Formal enforcement action was taken against eight large bank mortgage servicers and two third-party service providers today by the Office of the Comptroller of the Currency.
The banks, which include Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank, and Wells Fargo, along with Lender Processing Services and MERS, were found to be involved in “unsafe and unsound practices” related to loan servicing and foreclosure processing.
However, the OCC noted most of the homeowners who were foreclosed on were in seriously delinquent status, and that the banks/mortgage lenders held the notes and documents required to foreclose.
Still, these loan servicers will be required to clean up their act as a result of the investigation, which took place in the fourth quarter of 2010 after allegations of robosigning surfaced.
Each servicer must:
– Hire an independent firm to conduct a multi-faceted review of foreclosure actions between January 1, 2009 and December 31, 2010. – Ensure foreclosures are not pursued once a borrower has been approved for a loan modification. – Establish a single point of contact for borrowers throughout the loan modification/foreclosure process. – Establish “robust oversight and controls” of their third-party vendors, including outside legal counsel that provide default management or foreclosure services. – Establish a process for borrowers who believe they have been financially harmed by such deficiencies to make submissions to be considered for remediation. – Submit a plan to remediate all financial injury to borrowers caused by any errors, misrepresentations, or other deficiencies identified in the independent consultant’s findings.
Hopefully this will make a meaningful difference, though as the OCC noted, most affected borrowers seemed to be past the point of no return anyways…
The companies involved also face possible civil money penalties.
The two worst years of my financial life were 2007 to 2009. Before 2007, our income was low, but our expenses were low, too. We didn’t save much, but we didn’t spend more than we earned, either.
Then we saw our dream house. And we bought it while we still owned our first house. For two years, we had two mortgages. Suddenly, even though our income was slowly increasing, our expenses had skyrocketed. We cut our expenses as much as we could, but you can only cut them so much when you bought a fixer-upper with squirrel holes in the siding, leaking toilets that threatened to fall through the rotten bathroom floors, and desperately needing a new roof. (I guess we have low standards for our dream house!) As if that weren’t painful enough, I was also trying to finish grad school. It was an ugly time, and I was desperate.
Along with our finances, my desperation also manifested itself physically: I gained about 25 pounds, and developed heartburn and other GI difficulties, along with some self-diagnosed depression. I was so tired all the time.
That desperation bled into other areas of my life, too. My relationships suffered. I didn’t love myself, so how could I love others? And, seemingly unrelated, my house was always messy. Not really bad, but definitely substandard compared with the rest of my friends and family.
Sounds terrible, doesn’t it? It was. I remember sitting at my kitchen table one night, thinking that my life was in shambles, and I wasn’t sure it would ever get better.
If your life feels the same right now, I want to share four things that changed our lives — for the better.
1. I repaired my relationships. While I needed to improve my relationships with my friends and family, my marriage had been suffering the most. My husband and I were so stressed that we weren’t taking time to communicate. Even though we both had the same goals, we were on parallel paths, each of us working so hard to get ahead financially. But we weren’t tapping into the synergy of two people who work together.
One December night, when things blew up, we looked at each other and realized we didn’t like what was happening to us. That night, we prioritized our marriage over our finances. Strangely enough, our finances improved, too.
2. I decluttered my life. I had been keeping things because “we will use them some time” and what’s the problem with storing them? When we decided our life had to be as simple as possible while things were so stressful, it was time to say goodbye to the things we weren’t using. Most of the items were actually given away, so while I sold some things, the biggest benefit wasn’t financial…at least, not directly.
But it was more than our possessions. We also evaluated our activities (volunteer, church, community, etc.) and decided, with so much stress and so little time, we had to eliminate some.
I struggle to understand why decluttering made such a difference to us financially. But I think since I had less to clean around and more empty space, it made me less stressed, less overwhelmed, and more likely to have the energy to tackle our challenges. And having a lighter schedule allowed us more time to concentrate on our relationship and getting ourselves out of the financial hole.
It was one step that didn’t cost us much, but made such a huge improvement.
3. I set up a personal escrow account. I had tried budgeting in many ways, but I just didn’t stick with it. As stressed as I felt, it had to be easy. And all the methods I tried weren’t easy enough.
I evaluated our bills and found that we had the most difficulty paying bills that weren’t monthly, bills like our property taxes, house insurance, car insurance, and so on. For instance, our property taxes were always due in July and September, and I knew that. But whenever I got the bill, I would be surprised and wonder where we would get the money to pay for it. And life would be even more stressful while we worked overtime and cut our expenses to try to make the big tax payments.
Thing is, this happened all the time. I would be surprised by our house insurance bill one month. The next month, by our car insurance bill. I’ve never claimed to be the sharpest knife in the drawer, but this was ridiculous. It also wasn’t fun.
So finally I had an idea. I totaled up all our non-monthly bills and divided by 12. The only budgeting I was going to do was save that much per month in a targeted savings account that I will talk about in a minute. When a bill came, I would go to our “yearly expenses” savings account, transfer the money to our checking account, and pay the bill. Proactive, not reactive. It has made my life so much easier with so little effort.
4. I set up targeted savings accounts. Speaking of those targeted savings accounts, I opened up a few savings accounts in July 2009. One of them is our yearly expenses savings account. Others include two vehicle replacement savings, an emergency fund, and our charity account. I didn’t think we could afford to save very much and, at the beginning, I was right. But as things began to improve, I kept bumping up our automatic savings contributions.
An advantage of saving in this way is that it’s been easier to stay motivated. And you know I need help with that. When I see our “New Car Fund” savings account, saving money has a name and a purpose.
The results
These steps had a domino effect on the rest of my life. Today, I am 25 pounds lighter and much less stressed about finances and life, in general. My relationships are healthy, and my life is not in shambles. I am a different person from the desperate gal who sat at my kitchen table a few years ago.
I can’t explain why all four steps made such a difference, but they did. And of course, there were other things that had a huge impact on our improvement as well, like selling the first house, finishing grad school, getting raises, and earning side income.
But the improvement began with four small steps. And I believe these four steps can improve the financial state of anyone, despite their income level.
When the snow melts and bulbs are blooming, buyers are out in force. If you’ve heard that spring (and leading into summer) is a good time to sell, you can tell whoever told you that they’re right for the most part! In many areas, the warmer weather means that people are eager to get out of the house, move while the kids are out of school, and are ready to look at homes with beautifully manicured yards. While hotter climates might have a slight downturn in the market during the 100+ degree weather, other markets thrive. If you’re considering listing your home this spring, you can optimize your home for higher offers with these seven timely tips.
1. Embrace Every Blooming Thing
Crocuses, hyacinth, and tulips peeking through your soil? Great. Blooms can be one of your greatest spring selling assets. If you don’t currently have bulbs in your yard, hit the nursery and purchase sprouted bulbs or opt for plants like pansies and primrose that look great and can withstand an unpredictable spring. Add additional color and curb appeal with planters and pots. You can even plant blooming daffodils or tulips to beds that need a refresh.
Brighten up porches, decks or balconies with potted blooms.
2. Touch Up the Yard and Exterior
When the snow melts, it reveals all the blemishes and flaws that were covered all winter. Before you list, give your home’s exterior a good once-over. Note any dead grass, chipping or fading paint, and damaged sections of fence. Turn your observations into a to-do list and get to work. Rake the grass, clean out beds, fertilize, lay sod, and edge the lawn. Do you need to repair fences, railings, steps, or decks? What about adding paint and stain in those well-worn areas? Even if you don’t find much to fix, consider giving your home an instant facelift by rubbing mineral oil on a painted front door or adding new house numbers.
Paint your front door new leaf green or robins egg blue to make your home one to remember when it comes time to put in offers.
3. Deep Clean
It’s called spring cleaning for a reason. After months shut inside the house, everything can use a good, thorough scrubbing. Have carpets cleaned and wash the windows both inside and out. Clean out closets and attack junk drawers. Wipe down the walls, make tiles and counters gleam, and pay attention to smaller things like grout, which can take a room or wall from dull to sparkling with just a little elbow grease. Clean the oven, and organize and wipe down the laundry room. Sort through towels, sponges, and other cleaning tools and toss ones that are shabby or smelly. Have slipcovers, upholstery, and pillow covers cleaned.
Do your spring cleaning before you list; they might want to buy the furniture too!
4. Perform Pre-inspection Repairs
If you’re selling your house, then you know a buyer is going to want to have ahome inspection completed before they seal the deal. Why not perform a preemptive strike and do your own inspection first? Identify small things that you can update or repair before the buyer can point them out. Often small issues lead buyers to fear there are larger maintenance issues, so making simple repairs before you list is smart. Change out filters, fix that wobbly banister, and take care of small things like torn screens or loose shingles.
Free painted-shut windows, repair screens, and fix broken panes.
5. Box Up Winter
You can make your house and yard feel bigger by simply packing away winter toys, tools, and clothes. Put your winter wardrobe in storage to make closets feel larger. Box up mittens, gloves, hats, and boots. Trade out ice melt and shovels for watering cans and gardening tools. If possible, store winter items neatly in sealed boxes or containers in a shed or off-site storage facility. You don’t want to crowd the garage or yard with items you’ve packed up. Trade out heavy, wintry throws and pillows for brighter, lighter pieces that feel more like spring.
Don’t crowd the garage when you clean out the house; organize it or get a storage unit.
6. Brighten the View
After you’ve cleaned those windows, let the sun shine in. Wash window coverings and trade out dark, dingy drapes for sheers that give your home an airy feeling. Clean blinds and make sure to keep them open during showings. Consider removing valances, which tend to box windows in and create a more formal, stuffy feeling. Add brighter light bulbs to every room to add more light. Outside, add window boxes full of flowers or herbs to set off windows and provide a pleasing view from every angle.
Add sheer drapes inside heavier ones.
7. Bring Spring Inside
Don’t let buyers lose that bouncy, spring feeling once they cross the threshold of your front door. Continue the colors and scents of spring throughout your house. Open windows and let fresh air blow away the remnants of a closed-up winter. Add fresh flowers to mantles, side tables, and the dining room. Display fresh fruit in the kitchen. Use diffusers and candles to bring the crisp, inviting scents of spring inside. Trade out linens, towels, and accents for light, bright colors and clean patterns that make buyers want to cozy up and call your house home.
Fresh flowers will put a spring in buyers’ steps.
Spring is a time for new beginnings, and it can be the perfect time to sell your home, especially when you use Homie! With our low flat fee, you get a dedicated agent who can advise you on how to make your home appealing to buyers, from staging to pricing! Click here to learn more about listing your home with Homie.
Inside: Are you thinking about moving out? This guide will help you figure out how much money you need to save and where to find affordable housing. Will $5k be enough to move out?
Moving out for the first time is a huge milestone. It’s a chance to start fresh, create your own space, and live on your own terms.
But it can also be a daunting prospect, especially when you’re trying to figure out how much it will cost.
You want to know if $5,000 is enough to move out?
But there are a lot of factors to consider before making the decision to move out, and we’ve laid them all out for you in this ultimate guide.
So whether you’re just starting to think about moving out, or you’re ready to start packing your boxes, read on for everything you need to know about making the big move.
How much money do I need to move out?
Experts recommend having at least $6,000 to $12,000 saved up before moving out.
However, it’s possible to move out with as little as $5,000 if you focus on knowing how to live cheap and have a stable source of income.
However, if you don’t have a job before moving out, the need for a huge savings account is huge.
How much money should I have if I want to move out?
The minimum amount of money required to move out will depend on where you plan to live and your living expenses.
Shortly you will learn factors to include initial moving costs, rental deposit, and ongoing costs like rent, utilities, and food.
If you are looking to move out in an HCOL area, then you will need more than an LCOL city. At this point in your life, it is important to understand HCOL vs LCOL and how it affects your finances.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What are the expenses you should consider when moving out?
Moving out on your own can be a daunting and expensive task.
There are many expenses to consider when budgeting for your new place especially when you are learning how to move out at 18.
This guide will help you estimate the cost of moving out and provide tips on how to save money.
1. Rent/Utilities
The cost of rent varies depending on the location and size of the apartment or home, with the median rental cost in the US being around $1700 per month.
Along with rent, utilities like electricity, gas, water, and internet can cost around $400 per month.
To save money on rent and utilities, consider finding roommates to split costs or negotiating with landlords for a lower rent.
Rent is your biggest expense when figuring out the ideal household budget percentages.
2. Rent Deposit
When renting an apartment, you will typically need to provide a rent deposit. This deposit is a sum of money paid upfront to the landlord to cover any damages or unpaid rent at the end of the lease.
The cost of a rent deposit can vary depending on the location and the landlord’s requirements, but it can range from $1,000 to $5,000 or one to three months of rent.
To save money on a rent deposit, consider looking for apartments with lower deposit requirements or negotiating with your landlord for a lower amount. A clean rental history will help you with this.
3. Moving Expenses
Moving out can be an expensive process, but with some planning and budgeting, you can keep costs under control.
When considering moving expenses, be sure to factor in the costs of moving truck, packing supplies, such as boxes and tape, as well as the cost of hiring movers
To save money on these expenses, try finding free packing materials on Buy Nothing groups or ask friends and family to help you move. You can also minimize your possessions and have less to move.
4. Renter’s Insurance
When moving out and renting a home or apartment, it’s important to consider getting a renter’s insurance policy to protect you from unforeseen events.
Home insurance, also known as renter’s insurance, is a special type of insurance policy that protects your property against losses or damage stemming from covered perils, including fires, storms, or theft. It can give you peace of mind and help you repair or replace your possessions in the event of unforeseen situations.
Insurance premiums are based on various factors, including where you live, how much you choose to insure, and your deductible. Your credit score and history may also affect your insurance rates.
5. Furniture and Appliances
When moving into a new home, it’s important to consider all the necessary expenses for furnishing the space. This includes appliances like a refrigerator, stove, oven, and microwave, as well as daily living items such as a mattress, table, and couches.
I remember when I moved into my first apartment by myself and there wasn’t a washer or dryer in the apartment. Just hookups. I had one of two choices: 1) rent from the management company for $35 a month or 2) buy new appliances with 0% interest for $35 a month. I choose option #2 and it saved me money in the long term.
To save money, consider buying used furniture from thrift stores or online marketplaces like Facebook Marketplace. You can also find plenty of free furniture if you are not picky.
By being thrifty and smart with your purchases, you can furnish your new home without breaking the bank.
6. Housewares
When moving out on a budget, it’s important to consider the essential housewares you’ll need to make your new place feel like home. Here’s a list of must-haves and their estimated costs:
By prioritizing these essential housewares, you can make your new place feel like home without breaking the bank.
Don’t forget to check out thrift stores and Facebook Marketplace for gently used furniture and household items. With a little creativity and resourcefulness, you can furnish your new home on a budget.
7. Internet and Phone Bills
The average cost of internet and phone plans varies depending on the provider and the plan you choose. However, you can expect to pay around $50 to $100 per month for internet and $40 to $80 per month for a mobile phone plan. In addition, there may be additional fees, such as equipment costs or activation fees, which can add up quickly.
To minimize these expenses, consider bundling services with one provider. Many companies offer discounts for bundling internet, phone, and cable services.
8. Credit Card Payments
If you thinking about moving out and are currently swaddled in debt, then you probably don’t have enough money to move out. If you have high-interest credit card debt, prioritize paying it off before moving out.
Automating savings on essential bills using Truebill can also help you manage your credit card payments while covering the costs of moving out.
Additionally, ensure that you have an emergency fund and enough money to stay a year to handle unexpected expenses.
Things may get harder if you have to pay for college without help from parents.
How to calculate your moving out budget
Moving out on your own requires careful planning and budgeting.
To calculate your moving-out budget, start by determining your monthly expenses once you move out. Make sure to include the factors discussed above.
Then, decide on your target move out date.
Now, figure out how many months you have to save.
For example, if your target move out date is in 6 months and you need to save $5,000 to cover your expenses, you’ll need to save about $833 per month.
Additionally, create an emergency fund to cover unexpected expenses such as medical bills or car repairs. Aim to save at least 3-6 months’ worth of expenses in your emergency fund.
By creating a detailed monthly budget and sticking to it, you can ensure that you can afford to live on your own and achieve your goal of moving out.
Tips and tricks on how to move out
So, you’re finally ready to move out and start your life as an independent adult.
But before you can start your new life, there are a few things you need to take care of first – like, you know, finding a place to live and figuring out how to pay for it.
Learn the lessons from those who did not move out with enough cash – like me.
Tip #1: Create a Budget and Stay Within Limits
Moving out with only $5000 can be challenging, but creating a budget and sticking to it can make the process much easier.
To start, subtract your monthly bills from your monthly income to determine your basic budget.
For instance, if you make $2500 per month and pay $1500 for rent and bills, you have $1000 left for living expenses.
Allocate $400 for groceries and other necessities, $200 for transportation, and $100 for utilities.
This leaves you with $300 for entertainment and other non-essential expenses.
To stay within your budget, consider using a budget binder to track your income and expenses.
Be mindful of living within your means and avoid overspending by resisting the temptation to spend your first paycheck on new household items or entertainment. Instead, opt for more affordable options such as walking around your new neighborhood or having a picnic in the park.
Tip #2: Reduce Expenses Where Possible
One of the hottest topics is becoming frugal green. To save money and the environment at the same time.
When it comes to furniture, try buying used or refurbished items or borrowing from friends and family. Additionally, cutting back on unnecessary expenses such as dining out and entertainment can free up more money.
By being resourceful and creative, it is possible to move out on a budget without sacrificing quality or comfort.
Remember to allocate 50% of your monthly pay towards necessary expenses, 30% towards things you want, and 20% for debt repayment and long-term savings.
Tip #3: Look for Low-Cost Rentals
Finding low-cost rentals can be a challenge, but there are several options available to those who are willing to be flexible and creative.
Renting a basement suite or studio apartment can be a more affordable option.
Consider couch surfing, subletting, or home-sharing arrangements.
Home-sharing can be particularly attractive as it allows you to pair up with an elderly homeowner who needs a little extra help in exchange for low rent.
Find a tiny home rental.
If you don’t mind sharing the space, you can also consider getting a roommate or looking into pod shares. Pod shares are co-living spaces where individuals rent a bed in a shared room, with access to other community spaces like a bathroom and kitchen.
Become a housesitter and be paid to move out. Learn more with Trusted Housesitters.
With a little bit of research and creativity, it is possible to find low-cost rentals that fit your budget and lifestyle. Remember to determine exactly how much you can spend on rent and be open to alternative housing solutions to help keep your costs at a minimum.
Tip #4: Look Into Getting Renters Insurance
When renting you are more than likely going to live closer to others, which means more things can go wrong. Don’t skip out on renter’s insurance, as it can provide the peace of mind and protection you need as a first-time renter.
Without renter’s insurance, unexpected disasters such as fires, storms, or theft can leave you with thousands of dollars in damages that you would have to pay out of pocket.
Renter’s insurance typically costs around $20 per month and can save you a lot of money in the long run. Some affordable options for renter’s insurance include Lemonade, State Farm, and Allstate.
It’s important to shop around and compare policies to find the best one for your needs and budget.
Tip #5: Plan for Emergencies and Unexpected Expenses
It is crucial to plan for emergencies and unexpected expenses.
Start by setting aside a minimum of $1000 for an emergency fund.
Ideally, you should aim to save at least three to six months of living expenses in a rainy day fund. Remember, having a contingency plan and emergency fund can provide peace of mind and protect you from financial hardship.
Tip #6: Start Saving for a Security Deposit
Remember to prioritize saving for a security deposit by setting a specific savings goal and putting aside a portion of your income each month before you move out!
With dedication and discipline, you can reach your goal and move out with confidence.
More than likely, if you are a good tenant, you should get your full security deposit back after your lease is over.
Tip #7: Start a Side Hustle
Starting a side hustle can be a great way to earn extra money while still maintaining your full-time job. You can earn extra income through various side hustles depending on your skills and interests.
The most common side hustles are online jobs, such as transcription, virtual assistance, proofreading, blogging, freelance writing, data entry, graphic design, and web design. These jobs are flexible and eliminate the need for driving anywhere, requiring only a laptop or computer and a good internet connection.
In fact, learning how to make money online for beginners is a trending topic.
As you start your side hustle, put in as much time as you have available to maximize your earnings. Remember that a side hustle is unlikely to replace the need for a real job, but it can provide a great way to earn extra money and pursue your passions.
Tip #8: Plan Ahead and Create a Timeline
When planning to move out on a budget, it’s important to create a realistic timeline.
Start by mapping out all the expenses you’ll need to cover, such as rent, utilities, food, and transportation. Along with how much money you have already saved for unknown expenses.
Stay organized by keeping a checklist of everything you need to do and when it needs to be done. Don’t rush the process – take your time and make sure you have everything in order before making the big move.
Remember the millionaire quote, failing to plan is planning to fail, so take the time to plan ahead and create a realistic timeline.
Is 10000 a good amount to move out with?
According to various sources, $10,000 is generally considered enough to cover moving out expenses and leave room for emergencies.
However, the actual cost of moving out can vary depending on location, rent prices, and cost of living.
Learn how to save 10000 in a year!
FAQ
There are a couple of different ways to save more money including:
Cut back on frivolous expenses like eating out and buying new clothes.
Sell anything you have that you don’t want or need on websites like Craigslist, Facebook Marketplace, Depop, or eBay.
Consider getting an extra part-time job or side hustle to increase your income.
When it comes to furnishings, be thrifty by asking friends and family if they have anything extra they’re getting rid of or checking out second-hand or discount stores.
Set saving goals and track your expenses using a spreadsheet. That will give you a clear picture of what is and is not possible.
Renter’s insurance is highly recommended, and in some cases, required by leases. It provides protection against unforeseen disasters such as fires, storms, or theft that can damage or destroy your possessions.
While it may seem like an unnecessary expense, it is usually affordable and can save you a lot of money compared to paying out of pocket for damages.
Not having renters insurance can leave you vulnerable to unexpected expenses and potential financial ruin.
You should not spend more on your rent payments than you are comfortable.
Just like with getting a mortgage, you should spend no more than 30% of your take-home pay on rent payments.
You don’t want to be stressed about finances, so you should set a realistic budget for rent that allows you to comfortably cover all of your expenses while still having some money left over for savings.
So, is 5000 enough to move out?
It really depends on your situation.
If you’re moving to a cheaper area and don’t have many expenses, you might be able to make it work.
However, if you’re moving to a more expensive city or have a lot of bills, you might need to save up more money.
When determining how much money is needed to move out, there are several factors to consider, which we covered above. These include where you plan to live, your living expenses, initial moving costs, ongoing costs, and emergency funds.
It’s essential to have a budget and do the math to determine the minimum amount required for a smooth transition to independent living on a tight budget.
Ultimately, it’s important to do your research and figure out what’s best for you.
Know someone else that needs this, too? Then, please share!!
When you think of everything in your life that needs to be cleaned regularly, your credit card is probably not near the top of the list. But the truth is, during the course of a day, your card can pass through many hands and see plenty of action in credit card readers and ATMs. These exchanges increase the odds of your card picking up dirt, debris, and germs.
Fortunately, there are many ways you can keep your credit card clean without worrying about damaging the plastic, chip, or magnetic strip. Even better, most cleaning methods take less than 30 seconds.
Let’s take a look at some different ways you can practice good credit card hygiene.
Why Clean Your Credit Card?
It’s common knowledge that most paper money and coins carry germs, but credit and debit cards aren’t any cleaner. In fact, microbes, bacteria, and viruses typically stay active longer on hard surfaces like plastic and metal, sometimes for days or even weeks.
If you touch your bacteria- or virus-laden card and then touch your mouth, eyes, or nose, you could be introducing unwanted germs into your body. Washing your hands after handling your card can prevent the spread of germs. So can washing your credit card.
Besides wiping away bacteria, microbes, and viruses, scrubbing your card can also remove dust, dirt particles, and grime. These elements can make your card’s surface feel greasy, gritty, and sticky, and they can accumulate on or around the raised credit card numbers or letters.
Unlimited 2% cash back rewards* and no annual fee.†︎
Earn 3% cash back on up to $12,000 in purchases your first year when you set up direct deposit through SoFi.** After that, earn 2% unlimited cash back on everything.*
Recommended: Cash vs Credit Card: Key Differences to Know
How to Clean Credit Cards
There is no one way to clean your credit cards. The method you use depends on personal choice and the cleaning materials you have on hand. If you’re worried about getting your card wet, rest assured plastic and metal credit cards are meant to be waterproof.
Whatever your cleaning method, there are a couple rules of thumb to keep in mind. The first is to be gentle. Too much elbow grease or force may cause the card to wear down prematurely and could wipe away the ink. The second rule is to dry the card completely before you put it back in your wallet or use it.
Here are some effective ways to clean your credit cards:
Soap and Water
You can wash your credit card as you would your hands — with good old soap and water. Simply suds up your card with hand or dish soap and warm water, and gently clean for 20 seconds before rinsing it off completely. Wipe dry with a paper towel, soft rag, or lint-free microfiber cloth.
Rubbing and Isopropyl Alcohol
Both types of alcohol can be used to clean your cards. Simply wet a cotton ball, tissue, paper towel, or soft cloth with the alcohol and wipe the card. To remove stubborn gunk trapped around the raised letters or digits of your card, try using a cotton swab dipped in alcohol.
Antibacterial or Sanitizing Wipes
The same wipes you use to clean surfaces at home can also be used on your credit cards. These products work to rid your card of any bacteria and viruses hanging out on your credit or debit card.
Multi-surface household cleaner
An all-purpose cleaner will also do the trick of cleaning your card. It’s better to spray the solution onto a cotton ball, paper towel, or clean rag instead of directly onto your card. Vinegar, which also works as a household cleaner, is another option.
UV Light Sanitizer
These devices use ultraviolet light to kill any viruses and bacteria found on nonporous surfaces. Often used to kill germs on cell phones, many of these machines sanitize credit cards as well.
One caveat: If you have a credit card made of metal or a metal composite, you may need to follow a different cleaning regimen. Apple, for example, warns against applying certain products or methods when cleaning the titanium Apple Card. On the list are household or window cleaners, compressed air, ammonia, and abrasive cleaners. If you have a metal card and aren’t sure what material it’s made of, check with your credit card issuer before cleaning it.
How to Clean the Chip and Magnetic Strip on a Credit Card
There may be times when you insert a credit card into a chip reader or swipe it at the card reader machine, but can’t complete the transaction. This could be because your credit card’s chip or magnetic strip needs to be cleaned.
You might think getting the chip or strip wet would damage the card, but in reality, the chip reader and magnetic strip can be cleaned with the methods mentioned above. However, you don’t want to soak your card in any liquid — even soapy water — or scrub the chip or strip too hard. Doing so can damage it over time.
There are also ways to de-gunk a chip or strip that don’t involve cleaning products. For instance, after gently wiping off your card, you can use a rubber eraser to lift any remaining strip residue. Another option is to place a piece of clear tape over a dirty strip or chip and then peel it off.
5 Things to Avoid Doing When Cleaning a Credit Card
Not all cleaning methods are created equal. In fact, some could damage your card. Here are five to avoid.
1. Scrubbing with a rough sponge
You don’t need to apply too much pressure or scour your card with an abrasive sponge. Both could damage the card, especially the chip and magnetic strip.
2. Your washing machine
You might think throwing your card into the wash with your clothes is harmless. But the harsh chemicals found in most laundry detergents could do more harm than good. For one thing, they can cause the card’s protective coating to peel off.
3. Hand sanitizer
While hand sanitizer can work in a pinch, it isn’t the best product to use when cleaning off your card. The moisturizing ingredients in the gel or liquid can leave behind a residue.
4. Soaking in rubbing alcohol
While you can wipe down your card with rubbing alcohol, experts warn against submerging your card in it because it can be corrosive.
5. Using heat
Heat and hot water can kill off germs, but using very high temperatures to clean or sterilize your credit card can actually damage it. Using a blow dryer, a clothes dryer, or boiling water to blast off any germs can cause the card’s plastic to soften or warp.
Cleaning vs Disinfecting a Credit Card
Both cleaning and disinfecting your credit card are effective, but they aren’t synonymous, and one step should precede the other.
According to the Centers for Disease Control and Prevention, you should clean first and then disinfect. Why? Washing a surface before you do anything else removes impurities like dirt, whose presence may make it harder for the chemicals in sanitizers and disinfectants to reach and kill germs.
How Often Should Credit Cards Be Cleaned?
How often you should clean your card largely depends on how often you use it. Ideally, you should clean your credit cards after every use, though that can be difficult if you’re out and about and using your card at different places. Generally, aim to clean your card once a day if you use it regularly, or once a week if you don’t.
Recommended: 7 Tips to Help You Use Your Credit Cards Wisely
Other Credit Card Maintenance Tips
Your wallet can get pretty dirty, making it harder to keep your credit card clean. Try storing it in a plastic photo holder or a card protector sleeve. Your credit card company may have issued your card in one, or you can make your own by wrapping a credit card-sized piece of paper around the card and taping the ends together. Another option is to purchase a separate credit card holder.
You may also want to use contactless credit card payments, which allow you to avoid swiping or inserting your card into a reader. One way to do that is with a contactless credit card. These cards feature an icon that resembles the wi-fi symbol and let you “tap and pay” at a payment machine.
You may also decide to store your credit card in a mobile wallet, which is a virtual wallet that lives on your cell phone, smartwatch, or other mobile device.
Recommended: 11 Tips for Cleaning Up Your Finances
The Takeaway
Any time your credit card changes hands or is inserted into card readers and ATMs, it can pick up dirt and germs that can live on the surface for days or even weeks. Cleaning your credit cards regularly can help protect you from bacteria, viruses, and other germs. Using soap and water, rubbing alcohol, antibacterial wipes, or multi-surface household cleaners may all help you keep your card in tip top shape. Using a contactless credit card or mobile wallet are other ways to cut down on your card’s exposure to germs.
If you’re looking for a new credit card, consider a rewards card that makes your money work for you. With the SoFi Credit Card, you earn cash-back rewards on all eligible purchases. You can then use those rewards for travel or to invest, save, or pay down eligible SoFi debt. The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.1
Take advantage of this offer by applying for a SoFi credit card today.
FAQ
Can credit cards survive being washed?
They can, as long as you use gentle methods and surface-friendly products. Things to avoid: using an abrasive sponge and scrubbing too hard; submerging your card in potentially corrosive liquids like rubbing alcohol; and running the card through the washing machine.
Why do people clean their credit cards?
Credit cards can accumulate dirt and germs whenever they change hands or are inserted into a card reader or ATM. Cleaning your credit cards gets rid of bacteria and viruses that can stay on your cards for a period of time. But it can also remove stubborn grime that can scrape or otherwise damage your chip or magnetic strip.
Can you clean a magnetic strip on a credit card?
You can clean a magnetic strip with soap and water, an antibacterial wipe, rubbing alcohol, a safe household cleaner, or a UV light sanitizer. You can even use a pencil eraser or a piece of clear tape to remove dirt from a magnetic strip.
Photo credit: iStock/Khosrork
1Members earn 2 rewards points for every dollar spent on eligible purchases. If you elect to redeem points for cash deposited into your SoFi Checking or Savings account, SoFi Money® account, or fractional shares in your SoFi Active Invest account, or as a payment to your SoFi Personal, Private Student, or Student Loan Refinance, your points will redeem at a rate of 1 cent per every point. If you elect to redeem points as a statement credit to your SoFi Credit Card account, your points will redeem at a rate of 0.5 cents per every point. For more details please visit SoFi.com/card/rewards. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A. The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. SoFi cardholders earn 2% unlimited cash back rewards when redeemed to save, invest, or pay down eligible SoFi debt. Cardholders earn 1% cash back rewards when redeemed for a statement credit.1 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. SOCC0423010
Nothing you’ve done up to this point compares to owning a home. Buying a home is often the biggest purchase someone has made in their life, and it’s a big milestone – and financial commitment.
As exciting as moving into your own home is, you shouldn’t get swept up too quickly. Things are going to need attention and you’re going to need to budget for future expenses.
To avoid making your big purchase feel like a big mistake, here are some tips that responsible new homeowners should follow. With a little prep and planning, you can make your purchase a happy, positive experience.
Check today’s rates.
Budget for new costs
Before moving into a home, the buyer was most likely renting. Mortgage payments aren’t too far from rent payments, so you’ll be ready for that. But there are other costs to be aware of.
Property taxes are not only going to be there the entire time you own your house, but they’re likely going to increase as the value of your home rises. While you don’t need to keep a long-term plan to keep up with rising taxes, you should be prepared to budget for them annually – and expect to pay more each year.
Utilities are also a huge expense, especially for homeowners that aren’t prepared. Heating and cooling can account for nearly half of your total energy costs, so you should track your usage and invest in a smart system that reduces costs while keeping you comfortable.
On top of these, other expenses you should prepare for include:
Homeowners association (HOA) dues
Homeowners’ insurance
Mortgage insurance (not applicable to homeowners with a VA loan)
Add all these up and you’ll likely be paying a bit more than you were with your rental. On the plus side, you’re now paying for a property that you own.
Know what needs maintenance and cleaning
If something is neglected for too long, permanent damage could be caused. This means spending money to fix or replace it.
Keeping your home clean is important, from the carpets to the window screen to the gutters. You should also be checking on your roof, water heaters, furnace and other major appliances. Air conditioning filters will need to be replaced regularly, and lightbulbs are bound to go out eventually.
While spending money on something that isn’t broken can be frustrating, it’s better than waiting until the last minute. If that happens, you may end up spending much more than you could have if you acted earlier.
Click to check current rates.
Budget for furniture and appliances
Your home is probably going to be a bit bigger than your apartment, which is good. But you probably only have enough furniture to fit your old rental, so you might have to get some more furniture.
Furniture can be expensive, especially when new. Check out consignment stores to find good deals, and ask friends and family if they have old furniture they’re no longer using.
Appliances can also be pricey. If you haven’t bought the home yet, see if you can convince the seller to leave the appliances behind. These are called seller concessions, and they’re negotiated in the contract.
Get homeowners insurance
While homeowners insurance might seem like a waste of money, ignoring it could be the worst mistake a homeowner makes. You’ll probably be required to get homeowners insurance when you get a mortgage, but some homeowners drop it after so many years.
Remember, this is the biggest purchase you’ve ever made. You’ll want to keep it protected, even if it means spending a little extra each month.
Cash in on your tax return
Here’s a good part about owning a home: you can deduct a lot of expenses and end up getting a bigger tax return.
You should hire a professional accountant the first year you own a home, even if you do your own taxes. They’ll be able to help save you money, and you’ll be able to see how. There are too many intricacies to taxes and homeownership to go through, so you’re best off spending money on an accountant in year one and using your newfound knowledge in the future.
Keep some money in an emergency fund
The unfortunate reality of life is that things will go wrong at some point. You can avoid making these bad things worse by keeping an emergency fund.
There’s no perfect amount to keep aside, but many financial planners advise that you put aside 3-6 months’ worth of expenses. If you can save more, it’s never a bad idea.
One of the obvious perks of working from home is the opportunity to cut some expenses.
Almost one in three workers remains fully remote in early 2023, and no wonder. When you no longer have to commute every day, you save time and money. You can prep lunch everyday versus buying a pricey takeout salad, and you don’t have to buy (or clean) work clothes anymore. You’re likely to notice some savings quite quickly.
However, there are other costs that might ratchet up just because you’re home more — and that includes energy costs. The extra time you may be spending on your laptop, watching Netflix, or even boiling water for a ramen lunch could nudge your energy usage upward — and your monthly electric bill.
If you have those bills set on autopay, you may not have noticed an increase. Or maybe you noticed the expense creep up but didn’t know what you could do to manage it.
Fortunately, with some planning, you can probably minimize your energy bill. Here are some strategies that might help while you’re working from home:
In the Home Office
You may have put some thought into setting up your office in a way that works ergonomically and looks presentable on Zoom. But have you thought about making your workspace energy efficient?
Choosing Power-Saving Equipment
If there’s a choice, consider using a laptop instead of a desktop computer to do your work. According to Energy Saver, the U.S. Department of Energy’s (DOE) consumer resource, it takes much more power to run a desktop and its monitor than it does to run a laptop.
And with the laptop, there’s a battery for backup if the power fluctuates or there’s a brownout due to high electricity demand in your area.
Those who are new to working at home and purchasing their own office equipment may want to check out Energy Star-certified computers, monitors, and printers, which run more efficiently than standard equipment and use about half as much electricity.
💡 Quick Tip: Help your money earn more money! Opening a high-yield bank account online often gets you higher-than-average rates.
Unplugging at the End of the Day
Remote workers aren’t the only ones who can benefit from a break at the end of their day. The computers, phone chargers, and other pieces of office equipment they rely on may continue to draw power even when not in use.
For convenience, workers may want to consider attaching these “energy vampires” to a smart power strip, with just one easy-to-reach switch to flip when it’s time to call it quits.
Also: Not to be a Grinch, but come the holiday season, if you like to keep the holiday lights on all day to brighten your work area and deliver a holiday mood, you might rethink that. The cost of holiday lights can add up.
Recommended: Adjusting Your Budget for Working from Home
Letting Computers Take a Nap
Another way to save money on energy is to set a computer to sleep or hibernate if it’s going to sit idle for a while. This differs from using a screen saver, which actually may take extra energy to keep an animated display active on the screen.
When a computer enters sleep mode, the power is cut to any unneeded systems, and the memory receives just enough power to maintain data.
In hibernation mode, the computer saves open documents and running applications to the hard disk instead of to RAM, which means it uses zero power. It takes a little longer to start back up from hibernation, though, so sleep mode may be better for shorter breaks.
Recommended: Do You Qualify for Home-Office Tax Deductions?
Choosing the Right Light
Making the most of natural light in the layout of a home office can cut down on eye strain and energy use, so it can help to create a workspace by a window.
But if a desk lamp will be on for much of the day, using energy-efficient bulbs instead of traditional incandescent bulbs could decrease the amount of energy the light will use by as much as 80%.
Because LED light bulbs produce less heat, they also may help cut costs associated with home cooling. And LEDs, halogens, and compact fluorescent lamps typically last longer than traditional bulbs.
Elsewhere Around the House
Working from home typically means more time spent using appliances; opening and closing doors; and running the air conditioner, fans, or the heater.
Many power companies offer free home energy assessments with a custom report that shows a home’s past and current power use and offers tips on how to save energy in the future.
For those who prefer to DIY their audit, the Environmental Protection Agency provides the Home Energy Yardstick , which compares a household’s actual energy use (based on a year’s worth of utility bills) to that of similar households.
There are also companies that, for a fee, will come and inspect a home’s energy usage . They will also report on areas where the home and its residents could be more energy efficient (though it may require changing some old behaviors).
Making Chores More Efficient
If the local utility company offers “time of use” pricing plans — charging less for power consumed during off-peak hours — it might be another opportunity to save.
Taking advantage of lower pricing may require breaking some old habits — running the dishwasher in the morning, for example, or doing laundry in the late evening — but the reward might be a lower utility bill as well as a healthier planet.
Running full loads in the clothes washer, dryer, and dishwasher can be another way to save. Tempting as it may be to run a load just to get a favorite pair of jeans clean, you’re much better off waiting till you can fill the washer.
💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.
Adjusting the Thermostat
One of the easiest ways to be more energy efficient is to set the thermostat up or down a degree or two to keep a home’s heating or air conditioning from running constantly.
The DOE advises consumers to set the thermostat to 78 degrees — or as high as is comfortable — when home in the summer.
In the winter, the DOE recommends setting the temperature at 68 degrees when everyone is awake and turning it down when they’re asleep or not at home. (Using a smart thermostat that can be operated from a smartphone can make it easier to manage adjustments.)
Getting Creative When Cooking
If eating at home more often is giving the oven a workout (and heating up the house in the summer), consider using the microwave, slow-cooker, or toaster oven to save on electricity and keep things cooler.
So can using the charcoal or gas grill out on the deck, and that might lend a party atmosphere to your regular dinner.
💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided.
Keeping the Fridge Filled
A well-stocked freezer operates more efficiently than one that’s sitting half-empty, so feel free to load it up (but look for ways to save money on groceries when doing so). And, of course, if you are buying a new fridge, look for an Energy Star one.
Showering Responsibly
According to the DOE, about 18% of the energy consumed in the average home is from heating water. That means long, hot showers, or even standing at the sink shaving with the water running, can drive up energy bills. So can using the hot water setting on the washing machine or rinsing dishes in hot running water.
One option is to turn down the temperature on the water heater. That will help cut your energy bill when you’re working at home without impacting your comfort much at all. Shortening those showers (which can also help you save on water bills) and changing other habits, regardless of whether you are working from your kitchen table or an office, also can help conserve energy and save money. Extra points awarded to those who air-dry their hair or use the same bath towel more than once.
Ready for a Better Banking Experience?
Open a SoFi Checking and Savings Account and start earning 1% APY on your cash!
The Takeaway
Whether this is a temporary situation or working from home becomes a regular thing, you may find you’ll have to rethink your budget to accommodate the changes to your lifestyle. While typically your energy bill may go up when you are spending more time at home (at your laptop and perhaps peeking in the fridge), it’s possible, with a little effort, to manage your power costs.
Better banking is here with up to 4.20% APY on SoFi Checking and Savings.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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. 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. External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. SOBK0423061
As the weather gets warmer and the days get longer, it’s the perfect time to give your home a fresh summer update. And what better place to start than your entryway? Not only is it the first impression guests get of your home, but it’s also a space that can quickly become cluttered and disorganized. With a few simple changes, you can turn your entryway into a welcoming oasis that’s both functional and stylish. From organizing solutions to decorative accessories, here are some of the best entryway decor ideas to refresh your space for the summer season.
1. Torbin Jute/Sisal Marble/Linen Rug
Photo: wayfair.com
Made from natural jute and sisal fibers, this rug adds a warm and inviting texture to your space while also being durable enough to withstand heavy foot traffic. The neutral marble and linen colors complement any decor style, while the reversible design allows for even wear and tear. Plus, the low pile height makes it easy to clean and maintain, so your entryway can always look its best.
Get the Torbin Jute/Sisal Marble/Linen Rug at Wayfair starting at $44.99
2. Hampshire Entryway Storage Bench
Photo: target.com
If you’re looking for a functional and stylish addition to your entryway, then the Hampshire Entryway Storage Bench from WyndenHall is a great choice. Constructed with solid wood, it provides both seating and storage. The two cubbies offer ample room to store shoes or other items, all in a classic design that can fit any home decor style.
Get the Hampshire Entryway Storage Bench at Target for $299.99
3. Seville Classics Water Hyacinth Storage Baskets
Photo: homedepot.com
Add a rustic charm to your entryway with the Seville Classics Water Hyacinth Storage Baskets. Crafted from hand-woven material, each set contains two versatile pieces that can be used for storage of shoes, accessories or other items. Featuring cutout handles on each basket makes it simple to move around as needed; perfect for an organized and on-trend foyer.
Get the Seville Classics Water Hyacinth Storage Baskets at Home Depot for $34.99
4. Holmquist Arch Wood Wall Mirror
Photo: wayfair.com
Every entryway needs a mirror, and this arched model is simultaneously classic and modern. The Holmquist Modern & Contemporary Accent Mirror from Astoria Grand is perfect for those last-minute checks before heading out the door. Measuring 40 inches in height, t’s the perfect size to sit on an entryway table. Plus, it’s easy to install using its conveniently preinstalled mounting hardware.
Get the Holmquist Arch Wood Wall Mirror at Wayfair for $216.99
Photo: wayfair.com
Every entryway needs wall hooks, and these ones feature a traditional style that will work in any space. They feature a sleek and stylish brushed oil rubbed bronze finish and are crafted from high-quality metal which gives them extra stability and strength to hold up to 35 pounds of weight making it the ideal choice for holding heavier items.
Get the 1.5” Wide Metal Wall Hook at Wayfair for $9.25
6. PARTPHONER Chandelier Pendant Light
Photo: amazon.com
Swapping out a dated light fixture can completely alter the look and feel of a space. This farmhouse-style chandelier is an ideal choice for transforming your entryway into a warm and inviting space. Featuring three lights within its open-cage design, it ensures plenty of illumination and can be adjusted to fit any height requirement you may have in order to customize it perfectly for your home.
Get the PARTPHONER Chandelier Pendant Light at Amazon for $79.99
7. Seirione 5-Tier Coat and Shoe Rack
Photo: amazon.com
This organizer is an ideal all-in-one solution for any entry. Stylish and functional, this organizer provides ample storage space with five hooks that are perfect for coats, bags as well as five shelves for shoes. Its compact size makes it a great choice for organizing smaller entryways and it comes with an anti-toppling kit to ensure safety and stability.
Get the Seirione 5-Tier Coat and Shoe Rack at Amazon for $92.94
8. Hydrangea Stem Arrangement
Photo: target.com
Not all entryways get enough natural light to keep plants alive, so some faux flowers may be necessary to brighten up the space. Luckily, there are plenty of options available for realistic-looking florals, like these hydrangeas from Target. They each measure 24 inches long and are sold by individual stem, allowing you to arrange them in any way you’d like.
Get the Hydrangea Stem Arrangement at Target for $5
The prices listed here are accurate as of publication on May 2, 2023.
Save more, spend smarter, and make your money go further
One of the rights afforded to us under the Fair Credit Reporting Act is the ability to challenge information on our credit reports with which we do not agree. I addressed several methods of disputing credit entries in this Mint article.
The credit dispute process is free and normally takes less than a month. There is some confusion, however, about the impact a credit dispute can have on your credit scores. In this post, we’ll cover what happens when you dispute a credit report, how a credit dispute impacts your credit score, what is disputable, and how you can do so.
When Can I Dispute a Credit Report?
When you file a dispute with the credit reporting agencies, they are required by the Fair Credit Reporting Act to show that the item is “in dispute.” They accomplish this by placing the code “XB” on the offensive credit entry.
The XB code is what’s referred to in my world as a “Compliance Condition Code.” When it’s placed in your credit report, it reads as “Consumer disputes, investigation in process” or some derivative of that wording.
Essentially, it means that the credit bureaus received your dispute and are actively investigating the information.
The Impact of “XB”
When the XB code is present on an account, a public record, or a collection, credit scoring systems treat it differently than they would if the account was not actively in dispute.
This is where the confusion comes from. The FICO score will not allow an item that is actively being disputed to harm your score. How does it accomplish this?
FICO will not consider an item with the XB code present for either its Payment History or Debt related measurements. So, if you have a credit card account with late payments and you’re disputing those late payments, the FICO score will choose not to consider those late payments. And, if you have a credit card account with a large balance and you’re disputing the balance, the FICO score will not consider the balance.
So, does disputing a credit report hurt your score? No. The act of disputing items on your credit report does not hurt your score. However, the outcome of the dispute could cause your score to adjust. If the “negative” item is verified to be correct, for example, your score might take a dip. Note: this dip is not because the dispute was proven inaccurate, but because the XB code is taken off. Alternatively, if the disputed item is proven to be inaccurate, this could raise your credit score.
The fact that the FICO score is temporarily ignoring these items can cause your scores to be higher. Having said that, the score improvement is temporary and can’t be used to “game” the system.
What happens if the disputed item is found to be accurate?
If the item has been verified as accurate, then the credit bureaus are no longer investigating it. That means the credit bureaus will remove the “in dispute” label by removing the XB code.
Once the XB code is gone, then the item is fair game in the eyes of FICO because it has been verified and is, arguably, accurate.
This process isn’t news, and lenders also know about it, which is why you can’t just go and dispute everything that’s bad on your credit reports, have your FICO scores shoot through the roof, and then go apply for a loan.
Most lenders, especially mortgage lenders, require that all items DO NOT have the “in dispute” label before they process an application to closing. They realize the score that has been calculated is likely not the consumer’s most accurate score because the model is ignoring certain aspects of the credit report.
And FICO isn’t the only scoring system that has this specialized treatment of items that are currently being investigated. If you check your credit score using the VantageScore model, you may run into a similar situation.
According to Sarah Davies, Vice President of Analytics and Product Management at VantageScore Solutions, “While an account is documented as ‘Account information disputed by consumer under the Fair Credit Reporting Act (XB)’, it is temporarily excluded from consideration by the VantageScore model.”
What if the item is still being disputed?
If you were not successful getting the offensive credit entry removed or changed, then you can still have it shown as being “in dispute” for as long as it remains on your credit reports. But, that is not the same as an item that’s in dispute AND being investigated.
That is to say, lenders will still likely consider the item when evaluating your credit score since the XB code has been removed.
If you still disagree with an item you can have a label added to your credit reports showing as much. But, that’s not going to cause the score to reflect that label for Payment History and Debt measurements.
How to Dispute a Charge on Your Credit Report
If, after reviewing what happens when you dispute a credit report, you decide it could be the right course of action for you, here’s how you can get the ball rolling.
Step One: Obtain a recent copy of your credit report
In order to dispute an item on your credit report, you’ll need to prove to the powers that be that your credit report is inaccurate. To do so, you’ll want to have a copy of your credit report handy. Consumers are entitled to one free credit report each year from each of the three main credit reporting agencies, which you can access through AnnualCreditReport.com. Or if you’re a Mint user, you can easily view your credit score in the Mint app whenever you please!
Once you’ve got your credit report in front of you, pull out that red pen of yours and notate any items on the report that are inaccurate or with which you do not agree.
reasons to dispute items on credit report to help you decide if it’s worth a shot:
There is incorrect personal information on your credit report, such as your name or Social Security Number
There is a negative item that is beyond the statute of limitations for reporting
The report shows that you carry a debt balance which you have already settled
There is duplicate information shown on your credit report
You have a duplicate credit report or mixed information for yourself and another person
There are fraudulent items on your report, like a new credit card or loan that you did not open or apply for
Step Three: Decide which credit dispute method to use
File a report with the credit bureau: This is the most common method consumers use to dispute credit reports. Each of the credit reporting bureaus—Experian, Equifax, and TransUnion—have dispute forms on their website which you can fill out.
Here’s where you can find them:
If the error appears across each of the credit bureaus’ reports, you’ll need to file a separate report for each. Each of the credit dispute processes vary slightly, but in general, you’ll need to include the dispute form with an explanation of the error(s) as well as a copy of your report with the same error(s) notated.
Report the error to the furnisher: Another method you can use to dispute a debt on your credit report is to go directly to the source—the lender, bank, credit card company, or collection agency that misreported information. When you dispute the item, the furnisher will then be required to report the dispute to each of the credit bureaus, making your job a little easier.
Takeaways
To wrap up, let’s review a few of the key takeaways we covered.
Does disputing a credit report hurt your credit score? No, credit disputes do not hurt your credit score. When an item on your report is being investigated, the credit bureaus will notate this on your credit report using “XB” code which signals to lenders that the item is under review and should not be considered in their evaluation.
Depending on the outcome of your dispute, your credit score may be adjusted to reflect the updated information. If a negative item is removed, the dispute could improve your credit score.
To dispute an item on your credit report, follow these steps:
Get a copy of your credit report
Decide whether or not you should dispute the item
File a dispute with the furnisher or the three major credit bureaus with a dispute form and a copy of your credit report
For more information of credit disputes, check out this blog to learn how to win a credit dispute.
Save more, spend smarter, and make your money go further
Previous Post
6 Ways to Spring Clean Your Finances
Next Post
Where Can I Cash in My Coins? (Guide to Turning…
Browse Related Articles
Credit Info
Can You Win When Disputing Accurate Credit Report Items…
Credit Info
Chapter 10: What to Do About Credit Report Errors
Credit Info
3 Ways to Dispute Items on a Credit Report
Credit Info
Is Credit Repair Right for Me?
Credit Info
How To Correct Credit Report Errors
Credit Info
A Guide to the 3 Credit Bureaus: Equifax, Experian, and…
Credit Info
The 7 Steps of Filing a Credit Dispute
Credit Info
Can Disputing Information On My Credit Report Backfire?
Credit Info
How to Fix Credit Boo-Boos
Credit Info
How to Get Rid of Closed Accounts on Credit Reports
Have you heard about Fetch Rewards? My Fetch Rewards Review will show you how to earn free gift cards by simply snapping a picture of your receipts with your phone. That’s it – Fetch is really that easy!
Fetch Rewards is a cash back and gift card cell phone app that rewards you for purchases that you’ve already made.
With this app, you can scan your grocery receipts (from any grocery store or wholesale club, any time) and earn free gift cards.
Plus, Fetch Rewards is free. You don’t have to pay money to sign up or to use the app.
I will explain more in my Fetch rewards app review, but with Fetch, you earn points when you submit your receipts to the Fetch Rewards app from any grocery store, clothing store, restaurant, gas station, and more. Yes, ANY!
Then, you redeem your points for gift cards (to places such as Target, Amazon, or Apple) and other rewards.
All you have to do is take a picture of your receipt with your cell phone and easily earn points.
Here’s how Fetch Rewards works:
Shop like you normally would
Scan your receipt after you’re done
Earn points on Fetch Rewards
You can sign up for Fetch Rewards here.
Content related to my Fetch Rewards review:
Fetch Rewards Review
What is Fetch Rewards?
I want to start my Fetch Rewards review with some basic information about the company and app. Fetch Rewards is based out of Madison, Wisconsin, and this shopping app has helped millions of people save money with the tap of a button as you simply scan physical and digital receipts.
Every month, over 11,000,000 people use Fetch Rewards. It is super easy to use Fetch and receive free gift cards.
I keep saying it’s simple because it really is! Every time you shop or dine out, you can scan your receipt into the Fetch Rewards app.
You can scan receipts from any grocery store, clothing store, pet store, home improvement store, club store, restaurant, gas station, and more. Basically, anywhere you shop, you can snap a picture of the receipt and scan it into Fetch.
You can even use your digital receipts from online purchases such as Amazon, Target, Instacart, and more by connecting your online accounts.
If you have a receipt, then you can scan it!
You earn points when you submit your receipts, and Fetch pays you in points that you can redeem for gift cards.
There are many redemption options. Here are some of the places you can receive gift cards from:
Starbucks
Dunkin Donuts
Amazon
Target
Visa gift cards
Airbnb
Old Navy
Ulta
Barnes & Noble
Bass Pro Shops
Instacart
Sam’s
BJ’s
Best Buy
Lowe’s
And so many more!
You can also decide to put your points towards charitable organizations, such as The Red Cross or the Clean Water Fund. You can even use your points to enter sweepstakes in the Fetch app.
Don’t worry, I’ll explain more about how to redeem your points further down in my Fetch Rewards review.
How does Fetch Rewards work?
Here’s how Fetch Rewards works:
Sign up and download Fetch Rewards by creating an account or connecting a Google or Facebook account account, and then make a password for your account.
Go shopping like you normally do.
Scan your first receipt and earn points. To do this, you simply go to your Fetch Rewards app and click on the orange circle at the bottom of your screen that says “Snap.” You then take a picture of your receipt. If you have a digital receipt, you can just tap on the blue circle instead.
Redeem your points for gift cards, make charitable donations, enter sweepstakes, and more.
I have personally used Fetch to prepare for my Fetch Rewards review, and I can promise you it’s just that simple!
How much can you earn with Fetch Rewards?
The amount you can earn on Fetch Rewards really depends on your spending, whether you are completing the Fetch Special Offers, and so on.
Because I am writing this Fetch Rewards review, I wanted to use the app for a while to give you the best review possible, and I was able to earn around $56 in free gift cards in 2-3 months by simply spending how I normally do. I didn’t put any additional effort in the app other than just scanning my shopping receipts.
As you can see, Fetch Rewards clearly won’t make you rich, but you can easily make a little extra money shopping like you normally do.
I also don’t think that I spent more than 20 minutes total in the Fetch app. It’s easy to use and only takes like 10 seconds to scan a receipt. You don’t have to do anything else.
What stores can I use for Fetch Rewards?
The great thing about Fetch Rewards is that you can use any retailer or store where you buy groceries, from big box stores, to mom and pop stores, to drug stores, convenience stores, hardware stores, liquor stores, gas stations, club stores (such as Costco), and more.
With any receipt I get, I scan it into the Fetch Rewards app. It takes less than a minute, and you earn points with every scan – so easy!
Plus, you don’t have to jump through any hoops to get points. You don’t need to pre-select the offers in the Fetch Rewards app or scan barcodes, plus there are no surveys or ads. Simply go shopping at your favorite retailers just like usual.
You simply scan your receipt after you are done shopping and earn points.
How many receipts can I scan on Fetch a day?
Fetch Rewards allows you to submit 35 receipts within a 7-day period. Electronic receipts that are processed on your account do not count toward the 35 receipt limit.
Other things to know about using Fetch Rewards:
Fetch Rewards works for stores located in the United States and Puerto Rico.
You have 14 days to scan your receipts to earn points.
When you scan your receipts, your receipt must include the store name, the items that you bought, the date of your purchase, the store’s address, and the total amount that you spent. All of that information is included on your receipt.
If you scan a receipt with a participating item from the Special Offers tab, then you will get bonus points.
If you have a long receipt, you simply just snap more pictures to make sure that your whole receipt is included.
You should never make fake receipts or scan the same receipt twice in order to try and get more points. This violates Fetch’s terms of service. Always be honest!
Does Fetch Rewards take gas receipts?
Yes, you can scan your gas receipts with Fetch Rewards.
If you’re looking to earn even more from your gas station purchases, then I recommend Upside.
Upside is an app that helps you find gas stations, groceries, and restaurants where you can earn cash back. You simply sign up for a free account, and then look at the Upside app to find places near you.
You can earn up to $0.25/gallon cash back at gas stations, up to 30% back on grocery purchases, and up to 45% back at restaurants.
You can check out Upside here to learn more.
Fetch Rewards Special Offers
What receipts give you the most points on Fetch?
There are several main ways that you can earn points on Fetch Rewards, such as:
Scanning receipts. When you purchase something, whether it be online or in-person, you can take a picture of your receipt with your cell phone and earn points. Every time you scan a receipt in the app, you will receive a minimum of 25 points.
Complete special offers. When you are logged into your Fetch Rewards account, you can see what products will give you the most points. As you can see in the image above, you simply just go to the Fetch Rewards App and go to the Discover tab. There, you will see what items will earn you the most points and extra points. Special offers can give you anywhere from 250 points to even over 5,000 points. New special offers are added almost every day too, so even if you don’t see something today, there may be something that interests you tomorrow. Now, you don’t have to look at the Discover page if you don’t want to – it’s simply just another way to earn more points. You can just use Fetch Rewards and scan your receipts without ever doing anything else in the Fetch Rewards app.
Refer friends and family. Sometimes, you can receive around 2,000 to 4,000 points by referring a new user. You can simply head to the Refer A Friend tab in the Fetch Rewards app to find your referral code.
Joining the Huggies Rewards+ Club.If you use Huggies diapers, you can earn up to 50,000 points by simply purchasing certain Huggies items, such as Huggies Diapers or Huggies Little Movers. Plus, you can get Huggies special offers points as well which are quite high as well.
Save on prescriptions. With Fetch, you can also save on your prescriptions. GoodRx is a free prescription price comparison tool that anyone can use. Simply head to your “Me” tab and click on GoodRx. You can then show this card when paying for prescriptions. You’ll get 10,000 points on your first prescription purchase, and then 1,500 points for future purchases and refills.
For me, I mainly just scan my receipts and refer others to Fetch Rewards. But if I wanted to earn more, there are several other great ways to increase the amount of rewards points that I can earn.
How many points equal a dollar on Fetch?
On average, 1,000 points equals $1 in rewards.
10,000 points is equivalent to around $10.
How do I redeem a free gift card from Fetch Rewards?
To redeem a Fetch reward, you will simply go to your Fetch account, and look at the bottom of the app. Look for the Rewards tab and tap on that.
Here, you will see what you can use your points on, such as:
Gift cards up to $50
Sweepstakes entries
Charitable organizations
Fetch merchandise, such as t-shirts
Then, you click on the button that shows how many points you want to use.
Next, you click on the orange button that says “Get My Reward” at the bottom.
You will then be asked to confirm that this is what you would like to do. It typically takes around three days to process your redemption request.
Once your reward is ready, you will get a notification. You can then go to your Rewards tab, then click on “My Rewards” to find your reward. Here, you will see your gift card code so that you can redeem your gift card at the company that you have chosen.
What’s the Fetch bonus code?
Fetch Rewards does not currently have an active bonus code. But, once they do, I will update this and let you know.
What is the catch with Fetch Rewards? How does Fetch Rewards make money? What does Fetch Rewards do with your receipts?
These are all great questions, and they are definitely things I want to cover in this Fetch Rewards review.
Fetch Rewards is so easy to use, but what’s in it for them? Why do they give out rewards and free gift cards just for scanning your receipts?
Fetch Rewards is paying you for the data they get from your receipt. They don’t see your name or other private or personal information. Instead, they are observing trends in shopper behavior. They then use this information to help their partners better understand their customer’s shopping habits.
Fetch Rewards also makes money by finding good deals for those who are signed up for Fetch Rewards. The Special Offers section in the Fetch Rewards app is an area where companies pay to be featured in this list, sort of like an advertisement. Companies know that they can get a lot of people looking at their company in the Fetch Rewards app, so they pay Fetch Rewards for this advertisement.
Is Fetch Rewards safe?
Yes, Fetch Rewards is safe to use.
They go through many steps to protect your personal information, and all of the data that they collect is anonymized and aggregated with everyone else’s, so your personal information is never shown.
Also, your receipts only show the last five digits of your credit card number, so you don’t have to worry about that being shared either because Fetch can’t see it.
Do my Fetch Rewards points expire?
If your Fetch Rewards account is not used for 90 days, then your points will expire. Your account will receive inactive status if you haven’t submitted any receipts or redeemed any rewards in a 90-day period.
This means that you just simply need to scan a receipt or redeem your Fetch points so your points never expire. If you get in the habit of scanning your receipts every time you shop, you shouldn’t have a problem with expiring points.
It’s very easy to stay active as pretty much everyone spends money in a 90-day period.
Is Ibotta or Fetch better?
Fetch Rewards and Ibotta are very similar.
Fetch Rewards is a little easier to use than Ibotta because all you need to do is scan your receipt into the Fetch Rewards app, and then you are done. With Ibotta, it’s more like clipping coupons and takes a little more time, but you may be able to earn a little more with Ibotta.
The great thing is that you can use the same exact grocery receipt for both Fetch and Ibotta. So if you have the time, you can try using both to earn even more rewards and free gift cards. This will allow you to increase your earnings by doing very little extra work.
Here’s how Ibotta works:
With Ibotta, you simply create an Ibotta account, unlock rebates and rewards, go shopping, verify your purchases, and then get cash.
You can redeem rebates from over hundreds of stores, such as Walmart, Target, Kroger, Publix, Walgreens, Home Depot, Old Navy, Chewy, and more.
You can also earn cash back online and in-store with Ibotta.
Ibotta is one of the easiest money making apps because you’re making money shopping like you normally do. They pay in cash or gift cards to Amazon, Starbucks, and other stores.
Is Fetch legit? – Fetch Rewards Reviews
Yes, Fetch Rewards is legitimate.
I looked through other online Fetch app reviews and found it’s rated 4.8/5 in the App Store with over 2,600,000 ratings.
In the Google Play store, the average Fetch app review is 4.6/5 stars with over 475,000 reviews on Fetch rewards and over 10,000,000 downloads.
You can see even more Fetch Rewards reviews on Trustpilot.
How do I contact Fetch Rewards?
If you have any questions or concerns with Fetch Rewards, you can contact them at [email protected].
You can also go to your app, click on the “Me” tab on the bottom, then click on “Help Center,” then “Contact Us.”
Here’s a screenshot of my Fetch Rewards Account. In 2 months, I have earned 55,566 points, which is equal to a little over $50 in free gift cards.
My Fetch Rewards Review
I hope you enjoyed my Fetch Rewards review. I have been using it for several months now and it is very easy to use.
Fetch Rewards rewards shoppers for shopping at their local supermarket and other popular retailers.
With Fetch Rewards, you can start earnings points by submitting both physical receipts and e-receipts so that you can turn your points into Amazon gift cards, Visa gift cards, and more. There’s no coupon clipping and it is very easy to use.
Simply just upload receipts that you have and earn Fetch Rewards points.
You can upload receipts from retailers such as Target, Walmart, Costco, Publix, Kroger, Walgreens, Home Depot, and more. Small stores, big stores, and everything in between.
This is a must-have shopping app that will help you to save more money, without spending a lot of extra time or effort on your end.
You can sign up for Fetch Rewards here.
Do you use Fetch Rewards? What other questions do you have for this Fetch Rewards review?