Pay college tuition with credit card = good or bad?

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jumbo
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Pay college tuition with credit card = good or bad?

Postby jumbo » Sun Jan 08, 2012 12:39 am

Here is my situation, I am a college student, and my credit limit including all my credit cards is around $8000. I am planning to pay college tuition of around $7000 with my credit cards.

Now this would show a maximum use on my credit, but I am not planning to apply for and credit/loan any time soon, and I will be paying all the balance in around 6 months.

So, I guess the maximum use might hurt my credit/score in the short run, but once I pay (hopefully in around 6 months) off the balance, will the maximum use of the credit limit will have any effect/hurt my credit report/score??

any inputs are welcome, thanks.!
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sticf
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Postby sticf » Mon Jan 09, 2012 1:15 pm

Why not go a more traditional route with a student loan. It has been a long time since I looked at student loans but their interest should be better than credit cards. Also you say "hopefully in around 6 months". That means that it is not a certainty. Words and phrases like "maybe", "hopefully". "should be", and "if all goes according to plan" are not things that I usually like when talking about credit card payments.

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jumbo
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Postby jumbo » Tue Jan 10, 2012 3:35 pm

I'd love to go the more traditional route with a student loan, buy I am an International exchange student and cannon apply for regular student loan. And for private student loans I will need a co-signer to get approved, which I don't have.. So, my best bet is credit card right now.
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DavidNY
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Postby DavidNY » Wed Jan 11, 2012 1:42 pm

Why not stop in to your bank or credit union and ask about a personal loan for your student expenses. The APR may be less that what your credit cards are offering.

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jumbo
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Postby jumbo » Wed Jan 11, 2012 1:50 pm

DavidNY wrote:Why not stop in to your bank or credit union and ask about a personal loan for your student expenses. The APR may be less that what your credit cards are offering.

that sounds like a good idea, but do I qualify for the loan without a Co-signer.... this is my biggest problem, I do not have anyone to co-sign...

and the credit cards all of them have 0% apr right now, so the interest is not much of a concern right now.
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