Can a Tax Refund Help You Build Better Credit?
Learn how to use your tax refund to improve your credit score with these strategic financial tips. Boost your financial health and achieve your credit goals.
Published May 11, 2016
Everything is bigger in Texas, especially if it has to do with football.
Take, for example, the $62.8 million price tag attached to the future McKinney high school football stadium. You read that correctly: $62.8 million has been approved to construct a 12,000-seat high school football stadium.
According to The Dallas Mornings News, the stadium is part of a $220 million bond package. The facility and attached events center will serve three local high schools, functioning as a mix-use facility to host sporting events of all kinds. In addition to football, the stadium-events center campus will host soccer games, band competitions, banquets and reunions.
McKinney Superintendent Rick McDaniel is projecting his school district will eventually double in size. “You can’t wait until you’ve expanded to that size to start worrying about building these extra facilities,” he told The Dallas Morning News. “When I look into the future, these are things that we’re going to need, and I have to plan ahead.”
High school football in Texas is taken very seriously, and this isn’t the first stadium with a construction cost in this price range. Just four miles south down US Route 75 in Allen, Texas, is the 4-year-old, 18,000-capacity Eagle Stadium, owned and operated by the Allen Independent School District. The Allen stadium had a $60 million construction cost, The Dallas Morning News said. You can see renderings of the stadium, courtesy of the McKinney Independent School District, above and below.
Even with this approval, McKinney residents will see a 2-cent drop in the tax rate, the paper reported. Not all bond initiatives are so friendly, though. Some can result in a jump in property taxes that could make monthly mortgage payments unaffordable for some homeowners since the taxes are sometimes lumped into mortgage payments by the lender.
Refinancing could help some homeowners absorb the increase, though. If you find yourself in that kind of situation and you're thinking of refinancing, a good credit score can help you get the best deal. Before applying, you can check your creditworthiness by getting your two free credit scores, updated every 14 days on Credit.com, as well as your free annual credit report from AnnualCreditReport.com.
You can generally improve your credit by disputing errors on your credit report, paying down high credit card balances and limiting credit inquiries in the short-term.
[Offer: If you’re looking to refinance your mortgage, are worried about errors on your credit reports, and don’t want to go it alone, you can hire companies – like our partner Lexington Law – to manage the credit repair process for you.
Images: Stantec
Learn how to use your tax refund to improve your credit score with these strategic financial tips. Boost your financial health and achieve your credit goals.
Take control of your financial health and strengthen your money relationship with practical tips to improve your credit score and set financial goals today.
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