ok i just turned 18 yrs old and i had a debt about a cell phone that i owned but once i turned 18 i paid it off.. but why does it say it'll remain under my creit for seven years,,,

experian says:
Credit reporting agencies like Experian are governed by the federal Fair Credit Reporting Act (FCRA) and companion state laws. The FCRA permits us to list positive information on your credit report indefinitely, although it generally remains up to 10 years. Accurate negative information - such as a late payment or an account turned over to a collection agency - can remain on your credit report for seven years. Bankruptcies may remain on your credit report for up to 10 years. Unpaid tax liens may remain for up to 15 years.

what does this mean? because evn wen i want to apply for a store card (like target, macys, bestbuy) or a credit card, they dont let me because they say i have an outstanding debt....

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I need help understanding credit. Are my answers correct?

1.Which of the following cards require full repayment when you receive the monthly
statement?
1) Debit/Check card
2) Charge card
3) Credit card
4) Cash card
5) None of the above
answer:5

2.In almost all cases, lenders will charge you for the use of credit (borrowed money). What factors affect the final cost?
1) The interest rate/APR
2) The amount of down payment, if any
3) The length of time you take to repay
4) Additional charges, such as late payment, over-the-limit and annual fees
5) All of the above
answer: 5

3.You purchase worth of clothes using your credit card. When you receive the credit card bill, you immediately pay the entire amount. The credit card company does not charge interest if the bill is paid in full within 30 days. There is no annual fee for the credit card. For this purchase, what is your credit cost?
1)
2) 18% APR
3) {content}
4) None of the above
answer: 3

4.If you think your credit file contains incorrect information, you can? 1) Ask the credit reporting agency for a copy of your credit file
2) Add your own explanation to certain information in your file that you disagree with
3) Have the incorrect information deleted from your credit file
4) A and C only
5) A, B, and C
answer: 4

5.By federal law, known as the Fair Credit Reporting Act (FCRA), Equifax can only release all or part of a credit file if there are "permissible purposes." Which of the following "permissible purposes" allows Equifax to release a copy of your credit file?
1) A request from a consumer for his or her own credit file
2) A prospective employer conducting a background check
3) An insurance company wishing to underwrite an insurance application
4) All of the above
answer:2

6.Generally speaking, the longer the term of a loan, the higher the cost of credit.
1) True
2) False
answer: 1

7.Installment loans are usually paid?
1) in fixed payments every month until the loan is repaid
2) in variable monthly payments which you, the borrower, can establish
3) in variable monthly payments which are established by the lender
4) in one lump sum at the end of a specified period of time
answer: 3

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Credit Score Secret #1

Credit is dynamic not static. This means that your credit score will change all the time, so don't get too cozy with your number. With every activity , with every payment you pay early-or late, your credit report score changes . Often an individual with a good credit score may have some tough financial issues , but the credit repair agencies know that good credit can return at any time They count on it .

For a fee, I could turn my credit report  to a credit restoration company and they would increase my credit score. But when I asked the local agent for the firm who was trying to persuade me to sign up for credit services how they could improve my scores , he offered all sorts of double talk that made no sense to me.

In fact when other sales people from the credit repair companies finally told me they would dispute all negative items on my credit report, I was then wise to their methods . How do you dispute credit reporting facts when they are true? Here is your next Credit Score Secret.

Credit Score Secret #2

When you,or the credit repair company you hire will dispute an item listed on your credit report, the credit reporting agency (CRA) has to verify the facts and if they are unable to do this or if the credit report information is erroneous, that item must be removed from your credit file .

With one million people currently filing bankruptcy each month and with the onslaught of bad credit, the CRA's are working night and day in order to work on all the requests for credit verifications .

The Fair Credit Reporting Act (FCRA) stipulates that each request must be completed in a timely manner. This usually means about thirty days. Credit repair agencies dispute everything with the hopes that the CRA's will not be able to verify bad credit in the time allotted , and when this happens, they get a deletion of that account . Victory for them and for you, but likely to be temporary.

I asked what happens if the onslaught of validations is not successful and the CRA's are able to verify the derogatory credit .  I never got an answer other than the fact that the request would be made again. If I was going to spend twelve hundred dollars of my hard earned money , I wanted some better guarantee.

In fact, I would have been happy with a money back guarantee and I was offered one, but only after deductions were made for work already preformed. To me this wasn't a guarantee and I knew I had to do something else.

After looking for more solutions, I decided to repair my credit myself. I would improve my credit scores myself. At least I had some control and with the right program, I knew I could be successful. Here is your next Credit Score Secret.

Credit Score Secret #3

If you or your agent continue to dispute credit reporting items on your credit report the CRA's can refuse to validate them and they are allowed under law to deem these attempts to log jam them as "frivolous." Basically, you just lost your money if this happens. But what if these bulk, blanketed disputes are successful? You may get a deletion, but what happens the following month when they are finally validated?

My experience is that they reappear on your credit report. More time wasted and more lost money and your credit still sucks.
When I decided to improve my credit score I did so only after finding something that would help me be successful. I wanted control over the process and I also wanted something that would work.

I wanted privacy and I didn't want to have to go to an office and spill my guts to a stranger who had no idea how or why I was in the bad credit situation I was in. I wanted to do this on a computer and I wanted to know exactly what would work… and what would not work. No guessing. That's when I discovered AVAIL Credit Coach, the most amazing do it yourself credit repair system on the market.

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Some time ago, the Fair Credit Reporting Act (FCRA) was amended to require companies who accept a credit card to print only the last 5 digits of the 16-digit credit card number on a receipt. That way, if you lost the receipt, no one would be able to use your credit card number.

However, recently, when I checked in at a hotel, the front desk took an imprint of my credit card, which means that all 16 digits were imprinted on a document I was asked to sign to confirm the rate, etc.

What good does it do to have a law, which prohibits a business from printing the entire 16 digits on the receipt only to have the business take an imprint of the credit card, which shows all 16-digits. Is this legal? Thanks.

For more information on the 5-digit requirement, you might want to review this FTC publication.

http://www.ftc.gov/bcp/edu/pubs/business/alerts/alt007.pdf

For more information about the law, which requires companies to print only the last 5 digits of your credit card number (as opposed to all 16 digits), see this section of the The Fair Credit Reporting Act: Section 605 (g).

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