Have you received first payment? If you qualify this time, you should get the second one automatically—assuming your address or banking details haven’t changed since the spring.

I agree the 1% rule feels counterintuitive. If you’re able to achieve 0% every month and stay on-time with all your payments, your score is probably already in the good to excellent range. 

Increasing your credit limits is a viable way to lower your utilization percentage. But unfortunately, banks have been lowering limits and closing accounts amid the pandemic: https://twocents.lifehacker.com/what-to-do-if-your-credit-card-limit-gets-cut-1844343780 There are a few ways to try and avoid this, though: Read more

This is a good point. There is no guarantee a new company will offer the same white glove service. But if you decide to explore other options, you can check for claims process complaints in these places:

- Your state insurance commissioner’s website
- Better Business Bureau
- Google Reviews
- ConsumerAffairs   

There’s a good explainer on both types of coverages here: https://www.iii.org/article/what-is-covered-by-collision-and-comprehensive-auto-insurance 

As someone who is barely driving a fully paid for 2006 Toyota Corolla, I felt comfortable dropping collision coverage—but everyone’s situation is different.   

It’s tough to make a suggestion without knowing more—but if your job is stable and your credit is strong, it may be worth looking into. It doesn’t hurt to shop around and what rates you may qualify for.

I haven’t seen this addressed but you should have the option to opt-out if you prefer. Talk with your 401(k) plan administrator before leaving the job to learn more.

A 401(k) does offer some benefits over an IRA. For example, depending your plan, you may have access to 401(k) loans. You can’t borrow money from an IRA. There are some scenarios where you may avoid a penalty for withdrawals, though: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-… Read more

Good point! Also, you can’t take a loan from an IRA. There are some situations where you may avoid a penalty for IRA withdrawals, though. There’s a good summary here: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions 

Great question. I haven’t seen updates for other types of retirement accounts. In the meantime, the IRS offers a handy chart on what types of rollovers are allowed between different types of retirement accounts: https://www.irs.gov/pub/irs-tege/rollover_chart.pdf 

It depends on what your old plans offer. How do you feel about the investment options? How high are the fees? Most people don’t realize how much they are paying. As @kernkernkern mentions, rolling the money into to a self-directed IRA may provide you with more options.

It’s a personal decision but given the current economy, it’s tough to argue against more savings. How do you feel about your emergency fund? Most experts recommend keeping 3-6 months of expenses handy. But if that feels like too much, start with whatever you can afford to save.

It’s a personal decision. It sounds like you have a good handle on your revolving debt and utilization percentage, though, so it may not negatively impact your credit score.

Good points. There are also other factors to consider when switching—like the bank’s reputation, software user experience, customer service, and more. Some people prefer to stick with a bank they like and trust than chase interest rates.

It depends. There is no hard rule of thumb with debt because everyone’s financial situation is different. During uncertain economic times, folks may be more eager to boost their emergency fund than pay off low-interest debt (like a mortgage). 

I’ve never had access to a 401(k), so I’ve been contributing to a Roth IRA for several years. I’ve been stuck at what’s next. If I max out my Roth IRA at the beginning of each year, what should I do next? I’ve been buying index funds and stocks in a brokerage account, but I need to find some ways to lower my taxable… Read more