Warning: How to Avoid the BIGGEST Credit Card Mistake!!

This is easily the most important credit card video I’ve made, costing the average person $1100 who has this happen to them, and how to avoid it for free. Enjoy! Add me on Snapchat/Instagram: GPStephan

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So if you’re wondering what I’m talking about, no, this isn’t me telling you not to carry a credit card balance to avoid wasting money on interest. It’s not me telling you not to get cards with high annual fees without benefits…instead, I’m telling you about the importance of FREEZING YOUR CREDIT.

Equifax Freeze:

Trasunion Freeze:

Experian Freeze:

Here’s how it works. You have three credit reporting agencies: Equifax, Experian, and Trasunion. When someone pulls your credit information, they’ll pulling the data from these agencies which use their own algorithms and data to calculate your credit score. Many people don’t know that they have the option to place a FREEZE on these accounts, which means that NO ONE can run your credit while the freeze is in place, which means that someone won’t be able to take out a loan, won’t be able to open up credit cards, and won’t be able to have access to that information to take advantage of. A Freeze restricts your credit report so that it can't be accessed by a new lender. If a lender can't see your credit report, they won't issue a new account in your name. Simple as that.

When you freeze your account, you’d typically log in online to one of the agencies, prove it’s you who’s requesting the freeze, and you will be issued a PIN number specific to that account…the ONLY way to unfreeze that account is with that pin, which is only generated once, and something that you typically write down and save in a safe place. So whenever YOU actually want to apply for a loan, you go and unfreeze your accounts with that PIN - you get your loan - and then you can re-freeze the account after the lender runs your credit.

Previously, to do this, credit reporting agencies would CHARGE YOU to do this. That was, until Congress amended the Fair Credit Reporting Act to require reporting agencies to freeze reports for no charge. Yes, it’s FREE. There’s NO REASON NOT TO DO THIS if you’re not in the middle of applying for a loan, getting new credit cards, etc.

Do this. Please. I did this as soon as it was available to me, and absolutely no regrets. In addition to that, it’s important to monitor your credit report every few weeks - this is something I do anyway for fun since I like seeing my credit score go up, but consider using CreditKarma.com or CreditSesame.com - they’re both totally free and easy to use. Just sign up, turn on notifications so they send you updates anytime something is changed, and that’s it.

For business inquiries or paid one-on-one real estate investing/real estate agent consulting or coaching, you can reach me at GrahamStephanBusiness@gmail.com

Suggested reading:

The Millionaire Real Estate Agent

Your money or your life

The Millionaire Real Estate Investor

How to Win Friends and Influence People

Think and grow rich

Awaken the giant within

The Book on Rental Property Investing

Favorite Credit Cards:

Chase Sapphire Reserve

American Express Platinum