Tag: tax refund

Well, it’s that time of year again!  That’s right, most of us are getting our tax refunds back!

What are you doing with your tax refund this year?  Last weekend, I was out doing my regular Saturday morning grocery shopping, and I happened to stop in the home improvement store to pick up something that I needed to fix something else in the house.  You’d have thought it would be a quick trip – in and out in minutes.  Not so!  The store was packed with people and they were spending money like crazy!  So, I asked a friend who happens to work there what was going on, and she said that people were spending their tax refunds.  Hundred dollar bills were flying around like nothing, she said.  And then I thought about that… if I could afford to do that, would I spend my entire tax refund?  Probably not.

Unlike the people who are spending their refunds on home improvements, vacations to the beach, or something totally frivolous, you could use your tax refund constructively, and pay down a little debt, get a fresh start on a less than stellar credit rating, or even put it into a savings account for a rainy day.

While it’s not quite the same as the instant gratification you’ll get from spending it all on a Saturday afternoon, the long term benefits can be just as rewarding… especially if you see what happens to your credit score after you pay something off or use some of the cash to open up a secured credit card.  Both options will increase your available credit, which will typically increase your credit score!   And a better credit score means better credit options down the line… when it’s time to apply for that new job, buy that car, or even qualify for that new home you’ve been dreaming of!

Interested?  Check out these secured credit cards and use that tax refund right!

Looking for a way to get a fresh start on your credit?

Here’s a great way to use this year’s tax refund to get a fresh start on your credit and still have a way to take that beach vacation you’ve been dreaming about all winter.  The year, instead of spending your entire refund on a trip to the beach (or the mountains, or wherever you want to go), use the money to make a deposit on a secured credit card, like the OpenSky Secured Visa Card.

When you open the account and make your security deposit, you’ll give your credit a boost two different ways:

1. Your new secured credit card will have available credit up to the amount of the security deposit that you put on the card, and credit utilization is an important part of your credit score. Increase your available credit and you’ll raise your credit score.
2. When you use your new secured credit card, you’ll make payments on it just like a regular credit card, and those regular payments will be reported to the credit bureaus. Establishing a regular payment history will also help you to improve your credit score.

Best of all, you can still take that annual vacation you’ve been dreaming of, instead of using cash, you’ll simply use your new OpenSky Secured Visa Card, and then pay the balance off over time!  (And your entire tax refund will still be intact as the security deposit on the card!)

What better way to get a fresh start on your credit AND still get to go to the beach?

Planning a trip to the beach for spring break?  Don’t forget to take your credit card when you go!

Even if you have more than enough money saved to pay for your trip to the beach this spring break, you still should have at least one credit card in your pocket to cover you just in case you have an emergency expense!

What if you have car trouble?  Need repairs?  An accident?  Let’s face it, it’s nearly impossible to rent a car without a major credit card!  And using your debit card just doesn’t make sense… not only will the rental car company hold several hundred dollars on the card, but you’ll also lose the use of that money while you’re away from home!

What if something goes wrong with the rental that you paid for months ago?  What if you need to find a place to stay for even one night in a hotel while you’re gone?  Again, you can use your debit card, but did you have emergency expenses planned into your budget?

If you’re like most of us, you’ve scrimped and saved all year to have the money to take that beach vacation (or you’re using that income tax refund), and you’ve got just enough money to enjoy your week at the beach, or in the mountains, or at that theme park, but you don’t really have enough to cover unexpected expenses like replacing a tire, paying for an unplanned car rental or hotel room.  It wouldn’t take much for your trip to be ruined, would it?

Relax.  The best way to plan for those unplanned expenses is to have one credit card that you only use for emergencies…

Why not use your tax refund to get that fresh start on your credit this year?

Instead of spending your annual tax refund windfall on something that you probably don’t really need, why not use it to get a fresh start on your credit?  (You can do both!)  Maybe you have less than perfect credit, or no credit history at all, but you want to improve your score… perhaps in the near future, you want to buy a car, get a new apartment, or even buy your first house?  With the right credit score, you can save hundreds, even thousands of dollars in interest, and it all starts when you start working on your credit report and improving your credit score.

How can your tax refund help you to improve your credit score?

Using your tax refund to improve your credit score is easy!  Simply apply for The First Progress Platinum Elite MasterCard® Secured Credit Card  and use a portion of your tax refund to make the required security deposit on the credit card (between $200 and $2,000 – you choose the amount), and then, simply use your new credit card to buy whatever it was you were going to buy with your tax refund.  Then, make timely, regular payments on the credit card.  In turn, First Progress will report your good payment history to all three credit bureaus each and every month – if you’re like most people, you’ll start to see results in just a few months!

What could be better?  You still get to buy that new television, take that little vacation, or whatever else it was you wanted, and you can use your tax refund to get that fresh start on your credit that you’ve been hoping for!