Your credit report is a record of your past and current credit obligations including your debts and payment history. It includes records of bankruptcies, foreclosures, liens, judgments, delinquencies and charge-offs. In general, account information, including late payments and other adverse information, is kept o­n your credit reports for no longer than seven years.

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The question, "Should I get a fixed rate or an ARM?" has puzzled every home buyer who has shopped for a loan.

The ARM, of course, is an adjustable-rate mortgage whose interest rate can go up or down. By contrast, a fixed-rate loan locks in your rate for the life of your loan -- there's no need to guess as to where the rate will be next year or in 15 or 30 years.

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