If you’re like most people, credit card interest and taxes are two things you don’t want to pay. Luckily, paying one may help you pay less for the other. Credit card interest and fees are tax-deductible in some cases. That means every dollar you pay in credit card interest might reduce a dollar of your taxable income.
If that sounds too good to be true, there is a catch — credit card interest and fees are typically only considered tax-deductible if they are legitimate business expenses. If you don’t run a business, or the interest and fees were not incurred in the operation of a business, you generally won’t be able to deduct them on your tax return.
How Credit Card Interest Works
When you make a purchase with a credit card, you don’t have to pay for it right away. Instead, you are borrowing the money for the duration of your statement (usually one month). At the end of your statement balance, you must make at least a minimum payment. But if you don’t pay the full statement amount, you will be charged credit card interest on any outstanding balance. Charging this interest is one way that issuers fund credit card perks and benefits like credit card rewards.
đź’ˇ Quick Tip: When choosing a credit card, look for one that aligns with your existing spending habits. For example, some cards offer rewards on airline purchases for frequent travelers, while others, like the SoFi Credit Card, offer cash-back rewards on all purchases.
Business credit card interest may be tax-deductible in certain situations. Generally speaking, in order to deduct any expenses, they must be incurred in the regular operation of the business. The IRS does not have requirements about what type of credit card is used, as long as the interest is incurred on business expenses.
You may be able to deduct credit card interest on a personal credit card used for business purchases. However, most credit card agreements prohibit the use of personal credit cards for business purposes on a regular basis.
Not surprisingly, you cannot typically deduct credit card interest on personal expenses charged to a business credit card. And if you pay for personal and business expenses with the same credit card, you may not be able to deduct the full amount of interest. Consult with your accountant or tax advisor if you have questions about what can and cannot be deducted.
Personal Credit Card Interest
Personal credit card interest is not tax-deductible under any circumstances. You cannot deduct interest that you pay for personal expenses on a credit card. That’s one more reason to always pay your credit card statement in full, each and every month. That way you aren’t charged any credit card interest.
Just like credit card interest, the deductibility of credit card fees largely depends on whether they are for business expenses.
Business Credit Card Fees
Credit card fees that are incurred as business expenses are generally considered deductible. This includes credit card annual fees, overdraft fees, foreign transaction fees, late fees, and balance transfer fees. As long as the credit card is used for business purposes, any fees charged by the credit card issuer will be tax-deductible.
💡 Quick Tip: When using your credit card, make sure you’re spending within your means. Ideally, you won’t charge more to your card in any given month than you can afford to pay off that month.
Personal Credit Card Fees
In contrast, personal credit card fees are not generally considered deductible. Any fees that you are charged by your credit card issuer that are not business expenses cannot be deducted from your taxable income.
While it’s important to understand that you may be able to deduct credit card interest and fees if they are business expenses, avoiding credit card interest may be the more prudent thing to do. If you are in a 30% tax bracket, that means deducting one dollar of interest will save you 30 cents. But if you pay your balance in full, you won’t be charged any interest and save the full dollar.
The Takeaway
Some credit card fees and interest is deductible on your annual tax return. Generally speaking, you cannot deduct personal credit card interest or fees. You may be able to deduct them if they are legitimate business expenses. Keeping your business and personal expenses separate can help you determine which fees and interest you may be able to deduct.
Looking for a new credit card? Consider a rewards card that can make 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.
FAQ
Can you deduct credit card interest as business expense?
As credit card interest rates rise, the amount of interest that you’re charged each month on any unpaid balances also rises. So you may be wondering if you can deduct credit card interest from your taxable income. The good news is that as long as the interest is a legitimate business expense, you can generally deduct the interest.
Are credit card fees tax deductible?
It’s important to understand how different credit card-related items affect your taxes. Credit card rewards are generally not considered taxable, while some credit card fees may be tax-deductible. You may be able to deduct most credit card fees as long as they are considered legitimate business expenses. Personal credit card fees are not generally considered deductible.
Can you write off personal credit card annual fees?
No, in nearly all cases, you cannot take a tax deduction for personal credit card fees. Only credit card fees that are legitimate business expenses are tax-deductible. However, it’s important to understand that the IRS does not make any distinction between what might be marketed as a “personal” card or a “business” credit card.
Photo credit: iStock/Cameron Prins
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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.
Banking today has a lot of one-click convenience, and you may hear the terms EFT and ACH used interchangeably. There is, however, a key difference between these two acronyms: ACH is one kind of EFT.
To understand this better, first know your definitions. Automated Clearing House (ACH) is a national network linking U.S. financial institutions. This electronic system allows them to debit money from one account and then credit it to another. ACH payments are one variety of EFT, or electronic funds transfer. The term EFT includes additional methods of moving money electronically, such as wire transfers.
So all ACH transactions are considered EFT, but not all EFTs are ACH.
Keep reading to learn more including:
• Which payments are considered ACH?
• What are some other EFT payment methods?
• How do EFT vs. ACH vs. wire transfers compare?
ACH Transfers
ACH stands for Automated Clearing House, a network governed by Nacha (National Automated Clearing House Association). The first ACH association appeared in 1972 in California; by 1974, multiple regional networks joined together to form Nacha, which has since overseen the ACH network nationally.
But what is ACH? Put simply, ACH is a type of electronic fund transfer (EFT) that allows individuals, corporations, and even the government to electronically move money from one bank account to another. It can be thought of as a hub that keeps funds flowing.
ACH payments work domestically; that is, among banks and credit unions within the United States. You may be able to send money via international ACH transfers, but other countries will have their own networks and governing bodies. Some countries do not have an equivalent network at all.
Funds first go to the Automated Clearing House, which then reviews the payments and releases them in batches throughout the day. For this reason, ACH transfers are not immediate. How long ACH transfers take can vary: Traditional ACH transfers can take one to two business days, but in recent years, Nacha has enabled same-day transfers for eligible transactions.
How Do ACH Transfers Work?
ACH transfers work thanks to a data file that includes information about a prospective payment. The file goes to the payor’s bank to the clearing house and then on to the payee’s bank, with details on the transaction. The funds get moved into the intended location, and the process is completed, transferring money from one account to another.
đź’ˇ Quick Tip: Make money easy. Enjoy the convenience of managing bills, deposits, transfers from one online bank account with SoFi.
How Is ACH Used?
Consumers and businesses can use ACH for a variety of purposes. For example, employers often use the ACH network for direct deposit. This enables them to deposit paychecks directly into employees’ bank accounts. When an entity, like an employer or the government, initiates the ACH process to send funds, this is classified as an ACH credit.
Individuals can provide bank account information to businesses, such as mortgage lenders and utility companies, to enable ACH debit transactions as part of their electronic banking. This means those companies are able to directly debit funds from the individual account using ACH as a form of electronic bill payment. Businesses and individuals may utilize ACH debit for autopay (recurring payments) or for one-time payments.
Even peer-to-peer (P2P) payment methods like PayPal and Venmo can utilize the Automated Clearing House network for electronic transfers. (When such services offer instant payments, they may charge a fee and use your credit card instead, so proceed carefully in these situations.)
Typically, the employer or merchant enabling ACH payments is the one to pay ACH fees.
Electronic fund transfers (EFTs) refer to a much broader range of electronic payments. ACH is a type of EFT, but EFT can also include payments like wire transfers, debit card payments, credit card payments, local bank transfers, instant P2P payments, and even ATM transfers. Electronic fund transfers can be domestic or international in scope.
The Consumer Finance Protection Bureau refers to electronic fund transfers as “any transfer of funds that is initiated through an electronic terminal, telephone, computer, or magnetic tape.”
Note: Another common term in finance is ETF (exchange-traded fund). The acronyms are similar, so it’s important to recognize that an ETF is an investment security, not a payment method.
How Do EFT Payments Work?
EFT payments may use the ACH network, or they may not. An example of a transaction that doesn’t use ACH is tapping or swiping your debit card to make a payment. It’s an instantaneous transfer of funds, without banking information being exchanged. The money is moved from your account to the store’s without any verification other than your PIN.
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Types of EFT Payments
EFT payment is a broad category, including common transfers like ACH and wire transfers. Here is just a short list of payment methods that can be classified as EFT:
• ACH transfers
• Wire transfers
• Peer-to-peer payments (often done through ACH)
• Debit card transactions (in person or online)
• Credit card transactions (in person or online)
• ATM transfers
• E-checks
• Telephone orders
Do EFT Payments Have Fees?
Typically, a merchant will pay a small percentage of a transaction’s amount for the privilege of using an EFT method. In some situations, you, the consumer, may be assessed a fee for using these methods. For instance, some merchants may add a surcharge for credit card vs. cash or debit card payments. Or if you pay by phone, there may be a surcharge. You should be alerted to these add-on costs, however, in advance, so you can decide if you want to proceed or not.
What Is the Difference Between ACH and EFT?
We’ve established that the key difference between ACH and EFT is that an ACH is a type of EFT. This table further breaks down the distinction:
ACH
EFT
Availability
Traditional ACH is available domestically (in the U.S.).
Various types of EFTs can be used internationally.
Security
Transfers pass through the ACH, which provides an added level of security over paper checks and debit card transactions.
While ACH and wire transfers are less prone to fraud, other forms of EFTs (like debit and credit cards) can be susceptible.
Speed
Can be same-day but never instant; may take multiple days.
Can be instant.
ACH vs EFT vs Wire Transfers
When banking, you’re likely to hear about different ways to move money, including ACH, EFT, and wire transfers. Here’s a closer look: ACH is a type of EFT, but another common type of EFT is a wire transfer, which can be used to send money to someone’s bank account.
Wires can be both domestic and international and often have a fee for both the sender and the receiver, depending on the banks or transfer service agencies (like Western Union) involved. Wire transfers allow you to make an electronic payment “by wire,” such as through SWIFT, the Clearing House Interbank Payments System, or the Federal Reserve Wire Network. Wire transfers can take up to two days to fully process; international ones might take longer.
Should You Use Electronic Transfers?
Electronic transfers are common in modern banking. It is likely that you already utilize some form of electronic transfer, whether you receive a direct deposit from your employer like 96% of American workers, have your utility bills on autopay, pay for groceries with a debit card, or use peer-to-peer transfer apps to split the dinner bill or pay a friend for concert tickets. When you buy a house, the mortgage company may even ask you to wire funds in time for the closing.
The Takeaway
Automated clearing house (ACH) transfers are a type of electronic funds transfer (EFT), which allows for the direct debiting and crediting of funds from one bank account to another. Common examples of ACH include direct deposit from an employer into your bank account or an automatic bill payment debited from your account.
ACH is only one type of EFT, however; other types include wire transfers and debit and credit card payments, among others. These kinds of payments are commonly used today to keep funds flowing quickly and securely and play an important role in your banking life.
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FAQ
Is EFT the same as direct deposit?
EFT stands for electronic funds transfer. Direct deposit is one example of EFT.
Is ACH a wire transfer?
While ACH and wire transfers are similar transactions, they operate on different timelines and according to different rules. Wire transfers (especially domestic ones) can occur almost immediately, while ACH transactions can take a couple or a few business days.
What is the difference between ACH and autopay?
ACH is a method for electronically transferring funds between accounts. Autopay involves your setting up recurring payments of bills with a vendor. It typically uses the ACH network to complete those transactions.
Is ACH the same as direct deposit?
Direct deposit is one kind of ACH payment, but other kinds of ACH transactions are possible as well.
What is the best EFT payment method?
The best EFT method will depend upon various factors, such as timing and the technology you can most easily access or are most comfortable using.
SoFi members with direct deposit activity can earn 4.20% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.
As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.20% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 10/31/2024. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.
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.
By Rebecca Lake |
Credit, relay |
Comments Off on Which Entries on a Credit Report Will Decrease Your Credit Score?
Credit scores are a measure of your overall financial health and how responsibly you manage debt. If you’re curious about which entries on a credit report will decrease your credit score, the biggest culprits are late payments, missed payments, collection accounts, foreclosure proceedings, and bankruptcy filings.
Are those the only things that can negatively impact your credit scores? Not necessarily. Can you do anything about entries on your credit that decrease your score? Perhaps, if you’re able to dispute them. Filing a credit report dispute may help to add points back to your score.
Credit Report Basics
A credit report dispute allows you to challenge information that you believe is inaccurate. If you’d like to initiate a dispute, you’ll first need to know how to read a credit report.
Credit reports include four categories of information:
• Personal information. This section of your credit report includes your name and any other names that you’re known by, your date of birth, Social Security number, addresses you’ve lived at, and employment history. Your personal information does not affect your credit scores in any way.
• Credit accounts. Information about your credit accounts is used to calculate your credit scores. Here, the most relevant details include what types of credit you’re using, when your accounts were opened, your available credit limit and current balance, the monthly minimum payment, and your payment history.
• Credit inquiries. A credit inquiry can show up on your credit reports when you apply for a loan or line of credit if it’s a “hard” credit pull. The difference between a soft credit inquiry vs. hard credit inquiry is that hard inquiries can affect your credit scores, while soft inquiries do not.
• Public records. Information that’s included in the public record about your credit accounts goes here. The types of things that can be listed include collection accounts, judgments from creditor lawsuits, and bankruptcy filings.
There are three major credit bureaus that compile credit reports: Equifax®, Experian®, and TransUnion®. Thus, you can have multiple credit reports. A tri-merge credit report compiles information from all three bureaus into a single report. As far as which credit bureau is used most, there’s no single answer as it depends on the lender.
đź’ˇ Quick Tip: Check your credit report at least once a year to ensure there are no errors that can damage your credit score.
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When Can I Dispute Credit Report Information?
Under the Fair Credit Reporting Act (FCRA), you have the right to dispute inaccuracies on your credit reports with the credit bureau that’s reporting the information. You can file a dispute at any time.
Examples of errors you can dispute include:
• Credit accounts listed that don’t belong to you
• Inaccurate payment history or balances
• Current accounts that are erroneously reported as past due
• Duplicated entries for the same account
Why would someone want to dispute a credit report? In short, doing so can help your credit score if you’re able to get inaccurate information corrected or removed.
Information from your credit reports is used to calculate your credit scores. FICO® scores are the most widely used credit scoring model. Simply put, it’s a three-digit credit score ranging from 300 to 850 that reflects your credit health. The higher your score, the less risky you appear to lenders.
A middling or “fair” credit score is anything between 580 and 669. Fair credit can get you approved for loans, but you’ll need a good to excellent score to qualify for the lowest interest rates.
Does Filing a Dispute Hurt Your Credit?
Disputing credit reporting errors won’t hurt your credit. Depending on the outcome of the dispute, it could even help your score. During the dispute process, the credit bureau is legally required to investigate your claim to determine if your reason for the dispute is valid.
Keep in mind that disputing credit report errors isn’t necessarily an instant fix for bad credit. If you have multiple negative items on your report, then getting just one of them corrected or removed may do little to improve your score. Disputing information could hurt your credit if a correction negatively affects your credit file.
It’s also important to know that disputing credit report information doesn’t guarantee its removal or correction. If there’s negative information on your credit reports but it’s accurate, you can’t dispute it. The upside is that most negative information falls off your reports after seven years, though it can take up to 10 years for a Chapter 7 bankruptcy filing to disappear.
đź’ˇ Quick Tip: An easy way to build your credit score? Pay your bills on time. Setting up autopay can help you keep your account in good standing.
Possible Outcomes of Disputes
When you file a credit report dispute, the credit bureau has 30 days to investigate it. That involves reaching out to the business that reported the information initially to confirm whether it’s correct. The business must review your account history and report back to the credit bureau that’s handling the dispute.
There are several ways your dispute might be resolved.
• Scenario #1: Your dispute is deemed to be frivolous by the credit bureau. The investigation will stop and you’ll be notified as to why. You may be given an opportunity to provide additional information to support your claim.
• Scenario #2: The business that reported the information acknowledges an error. It must send written notice to all three credit bureaus to have the information corrected. The credit bureau must send a correction notice to anyone who received your credit report in the previous six months. Notices must also be sent to anyone who ran a credit check for employment for you in the past two years.
• Scenario #3: The business verifies that the information is accurate. No change is made to your credit report.
When your dispute is upheld, the credit bureau must correct or remove the inaccurate information. If a dispute is not resolved in your favor, you can ask the credit bureau to include a statement of the claim in your credit file. You can also ask the credit bureau to send a copy of the dispute statement to anyone who’s received your credit report but you might pay a fee for that.
Note that you can also add or update personal information to your credit file. For instance, you might choose to add a recent address or a job to your employment history. Changes to personal information won’t affect your credit scores.
Disputes Related to Accounts, Inquiries, and Bankruptcy
Disputes involving credit accounts, inquiries for credit, and bankruptcy cases can have the same outcomes as described above. Depending on what the investigation finds, your account may be:
• Updated to reflect accurate information
• Deleted entirely from your credit report
• Unchanged, if the information is deemed correct
The outcome can determine what changes you might expect, if any, to your credit score. Having negative information corrected or removed can help your score, though the extent of the improvement depends on whether you have other negative items on your report.
If you’re interested in how to find out your credit score free, there are a few ways to do it. First, you might be able to get your credit score for free from one of your credit card companies. Many issuers offer free FICO scores as a cardmember benefit.
Signing up for free credit score monitoring is another option. In terms of what qualifies as credit monitoring, it generally refers to any service that automatically tracks changes to your credit reports that affect your credit scores. For example, that might include opening or closing credit accounts, late or missed payments, or paid-off accounts.
How Long Will Information Stay on My Credit Report?
Generally, negative information can stay on your credit report for seven years. That includes things like:
• Late payments
• Missed payments
• Charge-offs
• Collection accounts
• Creditor judgments
• Foreclosure proceedings
As mentioned, a Chapter 7 bankruptcy filing can stay on your credit report for up to 10 years. A Chapter 13 bankruptcy can linger for up to seven years. As long as information on your report is accurate, it can’t be removed prematurely, even if that information is negative. Once the time is up for reporting of a negative item, it will fall off naturally; you shouldn’t have to request its removal.
Credit inquiries can stick around for 24 months, while positive information about your credit accounts can remain indefinitely. If you close any credit accounts in good standing, they can stay on your credit reports for up to 10 years.
What Are Some Ways to Avoid a Credit Score Drop?
Practicing good financial habits is the easiest way to avoid a credit score drop. You can do that by:
• Paying credit accounts on time
• Keeping credit card balances low relative to your credit limits
• Using a mix of credit types, including loans and credit cards
• Keeping older accounts open
Reviewing your credit reports regularly for errors or inaccuracies is another way to prevent credit score hits. You can dispute those errors to have them removed or corrected, which can help your score recover if it’s dropped temporarily.
How to Dispute Accurate Information in Your Credit Report
Accurate information on a credit report usually isn’t up for dispute, unless the same account is being reported multiple times. In that case, you dispute the “extra” entries on your report to have them removed.
If there’s negative but accurate information on your credit report, then you might try writing a goodwill letter to the creditor asking them to remove it. However, they have no obligation to honor your request. If the account is past due and they’ve been trying to collect what’s owed, they may also ask you to pay before they delete the item.
Credit repair companies charge you to remove negative items from your report. However, the tactics they use are ones that are already available to you, including disputing negative information, goodwill letters, and paying for deletion. It’s important to weigh whether paying a fee to repair credit is worth it, especially if the company’s promises seem too good to be true.
The Takeaway
Keeping up with credit scores is important if you plan to borrow money. The better your score, the easier it is to get approved for loans and qualify for the lowest rates.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
SoFi helps you get your money right.
FAQ
What factor causes your credit score to decrease the most?
Negative payment history has the biggest impact on credit scoring under the FICO model. Late payments, missed payments, charge-offs, collections, foreclosure proceedings, and bankruptcies can all hurt your credit score more so than things like new credit inquiries or closing credit accounts.
What are negative entries on a credit report?
A negative entry on a credit report is anything that’s harmful to your credit score. That can include late payments, missed payments, collection accounts, and judgments. A high credit utilization ratio can also negatively affect your credit scores.
What are 3 ways to decrease your credit score?
Three things that can hurt your credit score are paying late, not paying at all, and running up high balances on credit cards relative to your credit limits. Letting accounts slip into collections, being sued by creditors for debt, and filing bankruptcy can also cost you major credit score points.
Photo credit: iStock/Daniel de la Hoz
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
By Susan Guillory |
Credit |
Comments Off on Top 10 Fun Things to Do When Visiting Nashville
If you’re looking for an action-packed family vacation, look no further than the birthplace of country music, Nashville, Tennessee. Not only is Nashville a major center for music events and performances, the city is increasingly known as a cultural hub with tons of restaurants, architecture, and museums.
We rounded up our favorite things to do in Nashville at every price point.
Best Times to Go to Nashville
Nashville has plenty going on year round. But if you want to enjoy that famous sunny Southern weather, plan your trip between April and October. Just know that the summer months can see temperatures in the 90s.
If you’re looking to save money on your trip, go off-season between November and March. Because there are fewer tourists, many hotels and attractions offer discount rates.
Here are a few seasonal highlights to help you schedule your visit:
• March/April: Tin Pan South, a songwriter’s festival
• April: Cherry Blossom Festival
• May: Iroquois Steeplechase horse racing
• August: Tennessee State Fair
• October: Southern Festival of Books
• December: Gaylord Opryland’s A Country Christmas
Hotels can fill up for these events, so plan your trip as far out as possible.
So are there any bad times for your Nashville trip? It depends on what you’re looking for in a vacation. If you hate crowds or heat, stay clear in the summer. And if you want to visit when everything is green and beautiful, winter might not be the ideal time. Nashville winters are mild but still chilly enough to make walking around the city uncomfortable for some.
Consider planning your visit for a week when “nothing” is going on. You’ll still find plenty of live music (of all genres, not just country), and nationally renowned restaurants.
10 Fun Must-Dos in Nashville
You’ve got almost endless options for things to do, see, hear, and eat in Nashville, and narrowing them all down can be tricky. But here’s one frequent visitor’s highly personal take on the best of the best.
1. Nashville Zoo
This zoological garden and historic plantation farmhouse is one of the top attractions in the state. Located 6 miles from downtown, the zoo houses more than 6,000 animals of several hundred species, including Andean bears, Madagascar fanalokas, and red pandas. Kids will enjoy the 20 animatronic dinosaurs that hiss and spit. Advance tickets required. Adults & teens $23, children 2-12 $19. NashvilleZoo.org/
2. Tennessee State Museum
The Tennessee State Museum aims to educate visitors about the social, political, economic, and cultural history of Tennessee through permanent and changing exhibits, events, and tours. While the museum has plenty for kids of all ages (and is free to all visitors), its Children’s Gallery is designed for ages three to eight to learn about Tennessee history in a hands-on environment. Tue-Sat 10am-5pm, Sun 1-5pm. Free. TNMuseum.org
3. Opry House Tour
For the traveler who loves country music, there’s no better place to visit than the Grand Ole Opry House. There are several themed tours — including Backstage and Women of Country — that explore the history of this iconic venue and the singers who have graced its stage. Tours every 15 mins 9:30am-4pm. Adults from $30. Opry.com/tours
4. Hop On Hop Off Nashville Tours
A great way to see the city with teens is a Hop On, Hop Off bus ride. Live guides give running commentary about the sights and history of Nashville, and you can jump off the bus to explore, then rejoin the next tour, as you like. Helpful maps direct passengers to the various sites at each stop. The Old Town tour has 13 stops and the most frequent service, while the Soul of Music tour includes stories about the music scene, original songs from diverse genres, and recommendations on the latest hot spots. 9:30am-4pm daily. From $43. TrolleyTours.com/nashville/hop-on-hop-off
5. Andrew Jackson’s Hermitage
The Hermitage is the former home of President Andrew Jackson and his family. On your visit, you can explore his home, garden, and historic buildings, as well as learn the history of the property, Jackson, and the era he lived there. There is also the Natchez Hills Winery at Andrew Jackson’s Hermitage onsite if you fancy an after-tour adult beverage. 9am-6pm daily. Adults $27, kids (5-12) $17. TheHermitage.com
6. Belle Meade History Site & Winery
Belle Meade is a beautiful example of plantation life in Tennessee. Take a tour of the gorgeous grounds or attend a food and wine pairing at the winery. You can also uncover stories of the slaves who were brought to or born at the plantation from 1807 through the years following Emancipation. 9am-5pm daily. Admission $28+ VisitBelleMeade.com/
7. Country Music Hall of Fame
Patsy Cline. Brooks & Dunn. Reba McEntire. Every country musician you know and love can be found in the Country Music Hall of Fame. Learn the stories behind the music, see iconic costumes worn by musicians, and view historical exhibits in the museum. The “Experience It All” tour (adults $72) includes tours of the Hall of Fame admission, an 1800s letterpress print shop, and RCA Studio B, where Elvis, Dolly, and Waylon recorded their hits. 9am-5pm daily. Adults $28+, kids (5-12) $18+. CountryMusicHallofFame.org/
8. Johnny Cash Museum
From goth teens to grandpas, everyone loves the Man in Black. And the Johnny Cash Museum is not your average tourist spot — USA Today named it the nation’s best music museum in 2023. Here you’ll find the largest collection of Johnny Cash memorabilia. If you’re hungry after your visit, stop by Johnny Cash’s Bar & BBQ for food and music. 9am-7pm daily. Adults $26, kids (6-15) $22. JohnnyCashMuseum.com
9. Nashville Food Scene
In-the-know visitors believe Nashville has surpassed New York City as the country’s foodie capitol. The site Eater lists not 10, but 38 essential Nashville restaurants, covering everything from southern barbecue to vegan cuisine, Parisian-style riverside cafes to recreations of an Appalachian grandmother’s home and meals. You’ll also find fabulous cooking classes, pop-ups, and speakeasies serving craft cocktails. Nashville.Eater.com
10. Explore Nashville Neighborhoods
Nashville has several distinctive neighborhoods that are worth a stroll. The Music Row / Demonbreun / Edgehill neighborhood is the heart of music culture in the city. You can also explore 12South, where you’ll find coffee shops, bakeries, and vintage stores. Or dive into the honky tonk scene downtown, where great restaurants, historic buildings, and galleries abound.
The Takeaway
Your trip to Nashville is going to be action-packed and fun for everyone. Get your bearings with a hop on, hop off trolley tour. Hit the Grand Ole Opry, Johnny Cash Museum (named the best music museum in the country by USA Today), and the historical tours at the Country Music Hall of Fame. And leave room for incredible meals at a few of the countless world-class restaurants.
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FAQ
What are things to do in Nashville for music lovers?
In addition to attractions like the Grand Ole Opry, the Country Music Hall of Fame Museum, and the Johnny Cash Museum, there are loads of live music events every week in Nashville.
How long should I stay in Nashville?
With so much to see in Nashville, you could stay up to five days. Allow at least a minimum of three days to enjoy the city.
What are things to do for kids in Nashville?
There’s plenty for kids of all ages to enjoy in Nashville, including the Nashville Zoo, Grand Ole Opry, and Hop On, Hop Off tours.
When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.
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Comments Off on Top 10 Fun Things to Do When Visiting New Orleans
Considering a trip to the Crescent City? Many say visiting New Orleans is like traveling to another country. There’s so much to explore in terms of culture, food, music, and fun.
Let’s look at things to do in New Orleans, as well as the best time to visit.
Best Times to Go to New Orleans
New Orleans is temperate year-round, with winter rarely dipping below the 60s during the day, and summers topping out in the 90s. That means even the winter offers a great opportunity to explore the many fun things to do in New Orleans without freezing on your vacation.
If you’re looking for action, consider going during Mardi Gras season. Mardi Gras is a different date every year, but usually falls in February or March, and the celebrations start weeks before. You’ll find both parades and events for tourists in the French Quarter, as well as smaller family-friendly parades outside the tourist area.
Here are just a few of the events hosted each year in NOLA (New Orleans + LA, for Louisiana):
While New Orleans parties all year round, beware the humidity. From May to September, the city can be muggy — which isn’t ideal if you’re planning many outdoor activities.
Hate crowds? You may prefer not to visit during major events like Mardi Gras or Jazz Fest. Prices tend to be higher during these peak seasons, too.
One tip for family travel is to go off-season: You may find more deals from September to April. Hot tip: Halloween brings many costumed revelers, but doesn’t get too crazy.
10 Fun Must-Dos in New Orleans
This roundup of the best things to do is based on this writer’s 20 years of visiting the Big Easy.
1. The French Quarter
If you haven’t been to the French Quarter, have you really been to New Orleans? This historic district, founded in 1718, is a great place to walk, explore, dine, and enjoy local music and culture. Many find the Quarter reminiscent of France, with its quaint buildings adorned with elaborate wrought iron railings. In fact, New Orleans is sometimes known as the Paris of the South. NewOrleans.com/plan/neighborhoods/french-quarter/
While you’re in the French Quarter, stop at the iconic Cafe du Monde, famous since 1862 for its beignets, fried squares of dough covered in powdered sugar. Just don’t wear white, because getting the sugar all over you is half of the fun! Adults can partake of its equally renowned chicory coffee, while kids enjoy chocolate milk. Open 24/7. Shop.cafedumonde.com/
3. Music on Frenchmen Street
If you’re looking for fun things to do in New Orleans for couples, an evening on Frenchmen Street is a must. This neighborhood on the edge of the French Quarter is home to jazz clubs like The Spotted Cat and Snug Harbor. You’ll also find great options for drinks and dinner. NewOrleans.com/plan/streets/frenchmen-street/
The historic French Market has been around since 1791, and now houses restaurants, shops offering local flavors and gifts, and open-air markets. It’s also home to many annual events, like the Creole Tomato Festival. 10am-6pm daily. FrenchMarket.org
5. Music at Preservation Hall
One of the top things to do in New Orleans for jazz lovers is to hear music at Preservation Hall. The Hall, which has been the backdrop to some of the biggest names in jazz, offers music 350 days a year. Arrive early; the space is small, and seating is limited. Tickets from $25 standing, $40 seated. Preservationhall.com
6. Mardi Gras World
Curious about what goes into building the world-famous Mardi Gras floats of New Orleans? Mardi Gras World provides a behind-the-scenes look at how these floats are made. You can see actual artists busy at work on float features for next year’s parades. Tours every 30 mins 9:30am-4pm. Adults $22. Kids $14. MardiGrasWorld.com
If you want a taste of local cuisine and the chance to attend a fais-do-do (Cajun dance party), Mulate’s Cajun Restaurant is the place to go. The restaurant features Creole and Cajun classics like grilled oysters, jambalaya, and gumbo. Most nights, a zydeco band plays, and locals and visitors alike get the chance to cut a rug on the spacious dance floor. Mulates.com/
8. Steamboat Natchez
See New Orleans from a different perspective by taking a trip on the Steamboat Natchez. You can take a daytime or dinner jazz cruise on this last authentic steamboat on the Mississippi River. Tickets from $39. SteamboatNatchez.com
9. New Orleans Museum of Art
Art lovers will enjoy a few hours in the New Orleans Museum of Art, where you’ll find permanent and rotating exhibits of modern and historic art, as well as a beautiful sculpture garden. Tue–Sun 10am–5pm; Wed 12pm–7pm. Adults $15; kids and teens free. NOMA.org
10. New Orleans Historic Voodoo Museum
New Orleans is known for its darker side. If that appeals, you won’t want to miss a trip to the Voodoo Museum. Here you’ll discover the secrets, rituals, and traditions of voodoo practitioners, past and present. There is also an optional walking tour that includes Congo Square and Marie Laveau’s house. 11am-7pm daily. VoodooMuseum.com
The Takeaway
With so much to see, do, and eat in New Orleans, the challenge will be fitting it all in during your vacation! Music is a big part of city culture, so don’t miss a live performance at Preservation Hall or one of the many jazz clubs on Frenchmen Street. If you’re feeling daring, check out the Voodoo Museum. Or just relax with beignets and chicory coffee at Cafe du Monde and watch the crowds go by.
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FAQ
What is the most popular thing to do in New Orleans?
The historic French Quarter is by far the most popular area of the city for visitors. There, you can find museums, music events, and restaurants offering Creole and Cajun cuisine.
What are popular events in New Orleans?
Mardi Gras and Jazz Fest are two of the largest annual events held in New Orleans, drawing thousands of visitors from around the globe.
How many days should I spend in New Orleans?
While you could easily spend five to seven days in the Crescent City, plan for at least three to four to see as much as possible.
When you use your SoFi Credit Card to make a purchase on the SoFi Travel Portal, you will earn a number of SoFi Member Rewards points equal to 3% of the total amount you spend on the SoFi Travel Portal. Members can save up to 10% or more on eligible bookings.
Eligibility:
You must be a SoFi registered user.
You must agree to SoFi’s privacy consent agreement.
You must book the travel on SoFi’s Travel Portal reached directly through a link on the SoFi website or mobile application. Travel booked directly on Expedia's website or app, or any other site operated or powered by Expedia is not eligible.
You must pay using your SoFi Credit Card.
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