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Emergency funds - A personal cure for the credit crunch

Do not rely on credit as an emergency fund. Everyone's personal financial plan should include a goal of having at least six months' worth of living expenses saved in a liquid emergency fund such as an online savings account. If you find yourself in desperate need of credit in this current market, and you have a poor credit score or no credit at all, you may find it quite difficult to get what you want. However, if you already have an easily accessible reserve of cash, you won't need to resort to credit at all in your time of need.

Updated by Joshua Heckathorn on Sun, 2008-05-04 17:00

There is an error on my credit report - Where do I begin?

Mistakes happen all the time, and it is more important than ever to make sure there are no errors on your credit report. To ensure an error gets corrected as soon as possible, be prepared to write a letter to both the credit bureau and the organization that provided the incorrect information. The Fair Credit Reporting Act holds them responsible for correcting false information in your report, and they will generally investigate your dispute within 30 days.

Updated by Joshua Heckathorn on Sun, 2008-04-27 17:00

Have trouble making your payments on time?

The best way to prove you are a reliable credit risk is to always make your payments on time. If you find yourself forgetting when your credit card payments are due, take a few moments to set up direct debits for all of your cards from one central checking account. Now you will only have to remember one thing- make sure you have enough in your checking account to cover the payments each month! Your personal bank should be willing to provide overdraft protection in case of an emergency.

Updated by Joshua Heckathorn on Sun, 2008-04-20 17:00

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