Have you ever taken a look at your own credit report? Many people do not have the habit of checking their own credit reports.

Every one should make it a point to view their credit report at least once a year. Today, the Internet has make gaining access to your credit reports much easier than before.

So what is a credit report? Actually, it should be called reports. There are three credit bureaus (Equifax, Experian, and TransUnion ) in the United States and they don’t share information with each other. So you actually have 3 credit reports to view.

Basically, the following information is found in each of the report:
- Your name and your spouse’s name(if any).
- Where you live,
- where you work,
- where you used to live (and used to work).
- Your social security number,
- Your phone number,
- Your birth date.
- A list of your  credit accounts
- When you’ve paid your bills (on time, late, late by more than 30 days, late by more than 60 days, etc) - How much total credit you have available.
- Whether and to whom you’ve made an application for credit in the past six months.
- Which companies have requested and obtained your credit report.
- Other records such as bankruptcies, foreclosures, repossessions, court judgments, convictions, and  tax liens.

Positive information stays on your credit report indefinitely, which is a good thing.

Most negative information should be deleted after seven years. There are exceptions though. Some types of bankruptcy can stay on your report for ten years. If one of your credit reports missed out any positive information, you should contact the appropriate credit bureau as soon as you can. The same rule apply if you found negative records that are older than seven years or banckrupcty records that still appear in your reports after ten years.

You can get your credit reports at each of the credit bureau websites.

Equifax – http://www.equifax.com,
Experian - http://www.experian.com,
Transunion - http://www.transunion.com

You should be able to get your free report each year for free. Subsequent access will require a nominal fee, which varies from state to state.

Each of the credit bureaus also offer you access to all the three reports for a nominal fees. If you can afford to pay, it can save you a lot of time.

So go ahead and do it now! Find out what your score is, it could make or break your financial future.

For many people, credit is a chicken and egg problem. They can’t get approved for credit because they don’t have a credit history. However, they can’t the process of building a good credit history if they cannot get approved for credit. Thus it is imperative that you start building your credit history as early as possible, preferably in your college days.

For college students, credit history is not an issue. Many credit card companies view them as low risk realtive to other young people with no credit. Which is why many credit card caompnaies reqgulary held credit card fair in college campus, especially during the enrolment searsons.

It may sounds incredible but it is actually easier to get approved for credit while you’re in college then after. The high interest rates asscoaited with student credit card will be higher than normal but that is not really an issue if you always pay your credit card bills in full and on time.

The important thing is to use it for credit building purpose. For each purchase that is charge to the card, pay back in full and on time. This proves to the credit card companies that you’re responsible and of low credit risk. And it will be reflected in your credit report.

When the time comes to buy your new house or new car, you will have no problem getting a loan with favorable rates.

Click here to see our full listing of Student Student Credit Card

In 1996, the Federal Reserve Board Governor applied for a store credit card but his application was rejected. Nothing unusual, right?

Well, that governor is a high-ranking government official who is very likely to have an excellent credit history and more than likely, a wealthy man.

So why was his application rejected? Apparently, whenever a retail clerk offered him an opportunity to apply for credit, he did so without hesitation. This causes a series of inquiries on his credit report in a short span of time, which hurt his credit score.

Actually, the Federal Reserve Board Governor, Larry Lindsey, does not need all those cards. He merely want to prove a point. Applying for too many retail charge accounts can hurt your credit and prevent you from qualifying for real credit cards.

The interesting thing is, when the credit bureaus created their scoring criteria years ago, they didn’t factor in pushy retail clerks who get bonuses (maybe commission) for getting people to apply for cards they don’t need.

But you do need a real credit card. A couple of credit cards can be useful. However, department store cards are counted as lines of credit on your credit report, and having too many of them can make you look like a big risk in the eyes of other creditors.
If you are planning to get a home or car loan in the near future, then it is probably wise to stay away from any store card applications for the time being. You wouldn’t want any inquiry from the stores to ruin your financial future.

If you frequently shop at a particular store, it probably make snese to apply for their credit card in order to get better discount or higher reward points. If this is not the case, it is better to just get a regular credit card that can be used in many places.

Do you research your credit card options before applying for a card. Then choose the one that is best for you. In fact, you can start your search right now at:

http://www.creditfavors.com

Pick our one or two solid cards that you plan on keeping for the long term. This will help you rake up more reward points and stay on track for a better credit history.

If you have credit card debt, you can save a lot of money by taking advantage of credit card transfers. Many credit cards offer a balance transfer rate of 0% or very low teaser rate that are good for three to six months after you receive the card. By transferring the balance from the high interest card to the new card, you will save substantial amount of money on interest.

Usually the balance transfers is subjected to a fee. It is usually a percentage of the amount you wish to transfer. If you are transferring a large balance, the fee can be substantial.Try to choose a card that waives transfer charges for balance transfers in the initial promotional period.

Be aware of the term ‘flat balance transfer’, which will cost you fees on all balance transfers. Read the fine prints. You may want to talk to a banking representative if there are any flat balance transfer fees if there is no such information on the application form.

After you have transferred your balance to the low interest teaser card, you will receive a bill with a payment due date. Always pay before the due date and always pay more than the minimum payment, which is the lowest payment you can make if you wish to keep your card and your credit history in good standing.

Credit card companies are ecstatic when you only make minimum payments. Why? Because they will gain the maximum of money from you. Whatever balance that is no paid, the credit card companies will charge you interest adn this is how they rake in huge profits.

Minimum payments extend the principal amount for months or years. Each month you pay a minimum payment, it is taken off the interest. The following month, the credit card company charges the interest again and you pay it - again and again. If you pay only the minimum payment, it will take years to pay off credit card debt.

Balance transfer credit cards are a good short term strategy, but don’t use it over an extended period of time. Always aim to pay off the entire amount before the teaser rate expired. Doing so will be wise for your short term and long term financial health.