June 2010

 Linda Mehner

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You know that your credit score is one of your most precious resources — a good score can open doors and save you money. But what if your score got a little bruised amid the recent credit crunch? Don’t fret. Max out your credit rating with these tips for repairing the damage.

• Order your credit reports from the top three
  credit bureaus — Equifax, Trans-Union and Experian. It’s likely that
  each is slightly different. Creditors aren’t required to report to all
  three credit bureaus, so they typically report only to the credit bureau
  to which they also subscribe.
• Examine your reports carefully. Nearly every consumer has an error on at least one credit report from one of the major credit bureaus. Carefully look for everything from typing errors, outdated and incomplete information to inaccurate account histories. Make a thorough list of items you want to dispute and why. 
• Dispute. You can either complete the dispute form provided with your credit report or write a letter. Clearly identify each mistake, and state why it’s wrong. Send a photocopy of your credit report with the mistakes circled to the reporting credit bureau. Include copies of supporting documents.
• Document, document, document. Keep copies and records of all the forms, letters and documentation you send to the credit bureaus, plus the dates you sent them. The credit bureau must investigate any relevant dispute within 30 days of receiving your letter. Any item that is not verified by a creditor is removed.

    Source: Bank Rate.com

 

DID YOU KNOW?

 

Leaving a bowl of white vinegar out overnight can help to get rid of

smoke odors.

Ian Batchelor/Getty Images

      Cents & Sensibility

Creating a household budget is hardly a fun exercise, but it is a necessity, especially in these tough economic times. Determining where monthly paychecks go can help rein in bad spending habits and create new, fiscally friendly ones.

To start, financial planners suggest you gather a year’s worth of bills and loan payments to create a complete picture of your expenses. Make a list and assign each to a category, such as groceries, utilities, mortgage, auto and entertainment. Be sure to note when your spending increases throughout the year, such as around holidays or annual vacations.

 

Next, determine fixed and variable expenses. Fixed expenses have little to no change each month, such as mortgage, car payments or cable bills. Variable expenses change monthly—groceries, gas or personal expenses such as morning coffee runs.
 

Once you’ve sorted your expenses and calculated a monthly average, figure out your monthly income by checking your pay stubs and other sources of revenue. Ideally, your expenses should not be greater than your income. Your ultimate goal is to create a “zero-dollar budget” to see exactly where each dollar of your income goes. The money left over should be put into a savings account or used to pay down credit card debts.
 

When you’re through with this exercise, look for ways to build an emergency fund. Consider putting aside enough for three to six months’ living expenses. If this number is too daunting, set a goal for smaller amounts, like $1,000 to $3,000.

 

 

Wyoming leads the nation in coal production. The state typically produces more coal than the combined output of West Virginia, Kentucky, Pennsylvania and Montana.

Source: Energy Information Administration

 

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