Get the Care Credit card or a loan?

[Anonymous]

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@Anonymous wrote:

You also could opt for a joint application since your scores are borderline. Or just have that person apply and make you an authorized user. They both have the same legal obligations in terms of non payment.

Dont make the mistake I did and only request credit limit increases for the amount of your procedure unless you have enough other cards open. I went for a year at 60-90% and didnt even realize it.  You can often use a HP a year later and grab a generous increase. That way even though I'm not using the card, I have it for padding, and in case of a situation its there. I would never use it for anything but a 0%.  Lots of dental work 6 -24 months no interest. Now its empty and almost accounts for a third of my total TL.

You can alway divy the transaction up if even after a recon the limit wasnt quite enough. Say they gave you 5k. Since your procedure is 5k, I would advise you to put some on another no interest card.

Do you have any credit unions near you? They have decent limits.

What exactly is the procedure? Have you shopped around for the best price? If its dental, have you looked into discount plans like careington? We paid $7 a month and got over $3800 cut off of our bill. It was very awesome.  You may also want to look into sliding income facilities if you meet the criteria.

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I'd prefer not to do a joint account / authorized user. I'd rather not have any debt obligations to family or friends. And I think there are a few credit unions around here. I will have to check it out.

The procedure is for a breast lift. I'm only 27 but after having 3 kids I have the boobs of a 67 year old. (Sorry if TMI!) I don't want any implants, just a lift for my own personal confidence. Unfortuately, that is costly itself. I don't think this type of procedure offers discount plans like that, but I suppose it wouldn't hurt to check.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

You also could opt for a joint application since your scores are borderline. Or just have that person apply and make you an authorized user. They both have the same legal obligations in terms of non payment.

Dont make the mistake I did and only request credit limit increases for the amount of your procedure unless you have enough other cards open. I went for a year at 60-90% and didnt even realize it.  You can often use a HP a year later and grab a generous increase. That way even though I'm not using the card, I have it for padding, and in case of a situation its there. I would never use it for anything but a 0%.  Lots of dental work 6 -24 months no interest. Now its empty and almost accounts for a third of my total TL.

You can alway divy the transaction up if even after a recon the limit wasnt quite enough. Say they gave you 5k. Since your procedure is 5k, I would advise you to put some on another no interest card.

Do you have any credit unions near you? They have decent limits.

What exactly is the procedure? Have you shopped around for the best price? If its dental, have you looked into discount plans like careington? We paid $7 a month and got over $3800 cut off of our bill. It was very awesome.  You may also want to look into sliding income facilities if you meet the criteria.

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I'd prefer not to do a joint account / authorized user. I'd rather not have any debt obligations to family or friends. And I think there are a few credit unions around here. I will have to check it out.

The procedure is for a breast lift. I'm only 27 but after having 3 kids I have the boobs of a 67 year old. (Sorry if TMI!) I don't want any implants, just a lift for my own personal confidence. Unfortuately, that is costly itself. I don't think this type of procedure offers discount plans like that, but I suppose it wouldn't hurt to check.

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If nothing else your post gave me a laugh.  

[Anonymous]

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@UncleB wrote:

In my humble opinion, Care Credit can be very useful if used correctly, but can become an albatross if you don't really watch your dates.

My grandparents have a Care Credit that they allowed me to use a few years ago for some dental work, with me paying the bill.  I took advantage of the 0% APR a couple of times, and eventually had to carry a balance of approx. $2k.  Now that things have changed for me credit-wise, I decided to use my new Discover card for a BT to clear up the Care Credit once and for all, with the plan to PIF the Discover BT before the 0% APR promo is over next October.

Since I was aware I would be paying off my grandparent's Care Credit, last month I app'd for my own Care Credit and was approved for $8k.  When I got the paperwork, I noticed one thing different between my account and my grandparents... the APR.  My grandparent's older account has an APR of 22.98%, which is not good my any means, but is not unheard of.  My own new Care Credit account has a glorious 26.99% APR, which apparently is the new 'normal' for all new Care Credit accounts.

When I realized this, I almost wished I had never opened it, since if I'm off by even one day on paying off a 0% APR promo, they'll charge 26.99% back to the very first day of the transaction.  Obviously if/when it comes time to use this account, I'll be very careful, and certainly not wait until the last day to transfer the balance (if any) somewhere else.  Depending on the amount, it might make more sense to use one of my 'regular' cards and simply pay interest until I can PIF; I'll just have to do the math when the time comes.

The thought of paying retro-interest on a large transaction at a rate of 26.99% makes me shudder.  Having to pay that rate would make me want to go sit in the shower with the water running, silently rocking back-and-forth hoping the water could wash it away... but it wouldn't. 

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Wow, so they would charge back-interest to the initial amount charged! That's crazy. I'm sure I would stay up on the payments though, probably even pay more than the minimum each month just to be safe and get them out of my pocket sooner. But after reading all these posts I should definitely wait a few months and consider other options in the meantime. Also give me time to improve my score and have better chances at whichever route I take. Thanks!