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- How to complete the FAFSA if:
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- Other ways may require more patience
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- Acorns is best for:
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- 1. Automate transfers
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- Earned income
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- Be flexible with destination, airport and dates
- Our pick for: Fixed monthly payments
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- Why it’s the best:
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- Full details about Trezor's ratings
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- Expenses
- Cons
- 4. Zipcar
- Don't just forget about it
- 1099-K
- Maybe, maybe not
- Our pick for: Flat-rate travel rewards
- Benefits
- No interline agreements
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- Be polite
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- America’s Seed Fund
- Appendix: How the math works in our examples
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- Our pick for: Utilities, commuting and more
- Example money market account APYs at select institutions
- Crypto.com is best for:
- How to maximize your rewards
- Crypto.com at a glance
- 4. One more thing to know about your tax refund
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- 6. PNC Bank
- 4. International and emerging markets bonds
- 2. Count your coins and bills
- Compare Medigap plan types
- Cheap full coverage car insurance for drivers with poor credit
- Escrow account funds
- Cheapest car insurance after a DUI: Progressive
- User experience
- Drawbacks
- United Polaris
- 16. Sell vintage clothing online
- 16. Health savings account contributions deduction
- 4. Set a budget for your stock market investment
- Pros
- Gusto
- 5. Rebalance your investment portfolio as needed
- Cash out your 401(k) — which is rarely recommended
- Our pick for: Daily commuters
- FedEx Small Business Grant Contest
- 3. Which bonds are right for my portfolio?
- Higher premiums, more coverage
- Barclays Small Business Big Wins
- 4. Decide where to buy your index funds
- 9. Shared home improvement equipment
- 14. Establish a privacy policy.
- How to maximize your rewards
- Reviews
- 1099-LTC
- Allianz Global Assistance
- Look for deals
- 7. Self-publish an e-book
- 17. Begin niche blogging
- 17. Self-employment expenses deduction
- 10. Ben & Jerry’s
- 3. Prep for grocery shopping
- Dollar-cost averaging
- 3. Find your vending machine
- Flood determination and monitoring fees
- Nonresident status rules
- Tory Burch Foundation Fellows Program
- Our pick for: An upgrade path
- MetaMask: 4.0 out of 5 stars
- 6. Account for other miscellaneous expenses
- 4. Exchange-traded funds
- For overall similarity: Webull
- 15. Create a company handbook.
- How to maximize your rewards
- Freshen up your merchandise
- 1099-MISC
- Bonzah
- Emirates Lounge day passes
- Lower premiums, higher out-of-pocket
- 18. Home office deduction
- 5. Gather your paperwork.
- Cons
- 7. TD Bank
- Amex EveryDay® Credit Card
- Airport lounge access
- Government recording fees
- 7. Poshmark
- Allstate
- Credit cards
- 18. Become an e-book writer
- Home of Your Own Program
- Country Financial: Best for using an agent
- QuickBooks Payroll
- Rental Cover
- 19. Educator expenses deduction
- Schedule time for grant applications
- 5. Buy index funds
- 10. Vacation rentals
- 11. Edible Arrangements
- 16. Hire competent legal counsel.
- Loan-origination charges
- Cheapest auto insurance for poor credit: Geico
- Take clear photos
- 1099-NEC
- American Family
- 8. Get advertising revenue from your blog or YouTube channel
- Why it’s the best:
- Overall diversification
- 5. Focus on investing for the long-term
- Can you pay estimated taxes at any time?
- Sure
- Our pick for: Customizable bonus categories
- Loyalty programs
- 19. Start ghostwriting
- 20. Solar tax credit
- Electrum: 2.5 out of 5 stars
- 6. Pick your investments.
- Expand your search efforts
- 8. Capital One
- Hotel status
- Selling a put example
- Best Big Island Marriott hotels
- 4. Minimize restaurant spending
- Mortgage insurance or fees for government-backed loans
- Webull is best for
- Webull at a glance
- American Modern
- Compare car insurance rates for drivers with a DUI
- 11. Electronics repair
- What happens if I forget to pay my quarterly taxes?
- Hurricanes
- Write an honest description
- 1099-OID
- 20. Become a resume writer
- Our pick for: No security deposit, low annual fee
- 21. Energy efficient home improvement tax credit
- American Express® Green Card
- 6. Keep an eye on your index funds
- 12. Cinnabon
- 5. Optimize your stock portfolio
- 4. Explore your financing options
- How to maximize your rewards
- Farmers
- Weigh grant application fees
- Gifting large sums of money to family
- Transfer partners
- Put money in a 401(k)
- Homeownership for Public Housing Residents
- Pest inspection
- How to maximize your rewards
- 1099-PATR
- California earned income tax credit (CalEITC)
- 21. Open a coworking space
- 22. Electric vehicle tax credit
- 6. Manage your stock portfolio
- 5. Get discounts on entertainment
- How can I make paying quarterly taxes easier?
- Price clothes to sell
- Foremost
- 9. Become an Instagram influencer
- Address any lingering questions
- How to compare life insurance quotes
- Keep alternative funding in mind
- Pros
- 9. Fifth Third Bank
- 6. Know when to sell stocks — and when not to
- Prepaid expenses
- 1. Pick which types of I bonds you want to buy
- 1099-Q
- California young child tax credit (YCTC)
- Paying for vacations, cars or other stuff
- 13. Dairy Queen
- Our pick for: Your choice of expenses
- Geico
- 22. Become an online coach
- Life insurance quotes vs. rates
- Cons
- Put money in an IRA
- 12. Academics courses
- 6. Map out major purchases
- Hail
- Our pick for: Bank of America® customers
- 1099-R
- California child and dependent care tax credit
- Laid-back loans
- American Express® Gold Card
- Card ecosystem
- Other details you should know about Trezor
- Tax monitoring and research fees
- Progressive
- 23. Flip failing websites
- Why it’s the best:
- Our pick for: No security deposit, low annual fee, potentially high credit limit
- Down Payment Assistance Loan
- NJM: Best small regional insurer
- Cheapest car insurance for young drivers: Geico
- 2. Decide how much you want to invest in I bonds
- 1099-S
- Our pick for: Bank of America® customers
- California adoption cost tax credit
- 10. Monetize your Twitch channel
- SBA microloans
- Ledger: 5.0 out of 5 stars
- Joint bank accounts
- 14. Cold Stone Creamery
- Title-related costs
- State Farm
- 24. Become a web developer
- An existing relationship
- 13. Language courses
- 7. Restrict online shopping
- Is Trezor right for you?
- Comparing full coverage car insurance quotes
- Tornadoes
- California nonrefundable renters tax credit
- 3. Figure out how long to keep your I bonds
- 1099-SA
- USAA
- 25. Start a podcast
- Above-the-line deductions
- Roth IRA withdrawal rules
- Pros
- Good credit
- 5. Stock your vending machine with inventory
- Trezor: 4 out of 5 stars
- The Platinum Card® from American Express
- Open a 529 account
- How we review crypto wallets
- Wildfires
- Friends and family
- 26. Be a social media influencer
- Pros
- Below-the-line deductions
- Roth IRA withdrawal penalty
- 8. Delay purchases with the 30-day rule
- 11. Sell your photography
- Our pick for: Average credit and rewards
- Compare auto insurance rates for drivers with poor credit
- Strong revenue
- Credit required
- 14. Business or marketing courses
- Cons
- Mobile Manufactured Home Loan Program
- Real estate agent commissions
- Cheapest car insurance for senior drivers: State Farm
- 27. Create online courses
- SafePal: 3.8 out of 5 stars
- Enough time in business
- Fund your flexible spending account (FSA)
- 9. Get creative with gifts
- 6. Make the right investments
- Our pick for: Paying rent
- Coverage options
- Business credit cards
- Why it’s the best:
- Cons
- USAA: Best for military and veterans
- Property and transfer taxes
- 28. Become a marketing consultant
- Collateral
- American Express® Business Gold Card
- Overseas acceptance
- 15. Personal wellness
- Use dependent care flexible spending accounts (DCFSAs)
- Our pick for: Earning more automatically
- Title insurance
- Methodology
- 10. Lower your car costs
- Our pick for: Lyft rides
- Deductibles
- Crowdfunding
- 29. Develop an app
- Our pick for: Average credit and no annual fee
- Conventional Area Median Income Loan Program (CALP)
- 12. Become a dog walker with Rover or Wag
- Look up the insurer’s financial strength
- Community banks
- Maximize health savings accounts (HSAs)
- What is a prepaid debit card?
- 16. Courses in hobbies or interests
- 11. Reduce your gas usage
- Company strength and customer service
- 30. Make a smart appliance
- Online lenders
- The Business Platinum Card® from American Express
- 31. Tap into virtual reality experiences
- Research the insurer’s reputation for customer service
- What is a prepaid credit card?
- 13. Sell unused gift cards
- Microlenders
- 17. Bookkeeping and accounting
- 12. Bundle cable and internet
- 1. Look at customer satisfaction scores
- 32. Make a niche dating site
- Our pick for: Limited credit
- Where can you get a prepaid card?
- Why it’s the best:
- Erie: Most generous coverage
- 2. Consider financial strength
- 33. Develop a chatbot
- How do you add money to a prepaid card?
- 13. Switch your cell phone plan
- 18. Consulting
- 3. Evaluate the policy options
- Pros
- 14. List your spare bedroom on Airbnb
- 34. Offer matchmaking skills
- Compare car insurance rates for drivers with an accident
- Cons
- 35. Be a virtual assistant
- 14. Reduce your electric bill
- 4. Get prices from a handful of companies
- Our pick for: Good credit
- Our pick for: Wholesale shoppers
- Our pick for: Military and qualifying family members
- 36. Reinvent exercising
- 19. IT support
- 15. Lower your student loan payments
- Why it’s the best:
- 37. Create eco-friendly, health-friendly makeup and beauty products
- Nationwide: Best online experience
- 15. Sell your gently used clothes
- 16. Cancel unnecessary subscriptions
- 38. Open a food truck or restaurant pop-up
- 20. Graphic design
- Our pick for: Travel
- 39. Start an organization business
- 17. Refinance your mortgage
- 40. Do interior design for young professionals
- 16. Trade in old phones, electronics for cash
- 21. Social media management
- 18. Set savings goals
- Openly: Fewest consumer complaints
- Our pick for: Instant gratification
- Our pick for: Avid Amtrak users
- 17. Get a babysitting gig
- 22. Marketing copywriter
- 19. Track spending
- Our pick for: Paying rent
- 1. Gather your information
- 23. Virtual assistant services
- 20. Pay off high-interest debt
- 18. Rent out your car
- Our pick for: Personalized rewards
- 21. Keep savings in a high-yield savings account
- State Farm: Best perks
- 2. Choose the right liability car insurance coverage levels
- 22. Create a 50/30/20 budget
- 1. Do your research
- 19. Sign up for TaskRabbit
- 2. Get organized and make it official
- Should you get minimum or full coverage car insurance?
- 23. Shop consignment and thrift stores
- 20. Become a private tutor
- 3. Find the right financing
- 3. Decide if you need full coverage car insurance
- You’re a first-time home buyer
- 24. Join initiatives to get free items
- 21. Drive for Uber, Lyft
- You live in a high-risk area
- 25. Use car sharing services
- 22. Make deliveries for Amazon, Uber Eats
- You have a dog
- 26. Stock up on household supplies when they’re cheap
- 4. Collect and compare car insurance quotes
- 23. Find work as a housesitter
- You own valuable items
- 27. Enjoy community events
- Trip cancellation
- Trip interruption
- 24. Sign up to be a mystery shopper
- You own an older home
- 28. Cash in on your birthday
- Trip delay
- Cancel For Any Reason
- 25. Put your drone to work
- Compare car insurance companies
- Baggage delay
- Lost baggage
- Travel medical insurance
Your credit utilization is simply the portion of your available credit you use, expressed as a percentage. It is the total of balances on all your credit cards divided by the total of all your credit limits. (It's also figured on a per-card basis.) This number is a big factor in your credit score — the less available credit you use, the better it is for your score.
Here’s how to keep your utilization low.
Why is having a low credit utilization important?
Paying your balances on time and in full every month is the best way to keep your score intact or build it. On the other hand, using a larger portion of your credit limit could do damage. Credit utilization accounts for around 20% to 30% of your credit scores.
But if a financial crisis means you have to lean on credit cards, take heart: Credit scores can rebound quickly once you're able to lower your utilization.
How to lower your credit utilization
1. Keep your charges on each card to a minimum
The simplest way to avoid losing credit score points for using too much of your limits is to watch how much you charge to each card. Make a habit of patrolling your online accounts to keep tabs on spending. If you are close to using 30% of your credit limit on one card, try to make a payment or switch to using another card.
Simply getting into the habit of paying twice per month instead of once could help you decrease your credit usage. Lower balances can save you interest if you carry a balance — and are good for your credit score regardless.
You can also monitor your per-card and overall credit utilization by viewing your credit score profile from NerdWallet.
2. Ask for higher credit limits
If it’s tough for you to avoid utilizing more than 30% of your available credit, another solution might be to request a credit line increase on your card or cards. Getting a credit limit increase might require you to call your card issuer or make the request online. Sometimes increases are offered automatically if you’ve had your card for a while and have a positive payment history, so be on the lookout for those offers when you log in to your account.
Another option to get a higher overall credit limit is to ask a friend or relative to add you as an authorized user on an established account. The primary user doesn't even have to give you a card or tell you the account number for your credit score to benefit. Do choose carefully: Being on the account of someone who is having problems with credit could affect your score, too. You want to be on an account showing good payment history, preferably with a high credit limit and consistently low credit utilization.
A higher overall credit limit could help you keep your credit utilization lower than it would be otherwise. This could make a big difference in your credit score. You can check your own credit to see the effect (and it won't hurt your score).
3. Set up balance alerts to stay on top of spending
If you find yourself consistently overspending, setting up balance alerts can help keep your spending in check.
Sign up with your credit card issuer to receive alerts via text message or email. You can choose to be alerted when the balance reaches a certain amount or percentage of your credit limit. Your goal is to keep the balance below 30%.
4. Pay your bill before your issuer reports to the credit bureaus
Most credit card issuers report your balance and payment activity to the credit bureaus once every 30 days. However, this doesn’t necessarily coincide nicely with when your bill is due. If your issuer reports a few days before the end of your billing cycle, you’ll consistently look like you’re carrying a high balance — even if you pay it off in full just a few days later.
Place a call to your card issuer’s customer service line to find out when it reports to the credit bureaus. Simply pay off as much of your balance as you can in advance of that date every month, and you might see a jump in your score.
5. Monitor your total credit utilization
If you have multiple credit cards, it might be hard to view the bigger picture of your credit utilization. Using the calculator below, input your credit card balances and limits to check whether you're under the recommended 30% utilization threshold.
If you’re creeping up to that limit, do your best to pay down your balances and explore ways to stop spending money.