GE Money Bank

[scottie_mommy]

I have 3 CCs from GE Money Bank.

Care Credit- CL 2500

Car Care One (Discount tire/Exxon) CL 1000

and HSN- CL 300

Has anyone ever tried to get their CLs combined with GE Money Bank?

I owe $500 on the Car Care One and will pay it in full before the month is over.  I have had that card for 4 years.

The Care Credit card has stayed almost maxed out since I got it a year ago (I got braces).  Always pay more than min, never late.  Will be paid off (God willing) by January.

Since I don't really need the HSN card, I was thinking of closing it (it will be open only 6 months if I colse it) and having the CL of $300 added to the Crae Credit card (my husband needs braces).

Has anyone tried something like this before?

Were you successful?

Should I even attempt to do this?

Thanks.

[fishbjc]

Did you sign up for a 0% plan through Care Credit? 

I seriously doubt that they will combine these lines.

If you need additional from Care Credit...just ask them for a cli.  If you've paid your payments in a healthy manner, you shouldn't have a problem.

He really needs his own credit file though, can he apply for his own Care Credit Card?

[scottie_mommy]

He applied with them, got a decline.

Credit scores in low 500s due to divorce almost 4 years ago.  Waiting for some accounts to fall of (another 2-3 years), currently disputing others, making on time pmts to everything else.  I also added his as AU to 2 of my cards.

The Care Credit is at 0% for 12 months.  I opened the card in March, asked for CLI in July, declined.  I guess I should have waited a little while.

[Anonymous]

A 4 year old divorce is not the sole reason for 500's fico score. Get him logged on here to figure what else he can do to improve his scores.

[scottie_mommy]

Not due to the divorce itself.

We have pulled his CR from all 3 CRAs, during his divorce he defaulted on several accounts, bounced checks, made late pmts, etc....so did his ex-wife (who was joint on several accounts).

We are working on PFD, GW, DV and everything in between at the moment.  Hoping by Jan/Feb to have his score in the 600 range so that he can get his own Care Credit card, trying to think of a back up plan in the mean time.

[Anonymous]

Hey I just applied for credit with GE Money Bank and I got approved.  I applied for the card soely to pay my dentist bill which was a bit over $1K after insurance.  The line of credit is for a miximum of $2K.  My question is after I pay off the $1K for the dentist, should I close the credit card at that point, or keep the credit card open.  It's an interest free credit card (I'm guessing it will show up on my credit report under "Installment Accounts" instead of "Revolving Account").  I just got the card so it hasn't showed up  on my credit.  It only shows that GEMB made an inquiry.  Any advice?

[MarineVietVet]

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@Anonymous wrote:

Hey I just applied for credit with GE Money Bank and I got approved.  I applied for the card soely to pay my dentist bill which was a bit over $1K after insurance.  The line of credit is for a miximum of $2K.  My question is after I pay off the $1K for the dentist, should I close the credit card at that point, or keep the credit card open.  It's an interest free credit card (I'm guessing it will show up on my credit report under "Installment Accounts" instead of "Revolving Account").  I just got the card so it hasn't showed up  on my credit.  It only shows that GEMB made an inquiry.  Any advice?

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Are you talking about a Care Credit card through GE Money? It's considered a revolving account and not an installment account. At least on my CR. And it's not a totally interest free card. There are offers of deferred interest up to 24 months but the regular APR on my card is 26.99%.

Of course your card may have entirely different terms.

I see no reason to close the card after using it. Keep it for future use and to help your AAoA and credit length history as it ages.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
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Whats In Your FICO Score

[Anonymous]

Oh OK, thanks for that information.  Yes, I'm talking about Care Credit.  And you're right, the dentist office told me that as long as I pay the balance within 12mos. then it's interest free but if it goes beyond 12mos. then they tag on interest.  Thanks so much.  So I'll keep the card open then.  Do you think it's best to pay off the balance before 12mos, say 6 mos.?  Think that'll have any effect on my Fico?  I'd rather go ahead and pay it off as soon as possible, but wondered whether it would look better on my Credit Report if it shows that I made consistent payments over the course of 12 mos., you know, stretch it out.

[MarineVietVet]

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@Anonymous wrote:

Oh OK, thanks for that information.  Yes, I'm talking about Care Credit.  And you're right, the dentist office told me that as long as I pay the balance within 12mos. then it's interest free but if it goes beyond 12mos. then they tag on interest.  Thanks so much.  So I'll keep the card open then.  Do you think it's best to pay off the balance before 12mos, say 6 mos.?  Think that'll have any effect on my Fico?  I'd rather go ahead and pay it off as soon as possible, but wondered whether it would look better on my Credit Report if it shows that I made consistent payments over the course of 12 mos., you know, stretch it out.

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Pay it off as fast as you can. I'm always in favor of paying off any debt as soon as possible. I'll trade a few FICO points for no debt any day. Also that will help you score wise because it lowers your utilization more quickly.

[smc733]

From everything I've read, carrying a balance does nothing to help the FICO score, however, carrying a balance above 30% util for several months can actually be deteremental, as well as if you have established credit, keeping credit on another line for no reason.

At the end of the month, as long as all payments have been made at minimum amount and on time, all that gets reported to the big 3 is the balance, nothing else.  If you make timely payments, nothing but the balance gets reported.  At least this is what a BofA rep told me.