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Gravity Auto loan review Published 2023-01-27 15:21:19

Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase the car they want.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers easily find deals and make the best decisions for their financials. He specializes in small and auto loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing original and objective content. We also allow you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that pay us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our loans, mortgage, and other products for home loans. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial deals that may be available to you.

About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review is accurate up to the date that the review was written. Check the data at the top of this page and the lender's site for the most up-to-date information.

A glimpse 3.6 Score: 3.6 stars out of 5

Bankrate Score

Availability Rating: 3.8 stars out of 5

Affordability Rating Four stars from five

The Customer Service Rating is 3.4 stars out of five

Transparency Rating: 5 stars out of 5

Compare auto loan rates

A Gravity loan amount $10,000 to $125,000

Min. credit score of 500

APR starting at 5.34%

Funds are available in 10 days

Pros and cons of gravity for certain people, the advantages of a seamless application might not outweigh the potential lengthy funding timeframe.

PROS No fees

Online application

Delayed payment schedule

CONS Funding timeframe

Refinancing restrictions

Gravity is an auto loan marketplace that lets borrowers find the best refinance deals online in just a few only a few minutes. The simple application can be done over the telephone or on the internet. It only requires drivers to upload vehicle documents and then sign off on the new loan. With the ability to apply online and receive loan advisor guidance refinancing your car or buying out your lease using Gravity is an easy process perfect for those who would prefer an extra helping hand.

Do you qualify? Each lender in the Gravity network carries its own specifications to be approved, but you should consider the following requirements prior to applying. Credit score. To be eligible, you must have a minimum credit score of $500. If you have a poor credit score, consider checking out for bad credit auto loans. Income. Although Gravity does not provide specific information about income restrictions, it is probable that banks will check at a specific number because disclosure of employment information is required. Vehicle. Some lenders will not lend to ride-share vehicles, discontinued vehicle models or large one-ton vehicles. Our favorite things and what we do not like Take a look at the entire of the features Gravity offers before making a decision on an loan. We like the fact that there are no fees. Gravity does not impose any charges. Online application. Borrowers are able to upload documents and apply fully online. Delayed payment schedule. Gravity permits borrowers to delay payments for up to 90 days. What we don't like Funding timeframe. Although approval is possible in the same day you submit your application, the process may take 10 days or longer. Refinancing requirements. To refinance using Gravity you need to have an initial loan amount of $10,000. How to contact Gravity Support for your Gravity loan can be found by phone or via the web Monday through Friday between 8 a.m. to 6 p.m. Specific questions can be uploaded online or sent to . Gravity's website also boasts an extremely comprehensive FAQ section. Auto loan options available The Gravity marketplace offers borrowers options for auto loan refinancing and lease buyout. You can borrow anywhere between $10,000 to $125,000. While terms and rates vary for the lender partner, you will receive terms between 25 and . Gravity also offers the option to drivers to add or eliminate co-borrowers. The decision of whether to add or remove depends on the situation, however, this could potentially provide you with better terms.

Refinance

The loan's quick facts range from $0 to $125,000. Terms: 25-84 month APR: 5.34% to 14.99 percent

Drivers seeking to lower their monthly payments or adjust the terms of their loans can refinance with one of the lenders within the Gravity network. If you are considering refinancing options, take advantage of a to ensure that you're saving money over the long term. Lease buyout

Quick facts about loans: $10,000 to $125,000 Terms: 25 to 84 Months APR: 5.34% to 14.99 percent

A purchase of your current vehicle lease is a great way to keep your current set of wheels and avoid potentially high vehicle costs. How do you apply for an loan through Gravity You are able to apply for one or both of the Gravity loan products from its website, with the option to prequalify. Following a credit pull that is soft the applicant will be paired with an loan officer who will assist with the loan process. Once you've been matched to one of Gravity's national lenders, you can apply, absolutely free to the loan that is recommended. The process can be completed securely online. Then, you'll review the new loan terms and decide whether you'd like to reduce or extend your loan term, if you're refinancing.

Required application information Valid driver's licence Proof of auto insurance Residence proof Social Security number Information about the vehicle Employment verification Proof of income

Gravity FAQs

Are Gravity a trustworthy business? Yes, the company has the A+ BBB Rating and Accreditation and a perfect five stars on Trust Pilot Reviews.

Does Gravity lending conduct an invasive credit check? Although Gravity doesn't conduct a hard credit pull but its partners are likely to do so prior to the final loan approval. Gravity employs an informal pull to collect your credit information without damaging your score.

How does prequalifying for an loan different from preapproval? Prequalification can give you a firm notion of what to be expecting for your monthly payments. Preapproval, also known as an unlocked rate that is that is based on a credit pull.

How Bankrate rates Gravity

Overall Score

3.6

Accessibility

3.8

Gravity has a vast collection of lenders, however they do have a strict threshold loan sum for borrowers.

Affordability

3.6

Gravity boats are fairly competitive APRs and there are no additional fees from the comparison site.

Customer Experience

3.4

Gravity provides customer support only during weekdays and offers a long funding timeline.

Transparency

5.0

Gravity shares both its rates and fees online and provides prequalification.

Methodology To rate lenders that specialize in auto refinance loans, Bankrate considers 16 various factors. The factors are based on in relation to loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score based on four categories. The availability category includes loan amounts, vehicle restrictions and availability in each state. Affordability: Primarily, this section deals with expected APR, acceptance requirements including discounts for autopay as well as the amount of fees. Customer experience: This category includes accessibility via the internet, support available and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are accounted for.

Editorial disclosure Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or acknowledged by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date of the review. Review the information in the upper right hand corner of the page and the lender's site for the most up-to-date details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of borrowing money to purchase the car they want.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in clear reporting that helps readers confidently land deals and make the most appropriate choices regarding their finances. He is a specialist in auto and small business loans.

About

Help

Legal Cookie settings Do not sell my personal information

How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or by you clicking on specific links on our site. So, this compensation can affect the way, location and in what order products are listed in the event that they are not permitted by law. This is the case for our credit, mortgage, and other home lending products. Other elements, such as our own rules for our website and whether a product is available within your region or within your personal credit score could also affect how and when products appear on this website. While we strive to provide a wide range offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Budget, save, even Win Money With Today's Prepaid Debit Cards

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Save, budget, and even Earn Money With today's prepaid debit Cards

By Spencer Tierney Senior Writer | Certificates of Deposit, ethical banking, banking deposits Spencer Tierney is a consumer banking writer for NerdWallet. He has been writing about personal finance since 2013 with a focus on certificates of deposit as well as other banking-related topics. His work has been featured by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is located in Berkeley, California.

Updated on Sep 19, 2017.

Written by Amy Hubbard Amy is a former editor in the banking industry and copy editor for NerdWallet. She was previously an editor and writer in and editor for the Los Angeles Times, the L.A. Daily News and the Hollywood Reporter, among other publications.

Many or all of the items featured on this page come from our partners who compensate us. This impacts the types of products we review as well as the place and way the product is featured on a page. However, this doesn't influence our evaluations. Our views are our own. Here's a list of and .

In 1999 in 1999, businessman Steve Streit created the first merchant-sold prepaid debit card eventually known as Green Dot, as a way for teens to purchase online items.

The way we use prepaid cards has changed to the point that they go beyond helping people to spend, but also assist in the opposite way: budgeting and saving money. With budgeting options that can be customized, or creative incentives that help make money more efficient, prepaid debit cards enable you to make smart banking decisions, and without having to use a banks.

>> If you're ready to look at different cards, take a look at our list of .

Here's how prepaid debit cards could aid you:

Get your budget under control

Prepaid debit cards feature a card network logo such as Visa or Mastercard are accepted at retailers almost everywhere, and can be loaded with funds frequently. Most don't require a credit check. However, they're not suitable intended for anyone. They are primarily for those who want a fresh way to budget or need an alternative to an account with a checking.

A big advantage to most prepay cards is the absence of overdraft programs and their associated fees typically found on checking accounts. A balance on a card is a natural spending limit -- a card typically gets declined, with no fee, when there isn't enough for the purchase or payment.

Additionally the fact that more prepaid debit cards have tools for creating goals or budgets than previously. A majority of the prepaid card market tested had these tools in 2016, compared with 30 percent in 2014, according to . The samples comprised 18 cards in 2014 and 22 in 2016. Each sample was a representation of 90 percent or more of prepaid debit card market.

Like bank accounts, many prepaid debit cards give you mobile and online access to your accounts , using features like mobile money transfer and check deposit. But the more in-depth budgeting tools on some cards let you:

Customize your spending limits. You can make budgets using spending categories such as clothes and entertainment.

Visualize your purchase history. Some cards show pie charts or other graphics which categorize your expenditure.

Set up email and text alerts so that you are notified when you spend over a certain amount.

Utilize sub-accounts to handle different household costs. By securing one of your card's sub-accounts for a particular kind of expense, like groceries, can make it easier to put an amount limit on the expenditure.

Bluebird by American Express and Akimbo are two cards that allow for five to six sub-accounts which are connected to a master account but have separate account balances and physical cards.

These can work like the modern envelope system. Use one card to shop for groceries one for dining out another for travel, and so on.

If you have kids accounts, sub-accounts could grant them spending privileges , with the amount per card you set.

Beef up your savings (and perhaps win some money)

Budgeting is a healthy way to manage money, but you might need an incentive to stick with it.

"Budgeting for the sake of it isn't really effective," says Thea Garon who is the senior manager of the Center for Financial Services Innovation. With debit cards that are prepaid, she adds, it's best "when the experience of budgeting is linked to savings experience and aspirational goals."

The Walmart MoneyCard, issued from Green Dot Bank, has budgeting features such as alerts for your account, but it is distinguished by its linked savings program that is prize-linked. Last August, Wal-Mart and Green Dot added a monthly sweepstakes on its "vault." This vault works like savings accounts in that you can't spend funds from the balance, without moving it to the card's spending balance.

Saving money in the vault offers you the chance of winning prizes every month one dollar of savings equals one sweepstakes entry, and you can have as many as 500 entry. Every month you can win 499 prizes that receive $25, and one winner who receives the prize, $1,000.

"Especially in a low-interest market where you can win some money [is] captivating," says Mark Matthews, senior director of Walmart Services.

The real prize isn't in the sweepstakesit's the motivation to save more money, and it's effective. The average savings account balance was up by more than 35%, from $413 to $572 between August through December. According to Walmart, about 175,000 people were enrolled at the time of June. use on this Savings Vault on the MoneyCard has increased by 233% over one year ago.

"The purpose of this is to provide a meaningful mechanism and incentive for building up an amount of money over time for emergency situations," he adds. Matthews pointed out that all savings have been manually added since there's the inability to automate savings transfers on the MoneyCard.

Prepaid cards have seen a surge in popularity, but ...

In terms of a bank option, and with more recent added features, prepaid cards have seen a surge in popularity since Streit's original 1999 design. The amount of transactions made for prepaid debit cards grew by 34% from 2009 to 2012, and by 5.6% from 2012 to 2015, according to research conducted by the Federal Reserve Payments Study in the year 2016. Even though growth has been slowing recently however, these cards have a place in the pockets of millions Americans' pockets.

The cards are safe to use and getting more secure: NerdWallet recently looked at 44 cards from the entire industry, including the major issuers and startups and found all cards were insured. The prepaid cards are expected to go into effect in April of 2018.

However, this doesn't mean that you should always use prepaid debit cards as the best option. Here are a few reasons they may not be the right choice for you:

The cards do not create credit. If you're looking to build your credit, check out a .

It's not the cheapest method to budget. A lot of cards charge monthly charges -- the average from a NerdWallet analysis was $4.67. You can see a few of the below.

Certain bank accounts offer better rewards to help save. Some savings accounts on the internet have rates of interest in excess of one percent per year. There are new banks such as Chime that offer rewards for saving. The debit card transactions are adjusted up to nearest dollars, and then those cents are automatically transferred to an account for savings. After every week, you'll get a bonus of 10% on all the cents that have been rounded, up to $500 in a year.

Explore alternatives and compare rates of interest.

The author's bio: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. He has had his work featured on USA Today and the Los Angeles Times.

On a similar note...

Find a savings account that is more efficient

Check out NerdWallet's recommendations for the top high-yield savings accounts online.

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Green Dot Prepaid Card Review

Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. And while our site doesn't include every financial or company product on the market We're pleased of the advice we provide, the information we provide and the tools we create are impartial, independent easy to use and free. How do we earn money? Our partners compensate us. This may influence which products we write about (and where those products appear on our website) however it in no way affects our suggestions or recommendations, which are grounded in hundreds of hours of study. Our partners do not be paid to ensure positive ratings of their goods or services. .

Green Dot Prepaid Card Review

By Jeanne Lee Jeanne is a former writer at NerdWallet who focuses on credit, debt and loans. She has covered financial topics for over 20 years, including stints in Fortune and Money magazines.

Updated February 9, 2021

Written by Alice Holbrook Assigning Editor | Homebuying, savings and banking products Alice Holbrook edits homebuying content at NerdWallet. She has covered personal finance issues for over a decade and previously worked on NerdWallet's banking and insurance teams and also did an internship at their copy desk. She is located in Ann Arbor, Michigan.

A majority of the products we feature are provided by our partners who pay us. This affects the products we review and the location and manner in which the product appears on the page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of and .

Green Dot card Green Dot card is an FDIC-insured, reoladable , prepaid debit card that is used to make payments and purchase cash and withdraw it. Green Dot cards are sold at retailers such as CVS, Rite-Aid and Wal-Mart. This debit card that is prepaid, it's the Green Dot Prepaid MasterCard or Visa is a card with lower monthly fees than others Green Dot cards.

This Green Dot card has no free ATM access. If that's a major issue for you, take a look at our list of for some other options.

Ideal for:

People who reload at least $1,000 monthly.

People who don't utilize checks made of paper.

Individuals who wish to access banking options without the requirement of a credit check.

You want to know how you can make the most of this card? Learn

The Green Dot Card Benefits

Free mobile and online bill payment.

Direct deposit and mobile banking are free.

Visa along with MasterCard are both widely accepted by retailers.

Are you searching for a method to build credit? Find out more about

Dot card in green Dot Card Con:

There is a hefty $7.95 monthly cost (waived when deposits are at least $1,000 per month).

No fee ATM network. There is an additional $3 ATM fee in addition to any other fees the ATM owner charges.

Loading cash on your card at retailers costs as low as $5.95.

Withdrawing cash through a bank terminal costs $3.

Paper checks cost $5.95 per dozen.

Are you ready to start an account with a traditional savings plan instead? See the

A brief overview of debit cards for prepaid

What is a pre-paid debit card?

A prepaid debit card form of credit card that allows you to spend the funds that you put on the card. They do not aid in building credit. As with debit cards, the prepaid card can be used with any retailer that accepts its payment network, which includes Visa, Mastercard or American Express. It's safer and more convenient as opposed to cash. Usually the prepaid card has an app that allows you to deposit checks and transfer money. Find out more about our .

Unlike checking accounts, prepaid debit cards could not offer certain services such as free ATM or branch networks, checks, among others. If that doesn't work for you, take a look at our list of . Or, if you've struggled with banks before you should check out .

Prepaid debit card vs. debit card vs. credit card

Credit cards with prepaid cards -- make payments prior to: You load money onto the card through checks, cash, direct deposit or an bank account before paying for transactions.

Debit cards -- pay now: You use money directly from your checking account when paying for purchases or withdrawing funds through an ATM.

Credit cards -- pay later: You can borrow cash from a financial institution when you use the card and repay the loan later.

How does FDIC insurance on Prepaid cards work?

Prepaid debit cards almost always have FDIC assurance, which ensures that your funds safe in the event the issuer goes under. Only financial institutions can be covered by FDIC insurance, which means the prepaid card must be managed by a bank or by a prepaid card provider that is partnered with a bank to provide that insurance. You must sign up your prepaid debit card by submitting your full name, address and other information about your identity in order to be eligible for FDIC insurance and other protections.

The author's bio: Jeanne Lee is former personal finance writer at NerdWallet. She has also written on behalf of Fortune and Money magazines.

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Can you refinance a car into someone else's name? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow you to conduct your own research and compare data for free and help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this site are from companies that compensate us. This compensation could affect how and when products are listed on this site, including, for example, the sequence in which they appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage home equity, mortgage and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not contain the universe of companies or financial offers that may be open to you.

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3 min read . Published on February 6, 2023.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely using loans to buy the car they want.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-studied information that dissects complicated topics into bite-sized pieces.

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If you have found your car's payments are high an issue, you might be tempted to take yourself off the loan completely and have someone else take responsibility. But this is not a straightforward process and cannot be completed by simply the car with an owner who is different from you. Instead, consider other routes to dispose of the vehicle. Key takeaway

It is technically possible to refinance a car into someone else's name, but it's a multi-step procedure that involves refinancing twice and might not work. Selling the car is typically the best option.

How to transfer a car loan to someone else in order to transfer the car loan to another person, you must transfer the car itself, which is legally thought of as selling the car. Here are two options to transfer ownership to another person. Sell the vehicle if you're looking to transfer ownership of your vehicle, but haven't yet completed the repayment of your loan and you're in possession of a lien on the vehicle. This means that the lender holds a legal claim over the vehicle until it is sold or transferred to another person. In this scenario, the easiest way to be able to sell your vehicle is through a dealer however, you are able to sell the vehicle privately. If you are selling privately, you must prepare the vehicle title yourself. Bankrate insight

Selling the vehicle is the best choice when you want to transfer a car loan to someone else.

Refinance your vehicle two times if you are set on refinancing the vehicle under the name of someone else then you must take two steps. The first step is to refinance the vehicle with the help of . Refinance it again to remove yourself from the loan. The first step is to apply for the loan along with the co-borrower. Then, confirm the loan with new equal obligations. After that, you'll refinance the loan in a second time and this time you'll take your name off the loan. Take note that it might not be successful and is not a recommended approach. Be aware that lenders set specific . If the loan is relatively new it is likely that the lender may not allow this particular step. Also note that while there's no limit to the number of times you can do it, repeating the process in rapid intervals could hurt your score on credit. Additionally, you'll have to pay loan origination and title transfer costs. Other methods to save on your auto loan Here are more practical options if you want to reduce the cost of existing loan or get out of the car you're currently driving. If you're looking to modify your loan , you'll need to talk to your current lender. Typically, modification is presented as a possibility to benefit both the borrower and lender. You will retain use of the vehicle and the lender will not be required to make a payment to take possession of the car. Take note of your financial situation and be ready to make arguments for why your loan should be changed. It's not enough to say that you'll need it to be adjusted. You'll have to prove that you can keep paying the bills once the adjustments are implemented. Trade in your car If your issue is due to affording your current loan installment and refinancing no option for you, it could be a great idea. If you can find a more affordable car that meets your requirements and costs the same or less than what you're currently paying, you'll be able to get out of your current loan and drive away with a more affordable monthly cost. You can refinance yourself. Refinancing on your own is wise if you intend to keep your car as you . When you have a look at the current loan and the amount you are able to afford, it is wise to seek loan prequalification and shop around for various options. Credit unions, banks along with online lenders offer options for when you're ready to start . Next steps It is difficult to refinance your car in the name of someone else -- and sometimes, it isn't even possible. If you are interested in giving your vehicle and loan to someone else, they must undergo the typical purchase and financing process. The other alternative is to refinance your auto loan twice in order to add an owner new to the loan and remove yourself. Or you can modify your loan in case you wish to keep the vehicle.

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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy a car.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-studied data that breaks otherwise complicated topics into bite-sized pieces.

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Do Credit Scores that I check Lower It?

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(image: https://i.pinimg.com/originals/80/9b/63/809b63e2446c953ba2efecc1172ed54f.png)Does checking my credit score Reduce It?

A credit check isn't going to hurt your score. It's safe, and it's smart to keep it in check regularly.

By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She holds a bachelor's level degree of journalism at Auburn University and a master's in education from Georgia State University. Before joining NerdWallet, she worked for daily newspapers, MSN Money and Credit.com. Her work has been featured throughout the world in The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and many other places. Twitter: @BeverlyOShea.

and Amanda Barroso Lead Writer | Budgeting, credit scoring and personal finances Amanda Barroso is a personal finance journalist that was a part of NerdWallet in 2021 and focuses on credit scoring. She also wrote data-driven studies and has contributed to NerdWallet's "Smart Money" podcast. Before joining the team, Amanda was a journalist for over a decade covering issues facing many Americans as well as her role as a journalist in the Pew Research Center as well as a policy analyst at the National Women's Law Center and an instructor at a college. Amanda earned a doctorate from The Ohio State University.

Updated Sep 23rd 2022

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team editor and designer. Previous experience included copy editing and news for various Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications from the University of Iowa.

The majority or all of the items featured on this page are provided by our partners who pay us. This impacts the types of products we feature and where and how the product is featured on the page. But, it doesn't influence our evaluations. Our views are our own. Here is a list of and .

If you check your credit score by yourself It won't affect it. However, should you ask a lender or credit card company doesit, it could.

You'll either see an "inquiry" on your credit report. It's a sign that someone - either you or an lender -- pulled your credit report. (A is your history with credit. Your credit score is calculated from information in your credit reports.)

If you've had a credit report the report, you'll probably be able to see the credit card issuers on your credit report. There are also collections agencies and lenders for whom you have not applied as well as records of the time you checked your own credit.

When does checking my credit score decrease it?

" ," also called "hard pulls," are those that could cost you points. They are made you are deciding whether to offer credit (or additional credit) to you. These hard inquiries should not happen without your knowledge or consent.

You can review your hard inquiries in NerdWallet's summaryof your credit, which is updated every week. You can also check your free credit report at to see who has reviewed it in the last two years. Consumers currently have access to the reports each week through 2023.

A hard inquiry might cost you five points, according to the inventor of the most frequently used scoring formulas. With VantageScore, an increasingly popular credit scoring model an inquiry that is hard to conduct will likely cost more.

Contrarily the other case, a "soft inquiry" or "soft pull" happens when youor a creditor trying to preapprove your application for the loan or credit card -examines your credit score. A soft inquiry does not have any effect on your credit score.

If you are applying for several credit cards close together, you might notice a drastic drop in your credit scores. Before you start applying make sure you conduct research on the for your specific financial needs, and keep eligibility requirements in your head.

A on your credit report for two years. However, any effect of your credit rating diminishes sooner than that.

Make sure you are aware of your credit score

We'll notify you the moment your score changes and offer free tips on ways to continue building.

What are the benefits of checking your credit? smart

often can inform you that something is amiss. A large, unexplained changes in your credit score could be your first indication of an error or mistake on your credit report.

When you are applying for credit, it is beneficial to have an idea of exactly what your lender as well as the credit card issuers will look at when evaluating your application. Being aware of your credit scores can keep you from needlessly losing points by applying for credit products that you aren't eligible for.

Also, knowing where you are in the process gives you the opportunity to enhance your credit score before you submit a credit application.

Most frequently asked questions Can I check my credit score free?

Many credit card issuers and personal finance websites provide score credit that is completely free to customers. However, if you want a certain version from a specific credit bureau, you may need to pay.

Why does your credit score decrease when you look at it?

The credit score you check on your own isn't a factor in determining your credit score. However, your score may go down if someone else checks it. It could happen if were to apply for a loan credit card, credit card, or maybe an apartment.

What is the average number of points your score go down in response to an inquiry?

FICO states that for the majority of people, the average is five points for a so-called "hard investigation." VantageScore can drop as high as 10 points, which can be recovered in three months.

Is checking my credit score free?

A lot of credit card issuers as well as personal finance websites offer credits scores which are free for consumers. But, if you'd like a certain version from a particular credit bureau, you could need to pay.

What causes your credit score to drop when you examine it?

Your credit report isn't a factor in determining your credit score. However, your credit score can go down if someone else checks it. This could happen if you were to apply for a loan or credit card, or even an apartment.

What is the average number of points your score decrease in response to an inquiry?

FICO states that for the majority of people, the average is five points to make a "hard investigation." VantageScore could fall as low as 10 points and be recouped within three months.

How do you check your credit score without damaging it

Keep these items in mind when you are evaluating the credit rating of your:

There are often several versions. When you track your credit score, make sure to use the exact credit score and version of it each time. Otherwise you're comparing apples with oranges. Credit scoring models generally measure the same thing, however they may weight them differently and may use different scales.

You don't need to buy ID theft or credit monitoring security to view your scores. There are a variety of ways to get your score for free. They could be provided with a credit card or you can obtain an instant credit score through NerdWallet, which updates weekly.

In an age where data breaches and identity theft are the norm having your credit score checked regularly is a good way to maintain your credit.

The authors' bios: Bev O'Shea is a former credit writer at NerdWallet. Her work has been featured on the New York Times, Washington Post, MarketWatch and elsewhere.

Amanda Barroso covers consumer credit and debt for NerdWallet. She previously worked for the Pew Research Center and earned a doctorate at The Ohio State University.

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Be sure to keep up with your credit score

We'll notify you the moment your score changes and give you free advice on ways to build.

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How car rebates work Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and tools that provide objective and original content. This allows you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site are from companies that pay us. This compensation may impact how and where products appear on this site, including the sequence in which they appear in the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity, and other home lending products. However, this compensation will not influence the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial deals that might be open to you. Don Mason/Getty Images

3 min read published 21st October 2022

Authored by Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of taking out loans to buy a car. Edited by Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since early 2020. She is invested in helping students navigate the daunting costs of college , and dissecting the complexity of student loans. The Bankrate promises

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this post may contain some references to products offered by our partners. Here's an explanation for how we earn money . The Bankrate promise

Established in 1976, Bankrate has a proven track experience of helping customers make informed financial decisions.

We've maintained this reputation for more than four decades through making financial decisions easy to understand

process and giving people confidence in the decisions they will do next. process and gives people confidence in the next step.

You can rest assured that we'll put your interests first. Our content is created in the hands of and edited by ,

who ensure everything we publish is objective, accurate and trustworthy. Our loans journalists and editors concentrate on the areas that consumers are concerned about the most -- various types of loans available and the most competitive rates, the most reliable lenders, how to repay debt, and many more. So you can feel confident when investing your money. Integrity in editing

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors, reporters and editors create honest and accurate content that will aid you in making the best financial decisions. Our main principles are that we value your trust. Our mission is to offer readers truthful and impartial information, and we have editorial standards in place to ensure that happens. Our editors and reporters rigorously verify the truthfulness of content in order to make sure that the information you're reading is true. We maintain a firewall between advertisers as well as our editorial staff. The editorial team of Editorial Independence Bankrate does not receive any direct payment from our advertisers. Editorial Independence Bankrate's editorial team writes on behalf of YOU as the reader. Our aim is to provide you the best information to assist you in making intelligent financial decisions for your personal finances. We adhere to strict guidelines for ensuring that editorial content is not influenced by advertisers. Our editorial team receives no directly from advertisers, and our content is fact-checked to ensure accuracy. So whether you're reading an article or a review it is safe to know that you're getting reliable and dependable information. How we make money

There are money-related questions. Bankrate has the answers. Our experts have been helping you manage your money for over four decades. We continually strive to give consumers the professional advice and tools required to succeed throughout life's financial journey. Bankrate adheres to strict standards , so you can trust that our information is trustworthy and reliable. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the best financial decisions. The content created by our editorial staff is objective, factual, and not influenced through our sponsors. We're open regarding how we're able to bring quality information, competitive rates and useful tools for our customers by describing how we earn money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for placement of sponsored products and services, or through you clicking certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order items appear in listing categories in the event that they are not permitted by law for our mortgage, home equity and other home lending products. Other factors, such as our own rules for our website and whether the product is available in your area or at your personal credit score could also affect how and where products appear on this website. We strive to provide the most diverse selection of products, Bankrate does not include specific information on every financial or credit service or product. When it is time to consider financing the purchase of a new vehicle you'll have a range of options to choose from for information about promotions such as rebates. Rebates allow you to get money back when you purchase a car, and can reduce your total loan amount. However, both dealers and manufacturers design their incentives in different ways. Before signing buying a new vehicle, make sure you are getting a rebate that will save you money. What exactly is a rebate offered on a car? A car loan rebate is a reward that grants you cash back in exchange for purchasing a car. It is a way to motivate you to purchase the vehicle in the specific scenario that the dealership is in charge of. However, since rebates are provided by the manufacturers, you'll need to go to the dealership that has a direct relationship with the manufacturer to qualify. You may also need to select a certain car model, which is usually one of the top options, in order to qualify for an incentive. How auto rebates work Rebates are promotions that offer buyers some thousands of dollars off the cost of the vehicle. It doesn't affect the purchase price , as it is possible to negotiate with the dealer before considering rebates. However, it will lower the amount you spend on a car. Rebates generally last only some time, and you will have meet specific requirements in order to qualify -For example, you may need to choose a particular kind of vehicle or apply for . Is an auto rebate a good idea? The auto loan rebates are something to look for if they're available. Rebates can be used to reduce the amount of your deposit, your closing costs, or even the entire loan amount. In some cases you could see your loan reduced by a few thousands of dollars. However, you shouldn't purchase an automobile solely because of the possibility of a rebate. In the majority of cases the variety of cars offered for rebates is limited and rebates tend to be restricted to new vehicles -- and, often, the more expensive versions of these new cars. The draw of a rebate can lead you to overspend on a car that doesn't suit your needs or your budget. How do you get an auto-rebate? Unlike zero percent financing, car rebates aren't governed by any particular guidelines. If you select a model and trim with rebates, you're eligible. Look for manufacturer discounts on new cars -- rebates are typically advertised along with lease deals and other special interest rates. Auto rebates could be directly sent to you, however it may also be part of a down amount. This means you need to pay less in total and can save money upfront and over the course of the loan. In some states, you may even be eligible to have the rebate applied to your purchase price prior to taxes , but you'll have to check with your state's regulations when requesting a rebate. Auto rebate is different from. Low-interest financing Rebates and other deals, like a zero percent APR deal, save you money in different ways. Rebates offer you an amount that is fixed, which is usually applied to either the downpayment or closing costs. Low-interest financing, on the other hand will reduce your ongoing interest and could lower your monthly installment. An auto rebate is likely to save you the most money on your car overall. Although you'll have to be charged the interest for your loan, it will be an interest-only amount. The 0% APR rate will also save you money over time, but the main benefit is a lower monthly installment. People with good credit might be able to enjoy the best of both worlds -getting an incentive from the dealer and obtaining a lower percentage of interest through an . The most important aspect to determine if the rebate you receive is a good decision for your finances is the amount of money it could be worth. Check for rebates on vehicle models you're considering and understand how that rebate will be used. It is possible to use a financing calculator to determine the amount you can save over time with different financing options. Learn more

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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ins and outs of securely borrowing money to buy cars. Written by Chelsea Wing Edited by student loans editor Chelsea is with Bankrate since early 2020. She's dedicated to helping students to navigate the daunting costs of college and dissecting the complexity of student loans.

Student loans editor

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How I Ditched Debt My Shiny Nickels

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able make financial decisions without hesitation. And while our site doesn't feature every company or financial product available on the market, we're proud of the advice we provide, the information we provide as well as the tools we design are independent, objective simple, and free. So how do we earn money? Our partners pay us. This can influence the products we write about (and where those products appear on the website) However, it does not affect our advice or suggestions that are based on many hours of study. Our partners are not able to be paid to ensure positive review of their services or products. .

My Ditched Debt Story: My shiny nickels

Written by Anna Helhoski Senior Writer | Financial news, consumer finance trends and student loan and debt Anna Helhoski is a senior writer who writes about economic news and developments in consumer finance for NerdWallet. Additionally, she is an authority regarding student loans. She joined NerdWallet at the beginning of 2014. Her work has appeared throughout The Associated Press, The New York Times, The Washington Post and USA Today. She was previously a reporter for local news from New York for the Daily Voice, as well as local news in New York metro area for The Daily Voice, Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree of journalism at Purchase College, State University of New York.

Published on April 4, 2017 at 6:00 AM PDT

The majority or all of the products featured here are provided by our partners, who pay us. This affects the products we review as well as the place and way the product is featured on a page. However, this doesn't influence our evaluations. Our opinions are entirely our own. Here's a list and .

This series by NerdWallet talks to individuals who have overcome debt using a combination of dedication, budgeting and smart financial choices. These stories might encourage you to .

My Shiny Nickels blogger Laura Dobbins and her husband, Randy, on a trip to Paris, a vacation they could afford after they got out of debt.

In 2011, Sacramento, California-based IT manager Laura Dobbins, her husband and kids lived in a luxurious home that had all the luxuries of wealthbut their finances revealed a different picture. They were in close to $40,000 debt and had charged the highest amount of money onto their cards, that Dobbins couldn't front an airline ticket for an upcoming business trip.

She realized that they need to make some lifestyle changes. Dobbins and her husband, Randy, began saving instead of spending, and then taking care of their debts. They even downsized their home and within less than two years had become debt-free. She has since shared money-saving advice and outlines her debt repayment methods on her website . Here's the story.

How much was the total amount of debt you owed when you began your repayment process?

Laura Dobbins 2011: $39,685 in total, including $17,000 in the credit card industry, 15,000 of auto loan debt and $8,000 in personal loan debt.

What is your total debt today?

In 2013, became debt-free. Today, still zero.

How did you end up in credit?

It was ironic that it began when I was offered my first major promotion and salary increase. This doesn't sound like logical thinking from the outside, but do you make more money, and you end up in debt? As backward as that sounds it's "yes." We suddenly had all of this extra money and, even though we had a decent home in a gorgeous middle-class neighborhood, we opted to put that extra income towards a larger and more luxurious home in an upscale neighborhood. With that came the "need" for more furniture and a professionally-designed new backyard and an SUV just like the neighbors had, a gardener, and ... well, you get the idea. Instead of actually being wealthy, we were financing the design of it. Every month. The downward spiral of debt had started.

What was the reason that prompted you to begin a process to pay off your the debt?

It was a realization to realize that we couldn't get the $400 flight ticket for an upcoming business trip. For a long time, we had paid off the credit card to a point to have credit available to cover any eventual expenses. The pattern came to a halt when my boss instructed me to travel to St Louis for work. I went to our credit card account to discover that we had $90 in available credit (and an additional $52 on the checking account). We'd managed to hide our financial situation from everyone for quite a long time, and then it was finally bubbling up to the surface. It was terrifying.

What steps did you take to lessen your debt? What tools or resources did you employ?

We realized that the first thing we needed get rid of was the cycle of being in debt to "rescue" our. Before we paid off any debt, we saved up a $1,000 emergency fund.

We were also aware that to pay down the debt we accumulated in the shortest amount of time possible, we would need to be able to earn more. This wasn't a time to sit back and throw a measly $50 at our debt each month. It was a "hair's-on-fire and call the firemen" situation, so we made a big move. Literally. We sold our huge home in the suburbs and relocated to a little 1,000 square feet home in a neighborhood that is primarily working class. This change alone saved us about $2,500 per month. (I'll calculate the numbers for you: That's a savings of nearly $30,000 annually.)

We also ate out less and found cheaper ways to enjoy ourselves as the family. With that extra money each month we paid off the debt using the "snowball strategy." We began with our smallest credit card balance of $1500 to score a quick psychological victory right away. We followed by paying the rest of our debts off from smallest to biggest. After we paid each one off, the money that was used for paying those monthly bills was applied to the next debt on our list. It was like the "snowball" of cash that went to the debt each month was insane.

How have your lives changed in a positive way since you cleared the debt?

We're happy. Truly, wonderfully, down-in-your-soul happy. When the debt was paid off and our house costs were so low that we had enough money to invest in things that really mattered. Turns out the huge house in the suburbs didn't provide us with joy, but traveling all over the globe does. We have saved a significant portion of money, yet enjoy the luxury of spending it where it counts.

A couple of years ago, my husband was unhappy with his job as a manager that was a nightmare. With the money we'd saved up, we bought our first company -- one of my husband's lifetime goals. He quit his job and is now his own boss and enjoys it.

Getting out of debt gives you more than just the feeling of liberation It opens up possibilities you never thought possible.

How to tackle your debt and begin paying it off

The strategy Dobbins recommends is the best option for those who want to use small victories as motivation to pay off larger debts. But, the strategy that you focus on the repayment of high-interest debts, like credit cards as well as payday loans before lower-interest ones like student, mortgage and auto loans will help you pay down your debt more quickly and lower the cost of interest. This tells you the time it will take to pay off one debt at a.

For a better way to manage your debts Consider debt consolidation, which combines multiple debts into one new debt with a lower rate. Two options for consolidating debt are a and a . Use a to estimate your interest rate.

Anna Helhoski is a staff writer for NerdWallet Personal Finance website. Email: . Twitter: .

About the author: Anna Helhoski is a writer and is NerdWallet's chief authority regarding student loans. Her work has been published in The Associated Press, The New York Times, The Washington Post and USA Today.

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The Average Net Worth, based on Age How Can You Compare?

(image: https://picography.co/page/1/600)Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make sound financial decisions with confidence. Although our site doesn't include every business or financial product on the market however, we're confident that the advice we provide, the information we provide as well as the tools we design are independent, objective easy to use and cost-free. How do we earn money? Our partners pay us. This may influence which products we review and write about (and the places they are featured on our website), but it does not affect our suggestions or recommendations that are based on hundreds of hours of study. Our partners cannot be paid to ensure positive ratings of their goods or services. .

The Average Net Worth for Age: How Do You Compare?

The average net worth of U.S. families is $748,800. The median -- which is a more accurate measurement is $121,700.

By Lauren Schwahn Lead Writer | Personal finances, credit card debt Lauren Schwahn is a writer at NerdWallet who covers budgeting, debt and money-saving strategies. She contributes to the "Millennial Money" column of The Associated Press. The work she has contributed to was highlighted in USA Today, MarketWatch and other publications. Lauren holds a bachelor's degree in historical studies from The University of California, Santa Cruz. She is located in San Francisco.

Updated Dec 2 2022 at 2:31 PM PST

Edited by Courtney Neidel Assigning Editor | Personal finances, budgeting, shopping Courtney Neidel is an assigning editor for the core personal finance department at NerdWallet. The editor began working at NerdWallet as a writer in the year 2014 and worked for the next six years doing articles about shopping, budgeting and money-saving strategies before she was elevated to the position of editor. Courtney has been featured as a shopping expert by "Good Morning America," Cheddar and CBSN. Her prior experience includes writing as a freelance writer for California newspapers.

The majority or all of the items featured on this page are from our partners, who pay us. This influences which products we write about and where and how the product is featured on a page. But, it doesn't influence our evaluations. Our views are entirely ours. Here is a list of and .

We're all aware that our net worth isn't anywhere near the wealth of celebrities like Oprah Winfrey ($2.5 billion) or Jay-Z ($1.3 billion). There's been reports that Elon Musk's net worth fell in 2022 by more than the total amount of Oprah and Jay-Z combined $100 billion. However, his net worth is more than $200 billion.

Have you ever wondered how yours ranks against your peers'? We analyzed the average net worth data of the Federal Reserve's Survey of Consumer Finances report to help you find out.

What is net worth?

Net worth is the amount you have, less the amount that you have to pay. With a calculator , you can calculate your net worth by subtracting the total value of all your liabilities (such as credit card debt and student loans) from the value of all your assets (including your home and savings in your savings accounts for retirement).

>> RELATED:

What is the average American net worth?

How do we calculate the average value of the net worths of Americans? The Federal Reserve Board issues the Survey of Consumer Finances every three years to provide data on family incomes, net worth , and other. According to the most recent report -which was released in September of 2020 with data collected in 2019 -- the overall average or mean net worth of U.S. households is $748,800 [0*) Federal Reserve Bulletin . . Accessed April 11, 2022.

. Seems high, right? That's because affluent households drive the average up.

The median, or the midpoint value, provides the most accurate way to represent the everyday person. The average net worth of U.S. households is $121,700. This might make breathing a little easier.

Average net worth by age

Net worth estimates vary according to education, age, and many other variables. We'll focus on the median and average net worth figures for various age groups:

Age of head of family

Median net worth

Average net worth

Not more than 35

$13,900

$76,300

35-44

$91,300

$436,200

45-54

$168,600

$833,200

55-64

$212,500

$1,175,900

65-74

$266,400

$1,217,700

75+

$254,800

$977,600

How to calculate your net worth

Are you unsure of what your personal number is? Make use of our net worth calculator to determine it.

Net worth calculator

Enter the amount that you have in your liabilities and assets in order to determine your net worth.

Assets

Checking account balances

Savings accounts

Accounts for retirement and investments

Real estate

Cars

Other assets include any other accounts or valuables (e.g. jewlery, art, etc. ).

Liabilities

Mortgages

Personal loans

Car loans

Credit card credit card debt

Student loans

Other debts Include payday loans and any other loans not listed here.

Net worth

$0 Really get to know the value of money.

NerdWallet offers you a comprehensive view of your money debts, bills, debts, and spending all in one place.

What is the significance of net worth?

Net worth is one method to monitor your financial performance and identify areas of strength and weakness. However, it's not a perfect picture. Just because someone has a does not mean that they live the highest quality of life. A homeowner's house could boost the net worth of their home however, they could be in cash even if they do not plan to sell it and has no savings.

Curiosity about others' wealth can inspire us to set and pursue financial goals. However, it can cause us to feel inferior. It is important to keep in mind it's not a fixed amount. It's subject to change either way in the course of the passage of time.

How to increase your net worth

Still, wanting to boost your number is not a negative thing. There are many tactics you can use to build wealth. Begin by following a few fundamental steps:

Choose a debt payoff strategy. Create a plan for shedding burdensome liabilities. We recommend paying down debts that have the highest rates first. This strategy is called the . Another option to consider is : rolling multiple debts into one payment.

Grow your money. Create automatic savings, take advantage of competitive account interest rates, and look into different options .

Be patient. The common pattern for people is that net worth increases as they get older. Try to stay on the right track and allow time to be repaid.

Keep track of your money using NerdWallet.

Do away with bank apps and keep all your accounts from one location.

About the author: Lauren Schwahn covers consumer credit and loans at NerdWallet. Her work has been featured in USA Today and The Associated Press.

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What is Debt Consolidation? and Should I Consolidate?

Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make financial decisions with confidence. Although our website does not include every financial or company product that is available, we're proud of the advice we provide as well as the advice we provide and the tools we create are independent, objective easy to use and completely free. So how do we make money? Our partners compensate us. This can influence the products we review and write about (and the places they are featured on the site) however it in no way affects our suggestions or recommendations which are based on thousands of hours of study. Our partners are not able to pay us to guarantee favorable review of their services or products. .

What Is Debt Consolidation, and Should I Consolidate?

Debt consolidation rolls multiple debts into a single payment. It is a great option if you are eligible for an interest rate at a lower level.

The article was written by Amrita Jayakumar Writer The Washington Post Amrita Jayakumar is a former special-assignment reporter for NerdWallet. She also wrote a syndicated column about the millennial generation and money. She also focused on personal loans and consumer credit and debt. Previously, she was a reporter at The Washington Post. Her work has appeared within newspapers such as the Miami Herald and USAToday. Amrita has a master's degree in journalism from the University ofMissouri.

Updated Nov 29th, 2022 at 5:12PM PST

Written by Kathy Hinson Lead Assigning Editor Personal finances, credit scoring debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. Previously, she spent 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Previous experience included copy and news editing for many Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications from Iowa's University of Iowa.

Many or all of the products we feature are from our partners who compensate us. This impacts the types of products we feature and the location and manner in which the product is featured on the page. However, it does not affect our opinions. Our opinions are our own. Here's a list and .

Debt consolidation combines multiple debts, typically high interest credit card bills in one payment. Debt consolidation might be a good idea for you if it is possible to obtain a lower interest rate. This will allow you to reduce your total debt and help you organize it so you are able to pay it off more quickly.

If you're struggling with a manageable amount of debt and you're looking to streamline several bills that have various interest rates, repayments and due dates Debt consolidation is a sound approach you can tackle by yourself.

Important takeaways

How to consolidate your debt

There are two methods to consolidate debt, each of which consolidates your debt payments into one monthly bill.

You can transfer all of your debts to this card, and then pay off the balance in full within this promotional time. You will likely need good or excellent credit (690 or more) to qualify.

Choose a fixed rate borrower: Use the proceeds from the loan to pay off your debt, and then pay back your loan with installments, over a predetermined time. You are eligible for an loan when you have bad or good credit (689 or less) however, those with higher scores will likely qualify for the lowest rates.

Another option to consolidate debt are using a credit card or . However, both of these options involve risks to your home or retirement. In any case, the best option for you is based the credit scores and your profile along with your .

>> MORE:

Debt consolidation calculator

Use the calculator to figure out whether or not it's a good idea to consolidate.

When debt consolidation is an intelligent choice

The success of a consolidation strategy depends on the following factors:

Your monthly debt payments (including your rent or mortgage) aren't more than 50 percent of your monthly gross income.

Your credit score is high enough to qualify for credit cards with zero-interest period or low-interest consolidation loan.

The cash flow you have is constantly covering payments toward your debt.

If you opt for the consolidation loan then you will be able to pay it back in just five years.

This is a scenario where consolidation makes sense: Say that you own four credit card accounts with rates of interest ranging between 18.99 percent to 24.99%. You always make your payments on time, so your credit score is great. You could be eligible for a debt consolidation loan with a rate of 7%- a significantly lower interest rate.

For many people, consolidation offers a way to see the other end. If you choose to take out an loan with a three-year term then you are certain that the loan will be paid off in three years -- assuming you make your payments punctually and are careful with your spending. Making minimum payments on credit cards could lead to months or years before they're fully paid in addition to accruing more interest than the initial principal.

Readers can also ask questions.

Is it an ideal suggestion to merge credit cards?

Consolidate your debts if you are able to get an loan at better terms and/or it will help you pay your bills on time. Make sure that this condensing is part of larger plan to get out of debt , and that you don't rack into new debts with the credit cards you've consolidated. Find out more about .

What is the debt consolidation loan function?

A personal loan permits you to pay off your creditors yourself or through a lender that sends money straight to your creditors. Read about the steps required to .

Do debt consolidation loans hurt your credit?

Consolidation of debt can improve your credit score if you make on-time payments or consolidating the balances on your credit cards. Credit can be damaged in the event that you rack up debt on your credit cards, close most or all of your cards or miss a payment on the credit consolidation loan. Learn more about .

When debt consolidation doesn't make sense it, then don't do it.

Consolidation isn't a silver bullet for debt problems. It can't fix the spending habits that lead to debt in the first place. This isn't the answer for those who have no hope of paying it off by making smaller monthly payments.

If the debt you're carrying is small -- you could be able to pay it off in six months to a year at your current pace -- and you'd save only an amount of money by consolidating, don't bother.

Consider a DIY debt-payoff method instead, such as the . You can use a to try out various options.

If the total of your debts are more than half your income, and the above calculator reveals that debt consolidation is not the best choice, you're better off than treading in the water.

>> MORE: Sign up with NerdWallet to see your debt breakdown and upcoming payments all in one place.

It's time to cut your debt

Register to join the link and monitor everything from cards to mortgages in one place.

>Learn How Canadians need to consider when deciding on

About the author: Amrita Jayakumar is a former writer for NerdWallet. She was previously employed by The Washington Post and the Miami Herald.

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