This is easily the most important credit card video I’ve made, costing the average person $1100 who has this happen to them, and how to avoid it for free. Enjoy! Add me on Snapchat/Instagram: GPStephan
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 OFF FOR A LIMITED TIME with Code THANKYOU50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $120 million in sales: https://goo.gl/UFpi4c
So if you’re wondering what I’m talking about, no, this isn’t me telling you not to carry a credit card balance to avoid wasting money on interest. It’s not me telling you not to get cards with high annual fees without benefits…instead, I’m telling you about the importance of FREEZING YOUR CREDIT.
Equifax Freeze:
https://www.freeze.equifax.com/
Trasunion Freeze:
https://www.transunion.com/credit-freeze
Experian Freeze:
https://www.experian.com/freeze/center.html
Here’s how it works. You have three credit reporting agencies: Equifax, Experian, and Trasunion. When someone pulls your credit information, they’ll pulling the data from these agencies which use their own algorithms and data to calculate your credit score. Many people don’t know that they have the option to place a FREEZE on these accounts, which means that NO ONE can run your credit while the freeze is in place, which means that someone won’t be able to take out a loan, won’t be able to open up credit cards, and won’t be able to have access to that information to take advantage of. A Freeze restricts your credit report so that it can't be accessed by a new lender. If a lender can't see your credit report, they won't issue a new account in your name. Simple as that.
When you freeze your account, you’d typically log in online to one of the agencies, prove it’s you who’s requesting the freeze, and you will be issued a PIN number specific to that account…the ONLY way to unfreeze that account is with that pin, which is only generated once, and something that you typically write down and save in a safe place. So whenever YOU actually want to apply for a loan, you go and unfreeze your accounts with that PIN - you get your loan - and then you can re-freeze the account after the lender runs your credit.
Previously, to do this, credit reporting agencies would CHARGE YOU to do this. That was, until Congress amended the Fair Credit Reporting Act to require reporting agencies to freeze reports for no charge. Yes, it’s FREE. There’s NO REASON NOT TO DO THIS if you’re not in the middle of applying for a loan, getting new credit cards, etc.
Do this. Please. I did this as soon as it was available to me, and absolutely no regrets. In addition to that, it’s important to monitor your credit report every few weeks - this is something I do anyway for fun since I like seeing my credit score go up, but consider using CreditKarma.com or CreditSesame.com - they’re both totally free and easy to use. Just sign up, turn on notifications so they send you updates anytime something is changed, and that’s it.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Join the private Real Estate Facebook Group:
https://www.facebook.com/groups/therealestatemillionairemastermind/
Get $50 OFF FOR A LIMITED TIME with Code THANKYOU50 - The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $120 million in sales: https://goo.gl/UFpi4c
So if you’re wondering what I’m talking about, no, this isn’t me telling you not to carry a credit card balance to avoid wasting money on interest. It’s not me telling you not to get cards with high annual fees without benefits…instead, I’m telling you about the importance of FREEZING YOUR CREDIT.
Equifax Freeze:
https://www.freeze.equifax.com/
Trasunion Freeze:
https://www.transunion.com/credit-freeze
Experian Freeze:
https://www.experian.com/freeze/center.html
Here’s how it works. You have three credit reporting agencies: Equifax, Experian, and Trasunion. When someone pulls your credit information, they’ll pulling the data from these agencies which use their own algorithms and data to calculate your credit score. Many people don’t know that they have the option to place a FREEZE on these accounts, which means that NO ONE can run your credit while the freeze is in place, which means that someone won’t be able to take out a loan, won’t be able to open up credit cards, and won’t be able to have access to that information to take advantage of. A Freeze restricts your credit report so that it can't be accessed by a new lender. If a lender can't see your credit report, they won't issue a new account in your name. Simple as that.
When you freeze your account, you’d typically log in online to one of the agencies, prove it’s you who’s requesting the freeze, and you will be issued a PIN number specific to that account…the ONLY way to unfreeze that account is with that pin, which is only generated once, and something that you typically write down and save in a safe place. So whenever YOU actually want to apply for a loan, you go and unfreeze your accounts with that PIN - you get your loan - and then you can re-freeze the account after the lender runs your credit.
Previously, to do this, credit reporting agencies would CHARGE YOU to do this. That was, until Congress amended the Fair Credit Reporting Act to require reporting agencies to freeze reports for no charge. Yes, it’s FREE. There’s NO REASON NOT TO DO THIS if you’re not in the middle of applying for a loan, getting new credit cards, etc.
Do this. Please. I did this as soon as it was available to me, and absolutely no regrets. In addition to that, it’s important to monitor your credit report every few weeks - this is something I do anyway for fun since I like seeing my credit score go up, but consider using CreditKarma.com or CreditSesame.com - they’re both totally free and easy to use. Just sign up, turn on notifications so they send you updates anytime something is changed, and that’s it.
For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness @gmail.com
Suggested reading:
The Millionaire Real Estate Agent: http://goo.gl/TPTSVC
Your money or your life: https://goo.gl/fmlaJR
The Millionaire Real Estate Investor: https://goo.gl/sV9xtl
How to Win Friends and Influence People: https://goo.gl/1f3Meq
Think and grow rich: https://goo.gl/SSKlyu
Awaken the giant within: https://goo.gl/niIAEI
The Book on Rental Property Investing: https://goo.gl/qtJqFq
Favorite Credit Cards:
Chase Sapphire Reserve - https://goo.gl/sT68EC
American Express Platinum - https://goo.gl/C9n4e3
Do you recommend any YouTube in canada that make content like this?
Thank you, good looking out
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This is great. However question, if I freeze my credit card account, and don't use the hard for some time (couple years), would my credit card acc be closed? I would not want that, but I also don't need to use this card, and don't want to close it because it will hurt my credit.
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So let me ask you a question if I want to get a loan or credit card do I have to go through all three to to unfreeze and freeze it how do we know which one are they using other using Equifax or TransUnion or do you just have to automatically unfreeze all of them????
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What happens if I exceed the credit limit say $1000, but pay the amount in full by the end of the month? My bank states "No extra fees apply when using the maximum credit limit" but I don't really get it what do they mean by that. They have 0 monthly installments and no additional charges
Team KSI!! Graham
I’m totally new to this, so I would still be able to use my credit card for any purchases the only thing I wouldn’t be able to do is apply for new credit card and take out loans if my credit is frozen correct ?
Can you still build up your own credit and check on it while it’s frozen?
In my country we use close or open credit card by application of bank -)
More Debt Video Plsss.
Hey Graham! I wanted to ask what does this affect your use of credit cards that you already have?
How does only have 3K likes? and who the heck are the 33 thumbs down?
It's 1:30am but I did all of this immediately and it honestly took 15 minutes to freeze credit, opt out of offers, and sign up for credit karma. Seriously no-brainer stuff. Thanks!!
*Identity thief.
Love your channel, bro 🤘🔥🤙
Hey Graham, I’m here from the credit card video where you recommend putting a charge on your credit card at least once every few months so they don’t cancel it, do you recommend freezing every card you don’t use often between making these charges? And if so is the unfreezing instantaneous? Thanks
So to be protected I have to freeze my credit three separate times through each of the three agencies? And I would also have to keep 3 different pins?
Identity thief
I like to know about: Balance transfer (3% one time fee) on credit card and when it is used same credit card for daily purchase and paid in full each statement for 1% of balance transfer + full on what used for daily purchase, even charging small amount of interest, I talked to credit card support + online chat with bank of america, no one make me clear on my question.
Let me give you one clear example to consider:
credit card limit: 1000
Balance transfer: 500
Balance transfer fee 3% : 15
Purchase by same credit card: 85
Remaining Credit: 1000-500-15=400
As per rule not to have interest charged:
must pay 1% of balance transfer: (500+15)*1%=5.15
Purchase amount by full: 85
Even on paying such again there is some interest came in statement, very strange, can you explore such complicated issue, may be lots of people suffering from it by not knowing how it really works.
As per operator said:
If you put more balance in your credit card then it is used for deducting your balance transfer balance (so no point on it)
When you do balance transfer from that card stop using that card for purchase to avoid any interest on it.
I am sure you will explore on it.
If I freeze my credit, do I need to unfreeze it in order to get a credit card or use it?
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Borrowell is another free credit checker (my personal favourite) 👍
If you freeze it, does that mean you can’t use credit cards and improve your score??
I love you graham !
What's up Graham, it's me here! 😊 Cool! 👍