President Obama recently signed the Credit Card Accountability Responsibility and Disclosure Act of 2009, which aims to protect consumers from industry practices that have been criticized for trapping users under piles of debt.

We all know student loans can add up – especially when in an extended graduate program or residency. Often, forbearance is the best way to avoid being buried under piles of monthly payments. But will it hurt your credit score?

Deciding when the appropriate time is to get your first credit card is a tough call. Do you start early so you can build credit sooner? Or do you wait until you have some cash flow before you mess around with credit?

No matter how cautious you are with your credit card, identity theft can still happen to you. And the consequences can not only be annoying, but they can also derail you from reaching your financial goals.

FICO continues to be the standard for determining your credit score. And along with everything else that’s changing in the financial world, soon a new FICO formula will be released too.

You are entitled to receive your credit report free of charge annually from the three major credit bureaus.

Each night Letterman is known for giving you a Top Ten list to make you laugh out loud. Well this one won’t be making CBS anytime soon, but it is probably one that you should pay attention to.

You may still be getting credit card offers in the mail each and every day, ones offering low interest rates, no fees, and some with your school’s mascot blazoned right across the front. Who knew that by showing a little school pride on your credit card you could really be a ploy in a money-making alliance between some unlikely partners?

With tuition increases every year and credit crisis sweeping through our financial markets, now is not the time to make a blind financial decision; even if that decision is as simple as taking out a student loan.

How will you be paying this semester’s bill? In a recent study, it seems more and more people are paying a portion of their tuition on credit cards without taking into account the long-term consequences.

We’re talking about credit card spending… What did you think?

Have you seen the commercials lately encouraging you to check your credit report for free? It’s a great idea, and the songs are catchy, but sometimes you are signing up for more than a credit report. So make sure you are using the official federal website that provides credit reports to you free of charge with no strings attached. The same cannot be said about other sites.

Lenders aren’t the only ones that scrutinize your credit report. So who else looks at your credit report and what are they looking for?

Consumers and lawmakers alike are fed up with exorbitant fees so well hidden in fine print, it’s a game of “Where’s Waldo.” But it could take a while for any changes to happen on a federal level, so find out what you need to do to avoid getting slammed with fees.

When you’re counting every penny, credit card offers can be tempting. And credit card companies know this well. While you probably already got your first flood of credit card offers back when you were a freshman, you’re still a target for credit card companies.

Many schools closed their doors to credit card offers, but credit card companies still use events like concerts and free giveaways to lure students, according to a report on News 10 Now (New York). So while you may have already developed immunity to these enticing yet dangerous offers, remember, credit is not income. It’s an expense. Every dollar you spend in credit cards will need to be paid back, with interest.

Want to end credit card offers? You can get rid of junk mail here.

I’m getting married, so now our two credit scores are merged.

Remember when your dad would give you piggyback rides? Dad may have extended the favor by also letting you piggyback on his credit score. For many college students, it’s a way to start their own credit history and qualify for loans. Well, piggybacking is no longer allowed. According to the St. Paul Pioneer Press (“Getting College Credit,” Aug. 15, 2007), Fair Isaac Corporation (FICO), the credit guru that determines credit score standards, is changing the rules.

While potential borrowers will no longer be able to use someone else’s history, FICO is introducing new methods of gauging the credit score of those who have no history. While not the traditional credit score system, the new method will include such things as your cell phone payment history, how often you dip into overdraft protection, and even DVD club payment history (so you may want to ask yourself if you’ve been nice to Netflix).

Applying for a new credit card doesn’t affect my credit score.

It won’t affect my credit if I am just co-signing a loan.

Paying cash for things doesn’t affect my credit score.

Convenience can be tempting. One call to the pizza place, one easy charge to that credit card. But how convenient is it when that one $10 pizza ends up costing you more like $40 in the long run, thanks to credit card interest charges and fees? Unless that pizza is jewel-encrusted, it’s just not worth it.

So, like the chili pepper seasoning, use your credit card sparingly. Or the bill may just bring tears to your eyes long after the pizza is gone.

I heard I could have different scores because there are different credit bureaus. Is that right?

I keep getting all these credit card mailings. My credit score is going to decline because of it.

A perfect credit score of 850 is virtually impossible, say the experts. But a score that’s close enough will yield the same benefits.

this article is for you…

So you have six figures of debt staring you in the face, and a 30-year repayment term hanging over your head. Well, if you get creative, and pay off a little each month, you could end up cutting that burden in half.

Chances are you have more than enough studying and research to keep you busy—you don’t have all kinds of free time to explore the mysteries of your credit score. But considering how important your credit history will be for the next 40 or 50 years, it might be wise to brush up on the facts.

We’ll try to make this quick and easy. Just keep checking back each week for a new lesson.

Once I get a bad credit score, there is nothing I can do to increase it.