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Should I take a student loan?

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Laugh
Frequent Contributor

Should I take a student loan?

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. 

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 1 of 7
6 REPLIES 6
Laugh
Frequent Contributor

Re: Should I take a student loan?

I do have the money to pay it in full and will be doing that if I have to take the credit card route.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 2 of 7
pizzadude
Credit Mentor

Re: Should I take a student loan?

Do you have any other installment loans showing on your reports ?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 7
Laugh
Frequent Contributor

Re: Should I take a student loan?


@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. 

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 4 of 7
Laugh
Frequent Contributor

Re: Should I take a student loan?

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!

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 5 of 7
Lasardo
Established Contributor

Re: Should I take a student loan?

I know you stated that you wanted to close the thread but I think it may be of some interest to you to look into a "Credit Builder" IF you are looking for a installment loan to be on your reports..
A credit builder is listed as a installment loan but you put any payments you make into a CD.
I have listed a complete explanation of a credit builder here if you just type in "credit builder".
Good luck
CS 728- 01/13 from 554-12/11
Goal: 800
Message 6 of 7
bahbahd
Established Contributor

Re: Should I take a student loan?

An installment loan will actually help you mix of credit if you only have all revolving CC right now. 

Message 7 of 7
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