Credit Cards Center Credit cards from our partners
Reply
New Visitor
Posts: 1
Registered: ‎10-24-2013
0

High Interest School Loans vs Low Interest Credit Card

If I pay off a high interest school loan with a low interest credit card will it hurt my credit score as my revolving debt to credit ratio increases?

Regular Contributor
Posts: 133
Registered: ‎10-01-2013
0

Re: High Interest School Loans vs Low Interest Credit Card

Depends on your credit card limit. You will wont to keep your utlization under 20% -30%. or it will effect your credit!

Starting FICO scores EX- 422 Feb/2013

NEW 12/13/13 FICO scores
Ex- 638, EQ- 658, TU- 646

Almost there Goal 660 across the board
Frequent Contributor
Posts: 445
Registered: ‎03-23-2013
0

Re: High Interest School Loans vs Low Interest Credit Card

[ Edited ]

e35 wrote:

Depends on your credit card limit. You will wont to keep your utlization under 20% -30%. or it will effect your credit!


It won't matter if the OP doesn't plan on applying for credit during that time but yes, don't go max out a credit card for that.

 

Personally, I'd say it depends on how much you owe as credit card companies can be unreliable. They might change the terms of your card overnight and for no reason etc. I'd do it only if I knew I would be able to pay off the balance fast but again, OP,  how much are you talking about?

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.