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You can apply for unemployment benefits if you have lost a job through no fault of your own and need help as you hunt for another position. The payments you receive can be a financial lifeline during a challenging period.

This federal unemployment program is administered by the states, and the rules differ, depending on where you live. However, there are some basic guidelines for how to file for unemployment no matter what state you’re in.

Here’s what you need to know about filing for unemployment.

What Is Unemployment?

Unemployment insurance is meant to assist a specific group of people that lost their jobs by temporarily replacing a portion of their wages. You must meet specific eligibility requirements to collect unemployment. Collecting unemployment benefits could help you survive a layoff.

While unemployment requirements vary by state, generally, you need to have lost your job through no fault of your own and worked a certain amount of time or earned a specific amount of income. Some states have additional requirements. Be sure to check with your state’s unemployment office.

Recommended: 7 Ways to Tackle Financial Stress

Filing for Unemployment

The first question to ask is if you’re eligible for benefits in the first place.

Typically, to be eligible for unemployment you need to have worked a salaried job for an employer. Employers pay federal unemployment tax to fund the unemployment account of the federal government. Businesses also may have to pay state unemployment taxes.

By working a set amount of time — it varies from state to state — for an employer that pays that tax, you become eligible to receive unemployment benefits.

The first part of eligibility relates to how you work. The second part relates to how you stop working.

Unemployment is designed to assist those who are no longer working “through no fault of (their) own,” according to the Department of Labor. While each state’s exact rules are different, the general guideline is that you are only eligible for unemployment if you’ve lost your job for economic reasons on the part of your employer as opposed to having been terminated for cause or having left voluntarily.

If you meet the two conditions, you can usually then apply for unemployment benefits from your state. You can use these funds to pay your bills during a job loss.

There are some basic commonalities among the states: You will need to provide your address, phone number, address of your former employer, Social Security number, and the dates that you were employed by your former employer.

How Much Will You Receive?

It varies by state, but the average maximum benefit amount in early 2025 was $1,051 in Massachusetts (at the high end) and $235 in Mississippi (at the low end). Your unemployment benefit is based on your former wages, with higher-wage workers typically getting more benefits, up to a cap. The amount also varies depending on how much you were earning. A person who was making, say, $120,000 a year will usually receive more than a person who was earning $30,000 a year.

The amount you get varies by state and it ranges widely. Having an emergency fund can help tide you over until you find a new job.

This is also a good time to create a budget so that you can carefully track your spending and savings.

Worth noting: Unemployment benefits are considered taxable income by the IRS (Internal Revenue Service). You can elect to have taxes withheld from the funds you receive or pay them when you file your taxes.

Which Kind of Benefits Are You Eligible For?

If you receive a Form W-2 and lose your job through a layoff, you will typically be eligible for unemployment Insurance.

If you’re self-employed or an independent contractor, you generally can’t receive unemployment because you haven’t paid into the unemployment fund. However, it may depend on the specific law in your state. Check with your state’s unemployment office to find out if you may be covered.

Recommended: How to Manage Your Money as a Freelancer

When to Apply

Apply as soon as possible. It can take weeks for claims to be approved, so apply right after you lose your job, if possible. You can apply through your state’s unemployment office.

How to Apply

This varies state by state, and you should check on your state’s procedures. You can typically apply online This varies state by state, and you should check on your state’s procedures. You can typically apply online, over the phone, or in person. The U.S. Department of Labor provides a directory of state offices here. Typically, you will need your personal details and dates of employment and contact information for your previous employer.

How Long Does It Take to Receive Benefits?

The Department of Labor says it typically takes “two to three weeks” to receive benefits, but it can take longer.

You will receive benefits for the full amount of time from when you successfully applied (in some states there’s a one-week waiting period), not just from when you started receiving benefits. Also, if you received severance or other separation benefits, that will likely need to be documented and reviewed by the state and factored into what you receive.

How Will You Receive Benefits?

Once again, there are variations among states about the form in which your unemployment benefits are received.

Some states offer direct deposit, meaning you can receive your unemployment benefits as you would your paycheck, directly into your bank account.

Others disburse benefits through a debit card mailed by the state.

One benefit of using a debit card is that an unemployment recipient does not need a bank account in order to access benefits. While this is convenient for those without bank accounts, there are some downsides, like limits on ATMs that can be used without fees, and the general limitation on which merchants accept debit cards.

Using a debit card also puts you at the mercy of the mail before you can start using benefits. If you were getting paid from your job via direct deposit, you will likely receive your benefits faster.

You may want to consider opening a bank account, if you don’t have one, to get your unemployment faster and easier via direct deposit.

Recommended: How to Set Up Direct Deposit

How Can You Remain Eligible for Benefits?

Again, this varies by state, but generally you need to have a record of seeking work to remain eligible for unemployment benefits. States may have some kind of form or portal that you’re required to fill out or log into to show that you are looking for work.

Recommended: Emergency Fund Calculator

How Long Do Benefits Last?

Unemployment benefits last 26 weeks in most states. However, some states provide fewer or additional weeks of benefits, so it’s wise to check with your state upfront. As of 2025, 13 states provide fewer weeks and one provides more. Also, the term of benefits can change during times of economic hardship.

The Takeaway

If you lose your job through no fault of your own, unemployment insurance can cover some of your lost wages as long as you meet the eligibility requirements. File for unemployment with your state unemployment office as soon as you can, since it can take several weeks to receive benefits. The process can be simplified if you have the funds direct-deposited into your bank account.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

Who is eligible for unemployment?

Typically, a worker who has lost their job through no fault of their own is eligible for unemployment benefits.

How long are unemployment benefits?

Typically, unemployment benefits last 26 weeks. However, in 13 states, there’s a shorter period and in one state, benefits can be provided for a longer time. Check with your state for details.

How much does unemployment pay?

The amount that unemployment pays will vary by state (each state administers its own program) and by your previous earnings.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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SOBNK-Q225-023

Inflation has hit all aspects of daily life, including that fun and romantic ritual known as date night. The average cost of date, from grooming costs to gas money, comes in at a whopping $168, according to the most recent BMO Real Financial Progress Index, released in February 2025.

But that doesn’t mean you need to go broke enjoying fun times with your sweetie or getting to know someone new.

Here, you’ll find 27 ideas for date nights that don’t cost much. In fact, some of these date night ideas are more than cheap; they’re free.

Fun Date Ideas for Couples on a Budget

Whether you’re just getting to know each other or you’ve been married for years, here are some ways to enjoy a romantic day or evening out without busting your monthly budget.

1. Watching the Sunrise or Sunset Together

Watching the sun come up or sink over the horizon with your sweetie can be a very romantic and cute date idea. Depending on which time of day you choose, you can bring coffee and donuts or a bottle of wine and some cheese and crackers to mark the occasion.

2. Taking Dance Lessons

Couples can show off their moves while taking a lesson in salsa, ballroom dancing, or swing. Consider a home viewing of “Dirty Dancing” afterwards to close out the date.

💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

3. Going on a Hike

Getting some fresh air and walking in a beautiful area together can be a great bonding experience. To make sure you don’t take on more miles (or hills) than you can handle, you can read reviews of hikes and check out trail maps online before you head out.

4. Picking Apples or Berries

This can be a great idea for a “sweet” date. In the fall, couples can pick apples together and then go home and make some baked apples or an apple pie. In the summer, consider heading to a local farm to pick berries. You can use your harvest to make some tarts or smoothies afterwards.

5. Checking Out a Botanical Garden

Many towns have beautiful botanical gardens where people can walk around. This can be a lovely way to spend a Sunday afternoon and it should be either free or low cost.

6. Staying In and Watching a Movie

One (or both) or you may have a Netflix, Hulu, or Amazon Prime subscription. Why not take advantage and watch a movie together at home? You can open some wine and order a pizza or inexpensive takeout.

Not a member of those networks? Look into free services like Hoopla or Kanopy.

Recommended: How to Save Money on Streaming Services

7. Gardening Together

Another cute date idea is to garden together. Whether you and your honey live together or apart, you can start your own garden and fill it with flowers, herbs, and vegetables. At the end of the day, you’ll have a shared sense of accomplishment.

8. Checking Out a Free Museum

Some museums are always free, while others will have free days or evenings throughout the month. Couples can go and see cool artwork and have stimulating conversations about the artists.

9. Going to a Free Concert

Many towns will hold free concerts in the park during the summer. You can bring a blanket and some food and enjoy a picnic dinner while listening to great live music.

Recommended: 33 Ways to Save Money

10. Taking a Scenic Drive

You can pick somewhere you’ve never been or head to a favorite spot, such as a nice drive in the country or along the coastline. Consider creating a playlist of tunes you both love for the ride.

11. Breaking Out the Board Games

Who doesn’t love a little competition? This can be a great idea whether you play against one another or with another couple. You can even throw in some prizes from the Dollar Store to up the ante just a bit.

12. Eating at Happy Hour

Want to sidestep a pricey dinner? Here’s a way to save money on food: Find out which establishments have a happy hour and then enjoy some discounted appetizers and drinks for a cheap date idea.

13. Visiting Open Houses

Whether you are actually looking to buy a house or just want to be a voyeur, or pick up some design ideas, consider checking out open houses in your area. You can search for open houses on sites like Redfin and Zillow.

14. Cooking a Dish Together

For a fun and tasty evening, you might go to your local farmer’s market or grocery store and then come home and make a gourmet meal together. If neither of you are skilled in the kitchen, you can order a meal delivery service that sends all the instructions and ingredients you need.

15. Checking Groupon for Deals

You can often find some interesting things to do for date night by checking Groupon to see what experiences are on sale. You might find a good deal on a couples massage or local interactive art exhibit.

16. Renting a Pool

For a fun date on a hot summer day (or night), consider checking out Swimply to see if you can rent out a private pool in your area by the hour. Pool toys and snacks may not be included, so be sure to pack everything you need before heading over for a swim.

17. Going on a Bike Ride

Another cute date idea is to go on a bike ride together. If you don’t own bikes, you may be able to rent them from the city or a local company. You can research local biking trails online before you go.

💡 Quick Tip: When you feel the urge to buy something that isn’t in your budget, try the 30-day rule. Make a note of the item in your calendar for 30 days into the future. When the date rolls around, there’s a good chance the “gotta have it” feeling will have subsided

18. Taking a Ferry Ride

Typically, ferry rides are pretty cheap. They may even be free. Consider taking a ride at sunset so you can enjoy a beautiful view.

19. Checking Out a Local Park

When the weather is nice, you might want to pack a blanket and some food and head to a nearby park to enjoy a lazy afternoon together. Have any leftover bread? Maybe you can feed it to the ducks or birds.

20. Going to a Pet Cafe

Pet cafes are now located in many towns around the county. Couples can sip on lattes while petting cute dogs and cats at the same time.

Recommended: Tips to Save Money on Pets

21. Renting a Canoe or Kayak

If you split the cost of a kayak or canoe rental, you can enjoy a relatively inexpensive afternoon paddling around a lake or bay together.

22. Taking a Walk in the Mall

Just because you go to the mall, it doesn’t mean you have to shop. Instead, you can do some browsing and not spend any money. Though you might want to share some favorite relatively low-cost mall treats like Cinnabons and Auntie Anne’s Pretzels.

23. Listening to a Podcast

Podcasts can be just as entertaining as television and movies. Consider grabbing some drinks and snacks and listening to a great podcast together.

24. Thrifting Together

Here’s a great way to save money on clothes and spend time together: Hit some local thrift stores for a cute and cheap date night. Maybe you’ll find some treasures or just try on outfits from decades past and make each other laugh.

25. Competing in a Video Game Competition

If you and your mate enjoy playing video games, consider challenging each other in a video game competition. You can offer fun rewards, such as the winner gets a gourmet home-cooked meal or doesn’t have to do any dishes all week.

26. Having a Spa Night

For couples who live together, a nice date night idea is to have a spa night at home. You can include foot massages, a bubble bath, and face masks for some relaxation, and laughs.

27. Doing Crafts Together

Couples that are feeling crafty can go to their local art store and buy supplies they need to create something together. You might even choose a sentimental project like a wreath made of corks from bottles you’ve shared or a scrapbook of vacation memories.

Recommended: How to Create a Budget in 6 Steps

The Takeaway

Going out on a “date” doesn’t have to put a major dent in your bank account. With a little bit of imagination and planning, you and your significant other can enjoy a night (or day) out that costs considerably less than the usual “dinner and a movie,” yet can be just as romantic and fun.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

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.

We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
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.

SOBNK-Q225-028

Ready for some good news? If you want to check your credit score, you can do so without worrying about lowering it.

So why is it so common to think that will happen?

It’s easy to see where the confusion stems from, so let’s look at what a credit score is, why checking a credit score isn’t a bad thing, and where credit damage can actually come from.

Credit Scores: A Refresher

First things first: A credit score is a number based on a credit report that helps creditors determine how risky it would be to lend money to a borrower.

The risk level influences if an applicant is given credit, and if so, the terms and interest rate. Having a high credit score can make it much easier to take out a loan and get more favorable interest rates, or be approved to rent an apartment.

The information in a credit report determines a credit score. The following factors influence a credit score:

•   Payment history

•   Outstanding balances

•   Length of credit history

•   Applications for new credit accounts

•   Types of credit accounts (such as mortgages or credit cards)

Consumers don’t actually have just one credit score; they have multiple credit scores. Scores are calculated by credit reporting agencies that maintain credit reports. Lenders can use their own internal credit scoring systems as well.

Recommended: What Is Considered a Bad Credit Score?

Does Checking Your Credit Score Lower It?

Nope. There are many misconceptions surrounding credit scores, and one of the biggest ones is that checking one’s credit score will lower it. This is simply, and happily, not true.

Checking your credit score once, or even multiple times, will not damage it. Requesting a copy of a credit report will also not damage a credit score.

In fact, it’s good to keep a close eye on your credit report and score. It can be especially helpful to review a credit report on occasion to make sure there are no errors that may cause the score to drop.

Online tools like a spending tracker app can allow you to track your credit score regularly and get important insights into your spending habits.

Recommended: What Is the Difference Between Transunion and Equifax?

What Can Lower a Credit Score?

Certain credit inquiries made by outside parties like lenders and credit card issuers affect a credit score.

You’ve probably heard of soft and hard “pulls,” or, formally, soft and hard inquiries. Only hard inquiries — a full check of credit history — affect a credit score.

Examples of Soft Inquiries

•   You check your own credit report.

•   An insurer pulls credit for a quote.

•   A company views a credit report during a background check.

•   You seek to be prequalified for a personal loan or mortgage.

•   A credit card or insurance issuer sends a prescreened offer — sometimes called a “preapproved” offer.

Examples of Hard Inquiries

You apply for a:

•   Mortgage

•   Auto loan

•   Credit card

•   Student loan

•   Personal loan

•   Rental

Hard inquiries may stay on a credit report for two years, although they usually only affect credit scores for one year.

Multiple hard inquiries in a short time frame could make a customer look higher risk because it could suggest an intention to rack up debt. Then again, if you’re shopping for an auto loan or mortgage, multiple inquiries are generally counted as one for a period of time, typically 14 to 45 days. The exception generally does not apply to credit card inquiries.

Consumers can see these inquiries on their credit report.

When to Check a Credit Report

Consumers should consider checking their credit report at least once a year to make sure there are no errors that are hurting their credit score and that their report is fully up to date. Regular checks can also alert consumers to fraud and identity theft.

It can also be smart to check a credit report before making a big purchase that requires a loan.

Doing so can even be helpful when job searching, as some employers review credit histories when hiring.

Are Free Credit Reports Safe?

Consumers are entitled to a free (and completely safe!) credit report once a week from the three major credit reporting bureaus:

•   Equifax

•   Experian

•   TransUnion

There are a few ways to gain access to these free reports.

•   Online at AnnualCreditReport.com.

•   By phone at (877) 322-8228.

•   By mail. After downloading and completing the Annual Credit Report request form, consumers can mail the completed form to:

Annual Credit Report Request Service

P.O. Box 105281

Atlanta, GA 30348-5281

Note: These free credit reports do not include credit scores. They are meant to allow an individual to ensure accuracy and check for identity theft.

To monitor credit throughout the year, it can be a good idea to space out the requests for these free reports, but requesting them all at once is totally fine.

Additional free reports are available to those who experienced an “adverse action” because of their credit report, are unemployed, and certain other situations.

The Takeaway

Does checking your credit score lower it? Not at all, and in fact, it’s a good idea to keep an eye on your credit landscape. Your own inquiries are different from outside hard pulls, which can happen when you apply for a mortgage, credit card, student loan, auto loan, or something that requires a full check of credit history. A hard inquiry could stay on a credit report for two years, though it typically only affects a credit score for a year.

Checking your credit report at least once a year is a good way to ensure there are no errors that could damage your score. It’s also a good idea to keep tabs on your finances year-round.

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.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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 .

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SORL-Q225-010

Most businesses report information to the credit bureaus every 30 to 45 days. Each on-time payment you make may barely affect your score, while a missed payment can have a significant effect.

But how often does your credit score update? Let’s find that answer, and learn how to keep an eye on your credit history and credit score.

When Do Credit Reports Update?

Whenever consumers take some sort of action relating to their credit, their score — usually a number between 300 and 850 — will fluctuate.

For instance, if they apply for a loan or miss a credit card payment, their score could change.

There is no set date for a credit score update because a lender or creditor may send information to the three main credit bureaus at different times: Experian one day, Equifax five days after that, and TransUnion a week later.
An update, though, will occur at least every 45 days.

Rather than constantly checking for updates, you might want to focus on long-term goals that can help you build credit, like paying off debt, always sending payments on time, and ensuring that your scores are going in an upward direction.

Need help managing your finances? With an online budget planner, you can set budgets, organize spending, and spot upcoming bills.

Recommended: Which Credit Bureau Is Used Most?

What Is a Good Credit Score?

Lenders most often use FICO® Score, but the credit bureaus introduced the VantageScore® in 2006 to provide a score that was more consistent among the three credit agencies.

This is how the FICO Score and the latest VantageScore models break down:

People with high scores typically have access to higher lines of credit and lower interest rates. Those with low credit scores may not be approved for certain credit cards and loans. And if approved for, say, a mortgage, they will usually pay a much higher mortgage interest rate.

How to Check a Credit Report

Under federal law, consumers are entitled to one free copy of their credit report every week from each of the main credit reporting agencies: TransUnion, Experian, and Equifax.

AnnualCreditReport.com is the only authorized website for free credit reports, according to the Federal Trade Commission.
Consumers can also call 1-877-322-8228 and provide their name, address, Social Security number, and date of birth to verify their identity.

If you want to check your credit history more frequently, you can ask one or all three credit reporting bureaus for another copy. They may charge you a small fee for the service.

Why check your credit report periodically? Mainly:

•   To make sure the information is accurate and up to date before you apply for a home or car loan, buy insurance, or apply for a job.

•   To help guard against identity theft.

Recommended: How to Read A Credit Report

How to Check a Credit Score

The free credit reports do not include your credit score — or more accurately, scores. Your credit score from each of the credit bureaus will vary based on the information each has. Lenders also use slightly different credit scores for different kinds of loans.

How to get your credit scores then? Here are a few ways:

•   Buy a score directly from the credit reporting companies or from MyFICO.com.

•   Look at a loan statement or a credit card statement. Some financial companies provide credit scores for customers as a perk.

•   Use a credit score checker. Some services give consumers access to their credit scores but charge for premium services like checking a score daily. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your “free” score.

•   Sign up for a money tracker app like the one from SoFi. It provides free weekly updates on your credit score and tracks all of your money in one place.

When signing up for credit score checking websites, it’s important for consumers to look at the terms of service and ensure they’re not being charged for premium services they do not want.

Also, it’s best to avoid an “educational” credit score vs. a score that a lender would use. For some, there will be a meaningful difference, according to the Consumer Financial Protection Bureau.

What Makes Up a Credit Score?

Learning about what factors make up a credit score can help consumers raise their scores. Main factors that contribute to the score include:

Payment History

Payment history is the most important factor when calculating a score, so it’s critical to always repay debts on time.

Credit Utilization

The credit utilization ratio is the amount that is owed in relation to how much credit a person has overall. Keeping your credit utilization ratio below 30% is commonly recommended.

Length of Credit History

For the length of the credit history, consumers can increase their score by not closing cards. The longer someone’s credit history is, the better.

New Credit

Applying for a new credit card and loan that requires a hard inquiry could ding your credit score. But rest assured, the drop is temporary. It’s multiple hard inquiries on a credit report in a short period that can cause damage. Then again, if someone is shopping for a mortgage or auto loan, both FICO and VantageScore account for multiple hard inquiries in a grace period of 14 to 45 days.

Credit Mix

Credit mix refers to credit cards, student loans, auto loans, personal loans, and mortgages. By having a mix, consumers show that they can manage all kinds of debt.

Why Credit Scores Matter

Having a high credit score can help consumers in a number of scenarios. For starters, it can help consumers qualify for better interest rates, which in turn can lower the cost of borrowing.

Consumers with a strong credit score can often reach their financial goals quicker and utilize better products. For example, they may get approved for a credit card that offers perks like bonus travel rewards or cash-back rewards. They might also be able to use a card with a 0% introductory APR or 0% balance transfer rate for a certain period.

But the benefits extend beyond borrowing. People with a high score may be able to rent a better apartment or home since landlords often check prospective tenants’ credit. They may also gain access to better car insurance rates and be able to avoid paying deposits to utility companies and cellphone providers.

The Takeaway

How often does your credit score update? All the time, really, but once every 30 to 45 days is a good barometer. While it can be tempting to constantly check your score — especially if you’re getting ready to make a major purchase — you may instead want to focus on strategies that build up your credit. Some steps include paying bills on time, paying down revolving debt, and keeping older accounts open.

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.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

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.

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.

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A cash diet, meaning using just cash for daily spending, can help you avoid ringing up more credit card debt.

These days, many people’s spending habits are ruled by plastic. Debit cards, credit cards, and mobile wallets make transactions easy and effortless, but they can also make it easy to wind up with a mountain of debt and risky financial habits. As of 2025, U.S. consumers owed more than $1.21 trillion in credit card debt, according to the Federal Reserve Bank of New York. For some people, it might be worth trying out an all cash diet to help develop healthier spending habits.

Read on to learn some of the pros and cons of a cash diet plan, and how using cash may help you think about your money habits in a new way.

What Is a Cash Diet?

A cash diet plan involves using only cash for all of your day-to-day expenses. This could include paying for your groceries, filling up your gas tank, or covering the bill for a meal out with a friend. Fixed expenses, such as rent, bills, or any existing debt payments, generally aren’t included.

For people who are dealing with debt, a cash diet may provide an opportunity to develop more transparent spending — which may help in getting a handle on existing debt and manage money better.

What Are Some Pros of a Cash Diet?

Here are some advantages of a cash diet:

•  One of the biggest potential benefits of an all cash diet is seeing what you spend. When using cash to pay for daily expenses, you can feel the immediate loss of a dollar spent. When using credit or debit cards, the impact of the money you’re spending is delayed, potentially making it easier to overspend or rack up debt.

•  Another possible benefit of a cash diet is that it may provide more oversight over your expenses and budget. If you take out a specific amount of money, it’s easy to keep track of how much you’ve spent by simply looking at the amount of cash you have left. This could help you learn how to be better with money.

•  Overall, adopting an all cash diet could provide you with more control and awareness over your spending decisions. Even though you are likely dipping into your cash reserves more often, it could help you manage the money in your bank account more wisely.

Recommended: Five Ways to Achieve Financial Security

What Are Some Cons of a Cash Diet?

Next, consider the potential downsides of a cash diet:

•  In some places, restaurants and other businesses are increasingly going cashless. Depending on which establishments you usually go to, an all cash diet could prove to be a challenge.

•  Additionally, unlike many major credit cards and debit cards, cash isn’t covered in case of theft or loss. This is something worth considering depending on how much money you plan to carry with you at a time. (Or you might use your debit card as a way of paying in cash.)

•  Your purchases will not be covered by your credit card’s protection plan.

•  Credit cards often offer perks that can incentivize signing up and spending, such as credit card rewards points and miles, and cash back programs. Using cash comes with no such rewards. If you’re considering switching over to an all cash diet for the long term, it’s worth considering how losing access to these kinds of benefits may impact you.

•  With this diet, you’ll need access to cash. If it’s challenging for you to get to ATMs or retailers that offer cash back, this could be an issue.

•  It’s also worth noting that an all cash cash diet may not build your credit score. That’s because your credit score is derived from data on how you manage credit month to month and over time.

Starting a Cash Diet

If you’ve decided to try out an all cash diet, you might want to start by creating a budget. Once you’ve determined your average monthly net income, outline the fixed expenses you have — such as rent, bills, and debt payments — and figure out how much money you have left over after paying them.

Whatever money is left over represents the maximum you’re able to spend on day-to-day costs, such as food and gas. Cash dieters typically withdraw this amount in cash. Some might prefer to budget for the amount of time between pay periods or to stick to a monthly cash diet plan. The choice is up to you.

From there, a common way of organizing a cash diet is to use the envelope method. This includes outlining each of your spending categories — such as social activities, food and groceries, and shopping — and distributing your money across each area based on how much you typically spend. The cash for each of these categories is put in a separate envelope, which may make it easier to stay on top of your spending.

Since life isn’t exactly predictable, you might want to consider creating an additional envelope for unexpected expenses that may not fall into a regular category. An emergency fund could help cover unexpected costs like a car repair.

Managing an All Cash Diet

Though it may sound simple in principle, using a cash diet isn’t always smooth sailing. For instance, if you run out of cash before it’s time to replenish your envelopes — whether that’s at your next paycheck or at the beginning of the month — a cash diet dictates that you won’t be able to buy anything else.

Though an all cash diet may be helpful in improving your understanding of your spending habits and helping to curb impulse spending, it can also mean that you may have to get creative about how you deal with cash shortages without reaching for your credit card.

On the other end of the spectrum, there is a chance you may have some cash left over. If this happens, you could consider depositing it in your emergency savings account.

If you don’t already have a fund for emergencies, you may want to start one with any cash you have left over. If you have enough to save and put towards your current debt, then you might consider using the cash to make an extra payment on your highest interest debt.

Recommended: Emergency Fund Calculator

Understanding Your Spending Habits

Depending on your individual situation and goals, a cash diet may be a temporary experiment or a long-term strategy. You could try it out for a month to see how you feel.

Whether you’re in it for the short-term or the long haul, you may find that a cash diet gives you space to reflect on your money habits and develop a better understanding of where your money is going. A cash diet plan can be a valuable experience and can make it easier to build a more sustainable financial future.

The Takeaway

A cash diet involves using only cash for daily spending to help you control the outflow of money and avoid credit card debt. It can be a good solution for some people trying to manage their money better. The tradeoffs include the challenge of using cash at businesses that prefer plastic and the possibility of losing cash (or having it stolen), among others. If you do try a cash diet, it can be helpful to partner with a bank that has a robust network of ATMs.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

FAQ

What are the pros of using a cash diet?

A cash diet can be helpful as it encourages mindful spending and helps you avoid racking up high-interest credit card debt.

What are the cons of a cash diet?

Cons of a cash diet include the risk of losing cash or having it stolen, not earning credit card rewards, and not earning credit card rewards.

What is a cash diet?

A cash diet involves using cash for most or all of your daily spending, rather than relying on credit cards. It can help you better track your spending and avoid credit card debt.

SoFi Checking and Savings is offered through SoFi Bank, N.A. Member FDIC. The SoFi® Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet

Eligible 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 (“Eligible Direct Deposit”) via the Automated Clearing House (“ACH”) Network every 31 calendar days.

Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning the APY for account holders with Eligible Direct Deposit, we encourage you to check your APY Details page the day after your Eligible Direct Deposit posts to your SoFi account. If your APY is not showing as the APY for account holders with Eligible Direct Deposit, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning the APY for account holders with Eligible Direct Deposit from the date you contact SoFi for the next 31 calendar days. You will also be eligible for the APY for account holders with Eligible Direct Deposit on future Eligible Direct Deposits, as long as SoFi Bank can validate them.

Deposits that are not from an employer, payroll, or benefits provider or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, Wise, 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 Eligible Direct Deposit activity. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. SoFi Bank shall, in its sole discretion, assess each account holder's Eligible Direct Deposit activity to determine the applicability of rates and may request additional documentation for verification of eligibility.

See additional details at https://www.sofi.com/legal/banking-rate-sheet.
*Awards or rankings from NerdWallet are not indicative of future success or results. This award and its ratings are independently determined and awarded by their respective publications.

^Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

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.

This content is provided for informational and educational purposes only and should not be construed as financial advice.

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 .

Third Party Trademarks: Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®

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