Dear Mary: We have not been very diligent about the upkeep and maintenance of our home. In 14 years, we've not painted the exterior. We feel a need to do so, not only for aesthetic reasons but also because there is probably dry rot and termite damage, as well. Should we take out a new home-equity loan to pay for these things, or should we just keep things as they are, given that there's not an immediate need? -- Anonymous, e-mail

Dear Anonymous: Deferred maintenance will kill you in the long run because eventually you no longer will be able to repair. If you think painting is expensive, you'll be shocked at how expensive it is to start replacing. As homeowners, you have a responsibility to maintain your property and your investment.

My best advice is that you begin to do this repair work yourselves. If you devote one day each weekend to prepping and painting your home, you could be done with it in a matter of months. And even if it takes a year, so what? You will have saved a ton of money, and you should be able to pay for the materials as you go.

If you are completely unable to do it yourself, taking a home equity loan for just the amount of money you need to get the job done would be the next-best option. By putting the proceeds of the loan right back into the property, you are, in a way, investing that money. And investment will pay off because your property is more likely to hold its value.

Dear Mary: A friend and I both got our credit scores from FreeCreditReport.com. All three of his came in between 730 and 740, and all three of mine came in between 740 and 750.  However, we both refinanced our homes last week, and the credit score he was given by his lender was 690; my credit score turns out to be 805. Can you explain this discrepancy? -- Marni A., California

Dear Marni: The explanation for the difference in your scores is simple. All of the credit reporting agencies (Experian, Equifax, TransUnion) and FICO use slightly different methods to compute your score. And your lenders most likely do not subscribe to the same one.

Also, your credit score can change daily. Think of it as a snapshot of your credit and financial situation at the moment that score is ordered.

Let's say you make a giant purchase on your credit card for $5,000. Five days later, you pay that charge in full. Great for your determination not to create new debt, but bad for your credit score during those days you carried the big balance. If your lender snaps the picture of your credit while you have the balance, your score is going to take a hit, especially if that purchase brought you close to your credit limit. The scoring model doesn't care if you pay it off during the grace period.

Although you have to pay to obtain your credit score no matter where you order it, you can get your three credit reports for free at AnnualCreditReport.com once a year, as required by federal law.

Do you have a question for Mary? E-mail her at mary@everydaycheapskate.com, or write to Everyday Cheapskate, P.O. Box 2135, Paramount, CA 90723. Mary Hunt is the founder of DebtProofLiving.com and author of 17 books, including "Debt-Proof Living." To find out more about Mary and read her past columns, please visit the Creators Syndicate Web page at www.creators.com.
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