Credit Repair and Your Tax Refund

It's Tax time and many people will be using their individual income tax refund to make purchases for things like a car or house. According to the IRS, the average federal tax refund for tax year 2011 was $3,000. As congress and the IRS give more tax breaks and tax credits increase the tax refunds will also increase.

One of the best investments that an individual can make is to invest in yourself. I'm talking about building wealth through rebuilding your personal credit. Having a good credit score will help you save money and make your life much easier. You can certainly survive with bad credit, but it’s not always easy and definitely not cheap.

In our post-crisis economy, good credit isn't just nice to have -- it's essential if you want to level the playing field with lenders.


Having a good credit union with yourself is key to getting the vehicle that you desire. Good credit is essential to getting approved for a mortgage on your dream real estate home. Having a good credit union also allows you to get the best rates on credit cards, car insurance, requires no security deposit for utilities and approval on rental property. Below is your credit score grade. Your aim should be 700 and above.

• 750 – 850: A
• 700 – 749: B
• 630 – 699: C
• 580 – 629: D
• 300 – 529: F

Before you go and put down a huge down payment on a depreciating asset like a used car, I encourage you to get your personal credit repair first. Good credit will get you approved for the lowest APR with No Down Payment. Your tax refund money can be used to fund a IRA, 401K or any other investment account that will yield you a nice return and grow tax free over time. Check out the graph below as it compares auto loans rates based on your FICO score.

36 Month Auto Loan Rates

These are sample rates on a $25,000 auto loan (as of May 10, 2012).

FICO Score	APR	Monthly payment
720-850	3.589%	$734
690-719	5.012%	$749
660-689	7.204%	$774
620-659	10.936%	$818
590-619	16.031%	$879
500-589	17.183%	$894

As you can see, having good credit is essential to your personal finances. At Good credit union we can help you build a solid personal credit file in less than 60 days. Our team of professionals have the experience and knowledge to assist clients with credit repair. With our unlimited resources, we're able to remove most negative items like Bankruptcy's, Foreclosures, Judgements, Inquiries, Tax Liens, Repossessions, Collections and Private Student Loans.

Give us a call today to get started on rebuilding your personal credit file. We can can help you develop a solid plan to get you a 700 credit score in less than 60 days.  Say by to bad credit and hello to Good Credit Union.

Alex Pierre Louis, EA
Credit Consultant
1-800-625-7157
www.goodcreditunion.com
alplouis@goodcreditunion.com