If you are tussling with credit card debt, you may be wondering how to freeze your Credit. It can be achieved in various ways, so you don’t need to know every option available. There are three required methods that you can use to freeze your credit report at the same time. They are all legal and will get you the results for which you are looking. Let’s take a look at them below.
3 Primary Methods to freeze your Credit
Stop making Purchases.
you can stop making any new purchases, including gas or groceries. When you do this, they will write off your entire balance on your credit report. It is a very effective method because it gets you out of debt as soon as possible. You can start Rebuilding Credit quickly once you stop adding new charges to your card.
Request a temporary freeze on your Credit.
Second, you can request a temporary freeze on your credit cards. It can be accomplished by calling your credit card companies and telling them that you would like to freeze your credit accounts until you get current with your payments. Several companies will work with you to ensure that the freeze will only last for a specified amount of time, say a few months. The benefit is that your credit report will still show all activity on your accounts during this period.
Stopping new applications.
Third, you can stop applying for new lines of Credit. Doing this can help you eliminate up to two years of credit card debt. By controlling the applications, you will establish a pattern of not making new applications for loans or credit cards. This will help your overall credit score tremendously when you are trying to get re-established.
Pay your existing debt. Immediately.
Now that you understand how to freeze your credit report, you should focus on what you can do to eliminate debt. If you can stop applying for new lines of credit, you should be able to get back on track quickly. It would help if you also stopped taking on debt. You should pay off all of your existing debt immediately. Otherwise, you are just making money for the company.
Join a new credit card company.
Another option you have when it comes to paying off your debt is to get a hold of your credit report. You can take out a new credit account with a new credit card company and pay off all of your old debts. Once they are paid off, you can then update your credit report and start over. It may seem like this process is long and complicated, but in reality, it isn’t.
Make sure you are reporting your payments properly.
So now that you know how to freeze your credit reports, what are your options? A quick internet search should yield several results, depending on which credit bureaus from the information are coming. You can try visiting each one individually if you have the time. However, the most popular way is to find a website that will act as your mediator between your creditors and your credit report. They will monitor your credit report, make sure your creditors report your payments correctly, and then inform you when your Credit is enough to qualify you for a Line of Credit or a loan.