Sunday, July 27, 2008

Credit Cards and Credit Scores 101... (2)

What else can be said about credit cards? They've "saved" the day many times but nowadays... things are changing very rapidly for the credit card industry and therefore for many credit users; the industry where many million dollars are involved is so big that it would be a bit difficult to comment on a detailed basis about its current problems (derived mostly because of the Credit Crunch the financial industry is dealing with as a consequence of the Subprime Mortgage Crisis whose more recent victims are Freddie Mac and Fannie Mae), so, we'll focus on talking a bit about another key element that all credit card users should keep in mind: Credit Score.

What is a Credit Score? In its simplest definition, it is a number that represents how efficient individuals and companies are in paying loans (
creditworthiness); in other words, the more efficient an individual and/or a company is/are in paying , the better score they'll be given.

We will try to leverage our following comments on credit cards and a underlying key issue: credit score basics, the importance of keeping a good credit score, how it works, who issue a credit report and credit card strategies.

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