How to Improve Your Credit Score

A good credit score is not just something to brag about, and it can help you secure low interest rates if you apply for credit cards and any loans. Credit cards are a handy tool to improve creditworthiness, as they can be used to manage credit utilization rates and make payments consistently and on time. According to recent studies, secured credit cards and cards that offer intro-APR, such as those offered by Visa, MasterCard, American Express, Discover, and other credit unions like Money Trumpet, are ideal for improved credit.

Make Payments on Time

Paying on time will prevent additional fees like late fees and penalty interest rates. If you can pay the full amount, that is much better to save you from any further interest to occur. You will find that if you communicate with your creditors and show good faith by making at least the minimum monthly payments, they are more likely to understand you and try to help you keep your destroyed credit.

Do Not Over Use Your Credit Card

The real thing is, the improvement in your credit rating is unlikely to in one billing cycle. Once you start practicing positive financial habits, you will see an improvement in your credit ratings over time, and you are likely to increase them if you use your credit card wisely. One of the factors that will be taken into account when calculating your score is your credit card balance.

Your balance may take into account your ability to pay your bills, your monthly payments, and your overall financial health. Some people end up with a poor credit score because they overuse their credit cards, and others make purchases they can’t afford with them.

Plan and Prove Your Credit Worthiness

If you want to take out a mortgage next year, your credit rating could get in the way because lenders pay attention when they make lending decisions. Many people aspire to build credit and securing a credit card, but it can take a year or a year – and – a half – to see an improvement in your score along the way.

Work with your bank and see if there is any payment plan that they can work on to bring your account to current if you have past dues. You can also apply for a secured card to start building your credit score.


There is no single – size – fit – to increase your credit score, but there are a number of different options available to you in terms of managing credit card balances. Start by taking a close look at your debt obligations and develop a plan that best fits your specific goals.


Can You Get a Loan against Your Tax Refund

You can quickly get a loan for your tax refund. This loan is offered by the tax preparation company you pick. These companies do not offer you a loan directly. Rather they partner with banks that can lend you income tax loans. After they receive the tax refund, part of the money goes to pay the loan. You will find these loans quite useful if you require cash immediately rather than waiting until you get your tax refund. Ideally, tax refunds are loans and can be advertised as not having any fees or interest, but it is advisable to read the details.

Tax Advance Refund

loan approvedThis can be defined as a short-term loan that is free to allow you to access your tax refund sooner. Ideally, the amount of money you get is based on the expected tax refund. You need to file your taxes by the same tax-prep company ahead of the refund deadline. Usually, you may get the money the same day or wait for 24 hours. However, some tax returns take quite long to review, and the money is sent within three weeks.

How to Qualify

If you are expecting to get a tax refund from IRS, then you can apply. Depending on the expected tax refund amount, there is a minimum loan amount to borrow. This ranges from $100 to $500, but it is dependent on the tax preparation company you choose.

Will It Cost You Money?

income loanMost tax preparation companies will provide you with a tax loan without fees or interest. However, they are likely to charge the preparation feels to process the loan or file your taxes. Thus, such costs will reduce your expected tax refunds. There is free tax software that can help you file taxes online. Moreover, your tax refund loan is likely to be issued on a debit card. Thus, the card may have its associated fees. Sometimes you may get a higher loan than the tax refund because of a miscalculation by the tax preparation company.

Effect On Credit Score

The tax advance loan may affect your credit score depending on the bank that provides you with the loan. If a hard inquiry is made, then your credit score will be affected. However, if the bank makes only a soft investigation of the credit report, then your credit rating will not be changed.