topic Re: Locking Credit and CLIs in Credit Cards

Locking Credit and CLIs

Anonymous — Fri, 16 May 2008 20:47:00 GMT

I am thinking of locking up my credit reports, BUT I wonder about the "downside," if any.

1. If I do this, will I still be able to get CLIs?

2. Will I still be able to update my reports and scores (through Credit Secure, TC, MyFico, etc.)?

3. Will I still receive my online card-related credit updates (PFICO through WAMU, etc.)?

I know I won't get preapprovals, but I don't care---I have plenty of credit lines and cards. I don't want to necessarily limit myself with regard to CLIs, however. Anybody have any knowledge about this?

Re: Locking Credit and CLIs

haulingthescoreup — Sat, 17 May 2008 13:55:00 GMT

By "locking up my credit reports", do you mean opting out of preapprovals? If so, that won't affect CLI's and updates. Opting out just blocks companies that you are not currently doing business with from softing your reports with PR (promotional) prefixes. Your current companies can still soft you with AR (account review) or AM (account maintenance) prefixes.

Back when I was opted out, I was still hitting TrueCredit daily and getting monitoring alerts from the various random services that I had accumulated along the way.

If you're talking about a freeze or fraud alert, I can't help you --we'll need input from someone else.

Re: Locking Credit and CLIs

smallfry — Sat, 17 May 2008 14:06:15 GMT

If you freeze your reports all current issuers can still pull your bureau. You wouldn't be able to get a new issuer to see your report so if you wanted to apply with a new issuer they couldn't see your report. Some issuers might view a report you haven't frozen if they normally wouldn't pull that one but most want to see what they want to see. Some can be convinced though.

Re: Locking Credit and CLIs

Anonymous — Sat, 17 May 2008 14:07:55 GMT

haulingthescoreup wrote:
By "locking up my credit reports", do you mean opting out of preapprovals? If so, that won't affect CLI's and updates. Opting out just blocks companies that you are not currently doing business with from softing your reports with PR (promotional) prefixes. Your current companies can still soft you with AR (account review) or AM (account maintenance) prefixes.

Back when I was opted out, I was still hitting TrueCredit daily and getting monitoring alerts from the various random services that I had accumulated along the way.

If you're talking about a freeze or fraud alert, I can't help you --we'll need input from someone else.

Oh, sorry---I guess my post wasn't clear. I did mean "freeze" my credit, not merely opt out.

Re: Locking Credit and CLIs

UpNComing — Sat, 17 May 2008 14:22:14 GMT

.
haulingthescoreup wrote:
Back when I was opted out, I was still hitting TrueCredit daily and getting monitoring alerts from the various random services that I had accumulated along the way.

Were you able to change what TrueCredit would alert you to? It almost sounds like you were alerted to soft inquiries as well.

Message Edited by UpNComing on 05-17-2008 10:22 AM

Re: Locking Credit and CLIs

haulingthescoreup — Sat, 17 May 2008 14:36:26 GMT

@UpNComing wrote:

@haulingthescoreup wrote:
Back when I was opted out, I was still hitting TrueCredit daily and getting monitoring alerts from the various random services that I had accumulated along the way.
Were you able to change what TrueCredit would alert you to? It almost sounds like you were alerted to soft inquiries as well.

TrueCredit doesn't see softs or alert you to them. I semi-accidentally had signed up for EX's Consumerinfo.com monitoring service (tried to do the one month freebie and bobbled it as usual), plus I have Equifax's Credit Watch Gold (love it, love it), plus I have ScoreWatch through myFICO.

So TC would send alerts for all three CRA's, plus the EX thing would send alerts for EX alone, and EQ would send alerts for EQ, plus ScoreWatch would also send alerts for EQ and for score changes.

But these were all for the usual new account, balance increase, blah blah stuff. I have to pull the full report for the softs.

That's what's nice about Equifax's Credit Watch Gold, btw --you can pull a full report every day, softs and all. They tell you your full age and average age in years and months, they break down util in mortgage, installment and revolving; a great little service. PLUS you have a phone number that is answered with additional hours beyond the usual 9-5 hours.

Re: Locking Credit and CLIs

UpNComing — Sat, 17 May 2008 14:40:57 GMT

@haulingthescoreup wrote:
@UpNComing wrote:
@haulingthescoreup wrote:
Back when I was opted out, I was still hitting TrueCredit daily and getting monitoring alerts from the various random services that I had accumulated along the way.
Were you able to change what TrueCredit would alert you to? It almost sounds like you were alerted to soft inquiries as well.
TrueCredit doesn't see softs or alert you to them. I semi-accidentally had signed up for EX's Consumerinfo.com monitoring service (tried to do the one month freebie and bobbled it as usual), plus I have Equifax's Credit Watch Gold (love it, love it), plus I have ScoreWatch through myFICO.

So TC would send alerts for all three CRA's, plus the EX thing would send alerts for EX alone, and EQ would send alerts for EQ, plus ScoreWatch would also send alerts for EQ and for score changes.

But these were all for the usual new account, balance increase, blah blah stuff. I have to pull the full report for the softs.

That's what's nice about Equifax's Credit Watch Gold, btw --you can pull a full report every day, softs and all. They tell you your full age and average age in years and months, they break down util in mortgage, installment and revolving; a great little service. PLUS you have a phone number that is answered with additional hours beyond the usual 9-5 hours.

I'll look into the Equ Gold thanks!

Re: Locking Credit and CLIs

smallfry — Sat, 17 May 2008 14:43:17 GMT

Hauling aren't you worried about getting a split file from pulling EQ CWG everyday? I had it loved it but dropped it for that reason.

Message Edited by smallfry on 05-17-2008 10:43 AM

Re: Locking Credit and CLIs

haulingthescoreup — Sat, 17 May 2008 14:51:29 GMT

@smallfry wrote:

Hauling aren't you worried about getting a split file from pulling EQ CWG everyday? I had it loved it but dropped it for that reason.

No, I don't pull them every day by any means! It's just nice to know that I can. For instance, if I had been caught up in the recent Sallie Mae thing, I would have been all over those reports.

I have noticed that both EQ and TC are displaying many fewer soft reports than they used to --generally just one or two TC, EQ, and myFICO pull per month, and only going back a few months. I do believe that they've figured out how to deal with that little awkwardness of closed accounts and whatnot suddenly disappearing. Especially the whatnots.

Re: Locking Credit and CLIs

smallfry — Sat, 17 May 2008 15:24:49 GMT

Yep. Cheaper than a software upgrade to be sure.