Credit Reports and Monitoring   You May Be Paying Too Much Interest On Your Credit Card Because Of A Mistake On Your Credit Report!   A mistake on your Credit Report could cost you thousands of dollars every year and you may not know it's even happening. If you don't have a credit history then you have a perfect opportunity to establish a good credit history and it's critically importantly you do so. If you're one millions of consumers with a credit card then you must check your credit report every year. You need to understand that not only do you need good credit to purchase a home or buy a car at a good interest rate but your credit history can affect your chances at landing a good job, getting that apartment you want, even the rates you'll pay on insurance more Information is updated on a regular basis - information current as of: Wed Aug 20, 2008 02:55 am

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So, if you're just starting out here's your chance to learn how to do it right, if you've run into some tough times and your credit history isn't where you'd like it then you'll find tips to help you get back on track.

First and foremost, check your credit report to see where you stand. That kind of information is contained in your credit report at each of the three major bureaus: Equifax, Experian and Trans Union. The information collected by these three credit bureaus is used to create your credit scores. Lenders, potential landlords and employers may also look at your credit report to evaluate your creditworthiness

While looking at your credit report you need to ensure that someone else's information didn't get mixed in with yours. This can happen though identity theft or an error by one of the different credit bureaus.

If this has happened to you then you need to work with the different credit bureaus to fix whatever errors there may be before you apply for any time of credit.

Like to know what one of the easiest yet most often overlooked ways to get started building your credit? Open a checking and savings account…it's that simple. Lenders like to see you with at least a checking account but having a savings account as well is viewed as a sign of stability.

Learn the basics of how your credit is scored. It's really quite easy to understand, pay your bills on time and don't use all of your available credit. It's critical that you pay all your bills on time, I set up most of my accounts to pay automatically and the ones I can't I set up a reminder so I don't forget.

I use to close out one account as soon as it was paid off or when I transferred the balance to another credit card that had a 0% introductory period. That was a big mistake, it's important that you keep your credit use to less than 30% of your credit limits. This does a couple of things for you, first it will help keep you from getting yourself in over your head. But where it concerns your credit score, lenders and credit bureaus look very positively on the fact that your credit isn't maxed out.

I couldn't tell you how many times I read where the experts advise college students not to apply for credit cards, I'm not going to go into the reasons they feel this is good advice but I couldn't disagree more.

Many lenders look favorable on college students and are willing to take risks with you that they won't after you've graduated. They know that the vast majority have parents that will bail them out if they get in over their head. For this reason you may be able to get credit now and not when you graduate.

Another way to improve your credit score is to get an installment loan. Again the credit bureaus and lenders like to see a different mix of credit types. Start out with a credit card, use it wisely for a year and then apply for a loan from you bank or credit union. Keep the loan period short, say 12 to 18 months, make all your payments on time and this will greatly aid in building your credit score.

These are some of the easiest and most effective ways to either build you credit history or repair your credit if you've had problems in the past. As you continue to build a good credit history you credit score will increase as well.

Reasonable efforts are made to maintain accurate information. However, information is presented without warranty. When you click on the "apply online" link you will have an opportunity to review the credit card terms and conditions on the credit card issuer's web site.

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