Bankrate.com lists the 12 most common myths about filing for banruptcy.  If you are considering bankruptcy as a financial option, you may want to check this out.

From Bankrate.com: 12 myths about bankruptcy

Like most big, bad scary things, bankruptcy has a reputation based on a few tidbits of truth and lots of embellishment. It’s not nearly as frightening once you know the truth.

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Liz Pulliam Weston outlines steps toward getting a “killer” credit score. 

From MSN’s Money Central: 9 ways to build a killer credit score

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Do you have bad credit? This can affect your life negatively because, basically, you need to have good credit to receive more good credit. You might be applying for a credit card, attempting to secure a loan, or trying to purchase kitchen appliances, a car or a house - all these transactions require you to have good credit. People differ in their need for bad credit help. Some people require a complete overhaul of their credit report while others only require help via a quick fix or clean up.

The first step in repairing bad credit is to clean up one’s credit report. The second step is maintaining a good credit history.

Steve Bucci, aka The Debt Adviser, writes an advise column for Bankrate.com.  In a recent edition of his column, Mr Bucci provides sound advise to those people marrying someone with bad credit.

From Bankrate.com: When good credit marries bad

Dear Debt Adviser,
I recently got married. I knew that my husband’s credit score was really bad. What I don’t understand is why my credit score has now dropped and all my credit cards are lowering my limits? I haven’t done anything except get married. How do I fix this?
– Michelle

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By Todd Green

A post on CreditBloggers details the tribulations of a poor soul that can’t open a bank account due to having a negative file over at ChexSystems.  For those that don’t know, ChexSystems is a company that reports adverse checking account activity.  This is sort of like a credit reporting agency for referencing checking account history.

From CreditBloggers: ChexSystems: The Credit Reporting Agency You Don’t Want to Have a File With

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Credit.com has started a new section on their website called “Credit 101.”  This series provides an excellent introduction to the basics of the credit system.  The first article, The Building Blocks of Credit, covers the fundamentals of credit. This article’s objective is to help the reader better understand and leverage their credit history.

From Credit.com: Credit 101: The Building Blocks of Credit

If you’ve ever applied for a job, rented an apartment, bought or leased a car, opened a bank account, applied for a mortgage or been issued a credit card, you’ve participated in the world of credit. At Credit.com, we believe credit can be a positive force in every aspect of your life. To put this power to work for you, however, it’s essential that you understand your own credit — and what your credit information says about you to the growing number of companies that use credit information to make life impacting decisions about you. These companies include lenders, insurance companies, employers and utility companies.

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Some members of the Motley Fool community discuss making big bucks from using credit cards. This intriguing follow up from a previous article reports specifics on how “fellow fools” have actually cashed in from using cash back and reward cards.

From Yahoo! News: Make Big Bucks From Credit Cards

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by Todd Green, The Credit Pro

Caroline Mayer of The Washington Post has written an interesting article outlining two studies done on the debt collection industry.  These opposing studies were prepared by ACA International representing the debt collectors and by the Federal Trade Commission in defense of the consumer.  Interestingly, Ms. Mayer unexpectedly concluded that the dept collector study was quite intriguing instead of being ”self-serving dribble.”

From The Washington Post: Debt Collectors: The Good, the Bad…

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By Chris Studer 

Consolidating student loans is one of the most effective ways to improve your FICO score dramatically. A FICO score is perhaps the most important factor in shaping your financial future. Just a few additional points on a FICO score can literally save tens of thousands of dollars over a lifetime by locking in low interest rates on houses, cars, and other items purchased with credit.

How FICO scores are determined

A FICO score is derived from a complex algorithm that weighs different aspects of your past and present financial situation in order to predict how good of a credit risk you are likely to be in the future. Each factor is weighted differently depending on importance with 35% of the score based on payment history, 30% based on the amount of debt owed, length of history contributing 10%, new credit 10%, and types of credit 10%.

The most important part of qualifying for a mortgage isn’t how much of a down payment you can make, it’s how good your credit score is. The better your credit, the more easily you can secure a mortgage loan, even without a fat bank account or a high-paying job. The first and most important action you should take is to get your credit report from each of the three major credit bureaus, Experian, Equifax, and TransUnion. You have to get all three reports because the companies and utilities that extend you credit don’t report to all three bureaus. The result is that each consumer has three credit reports with three different sets of information. You can access the reports for free at least once a year. If you find errors and report them (see below for details), you can get a revised report for free.

Credit card balance transfer is an important feature for many credit card users. It allows them to transfer their debts from one credit card to another. This is significant if their new card has a lower interest rate than their previous one.

Credit card balance transfer feature can be a great way of consolidating your credit card debt and finding a way to dig yourself out of your debt burden. This option is in high demand and many credit card issuers include their balance transfer services upfront in promotion material. A good credit card balance transfer option can help them gain customers from rival credit card companies.

With the price of gas seemingly going up by the day, motoring is becoming an expensive pastime. What you may not know, however, is that you can cut the cost of gas with the help of a credit card. Any old card won’t do, though. What you need is a gas rebate credit card.

As the name suggests, these cards repay a portion of your total spending on gas. The proportion is typically 4 or 5 per cent, though some cards offer higher percentages (up to 10 per cent) during the introductory period. The money will normally be credited to your account by the end of the month concerned, though you may have to wait until you have accrued a certain amount - say $20 - before you can redeem it.