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Credit cards and personal information can (and do) get hacked or stolen. Because of this unfortunate reality, it’s important to know how to freeze your credit. A credit freeze can help prevent identity theft or obstruct bad actors from taking out new loans or accounts in a borrower’s name.

Freezing credit isn’t as scary as it might sound. In fact, once you know how to freeze (and unfreeze) your credit, it can be quite useful in the right situations.

What Is a Credit Freeze?

A credit freeze, also known as a security freeze, allows individuals to limit access to their individual credit report. By freezing their credit, the person makes it more difficult for an identity thief to open a new credit account or loan in their name. This is due to the fact that creditors generally review credit reports before okaying new lines of credit, known as a hard credit inquiry.

However, freezing one’s credit does not prevent a person from viewing their free annual credit report. Moreover, it won’t restrict a person from opening a new account in their own name. They’ll simply need to unfreeze their credit to do so (more on unfreezing later).

Recommended: What’s the Difference Between a Hard and Soft Credit Check?

What Does Freezing Credit Actually Do?

A credit freeze does not actually freeze all outstanding accounts, such as credit cards and loans. Instead, it simply limits others from viewing a person’s credit reports. Under a credit freeze, only a limited number of entities will still be able to view a person’s file, including creditors for accounts that individual already holds and certain government entities.

This means that credit bureaus can’t give out personal information about a borrower with a frozen account to new lenders, landlords, hiring managers, or credit card companies. Typically, this halts the lending, renting, and hiring process — as well as anyone attempting to steal a person’s identity and open a new account in their name.

Freezing Credit: What’s the Process?

If a person wants to freeze their credit, they need to reach out to at least the three major credit bureaus:

•   Equifax : 1-800-349-9960

•   TransUnion : 1-888-909-8872

•   Experian : 1-888-397-3742

People can take it one step further by reaching out to two lesser-known credit bureaus, Innovis (800-540-2505) and the National Consumer Telecom & Utilities Exchange (866-343-2821).

Typically, the agencies will ask for a Social Security number, birth date, and other information confirming a person’s identity prior to freezing their account. The bureaus will then give the person a password, which they may use to unfreeze their account. Make sure to store this information in a safe place.

Does Freezing Credit Cost Anything?

It costs nothing to freeze and unfreeze one’s credit. This is thanks to the Economic Growth, Regulatory Relief, and Consumer Protection Act, which mandates that credit bureaus must offer the service free of charge to everyone.

The credit bureaus must fulfill the request within one business day when a consumer requests a freeze through any method aside from mail. When consumers request to lift the freeze by phone or online, however, the credit bureaus must do so within one hour. This frees up the consumer to quickly do what they may need to do, whether that’s applying for a new apartment or one of the various types of personal loans.

Differences Between a Credit Lock and a Credit Freeze

A credit lock works in much the same way as a credit freeze, allowing consumers to protect their credit reports against bad actors. But, a credit lock can come with a bit more convenience, as borrowers can opt to open and close their locked credit via an app (rather than needing to reach out to each credit bureau with their password to unfreeze it).

While a credit freeze is complimentary thanks to the federal mandate, a credit lock may require paying a small fee. For example, Equifax offers credit locks for free, while TransUnion offers a free lock with its TrueIdentity product or as an add-on to other subscription services. Experian, meanwhile, only offers credit lock as part of a paid subscription.

Just as you’d crunch the savings numbers with a personal loan calculator, make sure to weigh the costs and benefits between these two options as well.

When to Consider a Credit Freeze

It’s really up to individual consumers and their own risk tolerance to decide when it’s time to freeze their credit report. That being said, if a person isn’t actively shopping for a personal loan or a new credit card, for instance, it may be a good idea to freeze their credit preemptively. This way, a consumer can feel a bit more confident that their credit information is in safe hands.

Another time to consider a credit freeze is when a borrower believes their data may have been breached, or if their Social Security number was recently disclosed, made public, or stolen.

How to Unfreeze Your Credit

Unfreezing credit is simple. All a consumer has to do is reach out to the credit bureaus by phone or online and plug in the password or PIN provided to them when they first froze their credit. Generally, it takes a few minutes for the account to become unfrozen.

A person can choose to unfreeze their report at one or all of the credit bureaus, but they will have to contact each individual credit bureau separately. They also need to go through the entire process again if they ever want to re-freeze their credit down the road.

Individuals can ask to unfreeze their credit for a specific amount of time, such as if they are applying for and hoping to get approved for a personal loan or need someone else to access their account temporarily. Then, the freeze should return automatically when that period ends.

Alternatives to Freezing Credit

While not overly complex, freezing and unfreezing one’s credit can be time-consuming. Additional options are available to consumers.

Setting Up Credit Monitoring

Those who aren’t interested in freezing their accounts might instead consider signing up for a credit monitoring service. While these services charge a fee, they’ll alert users to any and all activity on their credit report. So, any time someone requests information, the person would find out and could then confirm or deny the authenticity of the request.

This could help stop any potential identity theft in its tracks. Still, it should be noted that this service cannot fully prevent theft, and the consumer may not know their identity was stolen until after the fact.

Requesting a Credit Report

For those interested in monitoring their credit for free, it’s possible to request a no-cost copy of one’s credit report each year from all of the major credit bureaus. The consumer might then review the report, in detail, to ensure they recognize all of the activity and accounts described.

If the consumer spots anything out of line, they can then take steps to flag and fix it.

Consolidating Credit Card Debt

Another way that some consumers choose to keep track of their credit is by consolidating credit card debt with a personal loan from a private lender. Taking out an unsecured personal loan with SoFi, for instance, could help substantially lower the amount a person pays each month to different credit card companies.

By consolidating credit card debt into a single personal loan — one of the common uses for personal loans — a borrower may be able to take advantage of a single fixed-rate debt rather than juggling several high-interest rate cards. Additionally, having a single loan to repay each month can make it easier to monitor payment activity.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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There are many ways that you can build and establish credit. Your credit score is made up of a number of factors, two of which are how much you currently owe and your overall payment history. As such, applying for and responsibly using a credit card can help build your credit, as can paying off your credit card statement on time and in full.

When deciding how much to use your credit card to build credit, it’s a bit of a balancing act. If you simply have a credit card but don’t use it, it may not improve your credit score very much. But if you spend too much on your credit card, you may damage your score. Building your credit comes down to finding the sweet spot between not using your card at all and using it too much.

Recommended: Tips for Using a Credit Card Responsibly

How Making Purchases With Your Credit Card Could Possibly Help Your Credit Score

The amount of credit that you use and your overall payment history are two of the most important factors that determine your credit score. As you start to establish credit, you’ll want to responsibly use your credit card, making sure to keep your spending low in comparison to your overall credit limit. You’ll also want to make at least the minimum payment by the statement due date or, even better, pay off your statement balance in full each month.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

Minor Purchases to Build Credit

As you work toward building your credit, you’ll likely want to put some of your everyday purchases on your credit card. Just make sure that you set aside enough money to pay off your statement balance when it comes.

Recommended: What is the Average Credit Card Limit?

Groceries

Groceries are one of the biggest monthly expenses for many families and households, so it can make sense to put your grocery purchases on your credit card. Most grocery stores accept credit card payments for no additional charge. Then you can plan to pay off your statement balance by the due date to help build your credit.

Gas

Gas is another large expense for many people. Most gas stations accept credit cards with no additional charges. Plus, paying for gas with a credit card is also usually more convenient. Keep in mind that some gas stations may offer a discount for paying for gas with cash, which can be a good way to save money on gas.

Utilities

Admittedly, utilities can be challenging to pay with a credit card. Some utilities may offer online payments with a credit card without a fee, though others may only allow fee-free payments by cash, check, or ACH. Unless you can find a way to dodge fees, it doesn’t make financial sense to pay a convenience fee just to pay bills with your credit card.

Coffee

If a daily coffee run is part of your regular routine, consider paying for it with your credit card. That way, you can earn credit card rewards and possibly build your credit, too, from a purchase you’d be making anyways. Also check if your coffee shop offers its own rewards program — you’ll want to make sure to sign up for that as well to take advantage of perks and offers.

Streaming Subscriptions

If you have recurring monthly subscriptions to places like Netflix, Hulu, or Disney+, that can be another cost to move over to your credit card. Setting up those recurring streaming subscriptions for autopay can help ensure your service is not interrupted and possibly build up your credit history.

Gym Membership

A gym membership is another potential cost to pay with a credit card in order to build up your credit. You’ll want to make sure that you are getting value from your gym membership, however. If you find that you rarely go to the gym, you might get better value from canceling your membership and saving or investing that money.

Entertainment

If going out to eat or other forms of entertainment are frequent monthly expenses for you, consider covering those with a credit card. Having a variety of expenses on your credit card statement can help you stay organized and more easily track your spending — plus, you could build your credit in the process.

Major Purchases to Build Credit

Besides everyday smaller purchases, it can make sense to use a credit card for major purchases as well. Many credit cards offer price protection or an extended warranty, which can provide additional benefits.

Car

Whether or not you’ll be able to use a credit card to pay for a car purchase will depend on the policies of the place where you’re buying the car. Some dealerships will allow you to cover the full cost of the car with a credit card, while others only allow credit cards for partial payment, such as the down payment.

Just make sure to negotiate a final price before you offer to pay with a card — otherwise, the dealer may try to charge a higher price to make up for credit card processing fees.

Recommended: What is a Charge Card?

Jewelry

Jewelry is another big-ticket item that you might cover with a credit card. Talk with the store where you’re making your purchase to see what options are available. Some jewelry stores might offer a discount for paying with cash, which might sway you in the choice between cash or credit card.

Home Appliances

There are several reasons it can make sense to buy large home appliances with a credit card. Not only could you earn rewards and build your credit, but the credit card you use may also offer credit card protection. This can potentially save you hundreds of dollars or more if you end up having a problem with your appliance down the road.

Taxes

It is possible to pay your taxes with a credit card, though there are very few ways to do it for free. Depending on where you live and the type of taxes you’re trying to pay, you’ll likely pay a convenience fee of 2% to 3%. Still, depending on what kind of rewards your card earns and your overall financial situation, it can make sense to pay taxes with a credit card.

The Takeaway

Just having a credit card may help build credit some, since your total amount of available credit plays a factor in determining your credit score. But if you’re really looking to build credit, you’ll want to use your credit card, and use it responsibly. Put some of your regular purchases and big-ticket items on your credit card, and make sure to have a plan to pay your statement off in full, each and every month.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

What is a credit score?

Your credit score is a number that lenders can use to help determine how likely you are to repay your debts and obligations. The higher the credit score, the better, with the maximum credit score being 850.

What items help you build credit?

There are a variety of factors that make up your credit score, including the age and type of credit accounts you have, how much of your available credit you’re using, and your payment history. Responsibly using your credit card and paying off your balance in full and on time, for example, can help to build credit.

Recommended: When Are Credit Card Payments Due?

What is the fastest way to build up your credit?

There generally are not any magic bullets to build up your credit from scratch fast. That said, one of the best ways to build up your credit is to show a history of reliably paying your bills on-time, each and every month. The longer your track record of using your existing credit responsibly, the better it is for your credit score.

Photo credit: iStock/Tingting Ji

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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In many cases, a secured credit card can be a good way to establish and build credit. However, if you’re planning to get a secured credit card to build credit, what’s critical to determine is whether the issuer reports usage to the major credit bureaus.

Many issuers do, but some may not. If your issuer does not report information to the credit bureaus, then a secured credit card won’t help build your credit. But if the issuer does, then that secured credit card could be a good starting point for your credit-building journey.

What Is a Secured Credit Card and How Does It Work?

There are two different kinds of credit cards: secured credit cards and unsecured credit cards. An unsecured credit card is what most people think of when they think of a traditional credit card. In many ways, a secured credit card operates in much the same way, with the bank extending a specific amount of credit that you can use throughout the month and that you won’t have to pay until your statement closes at the end of the month.

However, there is one major difference between a secured credit card and an unsecured credit card. With a secured credit card, you have to put down a security deposit. The amount of this deposit is usually what then serves as your credit limit.

This money that you put down also acts as collateral. If you fail to pay the amount borrowed, the lender can take that deposit to help cover its losses. This added protection for the lender is why a secured credit card is generally easier to qualify for if you have a thin credit history.

If you use your credit card responsibly, you’ll get your deposit back in full when you close your account or get upgraded to an unsecured credit card.

Recommended: What a Credit Card Is

Can You Build Credit with a Secured Credit Card?

It is possible to build credit with a secured credit card — as long as your issuer reports usage and payment activity to the major credit bureaus.

If that information is reported, then you could build credit with a secured credit card, assuming you use your account responsibly. For instance, if you routinely make on-time payments, that could make a positive impact on your score, since payment history is one of the key factors that determines your credit score.

Recommended: Tips for Using a Credit Card Responsibly

Tips for Building Credit with a Secured Credit Card

Here are a few tips for establishing credit by using a secured credit card:

Make Sure Your Issuer Reports to the Credit Bureaus

If the issuer of your secured credit card does not report to the major credit bureaus, it is not likely to have an impact on your credit history or score. When looking at and applying for a secured credit card, make sure that it will report usage and payment history to the credit bureaus.

Recommended: Does Applying For a Credit Card Hurt Your Credit Score?

Pay Your Statement Balance On Time and In Full

Your overall payment history is an important factor in determining your credit score. Make sure to pay your secured credit card bill on time, each and every month. You should also not spend more money on your card than you have, so that you can pay your statement balance off in full when it comes due.

Avoid Maxing Out Your Card

Another factor that makes up your credit score is your credit utilization ratio, which is defined as your total balance divided by your total available credit limit. It’s generally recommended to keep this ratio at 30% or lower, if possible. In order to avoid negative effects to your credit score, you’ll want to steer clear of maxing out your card, even if that money is technically available to you.

Recommended: What is the Average Credit Card Limit?

Other Ways You Can Use Credit Cards to Build Credit

Besides using a secured credit card, here are a few other tips for building credit with a credit card:

•   Increase your credit limit when possible. Again, this can lower your credit utilization rate, which is a major factor in determining your score.

•   Set up automatic payments. This way, you never make a late payment. Payment history has the biggest impact on your credit score.

•   Use your credit card regularly. While it might seem safest to keep your credit card tucked away unused, it’s necessary to use it to demonstrate to lenders that you can responsibly repay your debts. Just make sure not to spend more than you can afford to pay off in full.

•   Limit new credit applications. While it might feel tempting to try to get better cards as your credit starts to get established, keep new credit applications to a minimum. Each application results in a hard inquiry, which temporarily lowers your score. Too many applications within a short window of time can also raise a red flag for lenders.

•   Monitor your credit report. Even if everything seems like it’s smooth sailing with your credit, it’s smart to check in regularly. Review your credit report for any errors or any potential signs of fraud.

The Takeaway

If you’re not sure whether you’ll get approved for an unsecured credit card, you might consider a secured credit card instead. With a secured credit card, you put down a refundable security deposit upfront, which serves as your total available credit. Because of this deposit, lenders may be more likely to approve you. If you are approved, using a secured credit card can help you build credit — as long as your issuer reports usage to the major credit bureaus and you use your card responsibly.

Whether you're looking to build credit, apply for a new credit card, or save money with the cards you have, it's important to understand the options that are best for you. Learn more about credit cards by exploring this credit card guide.

FAQ

How much will a secured credit card help my credit score?

There isn’t a specific formula to determine how much a secured credit card can help your credit score. Instead, you should focus on making and strengthening good financial habits like living within your means and paying off your credit card in full, each and every month. A secured credit card can be one way to help your credit score in this manner.

What is the best secured credit card to build credit?

The best secured credit card will vary depending on your specific financial situation. You’ll want to look for a secured card that reports to the major credit bureaus, charges low or no fees, and has a low interest rate. There are secured credit cards that offer a limited rewards program as well, which can make for a nice perk in addition to building your credit.

Can you get a secured credit card with a bad credit score?

Yes, it is possible to get a secured credit card with a bad credit score. Because you are putting down the initial security deposit, lenders may consider you as less of a risk than someone applying for an unsecured credit card. Therefore, you may have greater odds of approval when applying for a secured credit card.

Photo credit: iStock/Delmaine Donson

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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Taking out a home mortgage can be one of the biggest financial decisions you make. While some people can, it’s uncommon to pay for a house entirely with cash. Most people put some money as a down payment and then take out a mortgage for the rest of their home’s purchase price. But before you sign on the dotted line, you’ll want to make sure you understand how a mortgage affects your credit score.

The good news is that, as long as you regularly make your mortgage payment on time, having a mortgage can help your credit score. You may see a slight negative impact to your credit when you first apply for a mortgage, since the lender will likely pull your credit report. But after that, your mortgage will generally have a positive impact on your credit score, assuming you’re consistently making on-time payments.

Recommended: When Are Credit Card Payments Due?

Does Having a Mortgage Help Credit Score?

One of the mortgage basics is that in exchange for an upfront payment (generally used to purchase a home), you’ll make regular monthly payments to your lender for a specified period of time (often 30 years). Having a mortgage on your credit report can help your credit score in two ways. First of all, making your mortgage payments on time each month helps show a positive payment history. Another way that having a mortgage can help your credit is by diversifying your credit mix, which is another factor that makes up your credit score.

How Mortgage Application Impacts Credit Score

The process of applying for a mortgage can impact your credit score in a variety of different ways. Here’s a closer look.

Situations Where It May Hurt Your Credit

When you apply for a mortgage, your lender will usually do a hard pull on your credit report to assess your overall creditworthiness. The number of recent inquiries on your credit report is a negative contributing factor to your credit score, so you’ll want to limit the number you make within a certain window of time. One way to do this is to wait to apply for a mortgage until you are sure you have a sufficient credit score needed to buy a house.

Recommended: What is the Average Credit Card Limit?

Situations Where It May Help Your Credit

It can be smart when applying for a mortgage to work with different lenders to find the right lender for your situation. One piece of good news is that multiple mortgage-related inquiries in a short period of time usually will only count as one inquiry. So if you’re working on establishing credit, you won’t need to worry about multiple inquiries from different mortgage lenders pulling your credit report, as long as they’re all within the same window of time.

How a Mortgage Can Affect Your Credit

Beyond applying, there are a number of ways that having a mortgage can affect your credit. When you get a mortgage it can help your credit score, but it can also hurt it.

Hard Inquiry When You Apply

One of the factors that makes up your credit score is the number of recent hard inquiries you have. Any time a potential lender conducts a hard pull of your credit report, it can cause a temporary drop in your credit score by a few points. This drop usually goes away after a few months, but it’s something to be aware of.

Paying Your Mortgage On Time

One of the biggest factors that affects your credit score is your payment history. So if you have a mortgage and regularly pay it each month, that can make a positive contribution to your credit score. This is one reason it’s important to make sure that you don’t take out a mortgage that you’ll have trouble paying each month.

Late Or Missed Mortgage Payments

Because your payment history is such a big part of what makes up your credit score, late or missed mortgage payments can have a large negative impact on your score. Potential lenders look at your credit report to get an idea of how likely you are to repay your debt obligations, so having late or missed payments can be a red flag to future lenders.

Improving Your Credit Mix

A lesser-known but still important part of what makes up for your credit score is your overall credit mix. Generally, it’s considered a positive sign if you have a variety of different types of loans on your credit report. This includes credit cards, auto loans, mortgages, personal loans, etc. Adding a mortgage to a credit report that doesn’t have one helps diversify your credit mix.

Changing Your Average Age of Accounts

Another factor that makes up your credit score is your overall average age of accounts. Potential lenders like to see a lengthy history of you responsibly using the credit that’s been issued to you. So while initially a new mortgage will lower your overall average age of accounts, over time it will work in your favor.

Recommended: Tips to Qualify for a Mortgage

Tips for Building Your Credit Score After Buying a House

After you’ve bought your house, here are a few tips to continue building your credit:

•   Pay your mortgage in full and on time, each and every month.

•   Continue to pay your other debts (like credit cards and student loans) on time each month as well.

•   Keep an emergency fund to ensure you can still meet your debt obligations (including your mortgage) even when the unexpected happens.

•   Make sure you save enough money to pay your home insurance and property taxes (if your mortgage isn’t escrowed).

•   Regularly review your credit report for unexpected or inaccurate information.

•   Increase your credit utilization ratio by raising credit limits and limiting debt.

•   Limit your new credit inquiries as much as possible.

Recommended: Tips for Using a Credit Card Responsibly

The Takeaway

Having a mortgage can affect your credit score in a variety of ways, but most of them are positive. While you will likely see a small temporary drop in your credit score due to the hard pull from your mortgage lender, that should go away after a few months. Then, as long as you regularly pay your mortgage on time each month, you should hopefully see a positive impact on your credit score from having a mortgage.

Another great way to build your credit can be by responsibly using a credit card. Many credit cards, like the SoFi Credit Card, also offer cashback rewards for everyday usage. If you’re approved for the SoFi Credit Card, you can earn unlimited cash-back rewards. You can use those rewards as a statement credit, invest them in fractional shares, or put them toward other financial goals you might have, like paying down eligible SoFi debt.

FAQ

How long does it take for your credit score to go up after buying a house?

When you get a mortgage (or any type of loan), the potential lender will likely do a hard pull of your credit report. Because the number of recent inquiries you have is a factor that makes up your credit score, this hard pull may temporarily drop your credit score. The good news is that it usually only drops by a couple of points, and even that small effect usually goes away after a couple of months.

How long should I wait after closing to make another big purchase?

You want to be careful about making large purchases or applying for any other credit before you are approved for a loan. This is because your lender and underwriter will be digging into your credit report in detail to make sure your overall financial situation is sound, and they’ll want to know about anything out of the ordinary. After you close on your mortgage, you don’t need to be as careful about making another big purchase, as long as it fits into your overall financial picture.

What credit score is needed to get a mortgage?

There isn’t a specific credit score that’s needed to get a mortgage. Instead, each lender will have its own criteria for approving mortgages. Your overall credit score, your total down payment, and the house itself will all play a role in whether you’re approved, and at what interest rate.

Photo credit: iStock/sturti

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.


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Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

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