CREDIT CARD RATINGS

2008 EDITORS CHOICE - BEST STUDENT CREDIT CARDS Best Student Card to Build / Re-Build Credit HSBC Orchard Bank Platinum MasterCard® [Read Review] Best Student PLATINUM Credit Card Bank of America® Student Platinum Plus® Visa [Read Review] Best Student CASH BACK Credit Card Capital One® No Hassle Cash(SM) Rewards for Students [Read Review] Best Student GAS Credit Card Discover® Open Road(SM) Card for Students [Read Review] Best Student REWARDS Credit Card Chase +1(SM) Student MasterCard® [Read Review] Best Student PERSONALIZED Credit Card Discover® Student Card - Monogram Collection [Read Review]

The Logical Evaluation of Your Credit Report

In the event of application for a credit card, your credit report is always scrutinized by the lender. Since your credit report has a tremendous significance on the future of your finances, it would be advisable for you to know what your credit report talks about you in a comprehensive manner.

Your credit report plays an important role in all areas of your life whether you are interested in acquiring credit or not. Your future employers will ascertain your dependability and fidelity as an employee based on your credit report and landlords will do the same for potential tenants before allowing them to sign or renew their lease.

Equifax, Experian, and TransUnion are the three main credit bureaus from whom you can obtain copies of your credit reports. A recent amendment to the federal Fair Credit Reporting Act dictates that on your request, each of these bureaus has to provide you with an annual free copy of your credit report.

The credit report actually summarizes an account of how you pay your bills, repayment of loans, credit available with you, your monthly debts and other helpful information for a potential lender to decide if you are creditworthy or not.

The credit report is divided into sections detailing different information:

1) Personal information - name, current and previous addresses, social security number, telephone number, birth date, and your current and previous employers.

2) Bill Payments – This constitutes one of the most important sections of your credit report. It reflects your bill paying history with banks, retail outlets, finance and mortgage companies and others who at some point have availed you of credit.

3) Public records - such as tax liens, court judgments and bankruptcies indicative of your creditworthiness or reflecting your credit history.

4) List of credit lenders – A full list of credit granters and others who have received a copy of your credit report. It also catalogues a list of companies that have received your name and address in order to offer you credit.

5) Dispute Statements – In the event of a dispute arising, most credit bureaus allow both the consumer and the creditor to make statements and if necessary these dispute statements will also be included in your credit report.

However, what is not included in the credit report are bank account balances, race, religion, health, criminal records, driving records or annual income. Another item excluded from the credit report is credit score like the FICO credit score. These are based on formulae that use the information in your credit report but are not a part of it.

If there are any setbacks or hitches in your credit report, you will either be refused credit or will be granted credit at much higher rates of interest. To indicate excessive applications for additional credit, a short credit history, a high debt ratio, and late payments to previous creditors the credit report will include red flags. Negative information as regards to your credit history usually remains on your credit report for seven years. On the other hand, issue of bankruptcy will be kept on for ten years.

In order to improve your credit report, always close unused accounts, pay bills on time, never use all of the available credit, and avoid applying for unnecessary credit.

2008 EDITORS CHOICE - BEST STUDENT CREDIT CARDS Best Student Card to Build / Re-Build Credit HSBC Orchard Bank Platinum MasterCard® [Read Review] Best Student PLATINUM Credit Card Bank of America® Student Platinum Plus® Visa [Read Review] Best Student CASH BACK Credit Card Capital One® No Hassle Cash(SM) Rewards for Students [Read Review] Best Student GAS Credit Card Discover® Open Road(SM) Card for Students [Read Review] Best Student REWARDS Credit Card Chase +1(SM) Student MasterCard® [Read Review] Best Student PERSONALIZED Credit Card Discover® Student Card - Monogram Collection [Read Review]