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There are all kinds of survival kits offered today. If you live in Florida, you probably have a hurricane survival kit in your home. If you live in the northern states, you should have a winter storm survival kit in your car in case you get stuck. Due to the rising number of people in over their heads in debt, we decided it was time to assemble the supplies you'll need to survive an "attack" on your credit. Here's what we will put in our Credit Repair Survival Kit:
  • A rubber band-to wrap around your wrist to help you remember to pay your bills on time.
  • A piece of string-to help you tie up the loose ends of your finances.
  • A pen-to sign all the correspondence and dispute letters you'll be sending to your creditors.
  • Patience-because it will take time for your efforts to be reflected in an improved credit score.
  • A sense of humor-because you'll need it.
  • A rope-in case you get to the end of yours. (Just kidding!) No, there's no reason to learn the knot for making a noose. Everyone's credit can be repaired, and in many cases, you can do it yourself, for free.
    • The articles listed on this webpage are what you really need in your Credit Repair Survival Kit. For more details, read our Credit Repair Survival Kit listed on the right side of this page. Don't give up!

    Credit Secrets for Every American

    Americans are all becoming much more educated when it comes to credit. We have to be to avoid financial ruin in these days of increasing bankruptcies and home foreclosures. You may think you know all the in's and out's of getting and maintaining good credit. Let's find out, as we present "credit secrets" that every American should know.

  • Secret #1 Your credit score may well determine how much you pay for health insurance. You knew that your credit score, sometimes called your FICO score, determines the interest rate you will pay on loans. But did you know that your FICO score may also play a role in setting your auto, life, and health insurance premiums? Insurance companies now request a copy of your credit report since they believe there is a relationship between your score and claims you might make against their policies.
  • Secret #2 Debit cards are more risky than carrying cash. Many of us have a debit card in our wallet. It may say VISA on the front, but it is a debit card that directly deducts funds from our checking or savings account every time we use it. So, what's the problem? More than $600 billion is lost to debit card fraud every year. If you carry cash, and you lose your wallet or are robbed, at least your loss is limited to the amount in your wallet. With a credit card, your liability is limited to $50 in the event of fraud. Not so with debit cards. Carry a debit card, and you put your entire back account balance at risk.
  • Secret #3 Use sub-prime merchandise cards to build your good credit. These cards are available to families with poor credit, but the catch is you typically have to put down a deposit, and you can only buy from the company that sold you the card. But many sub-prime merchandise cards report to the credit bureaus, and therefore using one will help raise your high credit limit and restore your debt-to-credit ratio. All good news for your credit report.
  • Secret #4 ATMs will give you money you don't have. Although this may sound like a good thing, it's not! Many people are not aware that if they try to make an ATM withdrawal for more money than they have in their account, the ATM will allow them to do it, but the bank will impose an overdraft fee that can be as high as $35. That's a stiff penalty to pay, if you only withdrew $20 in cash! The culprit is the bank's universal default clause (sometimes called "bounce protection").
  • Secret # 5 Married women with joint credit, have no credit. If you are a married woman who holds all your credit accounts jointly with your husband, you have no credit yourself. If you ever get divorced down the road, you will have to start from scratch to build your own credit history. It's better to start building credit in your own name now.
    • Maybe these facts aren't classified "top secret," but the more you know about how the credit business works, the better your financial picture will look.
    Note: This article was reprinted with either private license rights or permission from the author.
    Phillip Schein has been an author, consultant, and certified instructor in the IT industry for over 15 years. Previous to that, he spent many years working in areas of finance and accounting. He now specializes in website development and search engine optimized web content for small office/home office (SOHO) enterprises. He has taught corporate, retail, and college-level courses in creative writing, accounting, web design, and Internet business development. Please read our About Us page for more detailed information.

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