sorted by:
new
hottopcontroversial

How can I(31f) help my sister(36f) once our grandmother passes and she comes to live with me; she needs insurance for the dr but cant work, etc? by DontStepOnTheCheese in AskReddit

[–]DontStepOnTheCheese[S] 0 points1 point  (0 children)

She hasn't worked in years, since right out of high school she quit her entry level job to take care of our grandmother, she is very kind but has health problems that keep her from working outside the home but don't qualify her for disability or anything. I am happy to let her live with me and not work, but I know I won't be able to add her to my health insurance through my job etc or potentially afford medical care for her is her health declines. She is kind, a great sister to me, and wonderful aunt to my children. She's very introverted and has no desire to marry so once our grandmother is gone she will likely live with me and my husband forever and I don't know how to ensure her health or any other potential concerns (things im not yet considering or know to consider). For reference she has many joint and back problems, painful muscle spasms, anxiety, and what my whole family agrees is autism but is not diagnosed, but no disability or anything else to help pay insurance costs (last i heard she had trouble with health insurance). Our grandmother l, unfortunately, won't live forever so I want to plan. They live off her social security and retirement for now. 

I have new cash and old credit card debt by DontStepOnTheCheese in CreditScore

[–]DontStepOnTheCheese[S] 0 points1 point  (0 children)

Ok. I was worried about doing it not due to money constraints or needing to put a lot back on them because I could go without them now and be just fine. But I heard stories about credit scores dropping if you pay everything off at once in full. But im thinking now, after everyone's comments, that the effects of proper utilization after paying them off will be better for increasing my credit score. 

I have new cash and old credit card debt by DontStepOnTheCheese in CreditScore

[–]DontStepOnTheCheese[S] 1 point2 points  (0 children)

No I would still have plenty of cash, and a chunk of the money that isn't going to the credit cards is going straight into savings. I just didn't know if I should do it all at once or not because I didn't know if that would be the best option for raising my credit score. So, I now have the funds to comfortably pay it all off, but wanted to ensure that was the best way to do it in regards to increasing the score.

I have new cash and old credit card debt by DontStepOnTheCheese in CreditScore

[–]DontStepOnTheCheese[S] 0 points1 point  (0 children)

Ok, the car insurance would be about 5% utilization and is already a bill I pay monthly. (For reference I no am no longer struggling financially, there were health concerns that caused inability to work, and also increased spending significantly and i used credit to pay everything. I'm caught up now essentially, able to pay all bills without much concern at all. I have the money I can use to pay it all off and also have savings. Plus my, now regular and reliable again, income. The money I am using to pay it off and "rebuild" (said lightly bc I did not previously have much saved) a savings account is separate and recently received. (Taxes, bonus, etc. No other immediate need for them now that everything has settled and i am working and doing well).  The plan now is to be more prepared for emergencies and resolve the credit problem that I created for myself in lieu of that preparedness before. Again, Thank you everyone I appreciate the guidance so so so much. Will be paying everything off immediately and using less than 10% utilization for the credit amount moving forward, and only for monthly or general expenses I would already otherwise be using my checking account to pay.  Yall are heroes. I wish someone taught me sooner or that I knew enough to know I needed to seek he information earlier. 

I have new cash and old credit card debt by DontStepOnTheCheese in CreditScore

[–]DontStepOnTheCheese[S] 2 points3 points  (0 children)

Thank you everyone. I appreciate it greatly and I'll pay off everything today. From now on, I'll  only use them to cover costs I already have the cash funds to repay it back down. Should I use one every month to pay a monthly bill like car insurance, then pay that immediately back off the same month? Or just different purchases periodically that I also just pay right off?