loanDepot has named Darren Graeler as executive vice president and chief accounting officer. He will succeed current CFO David Hayes as the publicly traded lender’s chief accounting officer.
The company will pay Graeler a base salary of $335,000 with an annual target bonus of 100% of base salary, according to a filing registered with the Securities and Exchange Commission (SEC) on Thursday.
Graeler will receive an initial grant of 117,925 restricted stock units, which will vest in three equal installments in the first three years, subject to continued employment.
Under the employment agreement, Graeler will be eligible for annual equity awards, subject to approval by the compensation committee of the board.
Graeler has served as loandepot’s senior vice president of corporate accounting since July 2018. Prior to joining loanDepot, Graeler was a founding partner of Financial Services Advisory Partners LLC, a business advisory and management consulting firm.
loanDepot did not respond to a request for comment.
loanDepot announced Hayes’ appointment as chief financial officer just over a month ago, and he has held the CFA role for a few weeks following the departure of Nicole Carrillo. Hayes replaced longtime CFO Patrick Flanagan, who, along with several other executives, left amid and following a dispute between executive chairman Anthony Hsieh and the board of directors.
How often do you go to the supermarket? Could you get by making only one trip per month? What if it saved you money?
My wife and I are both reading America’s Cheapest Family by Steve and Annette Economides. During his time as an ad salesman, Steve was “shocked to read in a food industry publication that grocers expect six of ten items consumers pick up in the store to be unplanned purchases.”
Steve and Annette discovered that scientific research backs up what grocers already knew. In their book, the Economides cite a study analyzing the decisions of 4,200 customers who made 30,000 purchases in fourteen different cities. Researchers found:
“Shoppers making a ‘quick trip’ to the store to pick up a few specific items usually purchase 54 percent more than they planned.”
“Forty-seven percent of shoppers go to the store three or four times each week.”
“Consumers graze at the grocery store, with impulse buys making up between 50.8 and 67.7 percent of total purchase.”
When people shop more often, they buy more stuff.
What’s the solution? For the past 25 years, Steve and Annette, America’s cheapest family, have practiced once-a-month shopping. They only go grocery shopping 12 times a year. This boggles my mind; Kris and I shop every week. (Lately I’ve been making many supplementary grocery trips, and my food budget reflects that.)
Once-a-Month Shopping
How does shopping once a month work? First of all, it takes time. It also takes organization. Here’s how the Economides do it:
They make a list of the things they need, which they update continually. They also use meal plans (click here for a $14 day trial to $5 Meal Plan).
They accumulate coupon and ads for the things they use and the stores they frequent. During the days before their monthly shopping trip, they match sales and discounts to the items on their list.
They divide and conquer. Steve tackles the perimeter of the stores (meat, produce, dairy, and baked goods) while Annette scours the center (processed food, household goods, baking supplies).
They leave younger children with a babysitter. The Economides have found that they save time and money by leaving younger children at home instead of letting them distract them from the task at hand. Older children, however, can actually help.
They hit multiple stores. Different stores have different strengths. If you shop every week, it may not make sense to drive all over town to save a few pennies. By shopping just once a month, however, travel costs are diminished.
When they have the food home, they prioritize perishables. Certain produce (grapes, bananas) need to be consumed earlier in the month. Other foods (milk, bread) may need to be frozen.
The Economides admit that each monthly shopping trip takes longer than a weekly shopping trip. But overall the process saves time and money. For one thing, it cuts down on the number of opportunities for impulse purchases.
Once-a-month shopping has worked so well for them that they’ve been doing it since 1984!
Putting the Plan Into Practice
“This would never work for you,” Kris said when she and I discussed this concept. “You shop all the time.”
She’s right. Since I started working from home, I find myself at the grocery store several times each week. For example, I might crave a rotisserie chicken for dinner, so I head to the store to indulge my whim. While this sounds nice, it’s actually costing me more money.
I’m indulging my whims, which tend toward more expensive foods.
Each time I go to the store, I tend to buy extras. That rotisserie chicken turns into chicken and a bottle of wine and a loaf of bread, for example.
We’re wasting more food. I’m not eating leftovers, and sometimes (I’m ashamed to admit), I let other food expire.
Could Kris and I get by shopping just once a month? We’re willing to give it a try. She and I have agreed to start by cutting our trips to twice a month (with a supplemental weekly run for milk and eggs). If this works, we’ll make them even less often. The most difficult part, however, will be restraining myself from those quick trips for impulse meals.
Update: Many readers are concerned about how once-a-month shopping would affect their supply of fresh fruits and vegetables. Here’s what Steve and Annette say in their book:
Limiting our trips to the store means that certain fruits and vegetables must be eaten earlier in the month because they are more perishable. Grapes and bananas usually last a week. Once they’re gone, we move on to other fruits. Pears, lettuce, cucumbers, and peppers can last two weeks. Apples, cabbage, radishes, oranges, and celery can last a month.
We are often asked about storing bread, cheese, and milk. How could we possibly make those last a month? Well, we carefully freeze all three.
You should do what works for you. Kris and I are going to try twice-a-month shopping; the key idea is to reduce the number of trips to the supermarket.
Related note: At AskMetafilter recently, nitsuj asked, What’s your secret tip for saving money at the grocery store?”
We all know how to rent a typical, cookie-cutter apartment or house. Find a contact number. Set-up a walk through. Fill out the application. Pay your fee and wait for a response.
But sometimes typical just doesn’t cut it.
Maybe you’re looking to secure a unique apartment in an irresistible location. Or you might be seeking the only house for rent in a certain school district. Heck, you may even find yourself in New Zealand needing a short-term (3-month) lease when everyone wants a 6-month minimum. *raises hand*
Whatever your motivation, here are nine ways you can knock the socks off your next landlord or property manager:
1. Create a Rental Résumé. Treat this like you would a job search. The majority of applications are going to ask for the same information. Put together a basic one- or two-page document containing this commonly requested information. Even if the landlord or property manager makes you fill out the application anyway, at least you’ll already have everything on hand. Be sure to include:
Full names of everyone on application
Dates of Birth
Contact information (phone and e-mail)
Current address (length, landlord information, reason for leaving)
Previous addresses (with additional information)
Social Security numbers Previous commenters note that you may want to wait to reveal your Social Security information
Current employment information (salary, length, contact information)
Past employment (with additional information)
Personal references
Vehicle information (make, model, plates, driver’s license number)
Pet(s) information (breed, size, age)
2. Pull your own credit report. Use AnnualCreditReport.com, if possible. Pulling your own credit report ahead of time will ensure that you are aware of the information contained in the report. If there are any negative marks, be sure to include a written statement of explanation (especially for any bankruptcies, evictions, or missed rent payments).
3. Obtain and include full letters of reference. Most rental applications only ask for the contact information of your references. However, as with a job, you can go the extra mile by including full letters of recommendation from previous landlords, property managers, or apartment complexes. As a property manager, I was more than willing to write these for our best tenants. Many apartment complexes have a standard reference letter they provide to past tenants upon request.
4. Provide copies of commonly requested “further information”. This is especially important for the self-employed or those with inconsistent employment length. Commonly requested information can include copies of recent paystubs, recent years’ tax returns, net worth statements, bank statements, and income/expense reports for small businesses. Also, landlords may request copies of identification like driver’s licenses, social security cards, or birth certificates.
5. Look sharp. Whether you like it or not, appearance does matter, especially for first impressions. Wash the purple dye out of your mohawk, lose the three wolves T-shirt, and dress business casual. (J.D.’s note: Did anyone notice that Dwight was wearing the three wolves t-shirt on The Office recently? I just about died laughing.)
6. Be five minutes early. Waiting does not impress anyone.
7. Find common ground. In any social encounter, discussing a topic that is familiar to both parties is one of the fastest ways to build rapport. When Courtney and I were searching for apartments here in Auckland, we talked to many different agents and owners. Early on in each discussion, I brought up the fact that I had owned a property management company back in the States. It gave us an immediate connection and built instant trust. While you may not have direct real estate experience, chances are there will be many opportunities for you to find common ground of your own.
8. Know your needs and wants ahead of time. This is a important. Decide ahead of time what features are absolute musts and which are more negotiable. For example, you may know that you need a fenced in backyard for the dog. Or, you may only be willing to consider homes with a detached garage for working on your cars as a hobby. On the other hand, an included washer/dryer may only be a strong want. You’d be willing to purchase these if the rest of the property fit your needs. Get clear on this distinction and be able to articulate this to your potential landlord or manager.
9. Don’t be afraid to ask questions. As a property manager, I always had a weird feeling about tenants who appeared nervous or who seemed afraid to ask questions. The potential tenants whom impressed me the most appeared confident, stated what they were looking for, and asked specific questions about the property. For example, it’s perfectly reasonable (and somewhat expected) to inquire about the average costs of monthly utilities.
Once you’ve established yourself as a strong candidate…leverage it! Knocking the socks off your landlord is not just for fun! After positioning yourself as an ideal applicant, don’t be afraid to start negotiating.
Here in Auckland, Courtney and I had luck negotiating ourselves into a three-month lease even though it ended in the middle of December (bad timing when trying to re-rent). At our last apartment in the States, the complex ended up waiving both the application fee and our required deposit.
Try asking for a 10% rent discount. Many apartment complexes run unadvertised specials, and the individual landlord will often discount if he believes you’ll be a quality tenant.
I’ve seen people have luck requesting upgrades on appliances or requiring that an owner furnish a washer/dryer when previously it wasn’t included. If your condo or apartment charges extra for amenities (gym, pool, parking), try asking for access to be included in your rent.
Most people are scared because they think it’s uncommon to ask for more. I’ve been on both sides of the rental equation and this sort of negotiation happens all the time. If you don’t ask, the answer will always be “no”. So get out there, impress some people, and take your apartment or house hunting to the next level!
Financial market participants are still dealing with the comments made by President Trump about steel and aluminum tariffs. These trade war concerns are pushing down both stocks and bond yields, keeping mortgage rates down to kick off the week. Later on in the week, we could see rates adjust when the monthly jobs report for February comes out. Read on for more details.
[embedded content]
Market Outlook 3.5.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Trade war concerns still influencing investors
President Trump made some comments late last week about implementing tariffs on steel and aluminum imports. Unsurprisingly, nation’s facing these tariffs did not appreciate hearing this news, leading investors to fear a possible trade war.
Already we’ve seen several proposals from the European Union for tariffs on U.S. products. Investors are still dealing with the jitters, as all of major market indexes in the U.S. are trading in the red.
The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going), is currently trading at 2.84%. That’s down slightly from its opening position. Mortgage rates typically move in the same direction as the 10-year yield, so rates are flat to lower as we begin the week.
Monthly Jobs Report Big Report Out This Week
Looking ahead to the rest of the week, the main economic report for investors will certainly be the Employment Situation (a.k.a. the monthly jobs report) for February.
That report is always one of the biggest market movers each month, and there’s no reason the believe that this time around will be any different.
Financial market participants will of course be looking at the headline reading of jobs added; however, they will be especially interested in the average hourly earnings reading to see if there is any upward inflationary pressure.
Analysts are calling for a monthly uptick of 0.2%, so anything above that mark would be notable. At this point, these are the indicators that investors are looking at to help gauge what they think Federal Open Market Committee members will do at upcoming meetings.
We already have a quarter-point increase to the federal funds rate as a virtual lock at their next meeting in three weeks (86.0% chance of happening according to the CME Group), but after that, the future for monetary policy gets a little murky.
The dialogue has been back and forth as pundits clash about inflation and if it will increase at a pace that will necessitate a faster tightening schedule than previously anticipated.
At the start of the year, the general consensus among market participants was that there would be three rate hikes in 2018. Then we got a string of inflation reports that began to sway many investors into the position of four rate hikes in 2018.
The situation has settled somewhat the past two weeks but the groundwork has been laid for a surge in optimism if and when we do get some more strong inflation readings.
Rate/Float Recommendation
Lock now before rates move higher
We saw mortgage rates rise for the eighth consecutive week in the Freddie Mac Primary Mortgage Market Survey on Thursday. That brought the average rate on a 30-year fixed rate mortgage up to 4.43%. That’s a jump of forty-eight basis points since the start of the year.
Learn what you can do to get the best interest rate possible.
There is still a lot of talk about mortgage rates rising throughout the year, with several analysts calling for rates to his 5% by the time 2019 rolls around. Given this expectation, we think it makes sense for a lot of borrowers to lock in a rate on a purchase or refinance, sooner rather than later.
Today’s economic data:
PMI Services Index
The PMI services index hit 55.9 in February. That’s exactly what analysts had expected.
ISM Non-Mfg Index
The ISM non-mfg index hit 59.5 in February. Analysts had predicted a mark of 58.8.
Fedspeak
Fed Vice Chairman Randal Quarles at 1:15pm.
Notable events this week:
Monday:
PMI Services Index
ISM Non-Mfg Index
Fedspeak
Tuesday:
Fedspeak
Factory Orders
Wednesday:
Fedspeak
ADP Employment Report
International Trade
Productivity and Costs
EIA Petroleum Status Report
Beige Book
Thursday:
Jobless Claims
Friday:
Employment Situation for February
Fedspeak
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Credit unions saw savings account balances plunge in March, as members withdrew funds to cover daily needs and to search for higher yields.
The average credit union member had $13,818 in total savings deposits in March 2023, down from $14,104 in March 2022. The $286 year-over-year drop is the biggest in credit union history, according to a new report from TruStage (formerly CUNA Mutual Group), an insurance and financial services company that monitors the credit union industry.
The company said the dip was due to partly to middle-income members withdrawing savings to spend on hotels, airfares and restaurants now that the COVID-19 pandemic is coming to an end.
At the same time, some high-income members are withdrawing deposits in search of higher yields.
“This disintermediation of deposits is a big concern for credit unions and the economy in general, as falling deposits could lead to a credit contraction and slower economic growth,” said Steve Rick, chief economist for TruStage.
Overall for the first quarter, total shares and deposits rose by $37.6 billion, or 2%, over the year to $1.89 trillion, according to National Credit Union Administration data. But regular shares declined by $44.3 billion, or 6.5%, while other deposits — led by share certificate accounts — increased by $76.3 billion, or 9.8%.
Kinecta Federal Credit Union in Manhattan Beach, California, is one institution that has seen a dip in deposits and also a shift in the mix.
The $6.7 billion-asset credit union had total shares and deposits just below $6 billion at the end of the first quarter, down 3% from a year earlier.
Kinecta CEO Keith Sultemeier said there has been a consistent, gradual decline in demand deposits due to increased spending, as members are having to pay more for their daily purchases as prices increase.
“This is the primary driver of overall deposit declines,” Sultemeier said. “There is some discretionary spending of remaining COVID-19 stimulus, but this is mostly gone today.”
Kinecta’s deposit balance per member is down about 2.4% year over year, and the company has also seen a shift from demand deposits to time deposits — mostly from money market accounts to certificates of deposit, as those rates have increased.
“In our markets, we’ve seen competition for deposits heat up considerably. Banks and credit unions have increased rates to remain competitive, protect their existing deposit base and insure they maintain adequate liquidity,” Sultemeier said.
And net interest margins are getting squeezed as a result.
The scale and velocity of Federal Reserve rate increases and an inverted yield curve haven’t helped, but Sultemeier said the situation is manageable.
Kinecta is planning ahead for two additional rate increases from the Fed, but inflation has reportedly cooled, Sultemeier said. He is hopeful members will benefit from slower price increases, and the credit unions demand deposit decline should slow accordingly.
“We are comfortable with our liquidity and plan to keep our rates competitive, but will likely not seek high deposit growth this year,” Sultemeier said.
The news hasn’t been any better for banks, although there may be some hope on the horizon.
Deposits plummeted across the banking sector in March following the collapses of Silicon Valley Bank and Signature Bank. Depositors shifted funds from their savings and checking accounts to U.S. Treasuries and other safe havens amid the worry caused by the deposit runs that hastened the failures.
The U.S. banking sector lost 2.5% of its deposit base in the first quarter, according to S&P Global Market Intelligence data.
Federal Reserve data showed that most banks posted substantial deposit recoveries by April, and funding across the industry started to stabilize by May. Still, analysts are awaiting second-quarter bank earnings reports this month to get firm data on where deposits stand relative to the start of the year — prior to the failures.
Analysts widely expect that banks will report deposit levels are in steady recovery mode, but with interest rates high and competition fierce, the cost of that funding is widely projected to jump. This would cause net interest margins to contract, eating into profits.
“The deposit panic from several months ago appears to have subsided across the industry, as evidenced by stable-ish deposit levels,” said Piper Sandler analyst Matthew Clark. “A lasting impact, however, is that depositors have woken up to how much they can earn on their money, which has accelerated the shift into higher-yielding products.”
Geoff Bacino, a consultant and former NCUA board member, said the drop in credit union savings mirrors that of the rest of the financial industry. With the cost of most things going up, credit union members are experiencing the same hardships that many Americans are facing.
Even everyday items such as groceries are now being purchased through buy now/pay later programs, he said.
“There may not be much that credit unions can do to mitigate it, as these are factors beyond institutional control,” Bacino said. “But credit unions have to consider these factors when addressing issues with members such as collections and delinquencies.”
Mortgage rates spiked abruptly last week after several economic reports showed the economy doing better than expected. Now this week, key inflation data showed prices falling faster than expected. Rates responded with a full recovery despite giving up some of the improvement on Friday after strong Consumer Sentiment data.
If rates could only choose one thing to be afraid of, it would be inflation. Rates are based on bonds. Bonds offer investors a fixed schedule of cash flow. Over time, inflation can make that cash buy much less “stuff” than it did at first. Investors compensate by demanding higher rates of return, and that is essentially the short version of the great post-covid rate spike.
Up until this week, the most closely-watched inflation metric had been consolidating in an increasingly narrow, sideways pattern, but still at elevated levels. While it’s only one month of data, this is the promising breakout that fans of low rates have been hoping to see. In one fell swoop, the monthly pace of inflation is back at the lowest levels since early 2021.
Year-over-year inflation is also looking good, especially when energy and food prices are factored into the mix (blue line below):
The chart above illustrates the predicament for policymakers. The Fed sets short term rates in an attempt to constrain the economy and push inflation back to an annual pace of 2%. They focus on core inflation (orange line). As seen in the chart, we’re still quite a ways from 2%, and it will take another year of reports like the one we just saw before we’re back in that range. So the Fed has to decide if the current level of the Fed Funds Rate is enough to get us there with certainty.
On that note, the market expects the Fed to hike at least one more time in 2 weeks, but then to be even more heavily dependent on economic data. Looking ahead to the market expectations for the December Fed meeting, we can already see the Consumer Sentiment data push back against the positive impact from CPI.
Consumer Sentiment normally doesn’t compete with CPI when it comes to impacting rates, but this week’s report was very strong.
Longer term rates like 10yr Treasury yields followed a similar path to the Fed’s rate hike outlook this week, but they were more interested in the inflation data and less sensitive to the “yeah but” offered by the Consumer Sentiment data. Stocks were also more focused on CPI (and its implications for a friendlier Fed… a rising tide that tends to help stocks and bonds simultaneously).
In the bigger picture, yields are still very much in a holding pattern, but have notably made it back below the 3.84% level that had acted as a consistent ceiling up until last week.
Speaking of last week, the rate spike resulted in the Freddie Mac mortgage rate index jumping much higher this week, but don’t be alarmed. Freddie takes an average of the trailing 5 days. In terms of actual daily averages, rates fell sharply during the first four days of the week, and avoided losing too much ground on Friday.
Looking ahead, we’re in a bit of a summertime lull next week with none of the massively important economic reports seen over the past 2 weeks. It will also be the “blackout period” for the Fed. That refers to the 12 days leading up to a Fed announcement where Fed speakers abstain from commenting on policy. As such, the market sometimes speculates a bit more than it otherwise would about what the Fed is thinking, but that’s typically a bigger risk when the blackout period coincides with highly consequential data. Either way, this week’s gains are merely a start. It will take several more weeks–if not months–of economic data to conclusively shift rate momentum in a friendly direction.
Welcome to Albany, New York, a vibrant city brimming with exciting opportunities for newcomers. Perhaps you recently moved to Albany, or you’re just visiting, either way, you’ll find no shortage of activities in this charming capital of the Empire State. Unleash your inner history buff as you delve into the fascinating past of the state capital at the prestigious New York State Museum and the Albany Institute of History & Art. Need a breath of fresh air? Take a leisurely tour through the breathtaking Washington Park, where nature’s splendor surrounds you. With its abundance of cultural landmarks, outdoor escapades, and culinary delights, there are fun things to do everywhere you turn.
So, if you’re eager to become part of this community, whether through renting an apartment in Albany or finding your dream home for sale, this Redfin guide will be your trusted companion for fun things to do. Let’s get started.
1. Explore the New York State Museum
Visiting the New York State Museum is an experience that should be at the top of your Albany itinerary. As you step into the grand halls of this magnificent museum, a sense of awe takes hold as captivating exhibits, interactive displays, and a treasure trove of knowledge surround you. From ancient fossils to vibrant art collections, the museum offers a journey through New York’s rich history, diverse cultures, and remarkable achievements. Every corner invites exploration and discovery as you uncover the stories of the state’s Native American heritage, its pivotal role in shaping the nation, and its vibrant arts scene.
2. Take a stroll in Washington Park
This enchanting urban oasis of Washington Park beckons you with its serene atmosphere and picturesque surroundings. As you wander its winding paths, you’ll be greeted by the lush greenery, vibrant flower beds, and majestic trees that adorn the park. It’s a respite from the bustling city, offering a tranquil escape to rejuvenate your spirit and reconnect with nature. The park’s tranquil ponds, charming bridges, and meticulously manicured landscapes create a serene ambiance, perfect for reflection, leisurely walks, or even a delightful picnic with loved ones.
3. Visit the Albany Institute of History & Art
Stepping through the Albany Institute of History and Art doors, you’ll be instantly transported into where two worlds collide. The museum’s impressive collection encompasses artistic masterpieces, historical artifacts, and thought-provoking exhibitions. As you explore the galleries, you’ll discover captivating displays that chronicle the region’s past, from its indigenous roots to its pivotal role in shaping American history. Marvel at magnificent paintings, intricate sculptures, and exquisite decorative arts that showcase the ingenuity and talent of both local and international artists.
4. Enjoy a show at the Palace Theatre
A visit to the Palace Theatre in Albany is fun for anyone seeking unforgettable entertainment. With its opulent décor and grand ambiance, this historic venue offers an immersive experience that transports you to a bygone era of glamour and artistic excellence. From Broadway shows and musical performances to comedy acts and live concerts, the Palace Theatre hosts a diverse range of world-class events that cater to all tastes.
5. Take a boat tour on the Hudson River
A tour along the Hudson River is a chance to witness the city’s stunning landscape from a fresh perspective. As you sail on the water, you’ll be treated to breathtaking panoramic views of the rolling hills, lush greenery, and charming waterfront scenery. The boat tour allows you to appreciate Albany’s rich history and deep connection to the Hudson River, a vital lifeline shaping the city’s growth and development.
6. Check out the USS Slater
The USS Slater is a testament to the bravery and dedication of the men who served aboard during World War II. As you explore its corridors and compartments, you can imagine the lives of those who lived and fought on this formidable vessel. The ship’s exhibits and displays offer a glimpse into the daily life of the sailors, from the cramped living quarters to the intricacies of the ship’s operations. From the powerful guns to the intricate machinery, every aspect of the USS Slater tells a story of sacrifice, resilience, and the indomitable spirit of the American service members.
7. Indulge in local cuisine
Albany is a haven for food enthusiasts, boasting a vibrant culinary scene that showcases a delightful array of local cuisine. From beloved comfort foods to creative culinary fusions, the city has something to please every palate. Savor the flavors of classic New York-style pizza at one of the city’s iconic pizzerias, where perfectly thin crusts and delectable toppings are a testament to the art of pizza-making. Furthermore, Albany is also home to a thriving craft beer culture, with many breweries offering an impressive selection of handcrafted brews, from hoppy IPAs to rich stouts.
8. Attend a live performance at the Times Union Center
The Times Union Center is a world-class venue bringing the best entertainment, sports, and music to your doorstep. From thrilling concerts by renowned artists to adrenaline-pumping sporting events and captivating theatrical productions, the Times Union Center offers a diverse range of performances that cater to every taste and passion. The energy inside the arena is palpable as you join fellow fans, immersing yourself in the collective excitement and anticipation.
9. Visit the Albany Pine Bush Preserve
Go to the Albany Pine Bush Preserve to escape the hustle and bustle of downtown. With its beautiful landscape of rolling dunes, lush pine forests, and vibrant wildflowers, the preserve is truly a hidden gem. The preserve is home to various rare and endangered plant and animal species, making it a haven for wildlife enthusiasts and nature photographers. Whether you’re hiking, biking, or birdwatching, the preserve’s well-maintained trails and interpretive signage provide a rewarding experience.
10. Explore the Empire State Plaza
This sprawling plaza’s striking modernist design and structures are a testament to the city’s rich history and cultural significance. As you wander its expansive grounds, you’ll be captivated by the towering buildings, including the remarkable Corning Tower. It is the tallest skyscraper in the state outside of New York City. Additionally take in the panoramic views from the observation deck, where the breathtaking skyline of Albany unfolds before your eyes.
Spirit Airlines is known for its low fares and plentiful flights to popular vacation destinations. But because of the airline’s pricing model, choosing your seat and most other services beyond the ticket itself will cost you extra when flying Spirit.
Before you book your ticket, here’s what to know about seat selection on Spirit Airlines, including the types of seats available and how much they might cost.
Spirit Airlines seat assignment
As an ultra low-cost carrier, the rule of thumb on Spirit is that seat selection isn’t free, and customers can expect to pay for seats on each leg of their trip.
The only travelers who don’t have to pay a seat selection fee are Free Spirit elite status members, who get free seat selection as one of the program’s perks.
When booking, you can pay for seat selection and baggage as part of a bundle. Alternatively, you can choose your seats individually as a trip add-on during booking or anytime after — even at check-in.
Do I have to select a seat on Spirit Airlines?
Travelers hoping to fly as cheaply as possible can skip paying for seat selection altogether. In that case, the airline will randomly assign them a seat at check-in.
Yes, that means you could end up sitting apart from your travel companions: The airline states it can’t guarantee travelers will be assigned seats next to each other, even if they booked the tickets on one reservation.
However, the airline says gate agents and flight attendants will try to provide adjacent seats “when possible” for travelers ages 13 or younger who are traveling with an adult.
Notably, this assurance is not enough to meet the U.S. Department of Transportation’s new recommendations that airlines guarantee adjacent family seating for no additional cost.
Spirit Airlines seat types
Unlike other airlines that have a wide range of seat types and classes of service, it’s pretty straightforward on Spirit — there are just three options to choose from.
Standard seats
Spirit’s standard seats represent the vast majority of seats on the aircraft. You can buy a standard seat a la carte or purchase it as part of a bundle — which we’ll discuss in a moment.
While you may want to equate a standard seat to economy class on another airline, don’t expect much besides a place to sit. As a budget airline, you’ll generally have to pay for anything else you want, from soda and snacks to carry-on bags and other services.
Premium seats
On Spirit, premium seats are exit row seats that come with a bit of extra legroom but also require passengers to be able and willing to assist in an emergency. This means travelers under the age of 15 can’t choose these seats, per federal guidelines.
Big Front Seats
While Spirit doesn’t have a true first class, it does offer wider seats with more legroom at the front of the aircraft. The airline calls the seats in this section the Big Front Seats.
With eight or ten such seats available on each flight — depending on the aircraft — Big Front Seat passengers get up to 32% more legroom when compared to standard seats. There’s also no middle seat, as all Big Front Seats are either window or aisle seats.
Spirit Airlines seating chart
On the web, there are a few ways to see the Spirit seating chart. You can take a sneak peek before choosing a flight by selecting “seat map” on an itinerary you’re considering.
Once you do that, you can view seat types and availability on the plane, as shown in this example flight from Newark, New Jersey to Orlando, Florida.
When it comes time to select a seat while booking, the seat map will show the price of each seat. When you select a seat, a pop-up box will display the price, along with an image and additional information, like whether it’s an aisle or window seat.
If you’re selecting seats as part of a bundle, you’ll choose your seats using the same type of map, but seats included in the bundle will be listed at $0.
How to pick seats on Spirit Airlines
When it comes to selecting a seat on Spirit, you have three main options:
Pay to select seats a la carte while booking, or anytime up until check-in.
Pay for a bundle that includes seat selection, baggage and other benefits such as priority boarding.
Skip seat selection and pay nothing. This option will result in the airline randomly assigning you a seat at check-in.
Spirit Airlines seat selection fees
Seat assignment prices can vary dramatically based on the flight and the seat you choose. Spirit advertises the price for a standard seat as starting at $5 per flight and climbing as high as $200 under the most expensive circumstances.
The price of a Big Front Seat ranges from $12 to $750 per route, and will be pricier than standard seats for the extra space. You can also save money by paying to upgrade to a Big Front Seat on the day of your flight, but there’s always a chance there won’t be any available.
In NerdWallet’s analysis of airline seat fees, Spirit Airlines is the second most expensive among major U.S. airlines, at an average of $20 per seat per flight. Spirit trails only its budget airline counterpart, Frontier, in that ranking.
With such a wide range of prices, let’s see what these fees look like in practice. We priced out a summer weekend trip from Baltimore/Washington International Airport in Maryland to the Fort Lauderdale-Hollywood International Airport in Florida, with a base fare coming in at $229 round-trip. On the leg to Florida, seat selection fees start at $17 for a standard seat toward the back of the plane.
If we want to sit closer to the front of the plane, standard seats go for $18 or $27. Exit row seats are $33, while the larger, extra-legroom Big Front Seat costs $110.
For the return trip, the cheapest seats start at $20.
If we aren’t paying for extra baggage, and if we select the least expensive seat each way, our $228 ticket ultimately comes out to $265.
Spirit Airlines fee bundles
Instead of paying for seats separately, you can pay for one of Spirit’s bundles. These include a checked and/or full-size carry-on bag, a standard seat and other services for one price.
Like the seats themselves, the costs of the bundles vary by flight. And keep in mind you’ll need to pay for the bundle for both the outbound and return flight.
Before choosing a bundle, you’ll want to decide what services you need and then price out the best option.
Here’s what you get with Spirit’s two main bundles:
Seat selection
Other services included
Just For You Bundle
Standard seats included.
Shortcut boarding and one checked bag or one full-sized carry-on bag.
Bundle It Combo
Standard seats and premium (exit row) seats included. Big Front Seats not included.
Shortcut boarding, checked bag and full-sized carry-on bag, plus one free flight change allowed.
For our hypothetical trip from Baltimore to Fort Lauderdale with a $229 base fare, the Just for You bundle costs $69 each way. The Bundle It Combo tacks on $130 each way.
So if we decide to add on the Bundle It Combo, we would pay $489 — which might not be such a good deal.
If we only want one part of a bundle’s offerings — for example, a carry-on bag — and don’t need seat selection or priority boarding, it might make sense to skip the bundle and pay for the carry-on bag separately.
Spirit Saver$ Club
Members of Spirit’s subscription-based Saver$ Club receive discounts on seat selection for themselves and up to eight travel companions, along with other benefits like expedited security access, early boarding and ticket flexibility.
The program costs $69 for a 12-month membership, with 18-month and two-year memberships also available.
Spirit Airlines seat selection for elite members
One of the most useful perks of Spirit Airlines elite status is the ability to select a seat for free. Spirit’s seat selection benefits for elite status members are as follows:
Free Spirit Silver members get complimentary seat selection at check-in and may be able to move to an exit row seat prior to departure at no cost.
Free Spirit Gold members get complimentary seat selection when booking, including exit rows.
If you’re a frequent Spirit flyer, you can work toward Free Spirit elite status through flying and everyday spending using the Free Spirit® Travel More World Elite Mastercard®. Cardholders earn 1 Status Qualifying Point (SQP) per $10 spent on eligible purchases.
For context, it takes 2,000 SQP to reach Free Spirit Silver and earn complimentary seat selection at check-in. Gold status is earned once you reach 5,000 SQPs.
Spirit Airlines seat selection recapped
When flying a budget airline like Spirit Airlines, you should go in expecting that your ticket only gets you a spot on the plane and a personal item that fits under the seat. Anything else, including choosing your seat, will cost extra.
When booking a Spirit Airlines flight, a little research and strategy can help you save money. Figure out your greatest areas of need— whether it’s a full-sized bag, shortcut boarding or selecting a seat — and then compare the price of bundling your add-on services or paying for them individually.
And, if you’re planning to fly Spirit regularly, supplementing your flying with an airline-branded credit card is a great way to help you reach elite status and earn free seat selection.
(Top photo courtesy of Spirit Airlines)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
If you’re a pet owner, it’s important to invest in dog bed covers to protect your furry friend’s bed and provide extra comfort. When selecting a cover, it’s essential to choose one that’s durable, easy to clean, and fits snugly over your pet’s bed. With so many options available, it can be overwhelming, but customer reviews can provide useful feedback from other pet owners. Investing in a high-quality dog bed cover can save you money in the long run. Stay tuned for our top-ranking dog bed covers, selected and tested by our experts.
Moonsea Pet Bed Cover Grey Star Print
The Moonsea Waterproof Dog Bed Cover is a fantastic investment for pet owners who want to keep their furry friends comfortable and their home clean. Made of high-quality materials, this replacement cover is not only waterproof and washable, but also easy to remove and replace. The lovely grey star print adds a stylish touch to any home décor, while the quilted design provides extra cushioning and support for your pet. Measuring 30×20 inches, this cover fits most standard-sized dog beds and is suitable for both dogs and cats. Say goodbye to pet hair and stains with the Moonsea Waterproof Dog Bed Cover.
Waterproof, Washable, Easy to remove
Limited size options
Furhaven Water-Resistant Logo Print Dog Bed Cover (Large)
The Furhaven Replacement Dog Bed Cover is the perfect solution for pet owners who want a durable and comfortable bed cover for their furry friends. Made of water-resistant Oxford polycanvas material, this cover is perfect for indoor and outdoor use. The stone gray color with logo print adds a stylish touch to any home decor. The large size fits most dog beds and is easily washable for convenience. Give your dog the comfort and protection they deserve with the Furhaven Replacement Dog Bed Cover.
Water-resistant, Indoor/outdoor, Washable
Limited color options
LE SURE Dog Bed Cover – Large Grey Sherpa
The Lesure Dog Bed Cover is a must-have for pet owners looking to keep their furry friends comfortable and cozy. This washable and removable cover is designed to fit perfectly on the Orthopedic Pet Mad Beds, measuring 36x27x3.5 inches in grey L Grey-Sherpa. Made with high-quality materials, this cover is durable and easy to clean, making it ideal for everyday use. Whether your dog loves to snuggle up for a nap or needs extra support for their joints, the Lesure Dog Bed Cover has got you covered.
Washable and removable, Fits orthopedic beds, Soft Sherpa material
Limited color options
Ameritex Waterproof Dog Bed Cover Pet Blanket.
The Ameritex Waterproof Dog Bed Cover Pet Blanket for Furniture Bed Couch Sofa is a versatile and durable product that offers excellent protection for your furniture. Made with high-quality materials, this 52×82 inch reversible cover is perfect for pet owners looking to protect their couches or beds from pet hair, scratches, and spills. The waterproof design ensures easy cleaning and maintenance, while the grey and dark grey color options complement any home décor. Whether you have a large or small pet, this cover is a must-have for any pet owner looking to keep their furniture looking like new.
Waterproof, Reversible, Large size
May not fit all furniture
Dalema Waterproof Dog Bed Cover Grey
The Dalema Dog Bed Cover is a heavy duty and durable pet bed cover that is perfect for dog owners who want to protect their pet’s bed from spills, accidents, and wear and tear. Made from waterproof Oxford material, this cover is easy to clean and maintain, and is machine washable for added convenience. With a zipped design, it is easy to remove and replace, and it comes in a stylish grey color that will complement any decor. Measuring 36L x 27W x 4H inches, this cover is a great fit for most standard pet beds, and provides a comfortable and cozy sleeping surface for your furry friend.
Waterproof and durable, Easy to clean, Removable and washable
Only comes in one color
Coldwind Waterproof Dog Bed Cover with Sherpa Fleece
The Dog Bed Covers Replacement Washable (Cover Only) is a must-have for any pet owner looking to keep their furry friend’s bed clean and fresh. Made with waterproof material, this cover is easy to remove and wash. The Sherpa Fleece dog pillow cover is soft and comfortable, providing a cozy space for your pup to rest. With a size of 20 x 30 x 6inch, this cover fits most standard dog beds. Don’t let your dog sleep on a dirty bed, get the Dog Bed Covers Replacement Washable (Cover Only) today!
Washable and easy to remove, Waterproof for accidents, Soft and comfortable for pets
Limited sizing options
Explore Land Waterproof Dog Bed Cover Gray Canvas
The Waterproof Dog Bed Cover Canvas Washable Dog Crate Pad Replacement Cover is a game-changer for pet owners. Made of durable canvas material, this cover fits perfectly on a 36-inch crate and provides a waterproof barrier to protect the crate pad inside. The gray color with canvas design is stylish and modern, while the washable feature makes it easy to keep clean. This cover is perfect for pet owners who want to keep their crate clean and fresh for their furry friend.
Waterproof, Durable canvas material, Easy to wash
Limited color options
SELUGOVE Dog Bed Cover Black Waterproof 30x20x3 Inch
SELUGOVE Dog Bed Covers are the perfect solution for pet owners looking for a durable and waterproof bed liner. Made from thickened waterproof Oxford fabric, these covers are washable, reusable, and easy to maintain. The handles and zipper make it easy to remove and replace the cover whenever necessary. Perfect for small to medium-sized dogs weighing between 30-35 lbs, the Medium-30″ L × 20″ W × 3″ H Black size fits most standard dog beds. Keep your furry friend comfortable and your home clean with SELUGOVE Dog Bed Covers.
Waterproof, Washable, Reusable
Limited size options
snugcubby Waterproof Dog Bed Cover Replacement
The snugcubby Waterproof Dog Bed Cover is a must-have for any pet owner. Measuring 35″x26″x2.7″, this large dog bed cover is made with high-quality materials that are both waterproof and washable, making it easy to clean and maintain. Whether your furry friend loves to play in the mud or just needs a cozy place to rest, this cover is the perfect solution. It fits snugly over any standard dog bed, and the removable design makes it convenient for washing. Give your pet the comfort and cleanliness they deserve with the snugcubby Waterproof Dog Bed Cover.
Waterproof, Washable, Removable cover
Limited color options
MIHIKK Orthopedic Dog Bed with Removable Cover
The MIHIKK Orthopedic Dog Bed is a must-have for any pet parent looking to provide their furry friend with the best sleeping experience. This luxurious plush bed comes in a grey color and is available in various sizes, including large, jumbo, medium, and small dogs. The bed features an anti-slip egg foam pet sleeping mattress that provides orthopedic support for your pet’s joints, making it perfect for senior dogs or those with joint issues. The bed also comes with a removable waterproof cover, making it easy to clean and maintain. Give your pet the gift of comfort with the MIHIKK Orthopedic Dog Bed.
Orthopedic support for dogs, Luxurious plush and comfortable, Waterproof cover for easy cleaning
Not available in all sizes
FAQ
Q: How do I choose the right size dog bed cover?
A: The easiest way to determine the right size cover for your dog bed is to measure the bed itself. Measure the length, width, and height of the bed and then add a few inches to each measurement to ensure a proper fit. Also, consider the thickness of the mattress or cushion that will be inside the cover. It’s better to have a cover that’s slightly too big than one that’s too small and won’t fit properly.
Q: What materials should I look for in a dog bed cover?
A: Look for covers made of durable materials that are easy to clean and maintain. Many covers are made of cotton, microfiber, or polyester and are machine-washable. Some covers even have waterproof or water-resistant coatings to protect against accidents. Consider the climate and your dog’s habits when choosing a material. For example, if your dog likes to chew or scratch at their bed, a more durable material like canvas or denim may be a better choice.
Q: Are there any special features to look for in a dog bed cover?
A: Some dog bed covers come with special features that can make them more comfortable or convenient for you and your pet. Look for covers with non-slip bottoms to prevent sliding or covers with handles for easy transport. Covers with zippers or removable sections can also be helpful for cleaning or switching out inserts. Some covers even come with extra padding or cooling features to keep your dog comfortable year-round. Consider what features are most important to you and your furry friend when making your choice.
Conclusions
In conclusion, finding the perfect dog bed cover that meets your pet’s needs and your lifestyle can be a daunting task. However, after thorough research and testing, we recommend two products that stand out from the rest. Firstly, the Waterproof Dog Bed Covers Replacement Washable Pet Hair Easy to Remove, Dog Pillow Cover Quilted, Pet Bed Cover Lovely Grey Star Print, Puppy Bed Cover is a great choice for its durability, easy maintenance, and stylish design. Secondly, the Lesure Dog Bed Cover – Large Dog Bed Washable Removable Cover, Replacement Cover for Orthopedic Pet Mad Beds, 36x27x3.5 Inches Grey L Grey-Sherpa is a top pick for its quality materials, comfortable texture, and compatibility with orthopedic pet beds. We hope this review has been helpful in guiding you towards the perfect dog bed cover for your furry friend. Don’t forget to do further research and choose the one that best suits your pet’s needs. Thank you for reading, and we wish you and your furry friend all the best!
The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.
Credit hacks like challenging errors on your credit, lowering credit use, increasing available credit, and becoming an authorized user may help increase your credit score.
Preparing for a mortgage application, looking to upgrade your credit card or simply wanting to improve your credit ASAP? While creditworthiness is a long-term investment and your score will need to be cultivated over time, these credit hacks may help you improve or repair your credit relatively fast. However, there are no guarantees when it comes to credit, so know that results will vary based on the specifics of your situation.
Below, we’ll break down our top 12 credit tactics into three broad categories: credit score hacks for quick gains, credit repair hacks for efficiently rebuilding damaged credit, and credit card hacks to help you improve your standing by effectively managing credit card debt.
Top 12 credit hacks
Challenge inaccuracies on your credit report
Consider paying off installment loans
Lower your credit usage
Increase your available credit
Write a goodwill letter
Become an authorized user
Open a secured credit card
Apply for a credit builder loan
Work with a credit repair company
Consolidate debt from multiple credit cards
Use the snowball method to pay off credit cards
Use the avalanche method to pay off credit cards
Credit score hacks
Determined by factors including debt repayment history, overall credit utilization, and the age of your credit lines, your credit score can affect many vital aspects of your financial life. Everything from credit card interest rates to whether you qualify for an apartment could depend on that number.
If you could use a credit boost for any reason, these actions could help you get a higher score in a short period of time.
1. Challenge inaccuracies on your credit report
In some cases, your credit score may be lower than it should be due to a reporting error. Here’s how to identify and remove inaccuracies like mistaken late payments from your report:
Step 1: Request a copy of your credit reports from AnnualCreditReport.com.
Step 2: Read your credit report carefully, specifically looking for any errors in personal information, listed accounts, late payments, or duplicates.
Step 3: If you discover anything you believe is inaccurate, write a dispute letter (with return service requested) to the bureau’s address explaining the inaccuracy.
Step 4: Wait 30 to 45 days for a response.
2. Consider paying off installment loans
Installment loans like mortgages, student loans, or personal loans are essentially lump-sum amounts that you borrow and then repay over time. Paying these off may have a positive impact on your credit score in some situations.
Loans and credit lines factor into your debt-to-income ratio (DTI), or the percentage of your income that goes toward repaying debts every month. Although your DTI doesn’t factor into your credit score, it does matter for many housing situations, as lenders prefer to see this number stay lower than 36 to 43 percent for homeowners and below 15 to 20 percent for renters.
If your DTI ratio is above that range and you have installment loans, you may want to consider paying off one or more to bring the ratio down. This could be especially helpful if you have one or more loans with a high interest rate.
3. Lower your credit usage
One of the most important credit scoring factors is how much of your available credit you use. It’s recommended to keep this ratio below 30 percent. Cutting a high credit utilization ratio to below that threshold could give you a relatively quick credit boost compared to longer-term strategies.
Let’s say you have one credit card with a $500 limit and charge $200 every month on it. In this example, your utilization rate is 40 percent. To keep your utilization rate below 30 percent, you’ll want to cut your charges to less than $150 per month.
4. Increase your available credit
If it’s not feasible to lower your credit usage, you may want to consider increasing your available credit. In the example above, if you add a second credit card with a $500 limit on top of your current $500-limit card, you would double your total available credit to $1,000. The same $200 charge each month would drop from 40 percent to 20 percent of your available credit.
Be aware, however, that applying for a new credit card comes with a hard inquiry, which will temporarily hurt your credit score. Also consider that you may be tempted to use more credit if it’s available, so this option may only be effective if it doesn’t otherwise affect your spending habits.
5. Write a goodwill letter
If a late or missed payment is dragging down your credit, a goodwill letter could get the negative mark removed from your credit report. This letter is essentially a request to a specific lender to have that item struck from your report based on an otherwise strong payment history.
Lenders are by no means required to follow through on these requests—hence the name. But since this tactic is free and carries virtually no negative consequences, it’s worth a shot. If you choose to try this, your letter should include:
Your account number
A description and the date of the negative mark
Details about your history with the lender
An explanation of why this was a one-off event that hasn’t happened since and won’t happen again
A specific request to have the item removed from your credit report for all three bureaus
Credit repair hacks
Whether you’re working to correct past late payments, get out of a cycle of debt or fix past financial mistakes, credit repair can take time. But if you need to know how to quickly build credit after it’s been damaged, these four tactics may be able to help you restore your standing as soon as possible.
6. Become an authorized user
By becoming an authorized user on someone else’s account, you can benefit from their on-time payments. An authorized user is essentially a secondary person who is authorized to use a credit line without being responsible for repaying it. This allows that authorized user to potentially improve their credit without making other significant changes to their own spending or accounts.
However, this does come with risk for the account holder and has some limitations on who is eligible. If the authorized user racks up debt the account holder can’t afford to pay off, this could backfire. Due to this liability, this is only a good option if you have someone in your life who shares an immense amount of mutual trust with you, such as a family member or significant other.
7. Open a secured credit card
Secured credit cards can be great credit-building options for those who have trouble qualifying for standard credit cards. These cards require an up-front deposit, which typically becomes the card’s credit limit.
By making on-time payments, you may be able to build your credit up enough to qualify for a standard credit card with a higher limit, which would also increase your total available credit and potentially lower your credit utilization rate.
8. Apply for a credit builder loan
Designed to help people with low or no credit improve their scores, credit builder loans work like regular loans—but in reverse. Rather than getting money up front that you pay back over time, you pay into a savings account for a set period of time and then receive the loan amount afterward.
Here are some tips for taking advantage of a credit builder loan:
Ensure you can afford to dedicate enough funds every month to building up the full loan amount.
Consider getting a smaller loan amount than you may need to keep your monthly payments manageable.
Make each payment on time to help improve your credit.
Have a plan for the funds you receive from the loan, such as paying off other debts, contributing to a savings account, or making a down payment.
9. Work with a credit repair company
For some people, fixing credit may be best left to professionals. Credit repair companies are capable of reviewing credit reports, sending challenges, sending requests, and making individualized long-term credit plans. For a monthly fee, their teams can help you address issues on your credit report to ensure the information on your report is fair, accurate, and substantiated.
Credit card hacks
Navigating credit cards can be tricky. If you aren’t careful, high interest rates and long repayment terms can lead to a cycle of debt that can be hard to escape—and even harder to recover from. These credit card hacks could improve your credit score by helping you gain control of your debts, manage your repayments or pay off your balances efficiently.
10. Consolidate debt from multiple credit cards
If you’re having trouble managing repayments for multiple credit cards with balances that carry over from month to month, consider consolidating them with a personal loan or balance transfer.
Consolidating credit card debt with a personal loan
With typically high interest rates, credit cards come with expensive debt when their balances are repaid gradually. If you’re balancing debt from multiple credit cards but you have relatively strong credit, consider applying for a debt consolidation loan from a bank.
The personal loan you choose should be big enough to pay off all or most of your current credit card balances at once. The resulting loan should have considerably lower interest rates and offer the added benefit of reducing multiple monthly due dates to just one.
Consolidating credit card debt with a balance transfer
A balance transfer is basically a way to move debt from one account to another. This is particularly beneficial if you’re able to transfer a balance from a high-interest credit card to one featuring a promotional period with low or no interest. This window of time gives you an opportunity to pay off the debt from one credit card gradually without incurring interest charges.
11. Use the snowball method to pay off credit cards
For this approach to managing debt across multiple credit cards, you’ll focus on paying off the card with the lowest balance first. This strategy allows you to take an organized approach to debt reduction over time. Here’s what that process looks like.
Step 1: Set a monthly budget for the amount of money you can afford to allocate to credit card debt.
Step 2: Make only the minimum payments on every card except the one with the lowest balance.
Step 3: Spend the rest of your monthly credit card budget on paying down the card with the lowest total balance.
Step 4: Once you’ve paid that card’s balance in full, repeat the process for the card with the next-highest balance.
12. Use the avalanche method to pay off credit cards
Another way to manage multiple credit card payments is to target the card with the highest interest rate. The benefit of this approach is that it saves you money in the long term by reducing the amount of money you have to put toward interest payments. The process is otherwise the same as the snowball method.
Step 1: Decide on a budget for paying off credit card debt each month.
Step 2: Each month, pay the minimum amount due on every credit card except for the one with the highest interest rate.
Step 3: Dedicate your remaining credit card budget to over-paying the minimum on the card with the highest interest rate.
Step 4: When you’ve paid this card off, do the same for the card with the next-highest interest rate.
Can credit hacking help you reach your credit goals?
At the end of the day, there’s no substitute for executing a long-term credit plan and sticking to it.
There’s no shortcut to consistently using credit responsibly, managing your credit utilization ratio, and making on-time payments. However, these credit hacks could set you on your way toward repairing your credit quickly or growing your credit score sustainably. In the meantime, you may want to see if using a credit repair service may be beneficial for your unique situation. You can get a free credit snapshot today to see where you stand and how credit repair can help you work to reach your credit goals.
Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.
Reviewed By
Paola Bergauer
Associate Attorney
Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.
In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.