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credifreeze

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If I don't need credit at this time why shouldn't I freeze it to guard from fraud?

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I froze my credit 5 years ago and I highly recommend it.  It is the best, most economical way to prevent identity theft.  When I purchase my new car in 2012, it just took a few minutes and my PIN numbers and my credit was "thawed" for 30 days so I could shop around for best rates.  

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Are you talking identity theft?  Or, are you talking credit card fraud?

If you're credit card limits are high and you're worried about somebody else using them, you can always ask the card company to reduce your limits to a couple of hundred bucks.  In the event you will need a card for a major purchase in the future, you can ask to have the limit increased.  However, asking to reduce your card limits will impact your credit score, so this shouldn't be a first choice.

Closing a credit card is not a good choice either,  That, too, will affect your credit score.

If you're worried about identity theft, that's a whole different animal.  Usually, your identity is being stolen for other purposes than just hacking your accounts.  However, if somebody does try to use one of your credit cards, most companies can detect something suspicious and contact you right away.  Also, many companies now offer no-liability to you in the event somebody does use your card without authorization.

A couple of years ago Discover called me concerning online purchases totalling $1200 over the course of two days.  I didn't make them.  Somebody else got my card number and did.  After signing an affidavit, the charges were removed, and I never heard anything about it again.

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"Freezing"

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Putting a security freeze on your credit report will generally prevent new credit being opened in your name. Each state has its own rules about credit freezes and how much you pay for them. In most states, you can file a security freeze for less than $10, and if you are an identity theft victim, you typically can place a freeze for free. Contact the CRA's to find out how to go about it.

If you are comfortable with the credit that you have and won't be making any changes any time soon. it is a good way to protect your credit.

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