We are vitally interested in the well being of the consumers and businesses that are our customers. That is why Bank of Internet USA provides financial literacy help. The following are tips on building, maintaining and repairing your credit.

When used properly, credit can be a useful part of your financial strategy. Getting credit, and how much of it you will get, depends on your track record of handling money and your ability to repay your debts. Basic credit building blocks include:

• Paying your bills on time.
• Living within your means.
• Having the income to comfortably carry debt load.
• Staying within credit limits, and not charging up to the limit.

Being financially responsible will help you obtain credit initially and establish a good credit history, which is necessary for your credit needs.

The best way to achieve your financial goals is to develop a financial plan and stick to it. Here are some budgeting tips to help maintain your good credit.

Get an accurate picture of your finances by making a budget. Know how much you earn and spend each month. List:

• Actual take home pay, what's left after items like Social Security, benefits, Savings and all taxes are deducted.
• Fixed expenses such as your rent or mortgage, car payment and utilities.
• Variable expenses like groceries, entertainment, and lunch.
• Periodic expenses such as car and health insurance.
• Rainy day savings set aside for emergencies.

Learn where your money goes:

• Use a computer or a ledger to track income, savings, expenses and debt.
• Review financial statements- checking and savings accounts, credit card, mortgage- to evaluate spending habits.
• Know your credit limits and stay within them.

You could be heading toward financial hot water if you are:

• Having difficulty, or finding it impossible, to make even minimum payments on what you owe.
• Making payments late.
• Borrowing from credit card or other lenders to make ends meet.
• Finding that more cash is going out than coming in.

If you find yourself in financial hot water for any reason- too much debt, loss or change of job, medical emergency, divorce, military deployment, etc.- contact your creditors before you miss a payment and before they contact you.

Please contact us at the first sign of financial difficulty. The earlier you recognize your potential money problems bring them to our attention, the sooner we can begin working together to maintain your good credit rating and secure your financial future.

There are a number of ways you can begin to put your financial house in order. Among the options that may be available, depending upon your situation, are:

• Modified loan terms;
• Limited partial payments;
• Refinancing of home loans;
• Home equity loans;
• Debt consolidation loans; and
• Assistance with financial counseling.

Beware of advertisements claiming that for a fee your bad credit rating can be erased. It can't be done! Accurate information that is damaging to your credit rating can only be erased by time and commitment to repay your bills and rebuild your credit record.

Don't let concerns about financial problems allow you to become a victim of these "get out of debt free" scam artists.

You also can check out the following online resources relating to consumer credit:

• www.debtadvice.org.
  DebtAdvice.org is a service provided by the members of the National Foundation for Credit Counseling and is designed to help you understand the wise use of credit and locate credit counselors when in need.
• www.naccaonline.org
  The National Association of Consumer Credit Administrators provides consumer resources on a variety of credit issues.
• www.ftc.gov
  The Federal Trade Commission's website includes a number of consumer publications that can assist consumers when dealing with credit problems.