Thread: Pay college tuition with credit card = good or bad?

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.!

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.

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.

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.

Originally Posted by DavidNY

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.