If You Have More Than $1,000 in Your Checking Account, Make These 4 Moves
You’ve done it. You’ve built up a little cushion in your bank account — $1,000! It feels good, right? Those days of checking your account balance in a panic are behind you.
Congrats! You’re on the right path. Now it’s time to think about some longer-term goals. What do you want to accomplish next with your money? Do you need to save more? Do you want to buy a home someday? Invest?
What’s the next step you should take? What are some specific things you can do to take your finances to the next level?
We’ve got some ideas for you:
1. See if You Can Get More Money From This Company
Here’s the deal: If you’re not using Aspiration’s debit card, you’re missing out on extra cash. And who doesn’t want extra cash right now?
Yep. When you sign up for a debit card called Aspiration, you could get up to 5% back when you swipe at certain stores — plus they give you up to 50 times the normal national interest rate on your savings balance.
It’s perfect for earning extra cash for things that are already on your shopping list. You were going to buy these things anyway — why not get this extra money in the process?
This card used to have a huge waiting list, but now you can sign up for free.
Just enter your email address here and link your bank account to see how much extra cash you can get with your free Aspiration account. And don’t worry. Your money is FDIC insured and under a military-grade encryption. That’s nerd talk for “this is totally safe.”
2. Cancel Your Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.
Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.
Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.
3. Stop Paying Your Credit Card Company
Credit card debt is the worst. It can be super expensive, not to mention stressful.
And guess who doesn’t care? Your credit card company. While you struggle to keep up, they’re getting rich charging you high interest rates — some up to 36%.
A company called FreedomPlus may be able to help. If you owe between $7,500 and $50,000*, they could offer you a new loan — at a potentially lower interest rate than your current credit card rate. And you could use the new loan to help reduce some of your balances.
And thanks to the potentially lower interest rates (starting at 7.99% APR)*, you might be able to reduce your debt that much faster.
You don’t need perfect credit. FreedomPlus looks at more than just your credit score, and they’ll even help you find any available discounts*.
It’s free to get a quote, and it won’t affect your credit score to see what you pre-qualify for. Just tell FreedomPlus some basic info about yourself: your name, address, phone number and income, and you’ll see what you may be pre-qualified for in just a few minutes.
If you’re approved and you decide to accept the loan offer, you could have funds sent to you within 24 to 72 hours†. It takes just a few minutes to see what you may prequalify for.
4. Let This Card Add Points to Your Credit Score — Even if You Don’t Qualify for Credit Cards
It’s not personal. It’s business. Credit card companies see numbers, not stories. So if you have a low credit score, most of them won’t lend you money.
But without credit cards, how can you raise your score in the first place? They aren’t all betting against you, though. The secured Chime Credit Builder Visa® Credit Card could help you add points to your score — even if you don’t qualify for other credit cards. People who use this card add an average of 30 points1 to their score.
Chime doesn’t ask you to pay annual fees, maintenance fees or interest charges — and you don’t even have to have a hard credit check.
To apply, all you have to do is set up a Chime Checking Account and make a qualifying direct deposit of at least $2002. Then just move money into your Credit Builder secured account — this becomes your credit limit and you can use this money to pay your balance.
Chime reports your payments to the major credit bureaus. If you use your card responsibility and make on-time payments every month, your score will reflect that progress.
Credit Builder users see their credit score improve by 30 points, on average. And the Chime app will let you follow along and track your progress.
Get started here to see how many points you could add to your credit score.
*The Aspiration Spend & Save Accounts are cash management accounts offered through Aspiration Financial, LLC, a registered broker-dealer, Member FINRA/SIPC, and a subsidiary of Aspiration Partners, Inc. (“Aspiration”). Aspiration is not a bank.
Chime: Banking services for the Chime Checking Account are provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. Please see back of your Card for its issuing bank. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.
Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank and Stride Bank N.A. (“Banks”). Banks are not responsible for the accuracy of any content provided by author(s) or contributor(s).
1Based on a representative study conducted by TransUnion®, members who started using Chime Credit Builder in September 2019 observed a median credit score (VantageScore 3.0) increase of 30 points by January 2020. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.
2To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Checking Account within 365 days of your Credit Builder application. The qualifying direct deposit must have been made by your employer, payroll provider, or benefits payer by Automated Clearing House (ACH) deposit. Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, and cash loads or deposits are not qualifying direct deposits.
All loans available through FreedomPlus.com (NMLS ID #227977) are made by Cross River Bank, a New Jersey State Chartered Commercial Bank or MetaBank®, N.A., Members FDIC, Equal Housing Lenders. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Terms and conditions apply. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: Arizona under $10,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 7.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four-year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13.*To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Loan origination fees vary from 1.99% to 4.99%, though most loans will have a loan origination fee of 4.99%. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.
† These time periods are merely estimates and are in no way a representation or promise by FreedomPlus. Same-day approvals assume that you provide a fully completed application with all required supporting documentation early enough on a day that our offices are open. FreedomPlus loan consultants are available Monday-Thursday 6am-8pm MST, Friday 6am-7pm MST, and Saturday-Sunday 7am-4pm MST