Here's my situation: I'm a student and so my credit limit is only $2,500. I want to register for a class next term, but the only way you can do that at my school is if you pay the tuition at the time you register online. I need to register for the class right away because the class only admits 10 students and I need it to graduate. Anyway, the tuition is going to be about $2600. I was wondering if it would hurt my credit score if I use my credit card to charge this amount (and go over the limit by about $100-$200), even if I pay it off ENTIRELY the very next day.
I have the cash to pay for it, so there is no question of whether or not I will pay off my balance, it's just you need to use a credit card to register for the class online.
Don't suggest I pay the tuition in person or by mail, because by the time I do that, the class will already be Full. My only option is to pay it online with a credit card.
2007-02-18 10:06:14 · 7 answers · asked by Brianne 1 in Business & Finance ➔ Credit
If you can afford to wait for a day or two for the registration on-line. Pay to your credit card the difference of $200. Now you have a balance of $2700 to withdraw without jeopardizing your credit ranking. Second option is;if your credit card company let you payoff over the limit (and mind you this is computerized) during the registration, the vary same day payoff the complete balance towards your account and notify the company. It will not hurt your credit score.
2007-02-18 10:31:42 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If it is paid off the next day, it probably work even show up on your credit report. If its not on your report, it can't affect your score. The real question is, will the credit card allow the charge? If you have the cash, why can't you put it in the bank and use a DEBIT card to pay on-line?
2007-02-18 10:45:55 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Call the credit card company and ask if they can increase you credit limit to the amount you need it to be. After you get the bill pay it off. Your credit score could actually increase after you pay your tuition payment back to the credit card company,
2007-02-18 10:16:30 · answer #3 · answered by Ti 7 · 1⤊ 0⤋
it probably wont' hurt your credit score, but two other things could happen: 1) the charge will be rejected or 2) you could be subject to a penalty for for exceeding your credit limit.
Call your credit card company and explain the situation. Maybe they will raise your credit limit or allow this one time exception. Nothing bad can come from calling and asking.
2007-02-18 10:19:39 · answer #4 · answered by HoustonTexan 3 · 1⤊ 0⤋
The best way is to ask for an increase of the credit line from the company. It is not a good idea to go over your credit limit. it will get reported to your credit report. You must try to stay below your credit limit as much as possible.
2007-02-18 10:56:58 · answer #5 · answered by Tim 5 · 1⤊ 0⤋
Call the credit card company and explain. They will probably give you a credit increase. It is not good to go over your limit even for a day.
2007-02-18 10:15:36 · answer #6 · answered by Nelson_DeVon 7 · 1⤊ 0⤋
It would not hurt your score very long, only from the time you make the charge to the time you pay it off. Then it may improve since you did pay it off right away
2007-02-18 10:17:14 · answer #7 · answered by 8p8a 3 · 0⤊ 0⤋