using credit to pay for school deposit

[BlueWolv]

kinda tight on cash right now and I have a $1000 deposit to pay for Nova plus another 500 for traveling to interviews. If I use my credit card to pay for this and go into a small amount of credit card debt ($500-$800) will this affect my credit and ultimately affect my interest rate for my student loans when I take them out for school next year? Any other suggestions? I cannot take out a student loan until within 6 months of enrollment in school. Im currently not enrolled in undergrad anymore, so can't use that fin-aid either. Thanks.

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[PhoebeAZ]

It depends on your current credit worthiness and/or credit score. This website shows you how your score is calculated: http://www.myfico.com/crediteducation/whatsinyourscore.aspx

If your credit debt will be less than 30 % of your total available credit, you'll probably be okay. It really shouldn't hurt you too much as long as you pay it off in a timely manner.

 

[7 Iron]

kinda tight on cash right now and I have a $1000 deposit to pay for Nova plus another 500 for traveling to interviews. If I use my credit card to pay for this and go into a small amount of credit card debt ($500-$800) will this affect my credit and ultimately affect my interest rate for my student loans when I take them out for school next year? Any other suggestions? I cannot take out a student loan until within 6 months of enrollment in school. Im currently not enrolled in undergrad anymore, so can't use that fin-aid either. Thanks.

Federal Stafford loans are set at 6.8 percent, so it won't affect your interest rates. Honestly $800 of credit card debt is not much (unless your credit limit is only about $1000), and it should be easy to pay that off before dental school starts next year.

 

[MarkND]

kinda tight on cash right now and I have a $1000 deposit to pay for Nova plus another 500 for traveling to interviews. If I use my credit card to pay for this and go into a small amount of credit card debt ($500-$800) will this affect my credit and ultimately affect my interest rate for my student loans when I take them out for school next year? Any other suggestions? I cannot take out a student loan until within 6 months of enrollment in school. Im currently not enrolled in undergrad anymore, so can't use that fin-aid either. Thanks.

I consider myself an expert on this; since I had over 150K in credit card and other unsecure debt before starting my dental school!!!

Don't worry what so ever. Unless you have a bankruptcy in the past 7 year (which I don't think you do) and/or haven't paid your bills in the past 3 months, you should be okay. Don't stress about this. Ofcourse credit card debt is not a good thing, but using your credit card to pay for your deposit and travel expense for an interview is the best debt. DON'T WORRY!

 

[BlueWolv]

OK, thanks everyone