Location of Credential Store
Windows 'Credential Store' keeps the user credentials in the encrypted format at user specific locations. The storage mechanism is slightly different for XP and Vista/Win7 platforms.
For Windows XP
On Windows XP, the encrypted user credentials are stored in the hidden file called 'Credentials' inside both APPDATA and LOCALAPPDATA locations mentioned below.
APPDATA Location - C:\Documents and Settings\<username>\Application Data\Microsoft\Credentials\<user sid>\
LOCALAPPDATA Location - C:\Documents and Settings\<username>\Local Settings\Application Data\Microsoft\Credentials\<user sid>\
For Vista & Windows 7
Vista onwards, the user credentials are stored in the multiple files with random name (generated using GUID) inside both APPDATA and LOCALAPPDATA locations mentioned below. (There will be separate credential file for each of the network accounts)
APPDATA Location - C:\Users\<username>\AppData\Roaming\Microsoft\Credentials\
Based on type of password and application, one of these locations are chosen to store the corresponding credential file. For example, Windows Live Messenger & Remote Desktop login passwords are stored at LOCALAPPDATA location and all other type of passwords are stored at APPDATA location.