Money Management

Poor credit could make borrowing more expensive, but that’s not all. Read on to see why poor credit is a problem — and what to do about it. [[{“value”:”

FICO, the most commonly used credit-scoring model, generates scores ranging from a low of 300 to a high of 850. And Experian, one of the three major credit bureaus, defines poor credit as a score of 300 to 579. If that’s what your score looks like, you might pay more when you sign an auto loan, personal loan, or any other type of loan you end up with — that is, if you can get approved.

But getting stuck with a higher interest rate on a loan (or being denied outright) isn’t the only drawback of having poor credit. Here are a few other consequences to consider.

1. You might pay more for insurance

It makes sense that lenders would stick you with a higher interest rate on a loan with poor credit. They’re taking on the risk of loaning you money, so a higher interest rate helps make up for it.

When you buy insurance, you’re not borrowing money. Rather, you’re paying money and are getting coverage in return. However, poor credit could lead to higher premium rates for products such as homeowners coverage and life insurance.

And remember, with term life insurance, the initial premium you lock in is generally what you pay for your policy until it runs out. So it especially pays to boost your credit score before applying for life insurance.

2. You might struggle to rent a home

It’s up to individual landlords to decide what credit score requirements they want to impose on tenants. But Experian says that landlords generally prefer credit scores of 670 or above.

This doesn’t mean you absolutely won’t be able to rent a home with poor credit. But you may not get your rental of choice.

Plus, you may be subject to a larger upfront payment if your credit isn’t in good shape (for example, having to pay first and last month’s rent plus a security deposit). That could put a strain on your finances.

3. You might miss out on credit card rewards

Many credit cards could put awesome rewards or cash back in your pocket. In fact, you can check out this list of the best cash back credit cards to get a sense of the offers available.

But if your credit is poor, you may not get approved for those top offers. And that could mean missing out on the chance to earn more on the purchases you were already planning to make.

How to boost your credit score

Clearly, having poor credit could impact your finances in several negative ways. The good news, though, is that you can employ a few different tactics to give your credit score a nice boost.

First, pay all bills on time. Your payment history carries more weight than any other individual factor when calculating your credit score.

Next, try to reduce your credit card balances. This may be easier said than done. But if you’re able to whittle down what you owe, not only might you save money on interest, but you’ll also lower your credit utilization ratio. That ratio measures how much revolving credit you’re using at once. And the lower it is, the more it can help your score.

You may find that it’s easier to reduce your outstanding credit card debt by doing a balance transfer to a new card with a 0% introductory interest rate. Click here for a list of the best balance transfer cards.

Finally, review your credit report for errors. If you spot mistakes, like payments that are listed as late that you know you made on time, getting them corrected by the credit bureau that generates the report could result in a fairly quick credit score boost — and an easier time qualifying for affordable insurance or getting approved for your rental of choice.

Having poor credit can be a problem, but it’s not something you have to be stuck with forever. If you don’t want to face the above consequences, take steps to raise your credit score and open the door to more financial opportunities.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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If you want to save money on restaurants, make Costco your meal prep buddy. See how to save big money on food at Costco — and enjoy delicious meals. [[{“value”:”

Are you tired of spending money on restaurants, takeout, and food delivery apps? If you want to save money on the everyday costs of feeding yourself and your loved ones, Costco can help. You might be surprised at how delicious and value-packed Costco’s grocery items can be.

Some of the best Costco food buys can give you restaurant-quality meals, at a fraction of the price. Worried that the Costco portion sizes will be too big? Don’t be — many Costco foods are easy to divvy up for a few days’ worth of weekday meal prep, keep in the freezer for later, or share with friends at a Costco dinner party.

Here are a few ideas for the best Costco foods that can give you a restaurant-caliber experience.

(All deals were available for online shopping from Costco Same-Day powered by Instacart, with prices shown for my local Costco warehouse in West Des Moines, Iowa, as of Oct. 18, 2024. Prices may vary by location.)

1. Kirkland Signature rotisserie chicken ($5.84)

Costco’s famously low-priced rotisserie chicken is not just a cheap source of protein — it’s a big, tasty bird. The flavorful, juicy, well-seasoned chicken from this Kirkland Signature favorite is tastier than many poultry-based entrees I’ve ordered at restaurants.

Price per serving: Assuming you can carve eight servings of meat from this three-pound chicken, that makes the price about $0.73 per meal. Cheaper than any fast food restaurant!

2. Kirkland Signature Chicken Alfredo with Penne Pasta ($21.79)

If you’re tired from a long day of errand-running and shopping, Costco makes it easy to put dinner on the table. This Kirkland Signature Chicken Alfredo with Penne Pasta is a hearty, tasty meal that can feed a family for a few days. Just take it home and pop it in the oven.

Price per serving: Each 4.15-pound package contains 12 servings, so you get a full plate of Chicken Alfredo for only $1.81 per meal.

Want to stretch your Costco food budget even further? The best Costco credit cards help you earn 2% to 3% on Costco food and other everyday items. Click here to see our experts’ picks for credit cards that offer big rewards at Costco.

3. Crazy Cuizine Mandarin Orange Chicken ($19.29)

My children used to love the Orange Chicken from Costco. This item promises “restaurant quality at home” on the packaging, and it’s made with chicken breast, rib meat, and breading with a sweet, delicate sauce. This Mandarin Orange Chicken dish can be prepared in the oven, air fryer, or on the stovetop, and is ready to eat in 20 minutes.

Price per serving: Each package contains about 66 ounces, with about five ounces per serving. So you can get about 13 meals’ worth of orange chicken from Costco for only $1.48 per meal.

4. Creamy Italian Salad ($9.35)

Do you ever feel like restaurant salads are too often lackluster, limp, and light on flavor? Costco has the cure for the salad doldrums: Costco’s bagged salad mixes are delicious, colorful, and offer a multitude of crunchy stir-ins and tangy dressings.

Price per serving: Costco’s Creamy Italian Salad kit contains a total of 22 ounces of greens and mix-ins, or about nine portions of salad — about $1.04 per meal.

5. Chips, salsa, and guacamole ($26.88)

Store-bought tortilla chips, salsa, and guac will never be “better” than the best, authentic, freshly-made, tableside Mexican restaurant experience. But if you choose the right brands of salsa, guac, and chips at Costco, you might be surprised at how fresh and tasty they can be.

Upgrade your at-home Taco Night experience with these three brands that my family loves:

Garden Fresh Organic Jack’s Salsa ($7.01 for 48 servings)Good Foods Organic Chunky Guacamole ($12.86 for 26 servings)Kirkland Signature Organic Tortilla Chips ($7.01 for 40 servings)

Price per serving: It’s always hard to get the exact chip-and-dip ratio, but based on the price per serving for each of these items, you can get a heaping helping of Costco chips, salsa, and guac for about $0.82 per meal.

6. Muffins, cakes, and cookies ($11.69 to $21.05)

Never, ever forget dessert! Costco offers a delicious selection of bakery items that can compete with your favorite restaurant or cupcake establishment. And the prices at Costco are cheaper than you’d pay for any restaurant’s dessert menu.

Here are three favorite Costco desserts that I love:

Kirkland Signature Muffins: Blueberry and Double Chocolate ($11.69 for 12 muffins)Kirkland Signature Cookies: Chocolate Chunk, Double Nut, and Oatmeal ($11.69 for 24 cookies)Kirkland Signature Tuxedo Chocolate Mousse Cake ($21.05 for 12 servings)

Price per serving: It’s hard to find a cheaper dessert than Costco — choose a gigantic muffin for just $0.94 each, a smattering of delicious cookies for $0.49 each, or a luscious, indulgent tuxedo cake for just $1.75 per slice.

Bottom line

Here’s how cheaply you can eat at home with Costco food. Let’s say you bought a rotisserie chicken, a bagged salad, chips, salsa, and guacamole, and tuxedo cake for dessert. You’d only be paying a total of $4.34 per meal. No fast food restaurant can compete with that — and Costco gives you fresh produce and high-quality ingredients.

Eating dinner at home with restaurant-quality food from Costco could be your new budgeting strategy. Saving money on meals away from home — by buying your meals at Costco — is yet another easy way to maximize the rewards of your Costco membership.

Top credit card to use at Costco (and everywhere else!)

We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.

Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.

Click here to read our full review for free and apply before the $200 welcome bonus offer ends!

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Business impersonation scams cost victims $660 million in 2023. Learn how to spot these scams, protect your info, and safeguard your finances from fraud. [[{“value”:”

Business impersonation scams are the most reported type of financial fraud. According to a May report by the Federal Trade Commission (FTC), about 332,000 people fell victim to these scams in 2023, resulting in over $660 million in reported losses.

This alarming number highlights the need for individuals and businesses to learn what these scams look like — and how to protect their savings and investment accounts from fraud.

How do business impersonation scams work?

Business impersonation scams involve fraudsters pretending to represent well-known companies or government agencies. Think of the well-known scam where someone claiming to be from Microsoft calls to say you have a virus and is happy to walk you through how to remove it, but on a larger scale.

These types of scams can take many forms, but the goal is the same: to deceive victims into giving away sensitive information, transferring money, or providing access to company systems.

For example, you might get an email that looks as if it’s from a well-known bank offering a higher-than-average interest rate. You click the link and enter your details — like your Social Security number and bank account information — that the scammers use to steal your identity or drain your account.

Or you might get an email that looks like it’s from your company’s IT department asking you to reset your email password. When you click to “reset” your password, you’re actually giving the fraudsters access to your email, which they can use to send emails in your name or hack into the network.

Looking for the best savings account rates? Find the top high-yield savings account rates here.

How to protect yourself from business impersonation scams

Business impersonation scams are often easy to spot — if you know what to look for. If you get an email from a legitimate business, look at the sender email address carefully. Scammers might use random numbers and letters in their email addresses, or they might use similar but slightly off addresses like “microsoftsupport@gmail.com.” (A real email is likely to use @<businessname>.com, not a Gmail account.)

Be cautious of any text, email, or phone call that creates a sense of urgency, such as threatening to disconnect your service, warnings about suspicious activity, or threats to send to law enforcement. Scammers often use this tactic to scare their targets into taking a risky action.

Set up multi-factor authentication (MFA) on every account that offers it. Most investment apps, savings accounts, and brokerage accounts allow you to set up MFA, which requires a key from an authentication app or code from a text message to log in, in addition to your password.

Keep a close eye on all your financial accounts. Look for unauthorized access, charges you don’t recognize, or logins from odd locations. If anything seems off, call your financial institution using the phone number on your card or statement. Avoid calling a number included in an email when things are suspicious — scammers may send you a number that connects you to them, not your bank.

If you own a business, make sure your employees also know what to look out for. Regularly update your team on new scam tactics, and encourage them to double-check any requests from leadership to send money or gift cards.

Report suspected fraud to the FTC

If you suspect you’ve been targeted by a business impersonation scam, report it to the FTC and the impersonated company. This helps authorities track scam trends and warn the public about what to look for.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has positions in and recommends Microsoft and Target. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

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CD rates have dropped, but they’re definitely still above average. Find out why I’m not racing to lock one in before the next rate cut. [[{“value”:”

A couple of months ago, it wasn’t hard to find certificates of deposit (CDs) paying a 5.00% APY. But that changed virtually overnight when the Federal Reserve made an aggressive 0.50% rate cut on Sept. 18. Now, you’re lucky if you can find rates over 4.50%, and even those are only available on short-term CDs.

With more rate cuts expected as soon as Nov. 7, today’s CD rates are the best we’re going to get. Some see this as a sign that they need to lock in these rates while they’re still available, but I’ve got different plans for my money.

APY isn’t the only factor to keep in mind

If you hope to guarantee a high interest rate on your bank account funds for the foreseeable future, opening a CD is your best option. Savings accounts don’t lock in your interest rate. That’s good news when interest rates are rising, but it’s bad news when rates are falling like they are now.

You’ll probably see your savings account interest rates drop pretty frequently over the next year or so. It’s impossible to say where they’ll end up, but it’s a safe bet that you’ll earn a lot less in interest on a high-yield savings account this year than you could have last year.

But savings accounts offer something that CDs don’t: easy access to your funds. You’re free to withdraw cash whenever you need to, though some banks limit you to six free withdrawals per statement cycle.

Still, that’s better than CDs. If you need to access your funds before the CD term is up, you’ll have to withdraw all your funds at once, and you’ll likely pay a penalty equal to several months of interest payments for taking your money out before the maturity date.

That’s why CDs aren’t a great fit for your emergency fund or money you plan to spend before the CD term ends. And it’s also why I choose to keep my money in a Discover® Online Savings account. Check it out if you want to earn nearly nine times the national average savings account rate.

I don’t keep my long-term savings in a CD either. I have brokerage and retirement accounts for that. Though there’s a risk associated with investing my money, the potential returns are much greater than the 4.00% I’d be lucky to earn on CDs over the next few years.

Choosing what’s right for you

That said, a CD could be the right choice for some people. If you have extra cash outside of your emergency fund and short-term savings that you’re not comfortable investing, a CD could be a solid option.

To choose the right one, you must first ask yourself how much you’re comfortable locking up in a CD. Some banks require minimum deposits as high as $2,500, though these are rare. Rule out any banks that require more money than you have to put away.

Then, think about how long you’re willing to lock your money up. If you only plan to open a single CD, consider going with a long-term option right now. If you opt for a short-term CD, you’ll get access to your cash again sooner, but when you go to renew, you’ll likely have to settle for a much lower rate. If you’re not comfortable with a long-term option, consider a medium-term CD — between one and three years.

No matter which CD you choose, you need to act quickly if you want to lock in your rate before they fall even further. Compare some of the best CD rates out there today, then choose the one you like and apply for the account online.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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Upgrading to Sam’s Club Plus costs an extra $60 a year. It comes with some useful perks and benefits, but this drawback may be a dealbreaker for some. [[{“value”:”

I’ve been renewing my Sam’s Club Plus membership for years, and overall I’ve been happy enough with it that I, you know, keep renewing. My membership has a permanent line item in my favorite budgeting app.

That said, there’s one thing I’d absolutely change if I could — and I bet most members feel the same: Sam’s Cash. Specifically, how you can earn it.

Upgrading to a Plus membership costs $110 a year, which is $60 a year more than the regular Club membership that gets you in the door. One of the marquee benefits of that upgrade is that Plus members earn 2% back in Sam’s Cash on eligible purchases.

You don’t earn bonus Sam’s Cash for online purchases

My problem? Online purchases made from samsclub.com aren’t “eligible purchases.” You don’t earn any of that 2% in Sam’s Cash for shopping online, only in stores.

Since my “local” Sam’s Club is an hour away, I get most of my Member’s Mark staples shipped. Losing out on that 2% bonus is a big bummer that definitely impacts the value of a Plus membership for my household.

I do get some solace from the fact that Sam’s Club doesn’t have any silly rules about which credit cards I can use (seriously, Costco, why?). This makes it easier to use my Sam’s Club purchases to earn high-value welcome bonuses.

Plus members do get free shipping and curbside pickup

Without the 2% bonus, it’s a lot harder to justify the extra $60 for a Plus membership — but not impossible. For us, that extra cost is made up for thanks to the other Plus benefits.

Primarily, we get our money’s worth out of free shipping every year. Most of our orders are placed online, and we like that Sam’s Club’s online prices are the same as the in-store ones. While Sam’s Club recently added a $50 minimum to the free shipping for Plus members, the size of most of our orders makes this a non-issue.

If you want to pick up in-club only items but don’t want to spend your time in the store, Plus members also get free curbside pickup on eligible orders. This can easily shave an hour off your Sam’s Club experience.

Costco Executive earns Rewards, but offers less online

At this point, you might be wondering if Costco has the same issue with its top-tier membership; after all, Costco Executive memberships have a similar 2% Reward that you can earn on Costco purchases.

Well, Costco Executive members will be happy to know that costco.com purchases absolutely do qualify for the 2% Reward. Of course, most of the items on Costco’s website are significantly more expensive than they are in the store, so you may not come out as far ahead of a Sam’s Club member as you think.

Another thing to keep in mind is that Costco limits you to Visa or Mastercard credit cards online (and just Visa credit cards in the store). You can still earn great rewards on Costco purchases, but you’ll be more limited in your options.

Pick the membership level that works for you

Folks who do most of their shopping in Sam’s Club stores will probably get a good deal out of upgrading to a Plus membership. Here’s what 2% back on your spending looks like:

If you don’t shop in store, or you won’t order enough online to make the free shipping valuable enough, then simply stick with a regular Club membership. You can still save a ton of money on your everyday essentials without wasting money on a membership upgrade you don’t need.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale, Mastercard, and Visa. The Motley Fool recommends the following options: long January 2025 $370 calls on Mastercard and short January 2025 $380 calls on Mastercard. The Motley Fool has a disclosure policy.

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Paying off credit cards is a smart move. Read on to learn about all the good it can do you. [[{“value”:”

The problem with carrying a credit card balance is that the longer you do, the more money you waste on interest. So the sooner you pay off your credit cards, the more money you can save.

That’s a pretty obvious benefit of paying off your credit cards as quickly as you can. But here are some less obvious perks that come with shedding credit card debt sooner.

1. You can boost your credit score

Your credit score is calculated based on multiple factors. These include whether you pay your debts on time and how long you’ve had loans in your name or credit card accounts open.

But one major factor that goes into calculating your credit score is your credit utilization ratio. That ratio measures the amount of revolving credit you’re using at once. And the lower that ratio is, the more your credit score can improve.

It makes sense to pay off your credit cards for this reason alone. If you’re able to bring your balances down, it’ll result in a lower credit utilization ratio. That, in turn, could give your credit score a nice lift, making it easier to get approved for new loans or credit cards when you apply. Also, the higher your credit score, the lower your interest rate is likely to be on your next loan.

2. You can increase your chances of getting approved for a mortgage

Mortgages are large loans, so lenders tend to set pretty strict standards for approving candidates. In addition to a decent credit score (620 is generally the minimum for a conventional home loan), to qualify for a mortgage, you need to have a reasonable debt-to-income ratio, or DTI. This measures the amount of debt you’re on the hook for each month relative to your income.

A DTI of 36% or less (meaning, you spend 36% of your income or less on debts) is usually ideal to qualify for a home loan through the best mortgage lenders. But many will accept a DTI of up to 43%.

Your credit card balances count toward your DTI. By reducing them, you also reduce your DTI, making it more likely that you’ll be approved to borrow for a home.

3. You can start investing

The less money you have to pay your credit card issuers in the form of interest, the more money you’ll have available to invest. So that’s another reason to shed your credit card debt sooner.

Say you’re able to pay off your balances in a year rather than three years, thereby saving your $2,000 in interest in the process. If you invest that $2,000 at a 10% return (which is in line with the S&P 500’s average performance) over 20 years, you could grow it into almost $13,500.

A good way to pay off credit card debt

Paying off credit card debt isn’t easy. But one tactic to consider is getting a side job temporarily and using your extra earnings to chip away at your balances.

At the same time, though, it pays to consolidate your balances so they’re easier to manage. And consolidating might also leave you with a lower interest rate to pay on your debt overall.

One option for consolidating credit card debt is to do a balance transfer. If you move your debts over to a single credit card with a 0% introductory interest rate, you get a break from racking up interest for a period of time. Click here for a list of the best balance transfer credit cards.

Another option is to take out a personal loan, use the proceeds to pay off your credit cards, and then repay that loan in monthly installments. You may lock in a much lower interest rate on a personal loan than what your credit cards are charging you, especially if you have good credit. Plus, your payments will also be locked in. Click here for a list of the best personal loan lenders.

The obvious upside of paying off your credit cards is not having to spend as much money on interest. But the benefits go way beyond that. So it pays to do what you can to shed your credit card debt as quickly as possible.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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