If You Have More Than $1,000 in Your Checking Account, Make These 4 Moves

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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:

a woman logs into her bank account on her cell phone.
Tina Russell/The Penny Hoarder

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. 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.

4. Get a Free Slice of a Fortune 500 Company From This App

Do you think it’s too late for us non-millionaires to get our hands on a piece of a Fortune 500 company?

Well, it’s definitely not. We found a free app called Public that lets you own slices of stocks, so you can invest in companies without having to pay for an entire share, if you don’t want to.*

They’ll even give you a slice of a popular stock for free when you download the app and sign up.

It takes just minutes to download the app, and when you finish setting up your account, Public will give you the free slice of stock you select during signup as a bonus.

5. Get Matched with a Loan — Even if You Have Bad Credit

Have you ever felt a sting when a lender rejects your application? And then a second sting when your credit score drops due to the credit check?

The risk of being punished and rejected can scare you away from applying for a loan. But even with bad credit, there is still hope – especially if you earn at least $3,000 per month.

A website called Lending for Bad Credit can connect you to lenders that are more willing to work with people with fair or bad credit. Having a credit score over 520 will improve your chances of securing a lender.

Their website taps into a nationwide marketplace of lenders to help take the guesswork out of finding loan companies. Request funds once, and take your best shot at getting approved for funds of anywhere from $100 to $40,000).

It takes just a couple of minutes to complete the online request form for a loan or cash advance through Lending for Bad Credit. And you could get your funds as soon as tomorrow, depending on how long it takes your bank to complete the transaction.

*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.