A Federal Reserve interest rate cut signals the Fed believes inflation is under control and the agency is trying to shore up the economy and encourage economic growth. That’s the macroeconomic view, but what does it mean for you as an investor?

The short version: Plenty – especially if you’re looking at paying down debt, buying or refinancing a home, or even just finding a new spot for your emergency savings.

Here are five money moves you can make now that interest rates are falling:

1. Polish Your Credit

It’s always a good idea to make sure your credit report is accurate, but it’s even more important if you plan on applying for new credit or to refinance existing debt to take advantage of rate cuts.

You can get a free weekly credit report from each of the three credit bureaus (Equifax, Experian, and TransUnion) at annualcreditreport.com.

If the information in your account is correct, great. If not, you’re far from alone – a recent Consumer Reports study found that 44% of respondents had at least one error on their report.

[RELATED: Does Your Credit Report Have Mistakes? How to Find Out … and How to Fix It]

Want to prevent your credit score from dropping? Avoid applying for or opening new lines of credit, keep your oldest credit card open (so you don’t shorten your credit history), and, most importantly, always make on-time payments to creditors.

2. Pay Down Expensive Debt

Just because the Fed lowered interest rates doesn’t mean credit card debt has gotten any cheaper. The average credit card interest rate was a staggering 28.02% as of Oct. 2.

However, if you have a decent credit score, you might be able to find a consolidation loan at a bank or credit union for a much lower rate. You may also explore balance transfer cards with introductory 0% annual percentage rates.

3. Consider Buying or Refinancing a Home

If you’ve been waiting for mortgage rates to drop, then now might be the time to buy a home. It could potentially make sense to refinance an existing mortgage, but you’ll have to do the math and figure out whether the benefits of a lower monthly payment make up for the costs of refinancing.

[RELATED: 8 Tips to Avoid Home Loan Scams Targeting Servicemembers and Veterans]

4. Shop for a CD With a High Interest Rate

While interest rates have dropped, there are still some certificates of deposit boasting annual percentage yields over 5%. If you don’t need your cash immediately, locking in a CD with a high interest rate might be a good idea, as rates on savings and checking accounts are dropping.

5. Find an Online Bank

For a while, some online high yield savings accounts (HYSA) had interest rates higher than CDs or money market accounts. Those rates are coming down – some are around 4%, as of late September – but online banks still have rates that easily beat brick-and-mortar banking institutions, some of which have savings account rates as low as .01%.

You can keep your “traditional” bank account, but consider putting the majority of your savings in a HYSA.

Want more? Check out MOAA.org/Finance for tax and retirement news, upcoming financial webinars, and links to member-exclusive resources.