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Using tax refund to pay cc balances

Frequent Contributor

Re: Using tax refund to pay cc balances


creditnocash wrote:

Mike360 wrote:

I pay off my cards monthly so no i won't. I could use it to pay down some of my 0% APR purchases from Best Buy but i don't care about my scores since i'm not getting any new credit so i'll let it sit in the bank and use the offer's full duration. Smiley Happy


the two ive done I just paid minimum and then paid in full the last month. 

havent really gone on app sprees so dont really have to worry about scores even though i check them everyday lol. 


I've had them during the last 2 months of a promotion apply my payment to my promotion before applying it to my standard purchases. i called them to ask and it does say on the statement that during the last 2 months of a promotion your payments apply to your promo before anything else. they were nice and refunded me the interest i paid and now i know for the future.

Message 21 of 33
Valued Contributor

Re: Using tax refund to pay cc balances


Mike360 wrote:

creditnocash wrote:

Mike360 wrote:

I pay off my cards monthly so no i won't. I could use it to pay down some of my 0% APR purchases from Best Buy but i don't care about my scores since i'm not getting any new credit so i'll let it sit in the bank and use the offer's full duration. Smiley Happy


the two ive done I just paid minimum and then paid in full the last month. 

havent really gone on app sprees so dont really have to worry about scores even though i check them everyday lol. 


I've had them during the last 2 months of a promotion apply my payment to my promotion before applying it to my standard purchases. i called them to ask and it does say on the statement that during the last 2 months of a promotion your payments apply to your promo before anything else. they were nice and refunded me the interest i paid and now i know for the future.


if you call and make a payment over the phone, they can just directly apply it too whatever promo you want (you have to ask for it though) 

(i had my remote starter on one and an xbox, wii, games on another) (i was 19 when i did those lol) 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 22 of 33
Valued Contributor

Re: Using tax refund to pay cc balances

must be nice i might have to pay on haha but yes a tax refund is a nice way to boost your scores 

 

ccpics2.jpg
Message 23 of 33
Highlighted
Contributor

Re: Using tax refund to pay cc balances

I'm dropping at least 90% of my return on my CC balances. Can't wait!

Message 24 of 33
Valued Contributor

Re: Using tax refund to pay cc balances

I'm only getting back like $50 so maybe I'll pay my Express bill with that...lol.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 25 of 33
Valued Contributor

Re: Using tax refund to pay cc balances


beb86 wrote:

must be nice i might have to pay on haha but yes a tax refund is a nice way to boost your scores 

 


Yes, I know that there are exceptions but the finacially savvy method is not to have refunds (which means you have been giving a free gift to the IRS).  Ideally, minimum payment to avoid penalties.   But there are those who get refunds for reasons not related to withholding and those that need the discipline of it as a forced savings account.

Message 26 of 33
Valued Contributor

Re: Using tax refund to pay cc balances


bs6054 wrote:

beb86 wrote:

must be nice i might have to pay on haha but yes a tax refund is a nice way to boost your scores 

 


Yes, I know that there are exceptions but the finacially savvy method is not to have refunds (which means you have been giving a free gift to the IRS).  Ideally, minimum payment to avoid penalties.   But there are those who get refunds for reasons not related to withholding and those that need the discipline of it as a forced savings account.


+1...I changed my withholding so it doesn't take too much. It's kinda nice having the extra $$$ every pay period. lol.

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Message 27 of 33
Senior Contributor

Re: Using tax refund to pay cc balances

@injustifilable LOL thats funny

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Message 28 of 33
Valued Contributor

Re: Using tax refund to pay cc balances


injustifiiable wrote:

I'm only getting back like $50 so maybe I'll pay my Express bill with that...lol.


how much did you pay though? if you dont mind me asking.... 

 

i claimed 0 and they took out about 7k during the year =/ 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 29 of 33
Valued Member

Re: Using tax refund to pay cc balances

3k of my $3500 going to CC debt lol. Wish I could just go spend it on whatever but CC debt comes first


Starting Score: 622 EQ Fico
Current Score: 654EQ 658 TU Fico
Goal Score: 720


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Message 30 of 33