Get Your Credit Reports (for free)!

If you never have, or haven't yet this year, go get your credit reports. Just visit AnnualCreditReport and you will be guided through to Equifax, Experian and TransUnion where you can get your credit reports for free. AnnualCreditReport is a site set up by the big three credit reporting agencies in the United States to furnish free annual credit reports as required by federal law. There will be pages along the way asking you if you want to buy your credit score, or sign up for a subscription - doing so is up to you. But to get your report you don't have to pay a thing.

Why is it important to do this? Mainly to check and see if there's any misinformation about you or your credit history on record. Any negative information can impact your credit score, which can in turn impact your ability to get credit. And God forbid this ever impacts on your ability to shop for bargains!

I just got mine and am wondering what the heck a couple of credit cards listed under my name actually are...I have no idea.

Store Credit Cards

"10% off now if you sign up for our credit card..." Ten percent! What a great idea...Sign me up!

I've had credit cards from Bloomingdales, Macy's, Lord & Taylor, The Gap, Banana Republic, Old Navy, Bergdorf Goodman, Neiman Marcus, Annie Sez, Mexx...and who knows how many others. Not only did I get 10% off my first purchase, but it gave me access to coupons, catalogs, special sales...and...a BLACK MARK ON MY CREDIT.

Ladies (and those in touch with their feminine sides): Signing up for too many store credit cards can result in this message on your credit report: "Your report shows that the available credit across your open, recently reported revolving accounts, such as a credit card, it too low. Having low available credit amounts on revolving accounts has a negative impact on your credit score."

After seeing this, I cancelled most of my store credit cards with the exception of 2 or 3 that I actually benefit from. I didn't even know that most of my store credit cards had low limits of $400-$500. Who knew? Why bother?

I implore you to follow my lead on this one as it's much more empowering to (eventually) own a home than 17 pairs of jeans.

Until next time, enjoy the bucolic scenery.