Credit Where Credit is Due...

So, last weekend, I bit the bullet and obtained copies of my FICO score and all three credit reports! Go, soon-to-be-financially savvy woman!!!
If I truly confess, this was the first time in my life that I have checked these documents, which is utterly scary. After reading how these three little numbers can influence your life (including lending rates, mortgages, loans, jobs, etc!!) I decided to get serious and face the financial music.
I also learned the difference between the credit score (those magic numbers)and the credit report. Your credit score is derived from information contained in your credit report(s), so it's important to check their accuracy. Reports can contain mistakes such as outdated personal information, to cards you no longer own, missed payments from more than 7 years ago (the statute of limitations; 10 for bankruptcy/chapter 13 info), to frank identity theft! Scary... The good news is that credit scores are FREE to obtain once a year from the following site: www.annualcreditreport.com. Apparently, there are many scam/imposter sites, but this is the only approved one out there.
Now, onto the FICO score, or Fair Isaac Corporation...again, I guess there are three scores, one for each credit bureau (Equifax, Experian, and TransUnion). They can be obtained at www.myfico.com. Unlike the credit reports, these ain't free, but they aren't too costly. I was planning on getting all three, but since Experian is no longer participating (as of February, 2009 when I logged on!), I just went with Equifax. The cost was 15$ per report, but I did an online search for a discount code and lo and behold, found a coupon that gave me 20% off. Nice.
So, after holding my breath, it wasn't as bad as I thought it would be! My credit is good to very good! (at least something had to go right with my finances!).

Here is some valuable information I've gleaned from various sources, mainly The Bible:
1. Check your reports and notify the credit bureaus of any misinformation
2. ALWAYS pay bills on time (more on this later...)
3. Length of credit history matters; along those lines, don't cancel your oldest credit card as it establishes history
4. If your balance is high relative to your limit, this isn't a good thing
5. Don't apply for too many cards all at once