It’s income tax season and many Americans have already planned what they will do with their refund check as soon as they get it. Making large purchases or taking a vacation are popular ways to spend tax money. Many consumers also use their tax refunds to pay down credit cards or other debt. Whether you are looking to buy your dream car or improve your financial wellness, DMCC has a great service to give your goals a boost.
DMCC’s Credit Score Analysis service will provide you a custom plan of action on how to improve your credit scores for only $49.
If you plan to make a large purchase with financing, your credit score will be a deciding factor for approval, as well as getting a desirable interest rate. Your purchase options may also be limited if your credit score does not meet the lender’s requirements. Even with approval, a low credit score may result in a higher interest rate costing you thousands of dollars. Ultimately, your credit score will either cost you thousands of dollars or save you thousands of dollars in interest over the long run.
If you plan to pay down your credit card balances or other debts and do not have sufficient funds to pay all your debts in full, then you should allocate payments in amounts that will maximize your credit scores. For example, reducing the balance-to-credit ratio on three of your credit cards to below 30% should increase your credit scores by more than just paying one of your credit cards in full.
DMCC’s Credit Score Analysis service will identify the specific steps you can take to increase your credit scores, helping you get affordable financing for that planned purchase, either now or in the future. Our certified credit counselors will provide you a written report that tells you exactly what you can do, including how much cash you need to pay down each of your outstanding debts to maximize the positive effect on your credit scores. After you take each step, it will typically take 30-60 days for the credit reporting agencies to update your credit reports and scores. Once the changes have taken effect, you can start planning your purchases with confidence in knowing your credit worthiness has improved.
If you think your credit scores could be better and anticipate receiving a tax refund this year, consider taking advantage of this valuable DMCC service.