Distro: 2.6.18-1.2239.fc5

The following command works via terminal.

mount -t cifs //windowsxpbox/windows\ share /media/mount\ point/ -o credentials=/home/user1/.cifscredentials

The above .cifscredentials file has the following permissions: -rwxr--r-- 1 root root

Below is the entry format of said credentials file:
username=username
password=password
[An empty line or space is here]

The following is the fstab entry for the above windowsxp share:

//windowsxpbox/windows\040share /media/mount\040point cifs credentials=/home/user1/.cifscredentials 0 0

Upon rebooting, I receive error 13 opening credentials file

Note: Adding auto, in front of the credentials=... column does not resolve error 13.

What am I overlooking in the fstab entry or permissions?

My guess would be the problem is with the order things are mounted in your fstab. Is your windowsxp share mounted before your /home fielsystem?

Try this: after your system is booted up, can you then manually do a mount -a and see if that works?

Also, I would not make the permission of your .cifscredential file 744. I would make it 400! This way users cannot view your username/password except admins on your system.