Get your free credit reports in 2008
Posted on March 23, 2008 at 4:34 pm by Sherri R
This year like in many years past credit cards play a major role in holiday shopping. while they are a great convenience they can be quite problematic if you over spend and then are unable to pay off the balance. Remember to always read the fine print on the amount of grace period days and when your bank actually starts to count interest. There are Secured Credit Cards that use a balance in your account or some other collateral to help you maintain your balance. Some provide 20-25 days, but I have seen others as little as 15 days. This means that you will start to accrue and pay interest before you even receive your statement, even if you intend to pay the balance in full. There are few things that you need to know about your credit report and how to obtain your Free Credit Report to help you get the best rate you can.
Here are few myths to understand when requesting your and reading your credit report.
Credit Bureaus are empowered with some kind of governmental authority. Credit bureaus have no legal authority at all, they are simply private companies who are in the business of selling credit information.
The credit bureaus are required by law to keep derogatory items on your credit report for 7 to 10 years: There is no law that the credit bureaus report anything on you at all. Just the opposite is true!Credit bureaus are required by law to automatically remove all derogatory items older than 7 years or in the case of a bankruptcy, 10 years.
Inquiries are not derogatory and will not affect your credit standing. Anything that erodes your financial credibility is damaging to your credit standing. In the case of inquiries, one or two is not too bad, but any more than that and they begin to tell a story of their own. Any prospective credit grantor will look at your credit report and think that you are desperate for credit.
If you find yourself in a crunch it is always good to call the bank, and ask them for some added time. They know the cost of having to get new customers and will usually be accommodating to reasonable requests. To catch up the latest credit card news you can find answers and guidance to Compare Credit Cards and find the one that matches your individual needs. They provide a useful site to provide credit card advice and resources for those who love to use the plastic.
