credit report - Your Personal Credit Report - What's In It and What Does It All Mean?

Do you know what your credit score is? Do you know what credit score banks and other lenders look for when they review your mortgage application? When was the last time you looked at your personal credit report? Your credit score is a reflection of how well you use credit and many view it as an excellent picture of your financial health or stability. Your credit score is based on information contained in your credit report. Your personal credit report shows several pieces of your financial history. It shows: - How much credit you have been approved for and how much of it you are using - Which bills you pay on time and which bills you pay late - Who all of your creditors are, how long you've had each account open and how much credit you are using with each creditor. A person seeing your credit score and reviewing your credit report can draw many conclusions about you based on what they see. Your credit score is a numeric value between 300 and 900 that is primarily determined by the timeliness of your past loan payments and the amount of debt you have. Actual rankings vary slightly from lender to lender but generally speaking, a credit score of 620 or above is considered good and a credit score of 619 or below is cause for some concern and additional review. The median credit score in the United States is 723. This means that the same number of people have a credit score above 723 as those that have a credit score below 723. Obviously, the higher your credit score is, the better off you are. A credit score of 750 or above is usually considered to be excellent, while a credit score below 580 means it could be very difficult to qualify for a loan. You should review your credit report at least once a year to make sure it is accurate and to see what your credit score is. Each of the three credit reporting bureaus -- Experian, Trans Union and Equifax -- are required by law to give you one free annual credit report and you can even get this credit report free online. You can find information about getting your free credit report online at http://www.annualcreditreport.com/ Visit us online for more information about credit reporting bureaus Article Source:http://EzineArticles.com/?expert=Marie_Stark credit report - Secured Credit Cards - What to Look For You've seen the ads: Bad credit? No problem! They promise you a credit card regardless of your credit history or job status. A secured credit card can be a great way to rebuild your credit after something like bankruptcy or divorce has wreaked havoc with your credit rating. However, there are some scams out there promising a credit card for people with bad credit. What is a secured credit card? The difference between a secured and an unsecured credit card lies in where the money comes from when you make purchases. With an unsecured credit card, the standard card issued by most lenders, you are borrowing money to pay for your purchase and then paying it back with interest via credit card bills. A secured card requires that you make a deposit into an account before making any purchases. What you buy is paid for by the money you deposit in the account. Therefore, your credit limit is determined by how much cash you put up front. Opening an account for a secured credit card could require hundreds, or even thousands of dollars. This up-front cost makes it difficult to understand the appeal of this credit card for people with bad credit. In addition, you may pay application or set-up fees and be charged a nominal fee when you make additional future deposits. These fees show up on your credit card bills. How to spot a scam The ads that promise you a credit card regardless of your credit history may be legitimate promotions for a secured credit card. Unfortunately, some people try to lure you into calling a number that isn't toll-free, a 900 number that you will be billed for later. They may also lead you to believe that you can get the card as soon as you call the listed number. There is no mention of set-up fees, initial deposit amounts, eligibility requirements, or credit card bills that are weighted down with annual fees and interest. Warning signs Remember that someone offering you easy credit with no requirements is probably not telling you the whole truth. Any lender will check your credit report before offering you a line of credit, especially when providing a credit card for people with bad credit. Also beware of calling 900 numbers that could charge you up to $50 for a few minutes. Services may also offer to clean up your credit history for a price. These services are doing what you can do yourself for free. Beware of anyone trying to make money off of your already high debt. With time, good payment history, and the aid of a secured credit card, you can clean up your credit and start a new financial trend on your own. What to look for in a lender When applying for a secured or unsecured credit card, be sure to check the lender out. They should report to a valid credit bureau. Information about the major credit bureaus can be obtained from the Federal Trade Commission.