Money Management

Credit repair companies can be expensive and ineffective. Find out how you can do a better job without spending a dime. [[{“value”:”

Having bad credit sucks. It makes it harder — and more expensive — to borrow money. It can also stop you from qualifying for the best cash back credit cards. More than that, it can impact your ability to score an apartment, set up utilities, and sometimes even get a job.

What sucks more than bad credit is that some companies prey on your desire to fix it. They promise they’re able to work some kind of credit magic. But in truth, they’re charging you for something you can do yourself. In fact, you can often do it better.

Here’s why credit repair companies are a waste of money — and what you can do to improve your score on your own.

How to fix your credit

If you’ve fallen behind with payments or struggled with debt in the past, there are no quick fixes for your credit. Getting a higher score is about building a bank of positive information. You can do that by paying bills on time and keeping your credit card balances under control.

Each time you apply for a new credit card or loan, the issuer will do a hard credit check, which dings your score slightly. Make that application count.

We researched over 260 cards to help you find the right one. Click here to learn more about what credit card will work for you.

Here are four steps you can take to repair your credit for yourself.

1. Get a copy of your credit reports

Credit bureaus calculate your score based information in your credit report. There are three consumer credit bureaus (Equifax, Experian, and TransUnion), and each holds slightly different data. If your score isn’t where you want it to be, head to annualcreditreport.com to request free copies of your report from each bureau.

2. Check your report for errors and report any you find

You’d be surprised at how many mistakes there are on credit reports. Almost 45% of respondents in a Consumer Reports study found at least one error.

Look for problems like:

Accounts you didn’t openErrors with credit limits or balancesAccounts that are listed as open that should be closed, or vice versaInaccurate information about missed payments

Any errors you find could be impacting your score. Report them to the relevant agency so you can get the information updated. The Consumer Finance Protection Bureau has a step-by-step guide on how to do it, including a template letter.

3. Pay down any outstanding balances

Here’s the tricky bit. If you’re struggling to manage your debt right now, paying it down needs to take priority. A bill that’s more than 30 days overdue will have a big impact on your score. And the later it is, the bigger the impact will be.

Review your spending and look for any non-essential costs you can cut. It doesn’t have to be forever — just until you get back on top of your bills. If you’re carrying a balance on your credit cards, consider a debt consolidation loan or balance transfer credit card to lower your interest rate and simplify payments.

4. Pay bills on time

As you’re building your score, make sure you understand each factor that’s used to calculate it. One big one is your payment history. If you sometimes forget to cover a bill, try setting up autopay.

Another important aspect is your credit utilization ratio. This is the amount of your available credit that you’re using. It’s recommended to keep this number below 30%, so if your credit card limits add up to $10,000, try not to use more than $3,000.

Don’t waste money on credit repair companies

Credit repair companies can charge as much as $149 per month. That’s a lot of money when all they do is follow the steps listed above. Particularly as you can do a better job of, say, challenging any credit report inaccuracies yourself.

Indeed, credit bureaus often ignore mass-produced letters that come from repair agencies. That’s because the Fair Credit Reporting Act gives you — not a credit repair agency — the right to challenge any incorrect information. But, as Schlanger Law Group points out, those disputes are supposed to come directly from the consumer, not an agency.

Some companies step over the line into fraudulent and illegal activity. For starters, they’re not allowed to demand upfront fees. More importantly, no company can erase accurate information from your report, no matter how much you want to get rid of it. If someone is promising this, it’s a scam.

Less scrupulous companies will challenge anything negative on your credit reports — even if the information is correct. The information will be removed while it’s being disputed, which can temporarily increase your score. But if it’s accurate, it will come back to haunt you in a few months. Only time can remove suboptimal information from your report — not a credit repair company.

You can take control of your credit

You might be nervous about repairing your credit alone. But if you’re already struggling with debt, credit repair services are using up money you could be using to pay it down. Even if you have cash to spare, this is one situation where you can do a better job than the so-called experts.

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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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Are you worried about being able to get a CD with a high interest rate? There might be some good news. Find out more here. [[{“value”:”

In September, the Federal Reserve lowered benchmark interest rates for the first time in more than four years. While this is good news for people who need to borrow money, it isn’t the best news for savers. Fed rate cuts will likely lead to lower interest rates on savings accounts, money market accounts, and certificates of deposit (CDs).

However, there’s some good news. Recent economic data indicates that Fed rate cuts could proceed more slowly than previously expected. This could mean that CD rates might not fall as rapidly as many people fear they will.

Want to lock in today’s high CD rates? Click here for our up-to-date list of CD rates from top online banks.

Fed rate cut expectations have moderated

According to the CME FedWatch tool, which analyzes interest rate expectations that are priced into financial markets, there’s a 94% probability that the Fed will cut rates by 25 basis points (one-fourth of a percentage point) in November. A month ago, there was a roughly 30% chance that the rate cut would be twice that size.

A similar adjustment in expectations has occurred for the December Fed meeting. A month ago, the markets were pricing in a 64% probability that we’d see at least 75 basis points in rate cuts by the end of 2024. Now, the probability of this happening is indicated at 0%.

In a nutshell, the Fed is expected to continue cutting rates, but at a significantly slower pace than was previously expected.

The reason is that economic data has generally come in stronger than expected. For example, in the most recent CPI inflation data release, the annual inflation rate of 2.4% was slightly higher than expected. When September jobs data was released a couple of weeks ago, we not only learned that 254,000 jobs were added during the month vs. an expectation of 150,000, but that wage growth was better than expected.

The Federal Reserve’s job is to control inflation and maximize employment. With lower inflation and strong jobs data, there simply isn’t much of a need to aggressively cut interest rates.

CD rates will likely fall, but slower

To be perfectly clear, CD rates aren’t directly tied to the Fed’s interest rate decisions. However, the benchmark federal funds rate (the rate people refer to when saying “the Fed cut rates”) impacts how much it costs banks to borrow money, so it also affects how much banks are willing to pay for deposits.

In short, CD rates and the Fed’s benchmark interest rates typically move in the same direction.

So if Fed rate cuts occur at a slower pace than previously expected, it would likely cause CD yields to do the same. To be clear, it would still be wise to expect CD rates to generally trend lower over the next year or two, but it could certainly happen more slowly than many had been expecting.

What to expect in 2025 and beyond

Along with the rate cut in September, the members of the Federal Reserve released their economic projections, which among other things, include expectations for future interest rate activity.

The median expectation for the end of 2025 is a total of 150 basis points of rate cuts (1.5 percentage points) compared with current levels. If this were to happen as expected — and believe me, that’s a big if — I would expect short-term CD rates and high-yield savings account interest rates to move by about the same amount.

On the other hand, longer-term CDs, such as those with 5-year CD terms, tend to have rates that are primarily based on expectations for future interest rates. So unless something dramatically changes with the Fed’s outlook, I wouldn’t expect 5-year CD rates to fall too much over the next year or so.

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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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The Fed’s September interest rate cut is worth acting on. Take a look at some key moves to consider making. [[{“value”:”

It wasn’t so surprising to see the Federal Reserve slash its benchmark interest rate by half a percentage point last month. A rate cut was completely expected, given the way inflation has slowed down this year. And chances are, September’s rate cut is going to be the first of many.

In fact, the Fed is slated to have two more meetings before the end of the year. And chances are, we’ll see some follow-up rate cuts, though perhaps smaller ones than the giant cut that happened in September.

The bad news is that the Fed’s September rate cut has already resulted in lower savings account rates. But there are a number of ways you can still benefit from that rate cut. Here’s how to make it work to your benefit.

1. Move money out of a savings account and into a CD

It’s true that rates on savings accounts and certificates of deposit (CDs) are on the decline following the Fed’s big rate cut last month. But many CDs are still paying close to 5%. So it’s still a good time to open one — if doing so works for your financial situation.

If you have money in your savings account that’s supposed to serve as your emergency fund, then you should keep it where it is (as long as it’s in a high-yield account). A CD isn’t a good place to put emergency savings because if you end up needing to take a withdrawal, you risk a penalty for doing so before your CD matures.

But if you have money in savings beyond what you need for an emergency fund, then opening a CD is a smart thing to do right now. In fact, you may want to open your next CD before the Fed’s next meeting, which happens on Nov. 6 and 7. If the Fed makes another large rate cut next month, you may find CD rates tumble even more.

2. Boost your credit score to qualify for an auto loan

Auto loan rates tend to fall in line with Federal Reserve rate cuts. If you’ve been looking to buy a car, you may want to pause shopping for vehicles since financing an automobile is likely to be more affordable following September’s rate cut.

That said, a car is still a large expense, so it’s in your best interest to consider a used vehicle instead of a new one to lower your purchase price. And if you do opt to buy new, don’t overpay for extra features you can do without.

It’s also important to try to boost your credit score any time you’re gearing up to borrow a lot of money, which is likely the case with an auto loan. You can raise your credit score fairly quickly by reducing existing balances on your credit cards and correcting errors you spot on your credit report.

3. See if it pays to tap your home equity

There may be aspects of your home you’ve been waiting to improve, like your ancient bathroom fixtures or your unfinished basement. In recent years, home equity loan rates were elevated. But in light of the Fed’s big September rate cut, you may find that you’re able to get a better rate on a home equity loan. So it could be a good time to move forward with renovations if you can afford them.

Of course, you don’t only have to use a home equity loan for improvements, repairs, or other items related to your home. Home equity loan proceeds can be used however you want.

But remember, tapping into your home equity is a big deal. If you fall behind on your home equity loan payments, you could eventually risk losing your home. So if you’re going to borrow against your home equity, it should be for a good reason.

Finishing a basement or renovating your master bathroom to improve your everyday quality of life counts in that regard. But taking out a home equity loan only to use it on a vacation isn’t necessarily the wisest choice.

Remember, the Fed’s large September rate cut has the potential to help your finances. And with more rate cuts likely in store, you may find that you’re able to save even more on an auto loan or home equity loan if you hold off a bit longer. But you don’t want to delay opening a CD if doing so is on your radar, since future cuts are only likely to result in earning a lower interest rate on your money.

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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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Costco stores worldwide feature Kirkland Signature Products. Check out five that may not be the bargain they appear to be. [[{“value”:”

As someone who’s not fond of social media, I sure do spend a lot of time seeking out opinions on Reddit. I don’t ask or answer questions, mind you. I simply lurk in the background to learn what other people have to say about a wide range of subjects.

Today, I wondered what Reddit users have to say about Costco’s Kirkland Signature products. Specifically, I wondered if there were any that people honestly didn’t think were worth the money they saved buying them.

Between the discount prices and other money-saving strategies, like paying with a great credit card for Costco, I assumed pretty much everyone would be happy with their purchases. I was wrong. The products I’ve listed here are those mentioned by several Reddit contributors and, sometimes, many more.

1. Kirkland Signature Pepperoni Pizza

While some contributors appreciate the fact that children will eat anything and these pizzas come in a four-pack, they also found the taste relatively terrible. One commenter remarked that the pizza “still tastes like cardboard” after adding fresh toppings.

According to the folks on Reddit, there are so many other really good frozen pizza brands available, it’s a shame to settle on one that’s not enjoyable.

2. Kirkland Signature Organic Marinara Sauce

Like the pizza, Reddit contributors said they felt compelled to add their own ingredients to this marinara, primarily because it’s so bland. One person called it a “starter” for their own red sauce due to its bland taste, and another said they purchased a three-pack on sale and only eat it in an emergency.

Buying products you truly enjoy when they go on sale is a good way to pay less for groceries. Click here for the best high-yield savings accounts to stash the cash you save.

3. Kirkland Signature Rotisserie Chicken

Given that Costco sells millions of its famous rotisserie chickens annually, I assumed everyone loved them. As it turns out, some Costco shoppers don’t think the birds are much of a bargain, even at $5.

One contributor said it tastes like chemicals that they can’t untaste. Others complained that the rotisserie chicken was “too greasy,” “too salty,” or otherwise “tasted off.” In short, some Costco members prefer purchasing their chicken elsewhere.

4. Kirkland Signature Platinum Performance UltraShine Dishwasher Detergent Pacs

At $0.12 apiece, it’s easy to understand why anyone would buy these dishwasher pods. Still, reviews are mixed. People who think they’re a waste of money appear to have a list of reasons, while plenty of Costco members believe they’re the best thing ever. According to the comments, performance may have something to do with the type of dishwasher used.

In any case, UltraShine dishwasher detergent pacs may be one of those products you must try before deciding if they’re worth the savings. If, like one commenter, you find they leave a film or your dishes don’t come out as clean as they do with a name-brand detergent, you may not be wild about them.

5. Kirkland Shelf Stable Almond Milk

For some households, it’s easy to imagine how convenient it would be to have nut milk that can be left on a shelf until opened, especially if they’re watching their finances and buying in bulk. Still, not everyone is fond of Kirkland’s version.

One person said it always has a “funky taste,” while another said they’re going back to Almond Breeze. Another contributor replied, “Yep, I’ll pay a couple of dollars extra for Silk.”

With 132 million Costco members, there’s no way there will ever be a consensus on a single Kirkland product. However, there will always be favorites and products that people have tried but don’t view as bargains. One of the fun things about being a Costco member is trying new products and deciding for yourself.

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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.Dana George has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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Should you put $10,000 into a CD today? Read on to find out if it makes sense for you. [[{“value”:”

Not long ago, CDs were paying 5%. And a lot of people rushed to open one while they could.

But ever since the Fed lowered its benchmark interest rate in mid-September, CD rates have been falling. So have savings account rates. And while you might still snag a CD in the 4% range, good luck finding that magical 5%.

You may be wondering if $10,000 is too much to put into a CD now that rates are lower. And the answer is, it depends.

Focus on your deposit, not the rate

CDs may not be paying 5% anymore, but today’s rates are close enough. And if you shop around for a CD, you may find a rate you’re happy with. Click here for a roundup of the top CD rates today.

For this reason, the question you should be asking yourself isn’t whether opening a $10,000 CD makes sense now that rates are a bit below 5%. Rather, you should be asking whether opening a $10,000 CD makes sense at all.

When it pays to open a CD

Opening a CD is a good idea when you’re putting that money aside for a short-term goal. If you’re earmarking that money for a new car purchase in two years or a new home in four years, then a CD is a great idea. But if it’s money you don’t plan to use for about seven years or longer, then you’re generally better off investing it rather than limiting yourself to a CD.

The danger of investing money is that the value of your assets could decline. But you can lower that risk by investing over a long period, which allows you to ride out market downturns.

That’s why you shouldn’t invest money you might need in five years or less. That’s not necessarily enough time to recover from a stock market decline. But having a slightly longer period to work with makes stocks a more appropriate investment. And the more years you have, the better — not only for the purpose of limiting your risk, but for the purpose of growing your money.

Stocks may provide stronger long-term returns

Over the past 50 years, the S&P 500 has averaged an annual 10% return. That accounts for strong years and weak ones. You’re probably not even going to get 4% a year from CDs on a long-term basis. But for the purpose of illustrating an example, let’s say you do.

If you put $10,000 into a stock portfolio with a 10% return, in 20 years, you’ll have $67,275. If you put $10,000 into CDs with a 4% return, in 20 years, you’ll have a little under $22,000. Which sounds better to you? If it’s the first result, click here for a list of the best brokerage accounts so you can start investing immediately.

Make the right choice

If a CD is a better choice for your money than stocks, then there’s nothing wrong with putting $10,000 into one. But if stocks are a better choice given your savings timeline and goal, then put that $10,000 into a brokerage account. Doing so might leave you with a lot more money in the end.

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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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Hotel costs can take up a big chunk of your travel budget. Save on your next vacation with these travel hacks for more affordable hotel stays. [[{“value”:”

It doesn’t get much better than staying at a nice hotel for a fraction of the usual price. I did so earlier this summer, redeeming points I’d earned on one of my top travel rewards cards. When you save on the hotel, you can spend more on activities, going out to eat, and the rest of your trip.

While hotel stays can be expensive, there are also lots of ways to pay less than the normal nightly rate. Here are the best travel hacks you can use to book cheap hotel stays.

1. Sign up for hotel loyalty programs and look for ways to earn bonus points

We’ll start with a simple one. Sign up for an account with the loyalty programs for any hotels you visit. It’s free, and you’ll earn points you can redeem toward stays.

As a loyalty program member, you earn points every time you stay with a hotel. Many hotels also offer ways to earn bonus points. For example, I recently received an offer to earn 1,250 Hilton Honors points for completing a quick survey. Hotels often send out offers like these by email, so keep an eye out for them.

The fastest way I’ve found to earn bonus points is with hotel credit cards. These usually have welcome offers for new cardholders, and some of them offer 100,000 bonus points or more! Click here to see our list of the best hotel cards and open one today.

2. Open a hotel card with a free night certificate

Hotel credit cards are useful for more than just earning points. They also have other special perks, and one of the most common is a free night certificate. You typically get one per year, but some cards also give you the opportunity to earn more if you spend enough.

The hotel cards that have free night certificates also charge annual fees. But it’s possible to save much more from the free night than you pay for the annual fee. There are highly rated credit cards with $95 annual fees and free night certificates you can use at properties costing $250 or more per night.

3. Visit in the shoulder season

Tourist destinations generally have three seasons:

The busy peak season when prices are highestThe offseason when prices are lowestThe shoulder season that falls in-between the two

If visiting during the peak season isn’t a must, you can save big by booking a stay during the shoulder season. Viqal, a virtual concierge for hotel groups, reports that hotels may offer discounts of 10% to 25% during the shoulder season.

A trip during the shoulder season is also a good choice if you want to avoid the crowds. Destinations won’t be completely dead like during the offseason, but they also won’t be packed with people.

4. Get a package deal with a travel agency

Instead of booking your flight, hotels, and activities separately, look for a package deal. Travel providers generally buy airfare and hotel rooms in bulk for these packages, so they’re able to get a discounted rate.

Package deals aren’t always cheaper. You’ll have to do the math to make sure. But they can be, and they’re also a convenient option that saves you time when booking your trip.

If you have a Costco membership, Costco Travel is worth checking out. It’s known for offering high-quality and reasonably priced package vacation deals.

5. Book a last-minute getaway

Sometimes, waiting until the last minute can work out in your favor. When booking a hotel stay, it could save you some money. Average room rates are 13% lower for stays booked 15 days out than for stays booked four months in advance, according to a study by NerdWallet.

The last-minute deals are even better at high-end hotels. Average room rates were 22% less 15 days out than they were when booked four months in advance.

When booking a hotel, it pays to know a few travel hacks. I’ve used those hacks to save hundreds and even thousands of dollars on hotel stays, and anyone could do the same.

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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.Lyle Daly has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

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