If you are set on closing, do not close the old ones, close a newer account first.
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Posted By:
mtstudent on 2008-06-18
In Reply to: thanks for info sm - sm
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Your credit is based on a mix of things like history, types of accounts, mix of credit (revolving vs installment), usage/utilization of credit available, and payment history. Where closing could hurt your score is the part of the score that averages history of accounts/length of credit. If you decide to close, close out a newer account first.
The best way to protect from ID theft as far as credit is to freeze your credit reports. It's around $10 per agency to freeze them. Each credit reporting agency tries to sell your their own monitoring plan when you get to the how to freeze information, so make
sure you are freezing it.
You can't freeze it over the net they each require a letter by registered mail. It takes about 1 month to freeze it.
Right now you can place a fraud alert on your reports for free. The credit *should* not extend credit or do a credit line increase without calling the phone # on your credit report first. You only need to do it at one credit reporting agency and the other ones will be notfied. The number for equifax fraud alert 1-888-766-0008. It's automated.
If you are concerned about ID theft try one of the monitoring plans. I've tried a few of them and Equifax has the best one. Their Score Watch is great, you set the limits to be notified and any change they send an email literaly the next day. I used it after I discovered ID theft. It might be a waste of money for you. I would place the fraud alerts, then the freeze, and check your reports 2x per year.
I've had ID theft as far as my name/social but what concerns me more than credit ID theft is bank account theft. I don't know how we can fight that. It seems like consumers get the raw end of the deal as far rights when deposit accounts are stolen. |
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If you are set on closing, do not close the old ones, close a newer account first. - mtstudent
