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Here's my situation.
I held off verifying my financial aid status and now, I have to pay about $400 for the upcoming semester. The financial aid will take 2 weeks to process, but the bill is due in about a week. Once the financial aid is processed, the $400 will be reimbursed.
Should I take out a student loan of $1000 to pay the bill? I can put it on my card, but I rather have an installment trade line.
Thanks in advance for the replies!
Update:
I think I need to provide more info.
I have 7 open credit cards and 2 closed credit cards.
I recently opened 3 cards in May and 1 in June.
My AAOA is probably only 3-4 months.
My fico scores are probably in the low 700s.
I have 9 inquiries on EXP, 5 on TU and EQ.
Income is about 12k. I won't be using a cosigner.
@pizzadude wrote:
Do you have any other installment loans showing on your reports ?
No I do not.
I only have credit cards. 7 open credit cards and 2 closed credit cards.
I opened 3 new cards in May and 1 in June.
Actually I just decided that I won't be taking a loan. I don't think its worth the hassle...
You can close this thread, mods.
Thanks!
An installment loan will actually help you mix of credit if you only have all revolving CC right now.