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Editor's note: We want to take some time to talk about one of your most important financial assets: your credit. Over the next few days, Barbara, Kathy, and our newest blogger Cheryl will be dissecting credit — why it's important, how you monitor it, and what you can do to build or fix it.

Imagine this summer. You've snagged a great internship or your first job out of college, and you're looking for a place to hang your hat after work. You find a great apartment, fill out the lease application and start thinking about how to decorate your pad. Then you get the call from the apartment's manager. Unfortunately, she says, you don't have good enough credit to live there.

Gasp! Turns out those late payments to your utility companies and spring break costs still sitting on the credit card can affect you more than you'd thought.

Your credit can affect more than just your financial life.  It's true that landlords may check your credit before allowing you to rent an apartment. Your prospective employer may look at your credit to see if you are responsible. You may even find that your credit is examined in determining your auto insurance.

And obviously, the big reason you need to be concerned with your credit situation is so you're able to secure some credit down the road! Whether you're borrowing for a car, your education, or everyday purchases through a credit card, a good credit history is key. For a little more insight into what lenders are looking for consider the "5 Cs" of credit, from the Hands on Banking® program :

• Character: When lenders evaluate character, they look at stability — for example, how long you've lived at your current address, how long you've been in your current job, and whether you have a good record of paying your bills on time and in full.
• Capacity: This refers to considering your other debts and expenses when determining your ability to repay the loan. Creditors evaluate your debt-to-income ratio, that is, how much you owe compared to how much you earn. The lower your ratio, the more confident creditors will be in your capacity to repay the money you borrow.
• Capital: This refers to your net worth — the value of your assets minus your liabilities. In simple terms, how much you own (for example, car, real estate, cash, and investments) minus how much you owe.
• Collateral: This refers to any asset of a borrower (for example, a home) that a lender has the right to take ownership of and use to pay the debt if the borrower is unable to make the loan payments as agreed. Some lenders may require a guarantee in addition to collateral. A guarantee means that another person signs a document promising to repay the loan if you can't.
• Conditions: Lenders consider a number of outside circumstances that may affect the borrower's financial situation and ability to repay, for example what's happening in the local economy.

If you don't have the greatest credit (or don't even know what your credit situation looks like), don't fret: Now is the perfect time to explore your credit.

We'll show you how to get a good picture of where you stand on the credit spectrum and what you could do to help your cause. And if there's something you definitely want to know more about when it comes to credit let us know.

Rachel

They say it's best to move every ten years or so in order to manage the clutter that builds over time. When you are in college, it seems like you are moving a lot. I certainly was, especially around the holidays.

At my college, we had to move out of the dorms and the sororities over the winter break. Friends with trucks and apartments with comfy couches were in high demand. I fondly remember a time when everything I owned fit in the back of my Subaru Forester .

I recently had to move out of my cubical to make way for new carpet being installed in our office building. Turns out, the same principles apply at work when you move. I had only been occupying my space in the cube farm  for four years but managed to fill half a shred bin of old files and stuff I kept just in case.

It felt marvelous re-organizing my paper clips and push pins, sorting them back out to their proper divided space in the top drawer tray. And even better, properly filing things I casually jammed into my bottom drawer (AKA "The Black Hole") when there just wasn't time to bother.

I love being organized.

For those of you preparing to move (yet again) in the next couple of weeks, I have one piece of advice for you: Get some Scotch tear by hand tape . It's amazing — so much easier than working the tape gun monster .

How about you? Are you required to move out over winter break?

Kathy

Moving can be equal-parts expensive, rewarding, and painful, and my husband and I have just completed the month-long process of getting settled into our new place.

As I reflect on the experience, I'm struck by how many similarities there are between apartment hunting and online dating. Let me explain.

Scouring the internet
As is the case with many things these days, the most efficient way to gather information on a number of prospects in the least amount of time is to look on the internet. And so you head to your computer. You're kind of nervous and kind of excited as you navigate to a website such as craigslist.org .

Finding the "right fit"
You enter in your search criteria — the neighborhood, price range, pet policy, etc. I prefer listings that have pictures. Call me crazy, but it is reassuring to me to have a glimpse of the apartment before reaching out to a potential landlord. You find a few good candidates and begin making contact via phone or email.

Agreeing to meet
Your phone calls and emails have gone well so far, so you're ready to make the big leap into meeting face to face. You set a date and time, and often you know you're being squeezed between appointments with other potential suitors. It's important to make a good first impression, so you put on a nice pair of slacks and a relatively wrinkle-free shirt. I even bring along a portfolio, because it makes me look professional and serious.

The first date
About five minutes into the meeting, things are going well. The apartment looks nice, and there seems to be good chemistry between you and the landlord! You know they have options, so you are sure to indicate your interest as often as possible. Stable job? Oh yes, you say. Sufficient income? You bet. Well-behaved pets? You can provide references. Credit history? *GULP*

Background check
So maybe this isn't as common in the online dating world, but it should be! Many landlords, including ours, require a credit check before they will agree to rent to you. Basically they are looking to find out if you have a history of meeting your financial obligations in the past, giving them an indication of your likelihood to pay your rent on time in the future.

My landlord checked my credit by accessing a credit report, which is a detailed list of my credit history. Part of what it includes is:

• The type of credit you have (credit card, auto loan, mortgage, etc.)

• Your credit limit or original loan amount

• Your account balance (or the total balance of your last statement)

• Your payment history (late payments stay on your credit report for seven years)

• Bankruptcies  (stay on your credit report for 10 years)

If you can pass all of these tests, it may be the beginning of a beautiful relationship — at least until you're ready to settle down and buy a house!

Have you experienced apartment hunting courtship rituals like these?

Kathy

To me, there's almost no bigger financial fear than the thought of bouncing a check or overdrawing an account. On top of potential embarrassment, there are also usually fees that go along with having insufficient funds. I normally try to keep plenty of money in my checking account to avoid any such concerns, but recently I've had more bills to pay than usual — I just finished grad school and began paying my student loans — so my checking account balance has gotten uncomfortably low. Adding to this stressful situation, my husband and I recently decided to move, which is an always unpleasant and expensive undertaking.

We spent a few weeks looking at apartments and finally found the one. It had the right mixture of price, amenities and location for our budget and lifestyle, so after speaking to the owner we were ready to submit an application.

As my fellow renters out there may be aware, most landlords require a security deposit to hold an apartment, and in our area that deposit was equal to an entire month's rent (that's a lot of money in Northern California!!) I had my checkbook with me and was halfway through writing out the check when the thought struck me: Do I have enough money in my checking account to clear this check?!

Just when I was about to panic, I remembered that I had signed up for Wells Fargo Mobile^SM Banking. so my balance and account activity are always at my fingertips. I pulled out my phone and texted "bal" (for balance) to "93557" (that's "WELLS" in mobile speak). Within 10 seconds — I kid you not — I had a text message response from Wells Fargo giving me my available balance.

Thankfully, I had plenty of money in my checking account to clear the check, so I let out a sigh of relief and finished filling it out.

I've played with the Wells Fargo Mobile Banking service a bunch since then, and I think it's actually pretty cool! There are a number of pieces of information you can get via text message, and there's a mobile browser option as well which lets you transfer money and find nearby Wells Fargo ATMs. I've used Mobile Banking everywhere I go — at the grocery store and even at the mall — to keep me on top of my money and under control.

BTW, I'm happy to report that we got the apartment thanks to the security deposit and my strong credit history...more on that topic later!

Mobile Banking works for me — does it fit into your lifestyle?

Barbara

Whether in a dorm room, apartment, or house, it's likely you'll be sharing space with someone when you head back to school. And when you're sharing space, you're also sharing expenses.

Chances are that you have some type of relationship with your roommate, and to make sure you are still on speaking terms after living together, it's best to have a financial plan for your shared expenses. Some people even go so far as to put it in writing through a roommate contract .

Here are some things to think about as you plan for shared costs:

• What's in whose name? (I feel like Abbott and Costello .) Try to get as many of your roommates' names on each of the bills (especially the lease). This way each of you is equally liable for the cost. For those bills that you can't put in multiple names, distribute the responsibility among your roommates so each person's name is on the line for something. This will help each person build a good payment history as well.

• How will you split costs? Decide whether you're going to split equally or based on usage and space. Does the person with the biggest bedroom have to pay more? Is the person who doesn't watch cable still responsible for paying part of that bill?

• What about bigger items? For big ticket items, like furniture, try to have each person contribute something that will be theirs to take when you part ways. If everyone went in on a couch, it'd be hard to split that 3 or 4 ways!

• What about the things everyone uses? When it comes to shared household items like light bulbs and paper towels, many roommates set up a schedule to rotate when each roommate buys something. Of course, you have to be conscious of whether or not it's an item that is used more by certain roommates. For example some grocery items, like milk, may not be consumed in equal quantities.

• When — and how — will bills get paid? Develop a routine for paying your bills. Put them in a specific place or have a message center with your roommates so you can see what bills are coming up and who you owe money to. Are you planning to write checks? Pay with electronic transfers? Use cash? Figure it out before the bills start coming in.

• How will you deal with financial conflicts? Be sure to consider possibilities of conflict about financial responsibilities. Is it OK for one roommate's significant other to do laundry at the house? Does that person become responsible for more of the utility bills?

Anyone out there have advice on splitting costs with roommates?

Caroline

When you're choosing a roommate, there's a lot to think about — especially if you'll be living off-campus, where you have many more responsibilities than you do with on-campus housing.

One of the things to consider seriously is whether your financial lifestyles match.

What does that mean? Let's see...remember the early episode of Friends  where Monica, Ross and Chandler all had money to do things, and Joey, Rachel and Phoebe didn't? Well, it created a rift — similar to what can happen with roommates who aren't on the same page financially.

Here a few things to think about before you sign a lease with a new roomie:

• Do you agree about how much rent you can afford? This is basic, but you shouldn't even be apartment-hunting  with someone who's looking at housing that's out of your league. Let him find another roommate and you can use the pool and gym at their apartment complex when you visit.

• What about utilities? Remember, utilities go beyond water, lights and heat. What type of Internet service do you want to get? Will you be investing in cable or satellite television? Do you "need" TiVo^®?  Don't assume you both agree about what's necessary.

• How will you furnish the place? Are you both okay with mismatched hand-me-downs, or does one of you want to furnish the place from scratch? Can you afford whatever your future roomie is proposing?

• How about the day-to-day stuff? Make sure you discuss your approach to buying food and other household stuff. Don't wait until she eats your favorite organic pasta sauce to have this discussion. Make sure you agree about what to share the cost of, and what is "hands off." Find a fair way to split the community items. Otherwise you might always be the one buying the paper towels and dishwasher soap.

If you've already been through a financial mismatch with a roommate, got any stories to share?

Barbara

Oh, the Joneses. You know the saying about keeping up with them . It's something we've probably all dealt with at some point. Wanting the same things your peers have is likely a constant struggle—at least it is for me.

My most recent battle is with my next-door neighbor. Since I first moved in, the neighbor to my right has kept an immaculate lawn—green and lush. I've been super jealous.

My lawn was on its last legs when I moved in. Add a couple more days before I got a hose and, well, it was pretty much brown. But eventually I started watering for about an hour on my designated night (following the necessary guidelines  in the city), and the grass started to perk up.

It wasn't long before I came to my senses and realized that watering could get expensive, so I decided to cut back—Joneses or not.

It's really easy to get caught up in keeping up with others. You tell me: What's the worst when it comes to your Joneses?

And BTW: Thankfully, we've been getting lots of rain lately, so I haven't needed to water and still have grass jam-packed with chlorophyll . I wish the rain could help my other Joneses problems, though—I'll keep hoping that a size 10 designer shoe tree will sprout up in the backyard.

Staci

In my last post, I addressed some of the different money options available for international travelers. And whether you're "on holiday" or studying abroad, a little common sense goes a long way to keep your money safe when you're in a foreign country. Below are some suggestions that might help.

Before you depart, make a list of your credit and debt card account numbers, the numbers of your traveler's checks, and the international phone numbers for reporting lost or stolen cards and checks. Keep the list with you, and give copies to a traveling companion and to someone at home to call in case of trouble.

Sometimes peace of mind is more valuable than any Let's Go®  or Lonely Planet™  travel guide. Keep copies of your key documents—including your passport and plane tickets—separately. Photocopies might not always be accepted, but they can speed up the process of getting replacements and/or be better than nothing. I stashed copies in the bottom inside pocket of my luggage (fortunately, I never had to use them).

Most travel experts recommend that you carry only the funds you'll need for each day's outing. But when I backpacked around Europe, I was staying mostly in hostels , and safes weren't always available. So I actually kept all of my money, cards and documents on my person at all times in an under-my-clothes, around-my-waist money belt . It started off as ivory but was a sickly khaki color by the time I got home. Kind of gross, but safe!

Other tips to consider:

• Divide your money and traveler's checks with a traveling companion, if possible. That way, if yours are lost or stolen, your companion has access to cash.
  
  
• For credit and debit cards, keep them in a safe place where they won't bend, scratch or become demagnetized. Minimize the risk of theft or loss by taking only the cards you need.
  
  
• When using ATMs, use the same caution you would when you're at home: Don't flash your cash after leaving the machine, and use ATMs in safe locations.

All this talk about money and travel has reminded me that sadly, I've let my passport expire. While I work on a renewal , tell us about your international money adventures here.

Kathy

Try as I might, I just can't seem to shake my travel bug. Over the weekend I watched "Long Way Round" —a documentary film that chronicles Ewan McGregor  and his friend Charley Boorman as they ride motorcycles from London to New York City by driving east—the long way round.

Admittedly, I added the movie to my Netflix® queue  because of my love of the "Moulin Rouge"  actor, but I was captivated by the film as soon as I turned it on. This movie has some really good stuff in it, especially as the pair tries to navigate some of the "roads" in Mongolia and Siberia!

Many of you also share my love of travel, and you've been quick to offer advice on the subject! I recently was made aware of another a great hostel booking and reviewing site . Don't tell my manager, but I spent a good hour perusing it this morning, and I was impressed by both the quantity and the quality of the listings offered. It might be useful to check out if you're planning a trip to, well, anywhere!

Finally, as you may well be aware, the days are beginning to get shorter once again—summer is coming to an end and so too is my summer internship. I'll soon be back on campus  as a full-time student, so I must bid you farewell. It has been my pleasure to chat with you all, however briefly, and I wish you the best of luck in your endeavors (financial and otherwise)!

Parting, as they say, is such sweet sorrow.

Rachel

It's official: I'm a married woman. And big changes are happening, starting with my name. I opted to take my husband's last name. My husband. I'm still getting used to that word and also introducing myself as Rachel Curran.

Speaking of big changes—I have a hot tip for those of you who are preparing to leave home and move to college soon. Contact your friends and family members who are getting married this summer and let them know your plans to move. More than likely, they will welcome you to their endless supply of boxes, packing material, and a slew of used household goods (especially kitchen supplies).

Like many couples, we decided to register for some new household items and upgraded from plastic to stainless, glass to crystal and dull to Wüsthof . Most of our wedding guests shipped gifts directly to our home, which were expertly wrapped with yards and yards of paper and bubble wrap.

As we opened these wonderful gifts, I began a new phase of married life—"nesting." This involves me running around our house for two straight days having a Feng shui  attack. I now have a solid Goodwill  pile going (which my brother has already raided), a garage full of boxes, and a heart full of gratitude.

Now, one can only be entertained by cardboard forts with bubble wrap driveways for so long. (Who says marriage has to equal maturity?) Eventually, the materials will need to be taken to the curb or recycled through a friend. Save some money on your moving supplies and ask the newlyweds if you can help them recycle their packing material. Your friends, the environment, and your budget will thank you for it.

What budget-friendly moving tips do you have?

Editor's note: The former Rachel Statham married Jim Curran on June 24, 2007. Congrats to the newlyweds!