Use Your Tax Refund To Build Credit


MoneyTips

What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.

Have you considered using your tax refund to build your credit?

Granted, credit building doesn’t compare with lying on the beach enjoying the sunshine, but you’ll get long-term benefits that go beyond good memories and a tan. Last year’s federal tax refunds averaged $2,899, which could go a long way toward establishing new credit or restoring damaged credit.

If you don’t have any credit at all, your tax refund could help you get a secured credit card. Traditional credit cards require a minimum credit score, but secured credit cards usually don’t because they’re backed by a cash deposit that determines your credit limit.

By making small regular charges and paying them off on time and in full each month, you’ll b…

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