Nurture Your Credit Score

In today's credit crunch, lenders are revising their criteria for borrowers. These changes could cause an Excellent rating to now be Average; a credit score of 750 today is equivalent to a score of 700 two years ago. Here are some tips to make sure your credit score is as good as it can be.

*Get your credit report and score from one of the three major credit bureaus (Experian, Equifax and TransUnion).

*Check your credit report for mistakes. If you find an error, request a correction.

*Make all your payments on time (or early). 35% of your credit score is determined by the timeliness of your payments

*Be aware of your ratio of how much you owe vs. how much credit you have available. Ideally, you should only utilize 20% of your available credit. This accounts for 30% of your credit score.

*Keep your oldest cards active. 15% of your credit score is based on the longevity of your credit history.

The remaining 20% of your credit score is based on new credit you've acquired (10%) and what mix of credit (mortgage, auto loans & credit cards) you have (10%).

To get your credit report and score, visit www.TransUnion.com, www.Experian.com or www.Equifax.com

How Long Should I Keep This?

The following are the IRS guidelines for keeping tax-related records. Ask your tax preparer if you have any special situations not covered by the IRS guidelines.


Individual taxpayers should usually keep the following records supporting items on their tax returns for at least three years:

* Bills
* Credit card and other receipts
* Invoices
* Mileage logs
* Canceled, imaged or substitute checks or any other proof of payment
* Any other records to support deductions or credits you claim on your return

You should normally keep records relating to property until at least three years after you sell or otherwise dispose of the property. Examples include:

* A home purchase or improvement
* Stocks and other investments
* Individual Retirement Arrangement transactions
* Rental property records


If you are a small business owner, you must keep all your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Examples of important documents business owners should keep Include:

* Gross receipts: Cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC
* Proof of purchases: Canceled checks, cash register tape receipts, credit card sales slips and invoices
* Expense documents: Canceled checks, cash register tapes, account statements, credit card sales slips, invoices and petty cash slips for small cash payments
* Documents to verify your assets: Purchase and sales invoices, real estate closing statements and canceled checks


For more information, see IRS Publications 552, Recordkeeping for Individuals, 583, Starting a Business and Keeping Records, and Publication 463, Travel, Entertainment, Gift, and Car Expenses. These publications are available by calling 800-TAX-FORM (800-829-3676).

How Long Does it Take?

For this month's "green living" post, I decided to look into how long it takes items to decompose. While there is some disparity among the time frames, I'm listing the most common lengths of time for the following items.

Paper towel: 2 - 4 weeks
Paper coffee cups: 2 - 4 weeks
Newspaper: 2 - 6 weeks
Paper bag: 1 month
Cardboard: 2 months
Plywood: 1 - 3 years
Cigarette filter: 5 years
Paper plate: 5 years
Plastic bag: 10 - 20 years
Aluminum can: 200 years
Plastic water & soda bottles: 450 years
Disposable diaper: 500 years

The following items are not biodegradable:
Glass
Styrofoam
Plastic utensils
Rubber tires

By planning our purchases, we can live greener. Together, we CAN make a difference!