Credit utilization, which accounts for a large chunk of your overall FICO score, measures how much of your available revolving credit is being used each month. The higher the ratio, the more it hurts your credit score.

Credit scores can be confusing enough without having to worry about whether the score you just purchased is a "real" credit score. Major Credit Reporting Agencies (CRAs) unfortunately add to the confusion by not making it very clear that most of the credit scores sold through their websites will never even be looked at by a lender.

Do you know how long you have to pay your monthly credit card bill before interest starts accruing? If you pay balances in full each month (as you ALWAYS should), chances are your card still provides a 20 to 30 day grace period on new purchases. However, that may not always be the case.

If you aren't getting a tax refund this year, congrats—you successfully avoided giving the government an interest-free loan.

On the other hand, if you happen to be one of the millions entitled to a big fat refund check, then you're probably already thinking about what you'll do when the cash hits your bank account. Here are a few suggestions to help you put your refund to good use.

First, set aside a small amount to treat yourself or the family to something fun. Life needs to be more than just saving and paying the bills.