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- The cash option
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- Our pick for: Simple cash back
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- You might be able to reserve a car now — and rebook the same one later at a discount
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- 12. Start a virtual event planning company
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- Loan limits
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- Publicly-traded REITs
- You’re committed for decades
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- 2. Managing money
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- Example CD APYs at select institutions
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- 2. Choose the right broker
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- Start with the elevator pitch
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- 3. Loan processing takes over
- Average annual car insurance costs from large companies
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- Appraisal fee
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- 7. Use a bank that refunds ATM fees
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- Credit card
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- Individual gold stocks
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- 8. Use a do-over
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- 1099-DIV
- 3. Add back certain deductions particular to MAGI
- How to get a liquor license in California
- Perks await when you fly economy with elite status
- 9. Travel during the offseason
- Property standards
- Open a business bank account and credit card
- 14. Make products for pets
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- Compare business money market account rates
- Dividend per share (DPS)
- 12. Travel assistance
- Discount points
- 3. Sell your castoffs
- Monitor your credit reports
- 10. College consultant
- Methodology
- Renting Disney Vacation Club points can be complicated
- Card details
- Stick to the basics
- 6. Sell your wares on Etsy
- How to have more taxes taken out of your paycheck
- 4. The underwriter makes a decision based on your documentation
- 3. Hold the shares inside an IRA, a 401(k) or other tax-advantaged account
- How to get a liquor license in Colorado
- Customer support
- 3. Open the account
- Pay with points and miles
- Contractor financing
- Smaller-impact things to know
- Get a referral
- 15. Create custom clothing
- FHA appraisal
- Dividend yield
- The details
- Example money market account APYs at select institutions
- 1099-G
- 13. Purchase protections
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- Cheapest auto insurance in California for 20-year-old drivers with one speeding ticket
- New car replacement coverage
- AT&T Business
- Appendix: How the math works in our examples
- Our pick for: Flat-rate travel rewards
- Gold stock ETFs
- Private REITs
- Look for outside funding
- Our pick for: Cell phone and internet bill payments
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- 6. OfferUp
- Best insurance company for accident forgiveness: Geico
- Can you pay estimated taxes at any time?
- Apply for PSLF forgiveness
- How to get a liquor license in Connecticut
- Escrow account funds
- USAA vs. State Farm home insurance
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- Piggyback on someone else’s membership
- Your heirs are likely saddled with paperwork when you die
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- How to have less taxes taken out of your paycheck
- 5. Enter a debt management plan
- 4. Call in a pro
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- 14. Customer service without the wait
- 4. Earn badges through Live videos
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- Winner: Tied
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- 3 disadvantages of sole proprietorship
- 3. Which bonds are right for my portfolio?
- 5. Sell with TikTok Shop
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- 5. Choose investments that match your tolerance for risk
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- Wix
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- Winner: Alaska
- Paying for vacations, cars or other stuff
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- How to get a liquor license in Indiana
- Wait to apply
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- Find your niche
- 2. What does it mean to be exempt from taxes?
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- How to get a liquor license in Iowa
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- How much are car insurance quotes?
- 23. Flip failing websites
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- FHA renovation loans
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- Our pick for: Bank of America® customers
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- How to maximize your rewards
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- Best insurance company for financial strength: Auto-Owners
- Cheapest auto insurance for senior drivers
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- How to get a liquor license in Kansas
- Pets Best vs. Trupanion
- California nonrefundable renters tax credit
- 24. Become a web developer
- 2. Can a sole proprietor have employees?
- Comparing full coverage car insurance quotes
- Other specialty FHA loans
- Average car insurance costs after a DUI
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- 18. Video producing
- Earthquakes and landslides
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- How to get a liquor license in Kentucky
- Winner for premium seating classes: Etihad
- 25. Start a podcast
- 3. Does a sole proprietor need an EIN?
- 3. When should I review my W-4?
- Simplified issue life insurance
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- Be authentic
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- How to get a liquor license in Louisiana
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- Which factors determine car insurance quotes?
- 26. Be a social media influencer
- 4. How do you change from sole proprietor to LLC?
- 11. Sell your photography
- The details
- Compare auto insurance rates for drivers with poor credit
- Winner: JetBlue
- Pros
- 4. Can I adjust my W-4 multiple times throughout the year?
- How to get a liquor license in Maine
- Real estate agent commissions
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- 12. Private equity
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- Serve your audience and set small goals
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- Our pick for: Paying rent
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- Best insurance company for discounts: Amica
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- Title insurance
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- Winner: JetBlue
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- Winner for lowest fees: Tie
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- 34. Offer matchmaking skills
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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.