I will never buy anything on credit again and would like to make it impossible to open credit accounts in my name by others. How do you do this. (I checked FAQ's and as usual, did not find info)
Lee: First and foremost, this is a very self-destructive posture. You need open and avaliable credit in order to promote a healthy credit score. However, if you're just out of the game so to speak put a security freeze on your reports and opt out with the credit reporting agencies as well. Call Equifax, Experian, Innovis and Trans Union to do so.
First, you can't just call, all you get is some stupid machine that is worthless. Why can't I just prevent anyone from using my name on any NEW accounts while still having an "open and available CR".
I agree with Apex. Having a credit card and using it wisely (buying what you would buy anyway and paying if off at the end of the month) is good money management. You have a record of your purchases and can track your spending. In addition, you can keep your money in an interest-bearing account for a little longer. Yes, maybe it's only a few cents in interest. But you leave it there, and you get interest on that. It builds. Buying with a credit card also gives you some protection. If goods or services are defective, you can dispute the charges and you have help in getting a refund. There are some transactions (hotel and car rentals) that require a credit card for reservations. If you're planning on using a debit card instead, that is also a major mistake. The protection is not as good. If you use it to make a reservation at a hotel or car rental, they can place a hold on your account for several times the amount of the estimated transaction. The holds can take as long as 10 days to be lifted. In the meantime, your checks could bounce.
I have one CC that is used only for car rentals and motels. I just don't want any more and have not used that card in a few years, but they keep sending me a new one after it expires.
You should use it every few months to keep it active and to build your credit history. Just buy a tank of gas or something.
I have 30 years of credit history. Which is useless since I will never use credit again except in the aforementioned instances. From these answers, I'm starting to assume that what I want can not be done. (must make to much sense)
You can put a fraud alert on your report by calling any of the credit bureaus. It will be shared with all three. Before any credit is opened, they are supposed to call you. I have heard of accounts being opened without the person being contacted. Some states allow you to freeze your report. There may be a charge for it. I'm not sure how it's done, but I'm sure if you call one of the bureaus or check their web sites there is probably information available.
Besides fraud alerts and freezes, one practical (though potentially self-destructive) method would be to create a shortlist of creditors with extremely high standards, then periodically apply with each of them so that a rejection is generated. The point would be to have a lot of recent inquiries hanging around so that when some weasel ID thief tries for instant credit to get that flat screen at BestBuy, the credit is denied regardless of the absence of derogs... Of course this could affect the OP's current card at some point due to deteriorating score or some internal threshold they may have for inquiries, and could also affect the OP if he had a legitimate need for some new credit that happened to arise...
From Equifax FAQ's on fraud alert lasting more than 90 days: "A valid police report showing that you have been a victim of identity theft is required to place an extended fraud alert." (The proverbial closing of the barn doors after the cows are out) Also, I would hate to ruin my credit by getting refused credit. Per Flacorps idea. It seems there should be a way to put a hold on your own credit report that merely stops requests for MORE credit.
It would be kind of like asking the bartender at a dive bar to cut somebody off who could still be understood when ordering...
Hey Lee . . . why don't you listen to what we've told you. It's called a SECURITY FREEZE. This will accomplish what you seek. I am sorry that you have to speak to an automated system but welcome to life . . .
I have to agree with Apex here; a security freeze will accomplish what you seek. Though it may seem a bit of trouble to secure, it seems it would well be worth the effort considering what you desire.
Because you wrote:"First and foremost, this is a very self-destructive posture", and the way you described a SECURITY FREEZE, its MORE than I want. As far as automated systems, I don't HAVE to speak to them. I write letters which WAY more ties up an employees time where if I could just call, it would take no time I don't have to play by anyones rules. When you get old, you'll understand. I thank you for your input and will start writing letters. Thank you, and the others also, I learned some from everyone.
I think Apex was trying to counsel that discontinuing the total use of credit may be a detriment in the full (personal finance) picture. Of course, your personal finances are totally yours to decide how to conduct, and I think all posters here respect that freedom. We merely seek to give all facets of a situation/issue so that the poster can make the best informed decision. Again, I feel Apex was merely relating that having credit available can be a valuable tool. Investigate the option of a security freeze on your credit reports, and decide for yourself if it works for you. You should also elect to "Opt Out" of offers made based upon your credit reports as well.
