While credit cards and credit card companies often get a bad rep there are many benefits to using credit cards. The card issuers are thought as being bullies who take advantage of those who are already in dire financial positions and charge them ridiculous interest rates on top of finding ways to charge them ridiculous fees whenever possible.

Credit cards have become a staple of the United States economy since the 1990s. The idea of the revolving line of credit was first introduced in the late 1800s, but it took many technological advances in the process of processing the credit card payments before credit cards were found in every household. Today, depending on who you talk to, a credit card can be a man’s best friend or his worst enemy!

Your FICO score is the number that lenders look at when deciding if they will extend you credit, as well as what rates you will pay. It is a complicated score that involves tracking your debts, payment history, age of credit, and inquiries. There are three major credit bureaus. They are Equifax, Experian, and Transunion. Which one is used depends on the company that pulls your credit.

One area of finance that the majority of Americans tend to ignore until it is too late is their credit score. Your FICO score, the most commonly used credit score model, will follow you around until the day your die. Many of us either don’t understand what it is, what value it holds, how it will affect us and even more, how we affect it. It is a common story to hear about an 18 year old destroying his credit score, but if that is you it is not too late to begin to get back those valuable FICO points that you have lost!

One thing that has certainly gotten plenty of discussion in recent years has been credit reports. Over the years, the credit report has become an increasingly important facet of American life. However, you may still be wondering exactly what a credit report is. To help, here is a brief introduction to credit reports.