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- 9. Pay your taxes
- 4. Special dividends
- Pool miles with family for faster awards
- Your money management style
- 2. Healthy large-cap stocks
- You find it hard or impossible to get a mortgage
- Key terms in this story
- 1. Diversification
- How we chose the winner
- Net worth of U.S. families by age
- Who can claim the Lifetime Learning Credit?
- Be wary of co-branded gas cards
- 6. Weigh the value of professional help
- No collections until Fresh Start expires
- 10. Social media management
- Stock trading fee
- Market orders
- How to buy a home with Opendoor
- Does Peddle buy salvage vehicles?
- Which is better when?
- Injuries to you
- 7. Freelance coder
- 3. Set a target purchase price
- Where to get it
- Inverse performance
- See what’s available in your brokerage account
- 2. The person has to be related to you or live with you
- 7. Freelance
- Emirates Skywards
- 5. Pick a purchase method that works for you
- Money market mutual funds = lowest returns, lowest risk
- Pay bills on time
- 5. Follow up with an email
- 1099-B
- Short-term bond funds
- Paycom: Also good for larger businesses
- 5. Receive your insurance payout
- Cash-out refinance
- Define the budgets for your campaigns
- Join the Qatar Airways Student Club
- 9. Salon or barbershop
- 5. Gather your paperwork
- 11. Create a local grocery delivery service
- Health savings accounts (HSAs)
- Sector ETFs
- How to change your Delta flight in the app
- Your payment history
- Cons of gold stocks
- 2. Find the right location for your vending machine
- Why you might roll a 401(k) into an IRA
- 6. Enrichment activities for children
- Redemption value
- Why it’s the best
- 12. Gambling loss deduction
- Compare car insurance rates for 35-year-olds
- What's next?
- Irrevocable life insurance trusts (ILITs)
- Whole life insurance rates for nonsmokers
- Financial reviews
- 3. Decide how much stock you want to buy
- You withdrew some of your policy’s cash value
- 8. Check if they would have your back
- Additional standard deduction 2023 (taxes due 2024)
- 4. Penalty abatement
- 5. Preferred dividends
- Schedule 1: Additional income and adjustments to income
- Bonus features
- 2. Low cost
- Commit 20% of your income to savings and debt paydown
- Net worth of U.S. families by race or ethnicity
- 5. Marketing: Below 10% of your total budget (even 0%)
- Escape Lounge
- What you can do: Take steps to avoid overspending
- Disability housing grants
- Keep your job
- Where does Peddle buy cars?
- Nonrefundable fare after grace period for travel that originates in the U.S., Canada, Europe, Africa and the Caribbean: $0
- 1. How long you have to rollover a 401(k): The 60-day rule
- 8. Online thrifter
- Can you upgrade to Mint after booking?
- How much is Disney+?
- PEX Prepaid Visa
- You can use credit card benefits to travel in basic economy
- 4. Sell some merch
- Emergency passport appointments
- British Airways Executive Club
- 3. Learn the difference between investing in stocks and funds
- 2. Compare prices
- Winner: Alaska
- Keep credit utilization below 30%
- Afterpay: No-credit-check buy now, pay later loans
- 10. Ask family for help
- Beware of the short expiration date
- What do I need for my loan application?
- 1. Examine your cooling needs
- You might be able to reserve a car now — and rebook the same one later at a discount
- Cons
- Universal life vs. whole life insurance rates for men
- Experian business credit scores
- 7. Plan to reassess
- 12. Start a virtual event planning company
- Flexible spending accounts (FSAs)
- A second shot for borrowers who rehabilitated and defaulted
- 11. Business planning service
- 7. Suspend your benefit
- Your credit age
- 13. IRA contributions deduction
- 401(k) or other investment account loan
- 1. Decide on an account type
- What you need to get preapproved for a car loan
- 4. Hilton Gold elite status
- Loan limits
- Decide which type of money market fund is right for you
- 8. Tutor your peers
- Whole life insurance rates for smokers
- 1099-C
- You asked to increase your coverage
- Additional standard deduction 2024 (taxes due 2025)
- Travel
- 6. Dividend funds
- Paychex: A solid option for small or midsize companies
- Account linking
- 2023 tax rates by state
- You'll come out ahead by investing the money
- Segment your contact database
- 3. Strong long-term returns
- How we assigned star ratings
- 6. You’re not paying for superfluous benefits
- Net worth of U.S. families by education
- 10. Gas station
- 5. American Express Membership Rewards
- Purchasing a Plumeria Lounge day pass
- Leveraged ETFs
- Can I drop off my car instead of having it picked up at my home or office?
- Nonrefundable fare after grace period for travel that originates elsewhere: Varies
- Your stolen stuff
- 2. Taxes are withheld
- How to maximize your rewards
- 5. Upwork
- 5. Make money from your blog with affiliate links
- Our pick for: Everyday spending and travel
- Iberia Plus
- 3. Have funds ready
- Keep credit accounts open
- Hire an attorney
- Schedule 2: Additional taxes
- 2. Time it right
- Home equity sharing agreement
- Universal life vs. whole life insurance rates for women
- Deliver packages with Amazon Flex
- Add a stopover (or two)
- 12. Tax consulting
- Native American Direct Loan
- Create an estate plan
- Respond quickly to lender requests
- 7. Mobile apps and entertainment for children
- 4. Borrow from your 401(k)
- 2. Managing money
- How much is Max?
- Competition remains steady
- 14. 401(k) contributions deduction
- CarGurus
- 2. Choose the right broker
- Payday alternative loans
- 3. The person’s gross income is below the limit
- Methodology
- The most expensive fare: Southwest Business Select fare vs. Anytime fare
- 1099-CAP
- You reduced your policy’s face value
- Government bonds
- 3. IDENTITYFORCE ULTRASECURE+CREDIT
- Personalize your message as much as possible
- How we verified our data
- 11. Grocery store
- 6. Website: Around $40 per month
- 6. Pick your investments
- 13. Sell zero-waste products
- Individual gold stocks
- Why you might not want to roll a 401(k) to an IRA
- What if someone else’s name is on the title?
- 9. Data entry guru
- 5. Select your retirement investments
- How to maximize your rewards
- Cheapest car insurance after a DUI
- 1. Personalize your fitness business
- 5. Offer memberships
- Taxes
- 9. Take surveys
- Space out credit applications
- Non-custodial wallets: Requires setup, but you’re in control
- Study methodology
- 5. Hiring a tax relief company
- Resident status rules
- 1. Avoid filing your tax return on paper
- Redeeming Frontier miles for flights
- 3. Look for equipment rebates and tax credits
- Security
- Take on tasks with Amazon’s Mechanical Turk
- Average annual car insurance costs from large companies
- Is the Lifetime Learning Credit refundable?
- Fleet expense management tools
- Mutual fund transaction fee
- 8. Use a do-over
- Limit orders
- Travel credits
- Geico vs. Allstate home insurance
- In-flight entertainment
- Winner for the best basic economy tickets: JetBlue
- 5. Manage your mutual fund portfolio
- Low-down-payment mortgage
- How it works
- Perks await when you fly economy with elite status
- Property standards
- 4. You have to provide more than half the person’s total financial support for the year
- 1099-DIV
- Bank certificates of deposit, or CDs
- Schedule 3: Additional credits and payments
- Personal loan
- Coordinate your marketing efforts
- 6. Capital One Rewards
- 14. Make products for pets
- Baby boomers keep income details to themselves
- 1. Automate transfers
- 8. Shared accessories and attire
- How much is Apple TV+?
- How to maximize your rewards
- 15. Saver’s credit
- Government grants
- Check yields, fees and expense ratios
- Monitor your credit reports
- 6. Bow out of other job searches
- 3. Sell your castoffs
- 2. Get direct deposit
- Dividend per share (DPS)
- The fresh start will be reflected on credit reports
- 13. PR agency
- Prepare yourself for the future as best as you can
- Refundable fares: $0
- 10. College consultant
- How to have more taxes taken out of your paycheck
- 6. Sell your wares on Etsy
- Free online tax filing software compared
- 3. Open the account
- Stocks
- Wash sale rules
- 10. Search for regular jobs for kids
- No-exam life insurance rates for nonsmokers
- You own a decreasing term life insurance policy
- Customer support
- You'll need the cash for other things
- 12. Drugstore
- 15. Create custom clothing
- How quickly could the IRS implement the child tax credit expansion?
- Gold stock ETFs
- Solar panel incentives by state
- Our pick for: Cell phone and internet bill payments
- 16. Health savings account contributions deduction
- U.S. Bank business prepaid cards
- 7. Give notice at your former employer
- 1099-G
- Appendix: How the math works in our examples
- 3. Stay on top of things
- Dividend yield
- Home equity loan
- 3. Funds that track specific sectors
- 7. Office furniture and supplies: 10% of your total budget
- Resident status rules
- Thoughts on tipping and fees
- Geico vs. State Farm home insurance
- 6. OfferUp
- A new way to buy and sell
- Cars.com
- Where to get it
- 2. Make your fitness studio a place to hang out
- 401(k) hardship withdrawals
- No-exam life insurance rates for smokers
- Part-year resident status rules
- Resident status rules
- 7. Citi ThankYou Points
- Priority Pass discount: Kafe Kalik
- 14. Professional organizing
- Methodology
- 2. Count your coins and bills
- 11. Online tutor
- How much is Peacock?
- Prepared to put down roots?
- How to have less taxes taken out of your paycheck
- 17. Self-employment expenses deduction
- 4. Fund the account
- Bonds
- Cost basis calculations
- 5. Discounted hotel rates
- The risks and rewards of each
- 4. Set a budget for your stock market investment
- 1099-INT
- 4. Earn badges through Live videos
- 4. ID WATCHDOG PREMIUM
- User experience
- 13. Antique or thrift store
- Benefits
- 16. Sell vintage clothing online
- Expense ratios
- Selling to Opendoor
- 5. Enter a debt management plan
- Learn about small-business loans
- Utility-based clean energy incentives
- Cheapest auto insurance for poor credit
- You have a universal life insurance policy
- 4. One more thing to know about your tax refund
- 8. Utilities: Around $2 per square foot of office space
- 15. Photography
- 9. Shared home improvement equipment
- Pros of a higher credit limit:
- How much is Prime Video?
- 7. Self-publish an e-book
- 18. Home office deduction
- Head of household filing status
- Corporate bonds
- Home equity line of credit
- Reviews
- Past years' state tax rates
- 14. Fitness studio or gym
- Drawbacks
- 17. Begin niche blogging
- Dollar-cost averaging
- Apple Card
- 3. Find your vending machine
- Vanguard 500 Index Fund (VFIAX)
- 3. Prep for grocery shopping
- Disney Park Hopper is worth it if...
- Allianz Global Assistance
- How to use a W-4 to owe nothing on a tax return
- 5. Help your kid decide what to invest in
- Mutual funds
- Our pick for: No-annual-fee travel rewards and a 0% intro APR
- Refinancing
- Winner: American Airlines
- How do you get a perfect credit score?
- 8. Stay in touch with your new employer
- 1099-K
- 1. Live in the house for at least two years
- Nonresident status rules
- Dividend payout ratio
- How much is auto insurance after an at-fault accident?
- 8. Bank of America® rewards
- Baby boomers feeling pinched
- Listing with Opendoor
- How to cancel award tickets booked with Delta SkyMiles
- 12. Translator
- Cons of a higher credit limit:
- Be flexible about travel dates
- 19. Educator expenses deduction
- Child tax credit
- AM Best Financial Strength Rating: A+ (Superior)
- Your policy has an increasing death benefit option
- 4. Fixed-income and dividend-yielding investments
- 9. Payroll: 25% to 50% of your total budget
- Part-year resident status rules
- Access to repayment options and forgiveness is restored
- 16. Event space
- Vanguard Total Stock Market Index Fund (VTSAX)
- Bonzah
- Airport lounge access
- How much is Sling TV?
- How's your job security?
- 7. Poshmark
- Rewards rate
- Edmunds
- How it works
- 3. Incorporate data into your services
- 11. Monetize your social media accounts
- 2. See whether you qualify for an exception
- Soft vs. hard credit inquiry
- 5. Build a community
- State Farm vs. Allstate home insurance
- Part-year resident status rules
- 15. Tutoring business
- 18. Become an e-book writer
- 20. Solar tax credit
- Exchange-traded funds
- Home equity loans and lines of credit
- Child and dependent care tax credit
- J.D. Power Ranking
- Your insurer finds out you lied on your application
- Cash-out refinance
- Pros
- 17. Interior decorating
- Vanguard Total Bond Market Index Fund (VBTLX)
- 10. Vacation rentals
- Rental Cover
- 13. Cybersecurity consultant
- 8. Get advertising revenue from your blog or YouTube channel
- 12. Get paid to stream on Twitch
- 5. Focus on investing for the long-term
- 1099-LTC
- 3. Keep the receipts for your home improvements
- State Farm vs. USAA home insurance
- 16. Ice cream shop
- What you can do: Find ways to save, even when times are tight
- How much is Fubo TV?
- 21. Energy efficient home improvement tax credit
- Help For Felons
- Earned income credit
- Nonresident status rules
- 19. Start ghostwriting
- Cons
- 18. Woodworking or furniture building
- Cryptocurrency pros
- Sales load
- Which one should I take?
- Vanguard Balanced Index Fund (VBIAX)
- 4. Minimize restaurant spending
- Sure
- Hotel status
- 3. Building a budget
- Are you financially prepared?
- Compare car insurance rates for drivers with a DUI
- 1. Decide what type of investor you are.
- NCQA Score Range: 2.0 to 4.5 out of 5
- 1099-MISC
- No-credit-check loan example
- Thunderstorms
- Nonresident status rules
- 17. Dry cleaner
- 10. Professional consultants: Between $1,000 and $5,000 per year
- Access to short-term relief
- 11. Electronics repair
- 14. Transcriptionist
- Look beyond United
- 22. Electric vehicle tax credit
- Inmates to Entrepreneurs
- Where to get it
- 4. Specialize in a type of workout or demographic
- Adoption credit
- Personal loan
- 20. Become a resume writer
- 5. Optimize your stock portfolio
- 4. Explore your financing options
- Vanguard Growth Index Fund (VIGAX)
- Disney Park Hopper is not worth it if...
- Gifting large sums of money to family
- State Farm vs. Progressive home insurance
- 18. Bookstore
- 19. Graphic design
- Cryptocurrency cons
- Flooding
- Transfer partners
- 15. Travel planner
- Defy Ventures
- Used Car Search Pro by iSeeCars
- Cheapest car insurance for young drivers
- Conventional loans
- 6. Manage your stock portfolio
- 1099-NEC
- Key features of face value vs. cash value
- California earned income tax credit (CalEITC)
- 21. Open a coworking space
- Venmo Credit Card
- Vanguard Small Cap Index Fund (VSMAX)
- 5. Get discounts on entertainment
- Our pick for: Maximized value
- 9. Become an Instagram influencer
- 19. Bed and breakfast
- 20. Clothing boutique
- 6. Know when to sell stocks — and when not to
- 1. Has the W-4 form changed?
- Credit cards
- Project ReMADE
- 5. Get your studio on social media
- Cash advance apps
- Paying for vacations, cars or other stuff
- California young child tax credit (YCTC)
- Hurricanes
- Average car insurance costs after a speeding ticket
- ETFs vs. mutual funds
- Vanguard Total International Stock Index Fund (VTIAX)
- 16. Fundraiser
- 4. Saving money
- Our pick for: A long 0% introductory APR period
- FHA loans
- Winner: Alaska Airlines
- 1099-OID
- 20. Floral shop
- 22. Become an online coach
- 21. Bed and breakfast
- 6. Map out major purchases
- 12. Academics courses
- Laid-back loans
- California child and dependent care tax credit
- 11. Insurance: Average of $1,200 per year
- Management or advisory fees
- Winter storms
- Card ecosystem
- 2. What does it mean to be exempt from taxes?
- How it works
- 6. You'll need to wear many hats
- 2. Choose how much you want to invest.
- 1099-PATR
- Tornadoes
- 21. Gardening and landscaping
- 23. Flip failing websites
- 22. Food truck
- 17. Medical billing and coding
- 10. Monetize your Twitch channel
- Entre Capital
- Joint bank accounts
- California adoption cost tax credit
- NYC tax rate schedule
- ETFs vs. stocks
- Above-the-line deductions
- TrueCar
- Cheapest auto insurance for senior drivers
- The value of Southwest Wanna Get Away (and Plus) vs. Anytime fares
- 1099-Q
- Georgia FAIR Plan
- NYC tax rate schedule
- 24. Become a web developer
- 7. Restrict online shopping
- 13. Language courses
- Where to get it
- Business credit cards vs. prepaid debit cards: How to choose
- 7. Hire excellent staff
- 3. Gather your paperwork.
- California nonrefundable renters tax credit
- Average car insurance costs after a DUI
- 22. Nail salon and spa
- 23. Restaurant or cafe
- 18. Video producing
- Buy now, pay later
- 1099-R
- 12. Taxes: Variable, but 21% corporate tax rate
- 25. Start a podcast
- 5. Stock your vending machine with inventory
- Pets
- 3. When should I review my W-4?
- Below-the-line deductions
- Refoundry
- 23. Photography
- 24. Craft brewery
- Dividends and preferred stock
- 1099-S
- 26. Be a social media influencer
- Capital One® Walmart Rewards™ Mastercard®
- 8. Delay purchases with the 30-day rule
- 19. Publicist
- Luggage restrictions
- 11. Sell your photography
- Small Business Development Centers
- Compare auto insurance rates for drivers with poor credit
- 4. Pick your investments.
- 24. Clothing boutique
- Pros
- 401(k) fees
- 14. Business or marketing courses
- Credit required
- 4. Can I adjust my W-4 multiple times throughout the year?
- How it works
- The value of Business Select vs. Anytime fares
- 13. Travel: Variable
- 25. Ice cream shop
- Selling bonds
- 1099-SA
- 25. Daycare
- 27. Create online courses
- 6. Make the right investments
- 9. Get creative with gifts
- 20. Customer service representative
- Our pick for: Prime gaming
- Where to get it
- Online loans
- 26. Personal chef
- Our pick for: General wedding expenses
- 26. Brewery or winery
- 14. Shipping: Variable
- 28. Become a marketing consultant
- Cons
- 15. Personal wellness
- Overseas acceptance
- Elite status program
- 27. Landscape services
- 21. Pet sitter or dog walker
- Co-signed or joint loans
- 27. Hardware store
- 10. Lower your car costs
- Apple Cash: digital card
- 29. Develop an app
- 28. Pet grooming
- 22. Arts and crafts master
- 12. Become a dog walker with Rover or Wag
- Look up the insurer’s financial strength
- 28. Catering company
- 5. Maximizing your credit cards
- How it works
- Winner: American Airlines
- Secured loans
- 29. Florist
- 11. Reduce your gas usage
- 16. Courses in hobbies or interests
- 23. Accountant
- Average annual car insurance costs for drivers with good vs. poor credit
- 29. Real estate agency
- 30. Make a smart appliance
- 1. Open a brokerage account
- Where to get it
- Cash App debit card
- Secure funding
- 24. T-shirt designer
- Research the insurer’s reputation for customer service
- Family loans
- 30. Event venue and planner
- 31. Tap into virtual reality experiences
- 30. Massage therapist
- 13. Sell unused gift cards
- 1. Look at customer satisfaction scores
- 12. Bundle cable and internet
- 17. Bookkeeping and accounting
- Individual stocks
- 31. Tattoo and piercing shop
- 32. Make a niche dating site
- 2. Find the ETFs you want to invest in
- 25. Cleaning service
- Our pick for: Easy redemptions and a 0% intro APR
- Roth IRA withdrawal rules
- Payment plans
- 2. Consider financial strength
- 32. Veterinary office
- Get a business credit card
- 33. Develop a chatbot
- 31. Nutritionist
- 13. Switch your cell phone plan
- Our pick for: Target gaming purchases
- Winner for the best business class experience: Tie
- Roth IRA withdrawal penalty
- Credit union loans
- 3. Evaluate the policy options
- 3. Buy the ETF
- Pros
- 18. Consulting
- 26. Massage therapist and wellness expert
- 6. Borrowing money
- 14. List your spare bedroom on Airbnb
- Compare insurance rates for drivers with an accident
- 33. Food truck
- 34. Offer matchmaking skills
- 32. Personal trainer or fitness instructor
- Capital Good Fund
- Dividend stocks
- 4. Hold onto the ETF
- Cons
- 4. Get prices from a handful of companies
- 34. Health clinic
- 35. Be a virtual assistant
- 14. Reduce your electric bill
- 27. Personal trainer
- How much is auto insurance for young drivers?
- 33. Beauty services
- 35. Bakery
- 1. What is the average cost to start a small business?
- 36. Reinvent exercising
- 34. Life coach
- 15. Lower your student loan payments
- 19. IT support
- 28. Interior decorator
- Our pick for: Anniversary getaways
- 2. How do you calculate startup costs?
- 37. Create eco-friendly, health-friendly makeup and beauty products
- 29. Event planner
- 15. Sell your gently used clothes
- 16. Cancel unnecessary subscriptions
- What is a prepaid debit card?
- Meet a local demand
- 38. Open a food truck or restaurant pop-up
- 35. Tutor
- 20. Graphic design
- 3. Are business startup costs tax-deductible?
- 30. Caterer
- 39. Start an organization business
- 36. Daycare provider
- 17. Refinance your mortgage
- What is a prepaid credit card?
- Average annual car insurance costs for young drivers by company
- Our pick for: Walmart gaming purchases
- Scout locations
- 4. What is considered a startup cost?
- 40. Do interior design for young professionals
- 31. Bed-and-breakfast manager
- 16. Trade in old phones, electronics for cash
- Where can you get a prepaid card?
- 37. Senior care provider
- 18. Set savings goals
- 21. Social media management
- How do you add money to a prepaid card?
- Calculate the costs of starting a business
- 38. Interpreter or translator
- 32. Florist
- Which prepaid card is best?
- 39. Housecleaning
- 33. Day care manager
- 17. Get a babysitting gig
- 19. Track spending
- 22. Marketing copywriter
- 40. Automotive repair
- 34. Rideshare driver
- 7. Your credit score
- 1. Gather your information
- 20. Pay off high-interest debt
- 23. Virtual assistant services
- 41. Handyman services
- 35. Photographer
- Our pick for: PlayStation purchases
- 18. Rent out your car
- 21. Keep savings in a high-yield savings account
- 42. Dry cleaners
- 36. Landlord
- 2. Choose the right liability car insurance coverage levels
- 43. Hardware store
- 22. Create a 50/30/20 budget
- 37. Hair stylist or makeup artist
- 1. Do your research
- 19. Sign up for TaskRabbit
- 44. Self-storage business
- 2. Get organized and make it official
- 38. Eldercare
- 45. Freelance copywriting and content creation
- 23. Shop consignment and thrift stores
- 39. Brewer
- 46. Rideshare driver
- 20. Become a private tutor
- 3. Find the right financing
- 47. Website development and design
- 40. Tailor
- 48. Sell clothes online
- Our pick for: Best Buy purchases
- 3. Decide if you need full coverage car insurance
- 24. Join initiatives to get free items
- 21. Drive for Uber, Lyft
- 49. SEO consultant
- 8. Taxes
- Trip cancellation
- 50. App development
- 1. Craft a business plan
- 25. Use car sharing services
- Trip interruption
- 2. Carve out a dedicated workspace
- 22. Make deliveries for Amazon, Uber Eats
- 3. Choose a business entity
- Trip delay
- 26. Stock up on household supplies when they’re cheap
- 9. Paying off debt
- 4. Collect and compare car insurance quotes
- 23. Find work as a housesitter
- Cancel For Any Reason
- 27. Enjoy community events
- Our pick for: Digital Microsoft Store purchases
- Baggage delay
- 24. Sign up to be a mystery shopper
- 28. Cash in on your birthday
- Lost baggage
- Travel medical insurance
- 25. Put your drone to work
- Compare car insurance companies
- Conditions common to your dog’s breed
- 10. Insurance
- Your dog’s energy and activities
- Wellness expenses
- Decide whether your cat needs insurance
- Wellness expenses
- 11. Investing
- 1. Check whether your pet is eligible
- 2. Research what’s covered
- 3. Decide how much coverage you want
- 4. Understand reimbursements and deductibles
- 5. Check waiting periods
- 12. Starting or running a business
- 6. Examine extra costs
- 7. Compare quotes
- 13. Travel
- The NerdWallet Smart Money podcast
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.