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I always keep my reports frozen. It gives me (1) peace of mind and (2) resistance to apping.
All of my lenders (except UFCU and Chase) have given me SP CLI through the freeze. Chase has given me a couple of auto CLIs through the freeze as well. In case someone wants to do a HP when I don't want them to, freezing helps me stop them.
However, I think a couple of lenders (not sure whether Comenity or Synchrony) asks the cardholder to remove the freeze even for SP CLI. Sounds iffy to me but I don't have those cards.
@Anonymous wrote:Good evening All!
I've obtained a few great credit cards while taking a peek out of the garden within the last 2-3 weeks. In total, I have about 11 inquiries and 8 new accounts for this year already. My goal is to obtain ANY AMEX available to me once my EX hits 670 and above for approval. AMEX would be my LAST card wanted for travel rewards (but of course I won't be applying for about 6-7 months around Holidays 2016). With that being said, I'd love to grow my Discover IT, Barclays, Nordstrom, Bloomongdales, Cap1 QS, etc... Will freezing all of my reports inhibit me from receiving CLI's for the goal of better scores and overall credit profile? I would love to set some boundaries for myself as apping seems to come waaay to tempting and I'm staying off of the "credit card approval forum". I abhor seeing my credit scores drop and hard inquiries added. Please help me with this decision!!!
Thanks in advance Fico Family!
Personally I think this is a good idea for many people. I'm probably gong to do it later this year. Not so much because I don't want to app, but because of hte reasons others have pointed out. I have had an unautorized HP show up on my credit report and my fiance was promised no HP by a utility company only to have one show up. I also think it's a good idea to let your credit report rest for 2 years.
Multi posts have been removed from this thread for violating our policies concerning the freezing of one CR in order to favor another CR. This is taboo on myFico and in no way is to be discussed in any forum. Thanks for your understanding on this.
@gdale6 wrote:Multi posts have been removed from this thread for violating our policies concerning the freezing of one CR in order to favor another CR. This is taboo on myFico and in no way is to be discussed in any forum. Thanks for your understanding on this.
Understood...but just so I am not ignorant in the law. Is it a violation of the FCRA to do so?
@Anonymous wrote:Good evening All!
I've obtained a few great credit cards while taking a peek out of the garden within the last 2-3 weeks. In total, I have about 11 inquiries and 8 new accounts for this year already. My goal is to obtain ANY AMEX available to me once my EX hits 670 and above for approval. AMEX would be my LAST card wanted for travel rewards (but of course I won't be applying for about 6-7 months around Holidays 2016). With that being said, I'd love to grow my Discover IT, Barclays, Nordstrom, Bloomongdales, Cap1 QS, etc... Will freezing all of my reports inhibit me from receiving CLI's for the goal of better scores and overall credit profile? I would love to set some boundaries for myself as apping seems to come waaay to tempting and I'm staying off of the "credit card approval forum". I abhor seeing my credit scores drop and hard inquiries added. Please help me with this decision!!!
Thanks in advance Fico Family!
To answer your highlighted part, no, you will be able to still recieve CLI's.
A little data point from me: I did exactly what you're asking about and it has already saved me. If you're not applying, and not going to change your mind in a month (because it could get expensive at $10 a pop), then I would freeze them. A few months back I posted a thread because I received a denial letter for car insurance that I didn't apply for. They couldn't access my report so they couldn't give the fraud insurance under my name. It's cheap insurance for fraud and ID theft.
@XxRaVeNxX1 wrote:
@gdale6 wrote:Multi posts have been removed from this thread for violating our policies concerning the freezing of one CR in order to favor another CR. This is taboo on myFico and in no way is to be discussed in any forum. Thanks for your understanding on this.
Understood...but just so I am not ignorant in the law. Is it a violation of the FCRA to do so?
No, it is not a violation of the FCRA. The lender can decide to not extend you credit if they are not able to access a particular report that they want, that's it.
This forum prevents discussion on such tactics because it's considered gaming the system (and / or being not upfront about your credit with the bank, so there is some potential unethical behaviour).
@DoroLucky wrote:
Looks like I've stepped in taboo waters again lol
Haha some of us cant handle the itch. We have to scratch, and once you scratch its like you cannot stop until you've ripped your skin apart haha. I am considering freezing my reports too at some point. I am still working on some GW letters and one PFD and pull my reports about every other month or so, so it might not be for me right now.