Would you take out a loan, use care credit, or a credit card?

[Mshellt]

I am in need of 4,000.00 worth of dental work. My credit scores are in the mid to upper 700's. Frankly, I am a little confused about what the best type of loan is as far as cost effectiveness and credit-savvyness. What option will be most likely to improve my credit score in the end? Should I ask my bank for a loan, apply for carecredit, or use my capital one journey Visa card (which, at the moment has a 3,000 limit on it.) 

[TRC_WA]

I'd apply for Care Credit... tell them you need $10,000 or more and see what happens.

I applied in 2013 and said I needed $7500 and was approved for the full amount.  I've used it on small procedures and vet bills with a high balance of around $400 or so.  The high limit gives you flexibility and will help your credit utilization too.

Maxxing out your Cap Journey card will not.

If you apply aim high... because any future Care Credit CLI requests are HPs.

[Anonymous]

+1 on Care Credit

I had never heard about it. It was suggested when I got LASIK and I just applied for the amount of the procedure, silly me. It was almost paid off when one of my dogs got a mysterious illness. I put some of the MRI/Spinal tap on it, if only I'd known at the time to ask for a CLI. 

You could apply for a SP CLI on your Cap One first (not familiar with the card, maybe they don't do that), in case you could get more to cover more and/or at least pad things if you have to put it on there. Then apply for Care Credit. 

[ojefferyo]

---

@Mshellt wrote:

I am in need of 4,000.00 worth of dental work. My credit scores are in the mid to upper 700's. Frankly, I am a little confused about what the best type of loan is as far as cost effectiveness and credit-savvyness. What option will be most likely to improve my credit score in the end? Should I ask my bank for a loan, apply for carecredit, or use my capital one journey Visa card (which, at the moment has a 3,000 limit on it.) 

---

Credit care for sure, 1. you don't tie up any other credit card lines, 2. you'll have an extra tradeline reporting, 3. the extra available credit will give your score somewhat of a boost. Its a win win in my eyes. 

[Gollum]

---

@Mshellt wrote:

I am in need of 4,000.00 worth of dental work. My credit scores are in the mid to upper 700's. Frankly, I am a little confused about what the best type of loan is as far as cost effectiveness and credit-savvyness. What option will be most likely to improve my credit score in the end? Should I ask my bank for a loan, apply for carecredit, or use my capital one journey Visa card (which, at the moment has a 3,000 limit on it.) 

---

Getting a loan from your bank, then paying it off on time would be the option that would improve your credit score.  Maxing out your current credit card would lower your credit score.

Care Credit is not a credit card.  It is aimed at people with no available credit.  If "credit" is "granted," it is merely an agreement among you, the service provider, and GE Money Bank for a specific loan amount to the service provider (dentist, for example) to be repaid by a certain date (the service provider decides the amount and the date) that comes with a potentially ruinous interest rate if you don't pay off the entire balance by that date.  The service provider is paid by GE Money Bank, and you owe the movey to GE Money Bank.

[Mshellt]

Thank you for your wise advice! I requested 10,000.00 and was approved.

[Anonymous]

Excellent! That should help with your current need AND your credit score (perhaps not right away, but overall).