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Frequent Contributor
Mike360
Posts: 433
Registered: ‎03-19-2010

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. :smileyhappy:


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.

~~In my wallet: Best Buy $7500, Dell Preferred $5500, Discover IT $4000, Chase Freedom $3500, Barclays NFL Extra Points $3300, Sears $2800, Bill Me Later $2100, CapOne Platinum $2000, Kohls $1500, Target $200
Valued Contributor
creditnocash
Posts: 2,164
Registered: ‎07-23-2012

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. :smileyhappy:


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: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: 31k+

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
beb86
Posts: 1,117
Registered: ‎10-31-2011

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
Contributor
timkrof
Posts: 78
Registered: ‎03-02-2009

Re: Using tax refund to pay cc balances

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

Valued Contributor
injustifiiable
Posts: 1,728
Registered: ‎03-30-2012

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 3/17/2014: TU FICO: 645 | EQ FICO: 674 | EX AMEX FICO: 662

In my new wallet: American Express Premier Rewards Gold: NPSL | BankAmericard Cash Rewards: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Walmart: $900 | J.Crew $2250
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

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.

Valued Contributor
injustifiiable
Posts: 1,728
Registered: ‎03-30-2012

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 3/17/2014: TU FICO: 645 | EQ FICO: 674 | EX AMEX FICO: 662

In my new wallet: American Express Premier Rewards Gold: NPSL | BankAmericard Cash Rewards: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Walmart: $900 | J.Crew $2250
Valued Contributor
BearsAndTurtlesRtheBest
Posts: 2,964
Registered: ‎10-02-2012

Re: Using tax refund to pay cc balances

@injustifilable LOL thats funny

Wells Fargo Platinum VISA $1,000
Sony VISA $500
Bloomingdale's Credit Card $800
Macy's Credit Card $600
EX FICO---,EQ FICO---,TU FICO---, AAOA---, In the Garden Since 03-25-14
Valued Contributor
creditnocash
Posts: 2,164
Registered: ‎07-23-2012

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: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: 31k+

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Member
dwmaso001
Posts: 28
Registered: ‎05-09-2012

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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