How big an effect will not paying off the balance of a student credit card every month have?
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parksandrec
Posts: 226 Forumite
in Credit cards
Hi!
I'm currently a student and have a student credit card through HSBC that is joined with my student account with them. Now I'm leaving for an internship soon and it will take a few weeks before I start getting paid regularly. It's in another country so I essentially have to buy EVERYTHING from bedding to kitchen things. Now my question is if I ended up having to use a credit card to buy these things but can't afford to pay off the full balance at the end of the month is this going to have a negative effect on my credit score? I'm looking at this from all scenarios. Hopefully it shouldn't come to this as I'm trying to arrange my student loan payment for the day I leave but I'm considering all options
Thanks in advance
I'm currently a student and have a student credit card through HSBC that is joined with my student account with them. Now I'm leaving for an internship soon and it will take a few weeks before I start getting paid regularly. It's in another country so I essentially have to buy EVERYTHING from bedding to kitchen things. Now my question is if I ended up having to use a credit card to buy these things but can't afford to pay off the full balance at the end of the month is this going to have a negative effect on my credit score? I'm looking at this from all scenarios. Hopefully it shouldn't come to this as I'm trying to arrange my student loan payment for the day I leave but I'm considering all options
Thanks in advance
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Comments
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It's likely to affect your credit score, but as this is essentially a made-up number (that isn't seen by lenders), then there's no point in worrying unduly about fluctuations.
If I recall correctly, most credit card holders don't pay off balances in full every month, so, especially if it's just a temporary cashflow issue, just carry the balance for as long as it takes to get set up elsewhere and try to get it fully paid off before too long....0
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