I just saw on my tution bill, an extra 1300 bucks, No really idea how to cover it. My Work Study is only worth 1100. I just got a new credit card offer for 0% apr until december 2007. Now that doesn't sound bad does it? The only thing is it comes with an annual few of 59 dollars.
Now I'm thinking of applying for this card, its from HSBC. Now what I'm thinking of doing if I apply for this card and get it is. Pay $500 for My bill, and pay the rest with my work study.
The thing is this overload tution. I'm not exactly sure what that is. I think it might be because I'm taking 20 credtis this semester. So I'm going to have to call up about that.
So does this sound like a good idea? If you have any adivce or suggestions can you please share.
Thanks :)
2007-01-01 00:03:51 · 10 answers · asked by ArchAngel Raziel 3 in Business & Finance ➔ Credit
I would recommend dropping 4 credits if it will make the difference in tuition becoming achievable with just your work study. It would be better to stay in college longer and manage your costs as you go instead of plowing through to get your degree and accumulating debt. If there is any way you can maintain "paying as you go" you will be much better off and much happier in the long run.
Creditcards are rarely a solution to any financial need. Also, if you investigate how credit works, you will find that Creditors, i.e. HSBC, recommend that you NEVER use more than half of your credit limit on any credit card account in order to maintain a positive debt to income ratio. If you get the card and your credit limit is less than $1,000 you will be negatively impacting your credit score if you put $500 on the card. Remember: Creditcard companies exist with the sole purpose of making money no matter how warm and fuzzy they want their advertising to make us feel! They actively seek ways to maximize their earning potentials strictly within legal guidelines, not within moral guidelines.
You should be proud of yourself nonetheless for the fact that you are trying to do the wise thing and are open to input from others!
2007-01-01 00:29:03 · answer #1 · answered by PerfectlyOK2BImperfect 2 · 0⤊ 1⤋
Apply the $1600 to the $1800 CC bill. Then pay off your credit cards and stop using them. If you put it into savings, you'll earn a measly 2% at best. Not paying off the CCs cost you about 18% in interest. Then hope your BF pays you back so you can pay off the remaining CC balances. Pay off the cards and use the payments from those cards to attack the other cards you have. Once paid off, start a savings plan for emergencies. Your BF's car is not a emergency. Your husband's car would be an emergency. How are you going to pay for your next semester's tuition? Reimbursements come AFTER you pass your course, not before. Why did you adopt a dog? That dog is going to cost you in feed and vet bills. Fixing your BFs car and adopting the dog is now water over the dam. That money is gone.
2016-05-23 02:34:24 · answer #2 · answered by Anonymous · 0⤊ 0⤋
To start with, you need to find out what the extra charge is on your tuition bill. If it is for additional credit hours, then you could reduce the number of hours or get a student loan or even a grant for the difference in tuition payments. Financing an education on credit cards is not a good idea. It is the most expensive way to finance things. If it is something you really insist on doing, then look around for a credit card which has no annual fee. $59 is a high fee. I won't have a credit card which has a fee attached. I figure that they make enough off of my purchases so I don't need to pay them twice.
2007-01-01 00:44:14 · answer #3 · answered by Flyby 6 · 0⤊ 0⤋
Keep in mind that all 0% offers are not only subject to change but also are only granted to those with qualifying credit. Also check to see if they are going to charge back interest after the 0% is up. Otherwise shop around if your looking for a card, visit the different bank's websites to see what other offers are available.
Last but not least, you've got to find out for sure why those extra charges showed up on the tuition bill.
2007-01-01 01:04:29 · answer #4 · answered by Jeremy 4 · 0⤊ 0⤋
Not a good deal. Avoid it if you can - it would be better to borrow money from a friend or relative in this case.
Think about it: you'll have to pay a $59 annual fee for what is, in effect, a loan of $500. This amounts to an effective interest rate of nearly 12%.
2007-01-01 00:06:02 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Check with your school first if you can even use a credit card to pay your tuition. At the University of Minnesota, you can't. So, you would have to do a cash advance for the amount and that may carry a high interest rate. Good luck!
2007-01-01 06:33:24 · answer #6 · answered by Meg 5 · 0⤊ 0⤋
This guy I went to undergrad with got 8 credit cards in his freshman year (he was an older student). He kept them all active and in good standing. His limits increased over time.
He used 1 credit card every semester to pay his tuition, books and fees.
He filed for bankruptcy when he graduated.
He is now over bankruptcy, has stellar credit and he didn't pay a nickel for his Bachelor's in Engineering.
2007-01-01 06:19:55 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Just make sure you pay the balance by Dec 2007. If not, your interest rate will raise and you will be paying more in interest fees with the card than you would have with the student loan.
2007-01-01 03:11:32 · answer #8 · answered by Mariposa 7 · 0⤊ 0⤋
I hate credit card-please try not to get behind on them
but do what you have to do!
2007-01-01 00:06:27 · answer #9 · answered by lynette 1 · 0⤊ 0⤋
no you cant
2007-01-01 00:06:14 · answer #10 · answered by dinesh j 2 · 0⤊ 1⤋