. After you’re accepted, re-freeze your credit.
Lastly, pay your bills on time or you’ll get a derogatory, which I believe reduces your credit by 100, and lasts 7 years, which is a long time.
Now, sometimes the bank will offer you cards they feel you are able to be accepted for. In that case, they will not run your credit, because it was them, not you, who offered you a new credit card line. Any time you do it, they run your credit, but when they offer you a new credit, in relation to your current score, you will not take a hit.
Just research all you can about credit. Research what an inquiry is and what a derogatory is that way you can get a more well-rounded understanding of the two.
Look up ways to boost your credit as well, and watch videos. The 3 most important things are:
1. PAY YOUR BILLS ON TIME AND IN FULL EVERY MONTH.
2. IF YOU CANNOT AFFORD IT, DON’T BUY IT.
3. NEVER GO OVER 30% of your credit (ex. If you have $2000 limit, 30% would be $600; try to only hit 10%. It will keep you out of debt as much as possible).
@@Nighhhts I cannot emphasize enough how incredible you are! Thank you tremendously for the wonderfully informative and helpful information!! Currently, I am about to hit 700 for my credit score, but all I am focusing on is under 10% utilization, paying off in full and avoiding nonsensical spending at all cost. You have been a huge help and I am so thankful for you taking the time to respond to me :)
Haha.....freeze mine since last September!
@Councilman Les Wynan actually got 14 credit cards n getting more just be intelligent lol
@Councilman Les Wynan If you already have existing credit card accounts, you can use these credit cards with no problem. A credit freeze prevents unauthorized individuals from opening a new account in your name because the potential creditors cannot access your credit history unless you thaw ( temporarily allow access to ) your credit files and history.
Question: do you find your insurance premiums increasing after the freeze? Has the freeze been a hassle or not? I heard that it can affect insurance premiums. Any experience with this issue, please share. Thank you!!
If you lock/freeze your credit, can your creditors still look at your credit while it’s lock/frozen?
Michael Crawford very good question, hope someone can answer it.
Your open credit accounts are still active. Therefore any current creditors or debt collectors have access. Governments can also subpoena your report, but this is mainly for child support reasons. If you pay to have a company monitor your credit for fraud protection, they can also view. Any company that uses your credit to identify/authenticate you without granting any new credit can view. Any company doing underwriting or background screening (soft inquiry) can view.
@@jaketyler7088 Thank you for the info.
@Jon K appreciate your input boss. Much appreciated!
If you locked the big 3 yes they can. However if you freeze innovis, Lexisnexis, corelogic they can NOT. Not even the government! This is also use to dispute negative items on your account because they have no way to prove is you if you lock innovis etc…. Hope this help. The big 3 gets information from these companies.
Ok but WHERE...
Are your fingers
im here to find out why doeas my credit card get locked, yesterday i tried to buy a game from the oculus store with my dads permission bc im 16 and i wanted to buy it whit his credit card and it always says its locked and this always happens idk if hes doing it on purpose or giving me a declined card so he doesnt have to pay 40 bucks for the game, he got his paycheck 2 days ago so it cant be in debit right away. i dont know much about this type of stuff so im here to ask if he can lock his card remotly or if it does it automaticly, kinda stupid question but i dont know anything about credit cards
I think you got it backwards. You want a credit lock which is permanent (until you unlock it) not a freeze which is temporary.
Is anyone familiar or had any issues with lock and alert? My account is locked and they said I need to send a copy of my drivers license and SS#, and address to verify my account since i didn't do it when i set up my account. Is this true?
The drivers license sounds sketchy as hell....I didn't have to do that with any of them and only had to verify last 4 digits of SSN and if they did not ask you upfront to do that, it sounds like to me "someone" else is asking!
@Thatboydorsen They didn't need to teach you about credit, They needed to teach you self sufficiency. Current Schools are a remnant of the factory worker prep. They were designed to facilitate a smooth transition into the needed 9 to 5 factory working jobs. The modern world has quickly overtaken this outdated school structure. Hence why everyone understands that current school system is a joke.
Allelujah vaymire 😩
You sound like a credit scammer yourself! Change over to infomercials!! You have all the right characteristics for it! Fake
voice modulations, the endless hand waving, the continuous and endless story narratives! Sickening.
Lmfao.
Thanks