David Bach The Automatic Millionaire

Back in February, I wrote that one of the things I love most about the enhanced Yahoo! Finance format is its instant reader feedback. My subsequent four columns have received a combined total of over 11,000 ratings and almost 1,500 comments.

I read every one of them -- both positive and negative -- and take all of your advice, ideas, and criticisms to heart. The questions you ask and experiences you share help to create a community where readers can come together to learn -- not just from me, but from each other as well.

In that spirit, here are eight of the best reader postings from those articles.

Credit Card Horrors and Helpful Tips

Of all the columns, "What Credit Card Companies Don't Want You to Know" received the most attention. In it, I discussed the universal default clause, which allows credit card companies to raise the interest rate on your card for being late with a payment on another card, a car payment, your mortgage -- even your utility bill.

Some of the horror stories readers posted were stunning, and there were many great questions, too.

1. Don V asked: "Will checking your own credit report lower your credit rating?"

Fortunately, the answer is "no." According to MyFICO, the consumer division of Fair Isaac Corp., checking your own credit score doesn't count as an inquiry and will not hurt your FICO score. The only inquiries that count toward your credit score are the ones that are done whenever you apply for new credit.

2. An anonymous Yahoo! Finance reader advised: "Don't go to freecreditreport.com. That site will try to sell you a 'monitoring service' at a stiff fee. Use AnnualCreditReport.com instead."

This was an oversight that many readers picked up on. I always recommend AnnualCreditReport.com in my books.

The site I inadvertently listed, freecreditreport.com, provides you with a "free" credit report and your credit score, but at the same time you're enrolled in a "trial membership" for their credit monitoring service. If you don't cancel the trial within 30 days, you'll start incurring a $12.95 monthly fee.

The truly free site, AnnualCreditReport.com, was created in accordance with the Fair and Accurate Credit Transactions Act and is sponsored by the three major credit bureaus -- Equifax, Experian, and TransUnion. It provides you with one free credit report (but not your credit score) from each credit bureau over a period of 12 months.

Debit Debacles and Dispatches

My next column, "What Debit Card Companies Don't Tell You," touched a nerve with many readers. That's not surprising, since more consumers are now using debit cards in place of credit cards in order to avoid high interest rates and late fees. But there are other pitfalls to be aware of, namely overdraft fees:

3. Another anonymous Yahoo! Finance reader wrote: "Recently, I made a few rather large purchases (with my debit card) and did not check my balance afterwards, assuming some deposits were made. In the two-day period after my balance reached zero, my wife and I made several purchases. As I was not vigilant in checking my balance, we were subsequently hit with overdraft fees totaling over $500. The bank did not notify us that we were overspending, nor did they provide any leniency regarding fees."

This case is extreme, but proves an important point. A few years ago, if you made a debit card purchase but didn't have enough money in your checking account to cover it, the transaction was simply rejected. Times have changed.

Today, banks are more likely to approve the transaction but then charge you an overdraft fee. Although the above reader wasn't able to get these fees waived, it's smart to call your bank and request it. Read on:

4. Still another anonymous Yahoo! Finance reader commented: "I work for a bank, and you can spend money you don't have with a debit card; your bank will happily hit you with overdraft charges for saving you from the embarrassment of being declined. Many of our customers neglect to keep track of their balance, assuming that their card will simply stop working when they run out of money. Not so! Depending on various factors, some customers can go hundreds of dollars in the red before the card stops working. The lesson: keeping track of your balance is your responsibility, not your debit card's."

Some Closure on Foreclosure

As a financial coach, I can't stress enough that if you're having trouble paying your mortgage, call your lender today. Too many homeowners are unaware that there are real options available that will help them keep their home. But action must be taken sooner rather than later.

A reader really caught my attention with this comment about my column "Six Steps to Avoiding Foreclosure." He or she brings up an important warning -- something I didn't cover in the article:

5. j_mackin_42 wrote: "If you're going through a foreclosure, as soon as the proceedings start you'll likely hear from many different companies claiming they can 'rescue' you and your home. In actuality though, they trick you into signing over any equity you have in your home or they take your money and just disappear. If you're desperate enough, it seems like it would be rather easy to get sucked in by one of these scams. Make sure you get some legal advice before you sign anything from any third party claiming they can help."

6. A final anonymous Yahoo! Finance reader advised: "You should warn people of the dangers of a short sell when you mention it as an option. You will have to claim the difference between the reduced selling price of the home and the actual amount owed on the loan (including late fees and penalties) as income on your tax return! I know someone who was in this predicament that ended up owing several thousand dollars in federal and state taxes because they had to claim the portion of the mortgage that was forgiven as income (mostly late fees -- money that never existed to begin with!)."

Phoning It In

Finally, writing "Ten Steps to Cell Phone Security" was a real eye-opener for me. Two weeks before I wrote that column, I left my BlackBerry in a cab in New York City. Unlike if I'd lost a credit card, I didn't rush to cancel the account. I won't make that mistake again.

Losing a phone is worse than losing a credit card because your liability is greater. In my case, I got lucky -- the phone was returned to me the next day without having been used. (I love New Yorkers!)

Here are some simple but great reader responses to that column:

7. According to Marknmark54: "Overseas calls make up a large part of the fraudulent calls. Have international calling blocked from your phone if you don't need it."

8. Maxxguyy commented: "Thanks for the warning. I will pass it on. As soon as my last cell contract expired, I switched to a pay-as-you go phone. No hassles ... no huge bills with unexpected charges ... life is good!"

Many of the major carriers offer prepaid plans like the one he mentions, and you can also check out TracFone and Virgin Mobile Prepaid.

My goal with this column is to be both your FinishRich coach and consumer advocate. If you've got an issue or idea, let me know. And keep posting your opinions, ideas, experiences, and questions -- they transform this column into a powerful, interactive tool for learning more about money.