CREDIT FREEZE QUESTIONS

[Anonymous]

What's goin on fico forum, I have a few questions about the benefits and not so good idea about freezing my reports as I'm gardening.

1. Can new accounts be added while frozen?(that may not have reported yet)
2. What happens when you apply while files are frozen?
3. Let's say a collection comes outta nowhere, can it be added while frozen?
4. How easy is it to lock and unlock the freezes?
5. Will my scores continue to update on my credit monitoring services daily, monthly etc......?

Thanks again in advance for all your knowledge and inputs, Have a blessed day!

[Remedios]

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@Anonymous wrote:
What's goin on fico forum, I have a few questions about the benefits and not so good idea about freezing my reports as I'm gardening.

1. Can new accounts be added while frozen?(that may not have reported yet) Yes 
2. What happens when you apply while files are frozen? Denial, because CR is not available 
3. Let's say a collection comes outta nowhere, can it be added while frozen? Yes
4. How easy is it to lock and unlock the freezes? Fairly easy
5. Will my scores continue to update on my credit monitoring services daily, monthly etc......? With lock, yes. Not sure about freeze 

Thanks again in advance for all your knowledge and inputs, Have a blessed day!

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Locking/freezing reports is good for security reasons, but it wont stop derogs from being reported. 

If you're planning on applying, you will need to remove lock or freeze, otherwise what's the point 

[Anonymous]

Is there a difference from a lock and a freeze? Is so what is it?

[Remedios]

Both do the same thing, however freezes are legally mandated and regulated, so if something was to go wrong, you have certain legal protections afforded to you 

Lock is a service provided by CRA, and it offers no legal protection in case some kind of unauthorized access occurs. 

[Anonymous]

@remedies
With the lock, are the answer to my original post the same as a freeze?

[Remedios]

Yes. 

[Anonymous]

And yes, with both freeze and lock, CMSs are updated regularly. Sometimes you have to unfreeze for the 1st pull, other than that, no difference.

[Anonymous]

Really appreciate it
The knowledge that I gain from here will definitely help me now and in the future with credit situations. I got my first card when I was 32. I wish I would've started sooner but better late than never because I doubt I would've took the time to look up the info you guys and gals share here daily. Just thank you!

[Anonymous]

Now 35 btw.....saw my score in the 700ish and went crazy with apping. Not knowing now that actually hurt me as far as credit seeking. Didn't know that would actually count against me, I'm happy bout where I am and the cards I have so I'll be good with just 3 yrs in. Only temping thing is navy 91/3. Really hard to stay away from that and the generous lending! A cli and another card next mth then I can rest for at least 12mths

[Anonymous]

I hate to tell ya, but with that many accounts and inquiries recently, you better question the CLI and additional card. Not likely.

One of the things used by NFCU for their internal score is how many accounts opened in the past 24 months, is my understanding.

My point is you may be better served by 12 months of gardening first.