Emily's List: Old credit smarts, new credit smarts edition

On this date in 1791, after much debate among America's founding fathers, the first Bank of the United States opened in Philadelphia.

Born from the financially creative mind of Alexander Hamilton, this central bank established the first national currency and the first mint, granted the young nation a depository for its money and gave it a place to get credit. The moves helped give the country, which was deeply in debt after the Revolutionary War, a solid financial base from which to build.

This week's round-up of the best credit card posts from the blogosphere discuss how you can take back control of your finances and build (or maintain) a fantastic credit score.

1. Trent at The Simple Dollar explains what loan default is and what to do if you find yourself defaulting on credit card debt or other loans.  It's important to be proactive if you find yourself in this situation so you don't wreck your credit. 

2. Flexo at Consumerism Commentary reminds readers that you can still attain personal goals while continuing to pay off debt and that "money is not the goal; money is only a tool that can be used to help you reach your goals."

3. Now that credit is tight, your loved ones who are unable to obtain credit elsewhere may come to you for a loan. Blueprint for Financial Prosperity explains the ground rules you should establish if you loan money to family and friends. This includes charging interest -- especially if they have bad credit!

  4. The Dough Roller lists seven important, but often forgotten, ways your credit score can affect your life, including obtaining insurance and getting a job.

5. The Wallet reminds readers that opting for the Web-based payment service  Bill Me Later can actually hurt your credit score when making a purchase online. 

6. Credit Karma discusses how bankruptcy affects your credit and warns that it is not to be used as a quick fix. 

7. Get Out of Debt advises a reader who is struggling to get out of major debt, but wants to have a dream wedding, which would put her further into debt and most likely hurt her credit score. Perhaps she should consider a credit crunch wedding.

8. CreditBloggers stresses the importance of teaching credit card ins and outs to your children before they leave for college, and covers the eight basics you need to be sure to cover. One of the most important ones? Learn to ask for help if you're buried too deep in debt.  

9. Geezeo lists eight ways you can improve a low credit score, including paying down your balances and inspecting your credit report for errors. 

10. Don't let yourself become a victim of identity theft; the thief's purchases can ding your credit score if you don't. Money Ning provides advice on using ATMs and debit cards safely.

See related:  Previous Emily's lists: Walt Disney edition, Holiday shopping edition, Debt management edition, Female financial bloggers edition