When people think of Kansas City, they often picture its vibrant downtown, known for its fountains, barbecue, and jazz music, but the true essence of living in Kansas City extends beyond the urban core. The suburbs of Kansas City are diverse residential areas that offer a quieter, more relaxed lifestyle while still providing easy access to the city’s thriving amenities. These KC suburbs are spread across various parts of the metropolitan area, each with its own unique character and appeal.
In this ApartmentGuide article, we’ll explore some of the most notable Kansas City suburbs—from historic towns to bustling modern communities—highlighting key aspects such as population, average rent, and what makes each area stand out. Whether you’re searching for the perfect apartment in Kansas City or curious about the different Kansas City neighborhoods, let’s discover the best parts of KC to call home.
Cost of living in Kansas City
Before we dive into the top Kansas City suburbs, let’s cover how much it costs to live in Kansas City. The overall cost of living in Kansas City is about 7% lower than the national average. Housing plays a significant role in this, with the median sale price for a home in Kansas City at around $290,000, which is 33% lower than the national average of $432,657. Rent follows a similar trend, with the average rent for a one-bedroom apartment in Kansas City at $1,336, also about 12% lower than the national average of $1,514.
While some suburbs around Kansas City offer more affordable options, others may provide higher-end, luxury living opportunities. Here, we’ll explore a range of top suburbs, providing different lifestyle and housing opportunities depending on your budget and preferences.
If you’re looking for more specific rental insights, check out our guides on the 9 Most Affordable Neighborhoods in Kansas City, MO for Renters in 2024 and the 9 Most Expensive Neighborhoods in Kansas City, MO to Rent in 2024.
1. Overland Park
Known for: High-end shopping, business hubs, and parks
Overland Park is one of Kansas City’s largest and most prominent suburbs, known for its sprawling parks, large retail centers, and thriving business districts. It has a blend of suburban convenience and access to nature, with several parks and recreational areas. Overland Park offers a balance of modern development and suburban charm.
Population: 200,000 Median home sale price: $483,750 Overland Park transportation scores: Walk Score 35, Bike Score 46, Transit Score 16
Apartments for rent in Overland Park, KS | Houses for rent in Overland Park, KS | Homes for sale in Overland Park, KS
2. Lee’s Summit
Known for: Small-town charm, vibrant community, and proximity to Kansas City
Lee’s Summit offers a balance of historic charm and modern amenities. With a walkable downtown full of shops and restaurants, this suburb is ideal for residents looking for small-town living with quick access to Kansas City. Outdoor enthusiasts enjoy the nearby lakes and parks, while the lively community atmosphere is marked by local events.
Population: 100,000 Median home sale price: $400,000 Lee’s Summit transportation scores: Walk Score 20, Bike Score 29
Apartments for rent in Lee’s Summit, MO | Houses for rent in Lee’s Summit, MO | Homes for sale in Lee’s Summit, MO
3. Liberty
Known for: Historic district, downtown charm, and outdoor spaces
Liberty is a historic suburb with a strong sense of tradition. Its picturesque downtown area is filled with charming shops, restaurants, and cultural attractions. With plenty of parks and outdoor spaces, Liberty appeals to those seeking a quieter, suburban lifestyle while still being close to Kansas City.
Population: 32,000 Median home sale price: $347,500 Liberty transportation scores: Walk Score 23, Bike Score 25
Apartments for rent in Liberty, MO | Houses for rent in Liberty, MO | Homes for sale in Liberty, MO
4. Olathe
Known for: New developments, strong community, and parks
Olathe is a fast-growing suburb known for its spacious new homes, good schools, and large community parks. It has become a hub for professionals looking to move out of the city and into a quieter, suburban area. Olathe’s large retail centers and recreational areas make it a well-rounded suburb for residents of all ages.
Population: 140,000 Median home sale price: $425,500 Olathe transportation scores: Walk Score 30, Bike Score 50, Transit Score 10
Apartments for rent in Olathe, KS | Houses for rent in Olathe, KS | Homes for sale in Olathe, KS
5. Blue Springs
Known for: Quiet neighborhoods, parks, and community vibe
Blue Springs is a quiet, community-oriented suburb with excellent parks, schools, and outdoor spaces. The nearby Lake Jacomo offers fishing, boating, and camping opportunities, and the small-town atmosphere attracts residents seeking a slower pace of life with easy access to Kansas City’s amenities.
Population: 56,000 Median home sale price: $330,000 Blue Springs transportation scores: Walk Score 25, Bike Score 31
Apartments for rent in Blue Springs, MO | Houses for rent in Blue Springs, MO | Homes for sale in Blue Springs, MO
6. Parkville
Known for: Small-town charm, historic downtown, and natural beauty
Parkville is a picturesque suburb located northwest of Kansas City, known for its charming downtown area, which offers antique shops, cafes, and a historic feel. Its proximity to the Missouri River provides ample opportunities for outdoor activities like hiking and fishing. Parkville is an ideal spot for those who prefer a quieter, small-town vibe while still being near the city.
Population: 7,100 Median home sale price: $614,300 Parkville transportation scores: Walk Score 51, Bike Score 36
Apartments for rent in Parkville, MO | Houses for rent in Parkville, MO | Homes for sale in Parkville, MO
7. Prairie Village
Known for: Tree-lined streets, boutique shops, and suburban lifestyle
Located just south of Kansas City, Prairie Village is a highly desirable suburb offering a mix of modern amenities and suburban comfort. The area is known for its tree-lined streets, beautiful homes, and an array of local boutique shops and restaurants. Prairie Village combines charm with convenience, providing a suburban feel while being close to downtown Kansas City.
Population: 21,700 Median home sale price: $518,500 Prairie Village transportation scores: Walk Score 42, Bike Score 37
Apartments for rent in Prairie Village, KS | Houses for rent in Prairie Village, KS | Homes for sale in Prairie Village, KS
8. Lenexa
Known for: Expanding developments, business districts, and active community
Lenexa is a growing suburb offering a strong sense of community, with new developments springing up to meet increasing demand. The suburb is home to a number of large businesses and commercial centers, making it a popular choice for professionals. Lenexa’s active community hosts events, farmers’ markets, and festivals year-round, creating a vibrant suburban experience.
Population: 55,000 Average rent for a one-bedroom apartment: $1,350 Median home sale price: $527,500 Lenexa transportation scores: Walk Score 33, Bike Score 44
Apartments for rent in Lenexa, KS | Houses for rent in Lenexa, KS | Homes for sale in Lenexa, KS
Methodology: The suburbs included in this list were selected based on their overall popularity, determined by search trends and housing demand in the Kansas City area. Average rent and home sale price data were sourced from Redfin and Rent.com as of October 2024. Transportation data, including Walk Scores, Bike Scores, and Transit Scores, was sourced from Walk Score.
PS LAX — originally called The Private Suite at LAX before the name was shortened in January 2020 — is a reservation-only passenger terminal that can be accessed before or after your flight. The lounge, which opened in May 2017, offers a luxurious experience, including chef-prepared food; a spa; 12 private suites; private TSA, customs and immigration; and a BMW that drives you directly to your plane. PS has locations in Los Angeles and Atlanta, with plans to expand to Dallas-Fort Worth and Miami.
PS LAX gave me free access to a private suite in the lounge, which would have otherwise run over $5,000. I stopped by before a trip where I was flying to Amsterdam for a few nights before a safari in Tanzania.
My take: The lounge is expensive — beginning at $1,095 per person to access The Salon (a communal area separate from the private suites) and $4,850 for up to four people to access the private suite — but it’s a remarkable experience for those who can afford it. Unlike with other lounges, there’s no easy way to get access through a premium credit card, although the lounge does offer complimentary annual membership to people with the AmEx Centurion Black Card, an invitation-only card for the wealthy (terms apply).
The private suite at PS LAX. (Photo by Josh Garber)
Getting to PS LAX
The walkway between suites at PS LAX. (Photo by Josh Garber)
PS LAX is in its own private terminal, located at 6875 W. Imperial Highway, Los Angeles, CA 90045. There are a few options for getting to PS LAX:
Arranging for transport through PS LAX
You can book transit to LAX directly through PS LAX, with pricing dependent on the type of car you book and where you live. For a car from Hollywood Hills West in Los Angeles, I was quoted the following rates:
$173.07 for a sedan for up to three passengers.
$255.36 for a Mercedes-Benz S-Class for up to three passengers or an SUV for up to six passengers.
Uber, Lyft or other rideshare
You can also arrange an Uber, Lyft or other rideshare to take you to PS LAX. I decided to take a Lyft Black, which came out to $83.49. One thing to keep in mind is that if you use a rideshare, the driver may not know exactly where the PS LAX terminal is, so you may want to order your rideshare car five or 10 minutes earlier than you might otherwise as a buffer.
Driving your own car
You can drive to PS LAX, but note that you may need to pay for parking depending on your membership status and how many days you stay and whether you’re accessing the suite or The Salon (more on that below). Here’s the pricing for valet parking at PS LAX:
All Access membership. 30 nights complimentary for the suite, two nights complimentary for The Salon.
The Salon membership. Two nights complimentary for The Salon.
No membership. $90 per night.
One perk to parking your car at PS LAX is that it will be cleaned for you. That service comes at an additional cost if you do not have an annual membership.
PS LAX amenities
PS LAX offers guests several amenities, including:
Spa services, including a table massage or a chair massage.
Private, line-free Transportation Security Administration screening and customs before departure (including a beverage area after you go through screening where you can fill up your water bottle or pick up complimentary drinks to take on the flight with you).
Customs and immigration services upon arrival.
Chef-prepared food.
12 private suites, including a double suite and a suite that has a private outdoor area.
An outdoor garden area that includes top-shelf food and drinks, as well as games, water features and shaded areas.
BMW car service that takes you directly to the aircraft door.
Instant luggage delivery on arrival.
Each suite has its own bathroom (including amenities like toothbrushes, razors and other toiletries that you can take with you), a pantry with food, a minibar, a two-person daybed and views of aircraft taking off and landing.
The TSA screening and passport control at PS LAX. (Photo by Josh Garber)
There are so many amenities at PS LAX that you’d be hard-pressed to use them all before your flight.
Dining experience
Dining at PS LAX feels like you’re at a restaurant, with a menu and chef-prepared food. While the exact food offerings may differ depending on when you fly, below is a sample of the food offered on the menu during my visit. (Note that breakfast is available from 5 a.m. to 11 a.m., with all other food served from 11 a.m. to 11:30 p.m.)
Seasonal fruit plate.
Breakfast grain bowl.
French omelet.
PS breakfast sandwich.
Eggs any style.
Chilaquiles.
Vegan tacos.
Avocado toast.
Charcuterie and cheese.
Margherita and seasonal flatbread.
Sandwiches
PS burger.
Maitake mushroom sandwich.
Southeast Asian fried chicken sandwich.
PS turkey sandwich.
Hanger steak.
Blackened seasoned Scottish salmon.
Pan-seared scallops.
Spinach sorpresine.
Pasta primavera alla chitarra.
Strawberry mousse.
Sticky toffee pudding.
Chocolate torte.
Note that the menu does not have pricing on it, but you will need to pay for food if you order off the menu.
Hanger steak at PS LAX. (Photo by Josh Garber)
Bar
PS LAX includes a bar called The Salon, and you have the option to purchase access only to The Salon (meaning you won’t have a private suite).
The Salon at PS LAX. (Photo by Josh Garber)
The bar is chic with plenty of top-shelf liquor, wine, beer and cocktail options. There are also non-alcoholic beverages, including non-alcoholic wine, zero-proof cocktails, soft drinks and Icelandic still or sparkling water.
The spa at PS LAX
A major perk of PS LAX is that it includes a spa, which can really help to reduce pre- and post-travel stress. All Access and The Salon members in a private suite receive a complimentary spa service, and other visitors can purchase spa services at the following rates:
$120 for a manicure.
$150 for a table or chair massage.
$100 for a haircut or barber service.
Massage table at the spa at PS LAX. (Photo by Josh Garber)
Personalized touches
Something that made the PS LAX special was the personalized touches from the staff. I visited PS LAX on my way to Amsterdam and Tanzania for a safari, a trip that I planned for my birthday.
I was surprised when I walked into my private suite to find that the staff had included stroopwafel and other Dutch treats, flags from the Netherlands and Tanzania, a Lonely Planet guide to Tanzania, a PS LAX hat and a birthday present and card that included Kiehl’s products and a travel amenity kit.
A table in the private suite that included Dutch- and Tanzania-themed presents. (Photo by Josh Garber)
How to access PS LAX
Memberships
Access to PS LAX and pricing depend on whether you’re a member and whether you want to access a private suite or have your visit include only The Salon. Below is an overview of PS LAX memberships and benefits:
Outdoor area accessible by all PS LAX guests. (Photo by Josh Garber)
Reservations
You’ll need to make a reservation to visit PS LAX, and access is on a space-available basis, with All Access members receiving priority access for the private suite and The Salon and The Salon members receiving priority access for The Salon.
If you have no membership, you’ll be put on a waitlist and receive notice generally 48 hours before your flight.
PS LAX BMW that picks you up after security to drive you directly to your plane. (Photo by Josh Garber)
Newly re-listed for $6,950,000, a meticulously renovated Texas mansion wows with its elegant interiors, generous proportions, and vibrant outdoor areas — all within a short drive from Dallas and Fort Worth.
Located in a prestigious gated community in Flower Mound, Texas, the massive 6-bedroom home has all the charm of a classic English manor. And it pairs its stately exterior with the finest modern finishes, including a Tesla Solar roof, smart home tech, and beautifully updated interiors.
For country music lovers, it comes with the added appeal of being owned by the family of beloved singer-songwriter Loretta Lynn, whose grandson currently owns the property. Ready for a quick tour?
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Set inside a prestigious gated community
Photo credit: Jason Anderson with JA2 Photo
Located in southwest Flower Mound on the north shore of Lake Grapevine, the home is part of a prestigious gated community called The Landing, which consists of about 60 homes built in the early 2000s.
Residents who live at The Landing on Lake Grapevine enjoy vibrant greenbelts, a private lake/pond, and equestrian facilities, as well as spacious homes built on lots spanning one to two acres of land.
The Texas mansion has 10,000 square feet of luxurious living space
Photo credit: Jason Anderson with JA2 Photo
The home we’re about to tour today sits on a two-acre lot and offers a generous 10,189 square feet of living space with 6 bedrooms, 7 bathrooms, and a host of communal and entertainment-ready spaces.
Listed for $6,950,000 with Damon and Megan Williamson of The Agency Dallas, the stately home also features quite a few smart home tech features, including a Tesla Solar Roof for clean energy and lower electricity bills.
The Texas mansion has ties to country music royalty
Photo credit: Jason Anderson with JA2 Photo
The house is being brought to market by Ethan Lyell, the grandson of country legend Loretta Lynn and great-nephew of Crystal Gayle. Lyell, a financial executive at a medical company, is one of 26 grandchildren of Loretta Lynn, a boundary-breaking country music icon who passed away in 2022.
The owners are selling as they’re retiring
Photo credit: Jason Anderson with JA2 Photo
Talking to Mansion Global, Lyell said he and his partner are parting ways with their impeccably renovated Texas residence to pursue their longtime plans of moving to Scotland when they retire and have already purchased a 50-acre oceanfront property there.
Recently transformed by its current owners
Photo credit: Jason Anderson with JA2 Photo
But before listing their two-acre suburban Texas abode, the couple embarked on a renovation for the ages.
The meticulously renovated home underwent an extensive transformation at the hands of the current owners, said to have cost as much as $5.5 million.
To include the finest finishes
Photo credit: Jason Anderson with JA2 Photo
The completely re-envisioned mansion showcases the highest-level finishes, fixtures, and textiles. A great amount of detail went into revamping the 1998-built home to its current elegant style, evident throughout thanks to beautifully honed surfaces, sleek hardware, and intricate light fixtures.
Inside the fully appointed kitchen
Photo credit: Jason Anderson with JA2 Photo
The stunning gourmet kitchen was redesigned to include two marble waterfall islands, inset furniture style cabinetry, a butler’s pantry, upscale Wolf appliances, and a Sub-Zero fridge.
The elegant primary bedroom
Photo credit: Jason Anderson with JA2 Photo
The Dallas-area home has an opulent owner’s retreat with a chic bath, two closets, two fireplaces, a coffee bar, and a separate den. Nearby we also find several living areas, a library, and a state-of-the-art gym.
With an ultra-stylish bath
Photo credit: Jason Anderson with JA2 Photo
A standout space is the polished primary bathroom, which features dual vanities, a freestanding tub, bright marble floors, gold accents and fixtures, and ample storage.
More bedrooms upstairs
Photo credit: Jason Anderson with JA2 Photo
Upstairs we find a few more bedrooms, a perfectly appointed game room, and a covered balcony that’s reminiscent of a treehouse, according to an older listing.
See also: Castle-like French estate near Dallas wows with its grand rooms, opulent interiors
Amenities & other rooms
Photo credit: Jason Anderson with JA2 Photo
Other notable areas of the house include additional living rooms, a charming library with floor-to-ceiling built-in bookshelves, and a fully equipped gym with a wall of windows that overlooks the backyard.
Modern additions
Photo credit: Jason Anderson with JA2 Photo
Behind its stately English manor exterior, the Texas home hides a wealth of modern conveniences and state-of-the-art tech, including a Control4 Smart Home system that controls lighting, audio, video, HVAC, gates, and security, among others.
The house also features a Tesla Solar Roof and six Carrier HVAC units for energy efficiency.
Surrounded by vibrant nature
Photo credit: Jason Anderson with JA2 Photo
The Flower Mound property sits on a large two-acre lot adorned with over 5,000 trees, shrubs, and perennials. There’s also a farm-to-table garden for fresh produce.
With plenty of outdoor amenities
Photo credit: Jason Anderson with JA2 Photo
With several seating areas and entertainment spaces, a pool and spa, and direct views of the serene Grapevine Lake, the outdoor areas are a private retreat fit for both relaxation and entertaining guests.
This isn’t the home’s first stint on the market
Photo credit: Jason Anderson with JA2 Photo
The Flower Mound, Texas mansion has recently been relisted with fresh representation and a $6.95 million asking price after previously being listed for $7.75 million earlier this year. Damon and Megan Williamson of The Agency Dallas now hold the listing.
More stories
Inside a palatial Grapevine Lake mansion with ties to Dallas gambler Herb ‘The Cat’ Noble
Six-time NBA All-Star Jermaine O’Neal’s former Southlake home resurfaces on the market for $12.4M
In Waxahachie, Texas, a massive $10M mansion aims to shatter Ellis County real estate records
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.
Many Americans don’t closely track their finances or know what their current credit score is. Being financially literate, especially when it comes to credit usage, can make it much easier to manage your finances and, over time, improve your situation. The good news is that numerous personal finance tools are available today to make things easier than ever.
Keep reading to learn more about the top four personal finance tools you should start using today.
What are financial tools?
Financial tools are apps or services that help you track and manage your financial transactions. These tools can help you stay within your spending limits, meet your financial goals and make informed financial decisions.
Today, you can access many of these tools online through a secure platform or app. For many, these tools are an essential part of financial management. They help simplify the financial tracking process and make it easier to understand your current financial status.
Top 4 types of personal finance tools available
1. Budgeting tools
Financial freedom doesn’t just happen overnight. It takes careful planning and continuous tracking of where you spend every dollar. This is why maintaining a personal budget is so important. Keeping a budget can ensure you’re saving enough to meet your future needs, preventing you from spending more money than you earn and helping you create an emergency fund.
Fortunately, you no longer need to rely on pen and paper to keep a budget and track your spending. Instead, there are a number of online tools you can use to quickly track where you spend every dime. While Mint has been a popular budgeting tool for many consumers, it’s ceasing operations as of January 1, 2024. Whether you’re looking for a Mint replacement or your first budgeting app, here’s a look at the top options available.
You Need A Budget: Commonly referred to as YNAB, this tool uses the zero-based budget system to track every dollar you earn and spend. The easy-to-use finance tool lets you link all your accounts, including bank accounts, credit cards and loan payments, to help you get a clear view of your financial status.
Goodbudget: This online tool uses the popular envelope budgeting system to ensure you’re tracking every dollar you spend. While you can’t link your bank account to Goodbudget, you can import data from your bank to keep everything up to date. The app shows you how much money you have left to spend in each category.
PocketGuard: PocketGuard is a simplified budgeting tool that links to your bank accounts, credit accounts and loans. It automatically tracks your bills to let you know how much you have left to spend. While it doesn’t have all the special features you might find with other budgeting apps, it’s a good choice for those who prefer a straightforward approach to budget tracking.
HoneyDue: This online budgeting tool is ideal for couples who want to sync their accounts. It lets users customize their own settings for what information they want to share with each other and how to split expenses. HoneyDue also offers special features such as bill reminders and goal setting.
2. Online banking tools
Nearly all banks, credit unions and credit card companies offer online services. Chances are, you already use these online tools to track your account balance, deposits and charges. While using these tools for basic services is a good first step, these apps offer so much more. Here’s a look at several other online services most financial institutions offer.
Online bill payment: Most banks and credit unions let you use their online platform to pay bills. This great feature allows you to instantly make payments online so you can avoid late payment fees.
Mobile check deposit: Fortunately, you don’t have to run to the bank every time you want to deposit a check. You can deposit it directly through your mobile device. In many cases, you can see funds from these deposits in your account almost immediately or the next day.
Transfer funds: When that work bonus hits your bank account, you don’t have to risk spending more of it than you planned. Instead, use your online banking platform to transfer the funds from your checking to your savings account instantly.
Credit score: Some banks and credit unions provide their customers with a look at their credit score. This feature can help you track your score over time.
3. Investment tools
According to the latest Gallup poll, 61 percent of adults in the United States own some type of stock. For many, their stock ownership is limited to their 401(k), but your investment options don’t have to stop there. Many online tools are ideal for beginner and long-time investors.
Best of all, you don’t need a lot of money to invest. In fact, you can get started with your spare change. If you’re ready to start building your investment portfolio, check out these online investment tools.
Acorns: Acorns is a good option for those just starting to invest. There are no minimum deposit requirements when you sign up for its Round-Ups program. This program rounds up every transaction you make to the nearest whole dollar. It then uses these funds to automatically invest your money and build your portfolio.
RobinHood: RobinHood is a popular investment app for those who want to take charge of their own investment options. There are no minimum balance requirements or commission fees, which is great for those looking for a low-cost way to start investing in the stock market. RobinHood even lets users buy cryptocurrency.
Fidelity: If you’re looking for an online tool that offers a hands-off approach to investment while also helping you better understand the stock market, Fidelity may be the right option for you. The combination of its robo-advisor services and online resources and tools make it easy to build a customized investment strategy.
Betterment: Through the Betterment app, you can start investing with as little as $10. This app lets you set your financial goals, risk level and starting amount. With these details, it automatically creates an investment plan to help you reach your goals.
4. Credit-related tools
Many people fail to understand the full impact their credit score has on their overall financial health. For instance, you may already know that your credit report and credit score can impact your ability to secure a credit card or obtain a car or home loan. But did you also know your credit score can determine your ability to rent an apartment, land a job or set up utilities in your name without a deposit?
It’s crucial you stay up to date on your credit score and credit report. First, tracking your credit can alert you to drops in your score and give you time to take steps to address any issues. Second, understanding issues on your credit report lets you create a strategy for repairing or rebuilding your credit.
Finally, regularly examining your credit report can help you quickly identify any errors that are wrongfully hurting your credit and take steps to fix them. It can also help you guard against identity theft.
You’re entitled to request one free copy of your credit report each year from each of the three major credit bureaus—Experian, TransUnion and Equifax. But you don’t have to wait until the end of the year to track your credit. Instead, you can use Lexington Law’s free credit assessment and other paid services to get updated information related to your credit. Using a combination of these tools can help you get a better handle on your financial status and set up a strategy to improve your credit.
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.
If you’ve been paying attention, you may have noticed that mortgage rates have quietly crept back up to nearly 7%.
While it appeared that those 7% mortgage rates were a thing of the past, they seemed to return just as quickly as they disappeared.
For reference, the 30-year fixed averaged around 8% a year ago, before beginning its descent to nearly 6% in early September.
It appeared we were destined for 5% rates again, then the Fed rate cut happened. While the Fed itself didn’t “do anything,” their pivot coincided with some positive economic reports.
Combined with a “sell the news” event of the Fed cut itself, rates skyrocketed. However, now might be a good time to remind you that rates do tend to fall for a while after rate cuts begin.
Falling Rates Often Play Out Over Years, Not Months
As noted, the Fed pivoted, aka lowered its own fed funds rate, in September. They did so after increasing their rate 11 times during a period of tightening.
Hence the word “pivot,” as they switch from raising rates to lowering rates.
In short, the Fed determined monetary policy was sufficiently restrictive, and it was time to loosen things up. This tends to result in lower borrowing rates over time.
While many falsely assumed the pivot would lead to even lower mortgage rates overnight, those “in the know” knew those cuts were mostly already baked in, at least for now.
So when the Fed cut, mortgage rates actually drifted a little higher, though not by much. The real move higher post-cut came after a better-than-expected jobs report.
Lately, unemployment has taken center stage, and a strong labor report tends to point to a resilient economy, which in turn increases bond yields.
And since mortgage rates track the 10-year bond yield really well, we saw the 30-year fixed jump higher.
After nearly hitting the high-5s in early September, it completely reversed course and is now knocking on the 7% door again.
How is this possible? I thought the high rates were behind us. Well, as I wrote earlier this month, mortgage rates don’t move in a straight line up or down.
They can fall while they are rising, and climb when they are falling. For example, there were times when they moved down an entire percentage point during their ascent in 2022.
So why is it now surprising that they wouldn’t do the same thing when falling? It shouldn’t be if you zoom out a little, but most can’t stay the course and contain their emotions from dramatic moves like this.
It Can Take Three Years for Mortgage Rates to Move Lower After a Fed Pivot
WisdomTree Head of Equities Jeff Weniger crafted a really interesting chart recently that looked at how long mortgage rates tend to fall after the prime rate starts falling.
He graphed six instances when rates came down from 1981 through 2020 after prime was lowered. And each time, other than in 1981, it took at least two years for rates to hit their cycle bottom.
If we combine all those falling mortgage rate periods and use the average, it took 38 months for them to move from peak to trough.
In other words, more than three years for rates to hit their lowest point after an initial Fed cut.
As it stands now, we are only a month into the prime rate falling. But it’s important to note that rates had already fallen from around 8% a year ago.
They’ve now drifted back up to around 6.875%, and it’s unclear if they’ll continue to move higher before coming down again.
But the takeaway for me, in agreeing with Weniger, is that we remain in a falling rate environment.
Even if 30-year fixed rates hit 7% again, it’s lower highs over time as rates continue to descend.
Meaning we saw 8% in October, 7.5% in April, and perhaps we’ll see 7% this month. But that’s still a .50% lower rate each time.
The next stop could be 6.5% again, then 6%, then 5.5%. However, it won’t be a straight line down.
Still, it’s important to pay attention to the longer-term trend, instead of getting caught up in the day-to-day movement.
Mortgage Lenders Take Their Time Lowering Rates!
I’ve said this before and I’ll say it again for the umpteenth time.
Mortgage lenders will always take their sweet time lowering rates, but won’t hesitate at all when raising them.
From their perspective, it makes perfect sense. Why would they stick their neck out unnecessarily? Might as well slow play the lower rates if they’re not sure where they’ll go next.
As a lender, if you’re at all fearful rates will get worse, it’s best to price it in ahead of time to avoid getting caught out.
That’s likely what is happening now. Lenders are being defensive as usual and raising their rates in an uncertain economic environment.
If and when they see softer economic data and/or higher unemployment numbers, they’ll begin lowering rates again.
But they’ll never be in any rush to do so. Conversely, even a single positive economic report, such as the jobs report that got us into this situation, will be enough for them to raise rates.
In other words, we might need multiple soft economic reports to see mortgage rates move meaningfully lower, but just one for them to bounce higher.
So if you’re waiting for lower mortgage rates, be patient. They’ll likely come, just not as quickly as you’d expect.
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Credit union student loans are offered by member-owned financial institutions to help you cover college costs. While banks and online lenders also offer private student loans, credit unions often stand out by providing no-fee loans with competitive interest rates.
In this guide, we’ll walk you through how credit union student loans work, explore your options, weigh the pros and cons, and explain how to apply.
What Are Credit Union Student Loans?
Credit union student loans are private loans offered by credit unions to help students pay for college or other educational costs. Depending on your situation, they can be a good alternative to loans from big banks or once federal student loans have been exhausted.
Advantages of Credit Union Student Loans
Credit unions are all about putting their members first. Because they prioritize people over profits, they can offer perks like lower interest rates and fewer fees. Some credit unions even team up with others to share resources, making things more convenient and affordable for you.
Advantages include:
Lower costs: As nonprofits, credit unions don’t focus on making money for investors. This allows them to pass savings on to you through lower interest rates and fewer fees, helping you save on loans.
Member-focused: Credit unions are dedicated to helping their members. You’re likely to receive personalized attention and support from representatives who take the time to understand your needs and recommend the best services for you.
Flexibility: Credit unions may be more flexible with loan eligibility requirements for members. They might be more willing to work with students who are considered high-risk or don’t have a cosigner.
Eligibility Requirements
To get a student loan from a credit union, you typically need to be a member. Each credit union usually has its own membership guidelines, which might require you to work in a specific industry, belong to a certain group, live in a particular area, or attend a specific school.
If you have a family member who’s already a member, you might be able to join through them. Many credit unions allow immediate family members to become members, which could give you access to a student loan.
Keep in mind, though, there might be a membership fee, typically between $5 and $25.
When it comes to getting a student loan, each credit union has its own criteria, just like banks and online lenders. While private lenders often look for a credit score of 670 or higher, you might still qualify even if your score is lower.
Recommended: Do Credit Unions Help You Build Your Credit Score?
Types of Credit Union Student Loans
Here’s a look at the types of student loans offered by credit unions. Keep in mind, though, that options vary by credit union.
Private Student Loans
Private student loans from credit unions are a way to help cover college costs. While it’s recommended to use federal financial aid first, a private student loan from a credit union may help bridge the gap. These loans often have competitive interest rates and flexible terms, making them an appealing option to finance higher education costs.
Unlike federal student loans, though, how much you can borrow and the interest rate you get usually depend on your credit and income.
Student Loan Refinancing
Some credit unions offer student loan refinancing options, which may help you streamline your student debt and potentially save you money. When you refinance with a credit union, you’re essentially getting a new loan to pay off your existing ones, whether your loans are federal or private.
In other words, credit union refinancing for student loans lets you consolidate your loans into one payment, potentially with a lower interest rate and better terms if you qualify. And with just one monthly payment to manage, handling your debt could become much less stressful.
Keep in mind, though, that refinancing federal student loans into private student loans makes it so you’re no longer eligible for federal benefits, such as student loan forgiveness programs and income-driven repayment plans.
Recommended: Pros and Cons of Student Loan Refinancing
How to Apply for a Credit Union Student Loan
Applying for a student loan from a credit union is a straightforward process, but it’s important to understand the eligibility requirements, necessary documentation, and application process.
Step 1: Check Eligibility
Before applying for a student loan from a credit union, you’ll typically need to become a member. Some credit unions will let nonmembers apply, but to receive a loan you must be a member. If you’re already a member, make sure you meet their lending requirements — like being enrolled at least half-time.
Also, double-check to see if your school qualifies for private student loans. If you’re attending a community college or trade school, not all schools may be eligible, so it’s important to confirm.
Step 2: Gather Required Documents
If you meet the eligibility requirements, you can typically apply online, by visiting a branch, or by reaching out to the credit union directly.
When you’re ready to apply, you’ll typically need to share some basic information, like your name, Social Security number, and proof of income. It’s a good idea to check your credit score first, as lenders typically look for borrowers with a solid credit history, a good credit score (670-739), and a certain level of income.
If you’re concerned you might not qualify on your own, think about getting a cosigner. A student loan cosigner could increase your chances of getting approved and might even help you get a lower interest rate and better terms.
Step 3: Compare Loan Options
You may want to compare lenders in order to get the best rate and terms for your situation. Some lenders let you get prequalified, which helps you explore your options. Since prequalifying only involves a soft credit check, it won’t affect your credit score and you can see potential rates and terms without any worries.
In addition to exploring credit unions, it’s worth checking out other lenders that might offer competitive rates and terms.
Step 4: Submit Your Application
Once you choose your credit union or another lender, you can submit your official application. The lender will then usually do a hard credit check, and you’ll get the final approval decision.
Repaying Your Credit Union Student Loan
With some private student loans, you’ll need to make payments during school, while others let you hold off until you’ve graduated. To find out which one applies to your loan, check with your loan servicer or take a look at your loan documents.
It’s also a good idea to ask if the interest that builds up during the time you’re in school will be added to your principal balance when repayment starts.
When it comes time to make your payments, where you pay depends on your loan servicer. Most servicers let you pay online, but it’s smart to confirm this before your payments begin.
Many servicers also offer automatic payments, which automatically deduct your monthly payment from your bank account. This can help you avoid missing payments or getting hit with late fees.
Recommended: 6 Strategies to Pay Off Student Loans Quickly
Tips for Managing Credit Union Student Loans
Here are a few tips for managing your credit union private student loans.
Make a budget. Knowing where your money goes each month is key to setting aside funds for loan payments. Review your income and expenses to see where you can cut back, and try to allocate more toward paying off your loans.
Compare repayment options. Unlike federal loans, repayment options with credit unions and other private lenders can vary. If you’re struggling to keep up with payments, check if your lender offers plans like interest-only repayments, which allow you to defer the principal.
Make extra payments. Whether it’s biweekly payments instead of monthly or tossing in extra cash when you can, paying a bit more here and there can help you pay off your loans faster. Just be sure to request that any extra funds go directly toward the principal balance.
Sign up for autopay. Many private lenders offer an automatic payment option. By enrolling in autopay, you can ensure you never miss a payment.
Focus on high-interest debt. If you have multiple student loans, paying off the one with the highest interest rate first could save you money in the long run.
Consider refinancing your loans. If managing your payments feels overwhelming, you can refinance your student loans. This allows you to combine multiple student loans into one, ideally with a lower interest rate or more favorable terms.
The Takeaway
Credit unions offer private student loans to help cover college expenses like tuition and books. Unlike federal student loans, these private loans don’t offer the same flexible repayment options or borrower protections. It’s best to use your federal aid first, and then turn to private student loans if needed.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
FAQ
Can you use a credit union for a student loan?
Yes, some credit unions offer private student loans to their members. These loans work similarly to those provided by banks or online lenders, often with competitive interest rates and additional member perks.
Are student loans from credit unions considered private?
Yes, student loans from credit unions are considered private since they’re funded by the credit union, not the government. While they don’t offer the same federal benefits and protections, they often come with competitive rates and special perks for members.
Is it more difficult to get a student loan from a credit union?
Getting a student loan from a credit union usually depends on your credit history and being a member. Membership might require living in a certain area or belonging to a specific group. But once you’re in, you could benefit from more personalized service and potentially better rates than what you may find with other lenders.
Photo credit: iStock/hobo_018
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Missouri may be known for big cities like St. Louis and Kansas City and BBQ cuisine, but it’s also known for its scenic landscapes. From the lush plains region to blue lakes and the famous Ozark Mountains, Missouri has plenty of towns that capture the spirit of the great outdoors. So, if you’re looking for a mountain town to call home, look no further than Missouri.
At Rent., we’ve collected a list of the best mountain towns in Missouri to live in this year. Each town has its own unique character and community feel mixed with peaceful surroundings and outdoor adventure. Read on to discover which areas made the list.
1. Branson
Mountain range: Ozark Mountains
Average rent price: $1,157
Population: 11,540
Houses for rent in Branson, MO
Apartments for rent in Branson, MO
Homes for sale in Branson, MO
The first mountain town on our list is Branson, a popular travel destination in the heart of the Ozark Mountains. Branson offers a unique blend of entertainment and outdoor adventure. The town has a vibrant theater scene with spots like Dolly Parton’s Stampede, the Hughes Brothers Theatre, The Dutton Family Theater, and Clay Cooper Theatre, among many others. You can check out all the museums, theatres, and landmarks in the Branson Theatre District.
If you’re looking to get outdoors, Branson is surrounded by several parks and lakes, providing ample opportunities for fishing, hiking, and boating. Some areas to explore include Table Rock State Park, the Branson Scenic Overlook, Ozark Mountain State Park, White River Balds Natural Area, and Talking Rocks Cavern. Branson’s proximity to the mountains allows for easy access to scenic trails and outdoor activities, making it a great city for those who love nature and entertainment.
2. Camdenton
Mountain range: Ozark Mountains
Average rent price: $1,925
Population: 3,750
Houses for rent in Camdenton, MO
Apartments for rent in Camdenton, MO
Homes for sale in Camdenton, MO
Camdenton lies within the scenic Ozark Mountains, offering residents a peaceful place to call home. There are plenty of outdoor activities to explore in the area such as Bridal Cave & Thunder Mountain Park and Ha Ha Tonka State Park, which features the Ha Ha Tonka Spring Trail and Ha Ha Tonka Castle Ruins. Camdenton is a gateway to the Lake of the Ozarks, making it a haven for water sports enthusiasts.
With a population of under 4,000, Camdenton is also known for its close-knit community and access to outdoor adventures. In town, you can check out places like Ozarks Amphitheater, a popular concert venue, and the many local restaurants and shops. With its rich history and welcoming atmosphere, Camdenton is a great choice.
3. Cape Girardeau
Mountain range: Ozark Mountains
Average rent price: $1,106
Population: 39,530
Houses for rent in Cape Girardeau, MO
Apartments for rent in Cape Girardeau, MO
Homes for sale in Cape Girardeau, MO
Located on the banks of the Mississippi River and in the Ozark Mountains, Cape Girardeau is a city rich in history and natural beauty. With a population of nearly 40,000, it offers a mix of city and outdoor living. Cape Girardeau is home to numerous parks, historical sites, and cultural institutions like Historic Fort D, the Crisp Museum, Cape Rock Park, and The Glenn House.
Cape Girardeau’s residents enjoy a variety of recreational activities, including hiking, biking, and exploring the nearby trails. The city also serves as a gateway to the Trail of Tears State Park and the Shawnee National Forest. Finally, the vibrant downtown area boasts unique shops, restaurants, and galleries, giving residents plenty to do in Cape Girardeau.
4. Farmington
Mountain range: St. Francois Mountains
Average rent price: $667
Population: 18,210
Houses for rent in Farmington, MO
Apartments for rent in Farmington, MO
Homes for sale in Farmington, MO
Farmington is a charming town set against the backdrop of the St. Francois Mountains, offering plenty of outdoor areas to explore. Home to about 18,000 people, residents enjoy access to a variety of outdoor activities, including hiking in nearby state parks like St. Joe State Park, Hawn State Park, and Hickory Canyons Natural Area.
You can also learn about the region’s rich mining history at the Missouri Mines State Historic Site. Farmington’s community is vibrant, with local festivals, farmers’ markets, and cultural events throughout the year. The downtown area is also home to plenty of local restaurants, shops, and historic architecture.
5. Hollister
Mountain range: Ozark Mountains
Average rent price: $1,231
Population: 4,450
Houses for rent in Hollister, MO
Apartments for rent in Hollister, MO
Homes for sale in Hollister, MO
Located just south of Branson is the quaint town of Hollister. The town is surrounded by rivers, lakes, and forests, making it a perfect spot for outdoor enthusiasts. Near green spaces and trails like Lost Canyon Cave and Nature Trail, Table Rock State Park, and the Drury-Mincy Conservation Area, there is always a place to explore in the Hollister area.
Residents of Hollister enjoy the town’s proximity to Branson, with its entertainment options, while having a more laid-back atmosphere. Hollister’s historic downtown area, with its unique architecture and local businesses, adds to the town’s charm and appeal.
6. Joplin
Mountain range: Ozark Mountains
Average rent price: $1,047
Population: 50,030
Houses for rent in Joplin, MO
Apartments for rent in Joplin, MO
Homes for sale in Joplin, MO
Sixth on our list is Joplin, a historic city known for its location along Route 66. Situated in the Ozark Mountains, Joplin is close to natural areas like Shoal Creek, the George Washington Carver National Monument, Grand Falls, and the OK-KS-MO Tri-State Marker.
Joplin’s residents have easy access to numerous parks, museums, and cultural venues. The town’s rich mining history is celebrated in local museums and attractions, like the Joplin History & Mineral Museum, Route 66 Mural Park, and the Joplin Union Depot. Joplin is also known for its vibrant arts scene, with galleries, theaters, and public art installations throughout the city, which showcase the city’s history.
7. Lebanon
Mountain range: Ozark Mountains
Average rent price: $996
Population: 14,900
Houses for rent in Lebanon, MO
Apartments for rent in Lebanon, MO
Homes for sale in Lebanon, MO
Lebanon offers a blend of outdoor adventure and small-town charm, close to parks like Bennett Spring State Park, Bear Creek Conservation Area, and the Lead Mine Conservation Area. The town is known for its beautiful parks, historic landmarks, and access to outdoor activities such as fishing, hiking, and camping.
For example, you can check out places like the Route 66 Museum, the E.D. Rush Covered Bridge, and the Boswell Park Rt 66 Murals. The town hosts several annual events that bring the community together, including festivals and farmers’ markets. Lebanon combines the tranquility of mountain living with modern city life.
8. Rolla
Mountain range: Ozark Mountains
Average rent price: $813
Population: 20,180
Houses for rent in Rolla, MO
Apartments for rent in Rolla, MO
Homes for sale in Rolla, MO
Rolla is a vibrant town just outside of the Mark Twain National Forest. This forest is home to popular trails like the Bell Mountain Trail, fishing areas, and campgrounds. You can also explore nearby areas like the Little Prairie Conservation Area, Maramec Spring Park, Indian Trail Conservation Area, and Dillard Mill State Historic Site.
Rolla is home to about 20,000 residents, where you’ll find the Missouri University of Science and Technology, giving the city a bustling atmosphere. The town is also home to several parks, venues, and museums like Ozark Rivers Audubon – Nature Center, Ber Juan Park, the Ozark Actors Theatre, and the Phelps County Historical Society. If you’re looking for small-town charm alongside nature, be sure to check out Rolla.
9. Springfield
Mountain range: Ozark Mountains
Average rent price: $1,559
Population: 167,700
Houses for rent in Springfield, MO
Apartments for rent in Springfield, MO
Homes for sale in Springfield, MO
Springfield is a bustling city surrounded by the natural beauty of the Ozark Mountains. With a population of over 167,000, Springfield offers a wide range of cultural, educational, and recreational activities. The city is known for its vibrant downtown area and unique attractions like the Pythian Castle, History Museum on the Square, the Discovery Center of Springfield, Route 66 Car Museum, and the World’s Largest Fork By Mass.
Springfield’s residents enjoy a variety of outdoor activities, including exploring the numerous parks and trails in the area. Some popular areas include the Fantastic Caverns, the Bois D’Arc Conservation Area, the Rutledge-Wilson Farm Park, the Nathanael Greene/Close Memorial Park, and the Valley Water Mill Park. If you’re looking for a big city that’s close to nature, then Springfield may be for you.
10. West Plains
Mountain range: Ozark Mountains
Average rent price: $625
Population: 12,110
Houses for rent in West Plains, MO
Apartments for rent in West Plains, MO
Homes for sale in West Plains, MO
West Plains is located in the Ozark Mountains and is known for its scenic beauty, with easy access to outdoor activities such as hiking, fishing, and hunting. It’s near popular locations like the Collins Ridge Trail, Cane Bluff, and White Ranch Conservation Area.
The town hosts a variety of cultural events and festivals, reflecting its rich heritage and community spirit. You can also find plenty of local restaurants, shops, and museums like the Harlin Museum. West Plains’ residents enjoy the benefits of rural living while having access to the amenities and conveniences of a larger town.
Note, this list is not comprehensive of all the mountain towns in Missouri. Towns must have average rental data to be included on the list. Average rental data from Rent.com during September 2024. Population data is sourced from the United States Census Bureau.
FoundersCard, a membership community offering exclusive perks and discounts on travel, business expenses, entertainment and shopping, charges $595 per year for a standard membership. It’s marketed as a VIP pass for entrepreneurs and business executives. But to me, it felt less like a VIP pass and more like a coupon book that takes significant effort to use.
Although FoundersCard sounds like a credit card, it isn’t one. It’s a membership program that gives you elite status to certain airline and hotel brands and access to several discounts, plus business perks like members-only networking opportunities. Unlike the premium credit cards it competes with, you won’t earn a sign-up bonus or ongoing rewards with each purchase. And, notably, it doesn’t come with complimentary lounge access, a benefit travelers often use to justify the price of premium cards.
FoundersCard could be worthwhile for business owners wanting to take advantage of the business-specific benefits or loyalists of some of the participating airlines who spend upwards of $3,500 a year on flights. And if you can access membership for free (like I did) or at a discounted price, it might be a good deal. But at full price, it’s not a good value for most travelers.
What FoundersCard costs
FoundersCard has two membership levels:
Standard: $595 a year.
Elite: $995 per year.
It’s relatively easy to find promotions to test out the program before you pay. As of September 2024, you could receive a six-month free trial through the FoundersCard website. I received a free year of the Standard membership through my Clear membership.
Depending on how you sign up, you may have access to a different rate. For example, I was offered a renewal rate of $395 for the standard membership.
My experience
Once I filled out the application form for FoundersCard, I received an email stating that the membership board would look over my application and get back to me in one to three business days if I was approved. I received my approval email a little less than 24 hours later.
If you decide to accept a membership, you’ll need to provide your credit card information, but you won’t be charged until your trial period ends.
You can’t see the program’s full benefits until you’re approved. Once you are, you’re met with a dizzying amount of discounts, perks and elite status benefits. Here are some things you can expect:
Up to 16% off flights through United Airlines, Alaska Airlines, Virgin Atlantic, British Airways, Etihad Airways, Singapore Airlines, Qantas and Qatar Airways.
Elite status with Marriott Bonvoy (Platinum status), Hilton Honors (Gold status), IHG (Gold status), Omni (Champion status), Sonesta (Gold status), Virgin Atlantic (Silver status), Hertz, Avis and Sixt.
Discounts on select hotels.
Preferred pricing at sporting events, concerts and plays.
Discounts at select retail stores, like Adidas, Mr Porter and COS.
Preferred pricing on gym memberships through Equinox, Crunch Fitness, SoulCycle and CorePower Yoga.
Preferred pricing on electronics through Dell, Apple and Lenovo.
Discounts and credits on business services, like Amazon Web Services, Google Workspace, Stripe, Square and Hubspot.
Discounts on memberships and daily passes at select coworking spaces.
Up to 15% off select phone plans through AT&T.
Some of these benefits can be extremely valuable, especially if you have expenses that match what FoundersCard offers. Others are similar to deals you might get on $0-annual-fee credit cards.
🤓Nerdy Tip
Some of FoundersCard discounts will be automatically applied to your purchase once you click through the link on FoundersCard’s website. But you may need to provide a promo code to receive a discount, which you’ll find once you click on specific benefits.
What I like
As an avid credit card user, I was pleasantly surprised to find perks through FoundersCard that are harder to find on credit cards. Here are a couple of my favorites:
Up to 16% off United Airlines flights
United Airlines is rarely my first choice of airline, but since I live near a United hub, it’s often the best option. So that potential 16% discount on flights would be significant for me. It’s important to note, though, that you’ll only get this discount once you pay for a Standard membership. The trial period I currently have doesn’t come with this offer.
If you pay full price for the Standard membership, you’d need to spend over $3,700 on United flights each year to break even, which is more than most people will spend. But even if it doesn’t cover the entire cost of a membership, it can cover a significant chunk for travelers who often fly United.
Keep in mind the math doesn’t apply to every participating airline with a discount. The discount varies by airline, so you might have to spend even more to break even if you’re a devoted Alaska Airlines flyer (which only has a 5% discount) or British Airways flyer (which only has an up to 10% discount).
Cheaper stays at smaller hotel brands
Don’t get me wrong: I love my hotel rewards. But sometimes it’s nice to stay at a boutique hotel that isn’t connected to a large hotel chain. FoundersCard gives you deep discounts at over 500 hotels, many of them smaller chains. You can often find 20% discounts, and several hotels even waive resort fees.
Up to 15% off Hyatt stays through Hyatt Leverage
FoundersCard gives you automatic Hyatt Leverage, a program designed for small businesses that gives participants up to 15% off qualifying stays. Anyone can sign up for Hyatt Leverage, but if you (or your employees) don’t stay at least 50 nights per year, you could get removed from the program. With FoundersCard, there’s no such requirement. Because of Hyatt’s small footprint, I don’t stay at the brand often. But a 15% discount definitely makes me seek out Hyatt hotels when it’s available.
What I don’t like
Airport lounge access isn’t free
FoundersCard will get you into No1, Plaza Premium and The Club lounges for up to 20% cheaper than the general public pays. That’s not nothing. But considering the price of a membership that touts its premium travel benefits, I’d expect to sip cocktails in a free airport lounge.
Many credit cards — some with significantly lower annual fees — get you into airport lounges at no additional cost. For example, the $395-annual-fee Capital One Venture X Rewards Credit Card comes with access to Capital One lounges, Priority Pass lounges and Plaza Premium lounges. Even the United℠ Explorer Card, which has an annual fee of $0 intro for the first year, then $95, comes with two free day passes to United Clubs.
Low levels of elite status
FoundersCard offers automatic elite status for several hotels and rental car companies. This is a nice perk, but many hotel credit cards also offer an equivalent or higher level of elite status for a much lower price. For example: My $99-annual-fee IHG One Rewards Premier Credit Card gives me Platinum Elite status for IHG. FoundersCard only comes with Gold.
Lack of transparency
FoundersCard doesn’t provide any meaningful information to prospective members. Sure, it’s relatively easy to get a free trial, but it would be nice to know what you’re signing up for — before you have to provide your credit card information.
Even with my free membership, I can’t view key information that would influence my decision to renew my membership or upgrade to the Elite level. Up to 16% off United flights is a major perk. But I can’t see what the “up to” entails without paying. If I could guarantee 16% off all United flights, it would definitely influence my decision to renew my membership. But what if this rate only applies to certain routes or certain classes? The actual benefit could be much less valuable than I’d hope for.
Inconsistent entertainment discounts
FoundersCard sometimes offers event tickets at a discounted rate. While a great perk, it wouldn’t be a selling point for me.
In September 2024, I looked at tickets to a Texas Rangers baseball game, several broadway shows and a Taylor Swift concert. The Rangers tickets were roughly half the price through FoundersCard. The Broadway shows were the same price or even more than booking through Broadway.com. And Taylor Swift tickets were selling for a whopping $2,000 more than you could book on SeatGeek.
For people who can justify the cost of FoundersCard, potential savings on entertainment is a nice addition. But for the price, I’d expect more guaranteed savings on this spending.
Calculating your potential value is complicated
Unlike many premium credit cards, FoundersCard doesn’t come with statement credits to help you cover the cost of the annual fee. You could luck out and score a great deal on a hotel room or a couple of first class flights to cover the annual fee. But if not, you’ll likely need to add up small, individual savings throughout the year and hope the value outweighs the cost.
Even the $695 annual fee on The Platinum Card® from American Express is easier for me to justify (see rates and fees). The Platinum Card® from American Express comes with complimentary lounge access, which gets me into Centurion Lounges, Priority Pass lounges and Plaza Premium lounges, and it offers the same level of Hilton elite status (enrollment required). Terms apply.
On top of that, it’s easy to calculate the value of the other benefits. I recoup $640 each year with expenses I’m already going to make by taking advantage of three main statement credits:
$200 airline incidentals fee credit.
$200 Uber credit.
$240 entertainment credit.
Terms apply.
That leaves just $55 to make up throughout the year — significantly less than the $395 (or $995) I’d need to justify with FoundersCard.
Is FoundersCard worth it?
If you can find a free trial, it’s worth opening an account to try out the benefits. Business owners will probably get the most use out of the membership, but most travelers would probably be better off applying for a credit card with rewards and perks that match their lifestyle.
To view rates and fees of The Platinum Card® from American Express, see this page.
Do you want to learn how to get paid to shop? It’s possible! Many companies and apps now give you ways to get paid for shopping that you might already do. You can make extra cash by grocery shopping, buying clothes, or even just browsing stores. These opportunities range from being a personal shopper to…
Do you want to learn how to get paid to shop? It’s possible! Many companies and apps now give you ways to get paid for shopping that you might already do.
You can make extra cash by grocery shopping, buying clothes, or even just browsing stores. These opportunities range from being a personal shopper to taking surveys about products you buy. Some options let you shop for yourself, while others involve shopping for other people. It’s a fun way to earn money doing something you enjoy.
Over the years, I’ve found that there are so many ways to make money while shopping, and it’s been a great side hustle for me. From getting paid to shop for others to earning cash back on my own purchases, it’s an easy and enjoyable way to bring in extra income.
How To Get Paid To Shop
Below are the best ways to get paid to shop.
1. Personal shopper
Personal shoppers help people buy things. They pick out clothes, gifts, and other items for clients, so this can be a fun way to get paid for shopping.
To become a personal shopper, you need good taste and people skills. You should enjoy fashion and keeping up with trends.
Many personal shoppers work in person in retail stores, but you can also get paid to shop online for others. They help customers find outfits and accessories. Some work for wealthy clients, buying everything from groceries to designer clothes.
You can start by getting a job at a department store and looking for positions in personal shopping or styling. Another option is to work for yourself and you can find clients through word-of-mouth or online platforms.
When I was younger, I had a friend who was a personal shopper for a family. My friend mainly did their grocery shopping and ran errands, but would occasionally buy gifts for when the family was attending a birthday party or a wedding.
2. BestMark
I’ve done a lot of mystery shopping over the years, and it’s been a fun way to earn extra money while doing something I already enjoy. Whether it’s evaluating a store’s customer service, trying out new products, or going to a restaurant, it’s pretty easy work.
BestMark is a top mystery shopping company that’s been around since 1986.
As a BestMark shopper, you’ll visit stores, restaurants, and other businesses. You’ll act like a regular customer and evaluate your experience, and this might include checking product quality, service speed, and staff friendliness.
After your visit, you’ll fill out a detailed report online. BestMark gives you a list to help you understand what to look for during your shop.
The pay for BestMark shops varies, but you can tend to earn between $10 and $20 per task. For most assignments, you will get your meal or whatever you buy reimbursed. They usually give you a limit on what you can spend or they specifically tell you what to buy.
Recommended reading: 9 Best Mystery Shopping Companies To Work For
3. Swagbucks
Swagbucks is a popular website that pays you to shop online, and it’s free to join and easy to use.
I’ve been using Swagbucks for almost 10 years now, and I think it’s pretty easy to earn points.
To get paid to shop with Swagbucks, there are two main ways to earn points:
Earn cash back when shopping online. For example, right now you can get up to 8% cash back when shopping at Macy’s, up to 4% when shopping on Amazon, up to 10% when shopping at Best Buy, and more.
Earn points (SB) by submitting your shopping receipts. You can submit any receipt that you have from the last 14 days – both in-store and online receipts. You can then earn points. For example, you can get 50 points for any loaf of bread that you buy, 50 points for any bananas, 900 points for diapers, and more.
When you’ve collected enough SB, you can trade them for gift cards. You can pick from lots of popular stores. If you prefer cash, you can get money sent to your PayPal account instead.
I’ve redeemed over 100 gift cards from Swagbucks over the years, and I love how easy this rewards site is to use.
If you join Swagbucks through my referral link, you will receive a $10 bonus.
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Swagbucks is a site where you can earn points for answering surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
4. Rakuten
Rakuten is a popular way to earn cash back when you shop online. It’s free to use and super easy to get started.
I have used Rakuten for years and it’s an easy way to get cash back for the online shopping that you already do. In fact, I just used it on a hotel booking, and I received 2% back, which adds up quickly for a hotel!
You just sign up for an account on Rakuten’s website or app. Then when you want to buy something, go through Rakuten first. They’ll send you to the store’s site to shop like normal.
After you make a purchase, Rakuten adds cash back to your account. The amount varies by store, but it’s often 1% to 10% of what you spend. Some stores even pay you 20% or more during special sales.
You can get paid by check or PayPal. Rakuten sends out payments every 3 months and you need at least $5 in your account to get paid.
So, why does Rakuten give you this cash back? Rakuten makes money by getting a commission from stores when you buy stuff. They share part of that commission with you as cash back.
Please click here to sign up for Rakuten. Plus, you can get a $30 bonus when you spend $30 if you join right now (at the time of this writing; please double-check the current offer).
5. Stitch Fix stylist
Want to get paid to shop for others? Becoming a Stitch Fix stylist might be perfect for you. This job lets you work from home and help people look their best.
Stitch Fix hires stylists for women’s, men’s, and kids’ styling. They even train you, so you can start with no experience.
As a Stitch Fix stylist, you’ll pick out clothes for customers based on their likes and needs. You’ll use a computer to see what items are available and choose the best ones for each person.
6. Instacart shopper
Becoming an Instacart shopper is a way to make money grocery shopping on your own schedule.
As an Instacart shopper, you’ll pick up and deliver groceries to customers. Instacart has full-service shoppers, where you shop and deliver groceries, as well as in-store shoppers, where you only shop in-store but don’t deliver (someone else picks up the items and delivers).
To start, you need to be at least 18 years old. You’ll also need a smartphone to use the Instacart app as this app tells you what to buy at the grocery store and where to deliver it.
Instacart gives you a payment card to use at stores. You’ll get this card about a week after signing up. You use it to pay for the groceries you’re buying for customers.
Recommended reading: Instacart Shopper Review: How much do Instacart Shoppers earn?
7. Shopkick
Shopkick is a free app that lets you earn rewards for shopping. You can get points called “kicks” for different activities. These include scanning products in stores and uploading receipts.
You don’t even need to buy anything to earn kicks. Just walking into certain stores can give you points. The app works with many popular retailers like Target and CVS.
As you collect kicks, you can trade them for gift cards.
To start, just download the Shopkick app on your phone. Then link your credit or debit cards to your account, because this lets you earn kicks automatically when you shop at partner stores.
8. Ibotta
Ibotta is a free app where you can earn cash back on your everyday purchases. It works for both online and in-store shopping at many popular retailers.
To get started, download the Ibotta app on your phone. Before you shop, browse the app for “offers” at your favorite stores. You’ll see cash back deals on specific items or entire purchases.
When shopping in stores, buy the items with offers (of course, make sure these are items that you actually want to buy because the item is not free, it is simply more like getting a discount). Then, take a picture of your receipt with the app when you are done. Ibotta will match your purchases to the offers and add cash back to your account.
For online shopping, start your purchase through the Ibotta app or website. Shop as usual, and you’ll automatically earn cash back on qualifying items.
Ibotta works with many big stores like Walmart, Target, and Kroger.
Once you reach $20 in your account, you can cash out via PayPal or choose a gift card. It’s a simple way to make your shopping more rewarding.
This app is available for both Android and iOS (iPhone).
You can sign up for Ibotta here.
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Ibotta is an app where you can get cash back and earn free gift cards. Simply submit your receipts on your everyday purchases with your phone.
9. Ath Power Consulting
Ath Power Consulting is a company where you can get paid to do mystery shopping. They have a huge network of over 600,000 shoppers across North America.
Ath Power does more than 10,000 mystery shops each month. They work with many well-known brands and companies around the world.
Ath Power mystery shoppers shop in person for companies, and then share their thoughts about the products and services they try. Companies can then use this information to improve what they sell to customers.
10. IntelliShop
IntelliShop is a company that hires for mystery shopping jobs. You can sign up to become a secret shopper and get paid to visit stores.
Most tasks pay between $5 and $20. They usually take less than 15 minutes in the store, and then after your visit, you’ll need to fill out a report.
IntelliShop has jobs in stores, online, and over the phone.
As a mystery shopper for any of the mystery shopping companies on this list, please remember to keep any receipts or business cards from your visit. You’ll need these to prove you completed the task and get paid.
Recommended reading: How To Become A Mystery Shopper
11. Care.com
Care.com is a site where you can earn money by helping others with tasks like grocery shopping. You can sign up as a helper on their platform to find local gigs.
The site connects you with people who need assistance, such as parents and seniors. You might help with grocery shopping, cooking, or other errands.
As a helper on Care.com, you can set your own rates. Some helpers charge between $15 and $25 per hour. The amount that you decide you want to get paid may vary based on your experience and the tasks you do.
You may be able to find enough gigs to make this a full-time career, or you can also do this part-time in your spare time.
12. Capital One Shopping
Capital One Shopping is a free tool that can help you save money when you shop online. It’s a browser extension and mobile app that works in the background while you browse.
When you’re ready to check out, Capital One Shopping searches for coupon codes automatically and it tries to apply them to your order to get you the best deal.
The tool also compares prices across different websites. This can help you find the lowest price for items you want to buy.
You can earn rewards called Shopping Credits when you make purchases through Capital One Shopping. These credits can be redeemed for gift cards to popular stores.
While you won’t get paid directly to shop, you can save money and earn rewards. This can add up to significant savings over time and even free gift cards.
I recently received a $71 gift card for simply using the Capital One Shopping browser extension, which was super easy to get.
You can learn more at Capital One Shopping Review: Is It Worth It?
13. Fetch Rewards
Fetch Rewards is a free app that lets you earn points for shopping. You can get points by scanning any receipt or shopping online through the app.
I use Fetch Rewards for nearly all of my grocery shopping receipts. What I like about Fetch is that you don’t need to clip coupons or look for special offers. You just buy products and scan your receipts when you are done. It takes less than one minute to scan your receipt and earn points, so it is very easy.
Fetch gives you points for every receipt you upload. You can earn extra points by buying specific brands or products. The app has special offers where you can earn extra points, such as for buying a specific brand of cheese.
You can turn your points into gift cards from many stores and restaurants. Some options include Amazon, Target, and Starbucks.
You can sign up for Fetch Rewards here.
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With this app, you can scan your grocery receipts (from any grocery store or wholesale club, any time) and earn free gift cards. It is free to sign up and easy to use.
14. Uber Eats
With Uber Eats, you can make money by delivering food.
To get started, you’ll need to create an account and fill out some forms. Once approved, you can begin accepting delivery requests through the Uber app.
Uber Eats drivers can earn around $15 to $26 per hour on average. Your earnings can vary based on factors like your location, how busy it is, and the amount that you earn in tips.
You will want a reliable vehicle and a valid driver’s license, of course, for this side gig.
Recommended reading: 14 Ways To Make Money Driving
15. DoorDash
DoorDash is another way to get paid for delivering food.
DoorDash pays Dashers weekly through direct deposit. If you need money faster, DoorDash offers a Fast Pay option. This lets you cash out your earnings right away for a small fee.
Remember, you’re responsible for your own expenses like gas and car maintenance. It’s a good idea to track these costs to see how much you’re really earning.
16. Taskrabbit
Taskrabbit is an app that lets you make money by doing odd jobs for people in your area. You can pick tasks that fit your skills and schedule.
Some popular jobs on Taskrabbit include cleaning houses, assembling furniture, and running errands (such as shopping for others).
Taskrabbit gives you the flexibility to choose when and how much you work, as well as the type of work that you want to do.
17. Walmart personal shopper
You can get paid to shop as a Walmart personal shopper. This job lets you pick out items for customers who order online.
You’ve probably seen Walmart personal shoppers when you’ve been in Walmart. They work for Walmart and typically have a uniform and a very large basket where they collect items for different orders.
Walmart personal shoppers earn about $15 per hour on average.
Most personal shoppers work full-time or nearly full-time, between 32 to 40 hours a week.
As a personal shopper, you’ll walk around the store and find items customers want. You’ll need to be quick and careful to pick the right products.
Frequently Asked Questions
Getting paid to shop can be a fun way to earn extra money. There are different methods like using apps, shopping for others, and being a mystery shopper. Here are answers to common questions about how to get paid to shop.
How to get paid to go shopping?
You can get paid to shop by using cash back apps, becoming a personal shopper, or doing mystery shopping. Cash back apps give you money back on purchases. Personal shoppers buy things for busy people. Mystery shoppers check stores and fill out shopping assignments on their customer experience.
What are the top apps that pay you for shopping?
Some popular apps that pay you for shopping are:
Rakuten: Gives cash back on online purchases
Ibotta: Pays rebates on groceries and other items
Shopkick: Rewards you for scanning items in stores
Fetch Rewards: Gives points for uploading grocery receipts
These apps are free to use and can help you save money on things you already buy.
How can I earn cash by doing grocery shopping for others?
You can earn cash by grocery shopping for others through apps like Instacart or Shipt. Sign up as a shopper, get orders from customers, and deliver their groceries. You’ll get paid for each order you complete.
How much money do people usually make by delivering groceries?
The amount of money you can make by delivering groceries varies. Most shoppers make between $10 and $25 per hour, and your pay depends on factors like the number of orders you complete, the size of the orders, tips from customers, and time of day and demand.
Is being a secret shopper a good side hustle?
Secret shopping can be a good side hustle. It lets you earn money while shopping and dining out, but it’s not a full-time job. I have done a lot of mystery shopping assignments over the years.
What ways to get paid to shop on Amazon are there?
You can get paid to shop on Amazon in a few ways:
Use cash back sites like Rakuten when shopping on Amazon
Join Amazon’s Vine program to review products
Sell items on Amazon as a third-party seller
Sign up for the Amazon Associates Program to earn from product links
These methods can help you save money or earn extra cash while shopping on Amazon.
Best Ways To Get Paid To Shop – Summary
I hope you enjoyed my article on how to get paid to shop.
Getting paid to shop is a fun and easy way to make extra money while doing things you already like. I have been getting paid to shop for over 10 years now, and I have done almost everything on this list. While I’ve not earned a full-time income doing anything on this list, I have earned side income and plenty of free gift cards over the years.
You can use cash back apps or become a personal shopper to earn cash. You can make money buying groceries, clothes, or even taking surveys about your shopping habits.
Mystery shopping is another way to earn money by pretending to be a regular customer and reporting your feedback on your experience. Companies like BestMark and IntelliShop pay for this. Apps like Swagbucks and Fetch Rewards make it easy to earn by scanning receipts or shopping online.
Whether you want a side hustle or just want to save money, getting paid to shop is a fun way to make more money.
You might think that if you close a loan or credit card account it will no longer affect your credit report, but they can actually stay on your credit report for up to 10 years. During this time period, these accounts can help or hurt your credit score, depending on a number of factors.
Here’s what you should know about closing loan and credit card accounts from your credit report.
Key Points
• Closed credit accounts can stay on your credit report for up to 10 years, impacting your score.
• On-time payments on closed accounts positively affect your credit history.
• Late payments on closed accounts can negatively impact your credit history for seven to 10 years.
• Closing accounts can affect your credit utilization rate and credit mix, influencing your credit score.
• Removing closed accounts with poor payment history or fraudulent activity can build your credit profile.
How Closed Accounts Affect Your Credit
Closed credit accounts and loans can have varying effects on your credit, some positive and some negative, due to the factors that make up your credit rating. Here’s a closer look at three of those that are significant in this situation: your credit history, your credit utilization rate, and your credit mix.
Your Credit History
A closed account on which you made on-time payments will help your credit score by building your credit history. The effect will be less than if it were an open account, but it would be a positive factor nonetheless, since it shows that you can manage credit responsibly. However, if you made late payments on an account that is now closed, the negative impact may linger in your credit history for seven years and up to 10 years if you file for bankruptcy.
Longevity is a factor on your credit report. Credit scoring systems reward borrowers with a longer history of managing debt and repayment. That means that if you close an account and seven years pass, you’ll lose any benefit of having had that account. It won’t make a significant change, but it is another factor to be aware of.
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Your Credit Utilization Rate
Part of your credit rating is based on how much debt or credit you already have. Creditors look at your credit utilization ratio, which is how much credit you have available to you versus how much you actually use. The best case scenario is to not use more than 10% of your accessible credit; otherwise, no more than 30% is a good move.
Two examples:
• Say you have a $10,000 credit limit on your credit card, you might want to limit your balance to $1,000. That’s 10%.
• Otherwise, keeping your balance to no more than $3,000 would be 30%, the upper end of what’s considered a good credit utilization ratio.
If you close a loan or a credit card account, that might reduce the amount of credit available to you, which will increase your utilization rate. If you open a credit card or take out a loan, that will increase the amount of credit available to you, thereby decreasing your utilization rate.
Your Credit Mix
Credit scoring systems, such as the FICO® Score and VantageScore® look at the types of loans you have and how you manage them. These systems reward a mix of loan types, such as installment loans (auto loans and mortgages), and revolving accounts such as credit cards. Eliminating a credit card account or other type of loan (such as when it is closed and eventually drops off your report) could limit your credit mix, and that could negatively impact your credit score. Worth noting though: Credit mix counts for 10% of your score vs. 35% for your payment history (meaning, how successfully you make payments on time).
Why Do Closed Accounts Stay on Your Credit Report?
Both closed and open accounts can contribute to your credit rating as they stay on your credit report. That’s because the credit agencies can gain a fuller picture of your risk as a borrower the more information they have.
Monitoring and understanding your credit report (perhaps with a credit score monitoring app; your bank may offer this) is an important part of your financial wellness.
When to Remove a Closed Account from Your Credit Report
If possible, remove a closed account from your credit report if it has a poor payment history. Also, remove any accounts that are found to be fraudulent. If an account shows that you made regular, on-time payments, don’t remove it because it will be helping your score.
Recommended: Average Salary by State
How to Remove a Closed Account from Your Credit Report
A few factors affect your credit score; one of which is your credit history. As noted above, your credit history shows the loans and credit cards you have obtained in the past seven to 10 years, along with your repayment patterns. Even closed accounts are part of that narrative for the stated period of time.
That said, there may be a way to remove a closed account from your credit report, which you might want to do if it is having a negative effect. Here are some options.
1. File a Dispute if There Is an Error on Your Credit Report
It might be that you notice a fraudulent account when you check your credit report. If that is the case, you can remove the record by submitting a dispute in writing with each of the three credit bureaus (Equifax®, Experian®, and TransUnion®). You must include supporting documents. The bureaus will investigate your complaint and update your credit score if there is fraudulent data.
2. Contact the Creditor and Pursue a Goodwill Deletion
Another way to remove a closed account from your credit report is to directly contact the creditor that’s involved and ask them to remove the account from your credit report. (This is sometimes known as a goodwill letter or goodwill request.) The creditor will have to contact the credit bureau(s) directly to do so. You will be more successful if you have a positive credit history and relationship with the creditor.
3. Wait It Out
In time, a closed account will no longer be reflected on your credit report, but it might take seven to 10 years. The good news is that the accounts that stay the longest are usually ones that you closed in good standing, and these will positively influence your credit score.
Recommended: Why Did My Credit Score Drop After a Dispute?
What Does “Account Closed” Mean on a Credit Report?
“Account closed” on your credit report indicates an account that is no longer active. There can be several reasons for an account being closed.
• Perhaps it was an installment loan that you paid off.
• You might have opened a credit card account and then decided to close it (maybe you weren’t using it much).
• The creditor closed it, which could be positive (you paid off a loan) or negative (you weren’t paying your bills in a timely manner).
These are typical scenarios that lead to seeing “account closed” on your credit report.
How Long Will a Paid-off Account Take to Show up on Your Report?
Lenders usually update the credit report agencies with closed account information at the end of a billing cycle. Thus, it could take one or two months before a paid-off account is reflected on your credit report.
How Long Does a Closed Account Stay on My Credit Report?
As noted above, how long closed accounts stay on your credit report can vary.
• Accounts closed in good standing (paid on time and in full) can remain on your credit report for up to 10 years.
• Accounts closed due to nonpayment (these include collection accounts, some bankruptcies, and debt settlement) remain on your credit reports for seven years from the first missed payment or from being turned over to collections. The exception is Chapter 7 bankruptcy, which usually stays on your credit report for 10 years.
Practice Good Credit Habits Going Forward
Here’s advice that can help you manage existing credit card and loan accounts well.
• First, it’s always wise to take control of your budget. Whether you do that with the 50/30/20 budget rule or a financial tracking app, keeping on top of your income, your spending, and your saving can be a money-smart move.
• Check your credit score regularly to make sure there is no fraudulent activity. You might aim for an annual review.
• Extend your credit history as much as you can with accounts that are and have been in good standing. This means it’s probably in your best interest to occasionally use a credit card account and keep it in good shape vs. closing it because you don’t use it often. This can reduce your available credit and possibly lower your debt utilization ratio.
One good idea can be to use a credit card for predictable expenses, such as streaming services, and set up automatic payments. That way, you will be paying a set amount each month and building a positive credit history.
These moves can help you keep your financial profile in good shape.
The Takeaway
Closed credit accounts will stay with you for a long time, seven to 10 years usually. Keep accounts that you have owned for a long time open and in good standing whenever possible. If you have fraudulent accounts on your credit history or ones that were not managed well, you might take steps to have them removed and possibly build your credit profile. Keeping tabs on your credit score and your budget can be easy with the right tools, like those SoFi offers.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
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FAQ
Can I get closed accounts removed from my credit report?
You can remove a closed account from your credit report if you suspect it is fraudulent by filing a dispute with the three credit bureaus. You can also contact a creditor directly and ask them to remove a closed account. However, they are under no obligation to comply with this kind of request for a “goodwill” deletion. Alternatively, you can wait for seven to 10 years, after which closed accounts will fall off your credit history.
What is the 609 loophole?
The 609 loophole is a tactic that some people think will remove bad debt history from their credit reports. A section of the Fair Credit Reporting Act states that you can write a letter to gain documentation on what you may believe is an incorrect entry in your credit history. The 609 letter theory is that if a credit bureau cannot produce a piece of information, such as the original signed copy of your credit application, they have to remove the disputed item because it’s unverifiable. However, these steps are not the same as a dispute. Also, if you have legitimate debt, even without this documentation, the debt may remain. In other words, this process is unlikely to provide a shortcut to building your credit.
How long before a debt is uncollectible?
At which point a debt can no longer be collectible varies based on the type of debt and the state you live in. It is often between three and six years, but it could be as long as 20 years. After the statute of limitations that applies, a debt collector can no longer sue you for repayment, though some might still try to collect.
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