topic Re: How Should I Use This Money For? in Personal Finance

How Should I Use This Money For?

Anonymous — Thu, 21 May 2020 19:52:38 GMT

Recently I was given some good news in these trying times (finally!)

Without getting into specifics, via some family changes, I will have about $10,000 in cash in my PayPal account. Instead of just wasting this one-time asset, I thought I'd use it as collateral to do something for myself. Build my credit or get access to opportunities I may not have otherwise had before.

I'm looking for suggestions. How can I use this to better my financial position and overall outlook credit wise and establish myself. I

currently have very little debt anyway. I thought that PayPal might give me some type of premium card, since they see I have so much sitting in one of their accounts. Or should I move it around elsewhere in order to make it work for me? Looking to be reasonable of course, but take advantage of this opportunity I might not get back.

So is PayPal credit card the way to go, or something else? What would you do? What would you suggest is most bang for the buck (pun intended)?

Re: How Should I Use This Money For?

Anonymous — Thu, 21 May 2020 19:54:46 GMT

If you can give us details on your current credit situation, we can answer that part of the question. List out cards/loans, and for each, the balance, limit, and status. If you're looking good, then there are worse things to do than just saving it as an emergency fund.

Re: How Should I Use This Money For?

RSX — Thu, 21 May 2020 19:56:52 GMT

you could decide on a bank/CU you would like to do future business with - for CC's - LOC or an Auto Loan

look for one with a higher savings % rate

then open a checking and savings with that bank or CU and drop some or all of the money into the savings account to start building a relationship

this could be your Emerg Fund

Re: How Should I Use This Money For?

Anonymous — Thu, 21 May 2020 20:10:41 GMT

^^^ that. Building a strong CU relationship can pay off big. They're far less likely to act against you in bad times (like now, with the economy in flux and the big banks cutting lines of credit to customers whose financial behaviors may not warrant it).

Re: How Should I Use This Money For?

PutThatMoneyOnTheTable — Thu, 21 May 2020 20:11:56 GMT

I would suggest Amex HYS account. You would earn more interest and although Amex is not a relationship bank (JMO) it could work in your benefit when applying for Amex card (i.e if you don't have a Amex card). The previous post about credit union account is also a very good option. Credit unions also offer higher interest than the major banks and they offer other services that you could use in the future (cc, PL, home and auto loans)

Re: How Should I Use This Money For?

M_Smart007 — Thu, 21 May 2020 20:19:28 GMT

I strongly agree with having an Emergency reserve, and getting safe interest on it is a bonus.

Re: How Should I Use This Money For?

randomguy1 — Thu, 21 May 2020 20:55:02 GMT

I would consider earning some savings account bonuses.

Re: How Should I Use This Money For?

Anonymous — Thu, 21 May 2020 21:17:25 GMT

All great options. And how about that title typo? That was too good to change...

Re: How Should I Use This Money For?

RSX — Thu, 21 May 2020 21:21:24 GMT

^ it's more the grammer that is throwing me off...