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Member
pockets47
Posts: 33
Registered: ‎01-24-2012
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dental health cards need $25,000 of work

I need $25,000 healthcare card for dental work. I need a lot of work done! I've tried applying for them and keep getting denied. I think my credit score is between 600-617 does any one know what kind of score you need to get approved? I make over $2,000 a month and can afford the payments as I live at home with my parents still. . I do have a collection agency after me for $400 but I don't know how to take care of it are if I pay it will it even matter because I don't think it will come of my credit report. Also have 4 hard inquiries as well. Im very new to this whole credit stuff so I don't understand it? I guess im never going to get my teeth fixed and its a real bummer and really brining my self esteem and confidence down. What can I do any help please will be greatly appreciated. Also was wondering if you could get a cosigner for these cards?
Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011
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Re: dental health cards need $25,000 of work

What kind of credit history do you have? AAOA, current accounts?

You're basically trying to get a $25k unsecured loan (just like a credit card), so you're going to have a really hard time with it, especially with lower scores and a collection on your report. I just don't really see it happening.

Your best bet would be to try to get a lower limit card (care credit or whatever) and get the work done in batches. Especially with a medical expense, it's not like they can repo your teeth if you decide not to pay. I just don't see anyone giving you a loan for more than a car's worth, in all honesty.

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
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Re: dental health cards need $25,000 of work


AndyK wrote:

What kind of credit history do you have? AAOA, current accounts?

You're basically trying to get a $25k unsecured loan (just like a credit card), so you're going to have a really hard time with it, especially with lower scores and a collection on your report. I just don't really see it happening.

Your best bet would be to try to get a lower limit card (care credit or whatever) and get the work done in batches. Especially with a medical expense, it's not like they can repo your teeth if you decide not to pay. I just don't see anyone giving you a loan for more than a car's worth, in all honesty.


+1

 

You're essentially a subprime borrower asking for an amount that is quite high. Given your CO and your low FICO, you'd be doing well to get approved for $2500 muchless $25,000. Try in batches like the poster above said and save as much cash in the meantime as possible. Getting $25,000 is possible, but it will take some time and simply won't happen all at once.

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SoulMaster
Posts: 993
Registered: ‎11-08-2011
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Re: dental health cards need $25,000 of work

Not sure if this will help or not... I hated my teeth too, and wanted a full set of veneers or implants... they were about the $25K you're talking about.  I opted for 18mo of braces (pre-invisalign), and whitening.  My teeth aren't perfect, but they are "natural"... also, my buddy's veneers look rediculous and his self-esteem got worse. Total out of pocket: about $2000 (no insurance).

 

Sorry about your emotional pain, but perhaps there is a better solution than financing $25K, which equals $50K or more once you pay the interest.?  One thought is save $5K/year (~$420/mo) for 5 years.  If you can do that A, it will be cheaper because CASH is king (bargain with them and get it done for $15K) and B. that's a serious esteem booster: looking in the bank and seeing $25K.  You may find you don't need the new teeth.

 

Good luck to you,

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011
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Re: dental health cards need $25,000 of work

I think 'quite high' is an understatement.

Also, look at it this way. If you spent every single dollar you had coming in (and assuming the $2k/mo is after taxes), you still couldn't pay your whole credit limit off in one year. It's just too risky for a lender, you're asking for way too much. With subprime credit, you'll only be able to get a fraction of what you're asking for.

Cars and homes secure a loan, teeth don't.

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Member
pockets47
Posts: 33
Registered: ‎01-24-2012
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Re: dental health cards need $25,000 of work

The health care cards are for dental/hospital loans. Not for house are car loans. They offer up to $25,000. Its a little over 500 a month for 5 years. They have calculators on websites that break it down for you but I can't get approved. Is there a way to call them and see what's the max they will give me? Are if I can get a cosigner. I figured somebody on here has had it done before. Www. Carecredit.com and chasehealth advangte. Any dental loans would really help me
Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011
0

Re: dental health cards need $25,000 of work

[ Edited ]

The point was that with secured loans, the lender has a chance of getting their money (at least partially) back. If you default on an auto loan, you get the car reposessed. If you default on a mortgage, you lose your house. If you default on an unsecured loan like that.. what are they going to do? Undo the dental work they did? They're out of the money. Unsecured loans of any sorts (be it credit cards or personal loans or a loan for medical expenses) are more risky for the lender - hence, it's harder to get approved for one, especially for a high amount, especially with low scores, and with an open collection reporting on your report.

CareCredit is GECRB. With it being GE, your chances for a recon are going to vary. Some people have had good luck, others have gotten absolutely nowhere. I'd still be shocked if you managed to get anywhere near $25k from them, you'd probably need to have a stellar credit history and score for it. The application has an option for applying with a joint applicant, so a co-signer would be possible.


No idea about the other one, so I can't comment.

 

I'm not trying to be a jerk about this, by the way. I'm just trying to state the facts. $25k is a lot of money, and a less-than-stellar score with a recent collection is going to make you look risky to any lender. It's also a lot of money compared to your income, so there's just a whole lot of factors working against you.  You'd probably have a better time financing it in smaller amounts, $3-5k at a time, for example.

Edit: Typos. Socres isn't a word. Scores is.

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Established Contributor
SoulMaster
Posts: 993
Registered: ‎11-08-2011
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Re: dental health cards need $25,000 of work

I hate to put this as bluntly as I'm about too... but AndyK nailed it (as usual).  With those scores and that salary, you will never get approved for $25,000 in dental work.  It's not going to happen.  See my post above for your solution.  Also, those calculators are for people with PERFECT credit.  I've seen carecredit accounts as high as 17%... here's the breakdown on a 5 year 17% $25K loan taken out in Jan of this year.

 


Loan Summary
$621.31Monthly Principal & Interest $37,278.86Total of 60 Payments
 
$12,278.86Total Interest Paid Dec, 2016Pay-off Date

 

The second solution is to slowly rebuild your credit, it might be quicker than 5 years, but it will still take hard work.  And no, if you're taking home $2000/mo, a creditor will probably tell you that you cannot afford it.  $600/mo would be a 30% DT:I not including any other debts.

 

Best of luck to you, and welcome to the forums... I don't know that this one can be solved overnight.  Someone else may offer a different solution, but I think you really need to think about this a bit more....  Please understand, I've been there, I know it sucks... there are better and cheaper ways to raise your esteem than major dental surgery.

 

-SM

 

P.S.  I sincerely apologize for sounding like my father.  <gets the chills>

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
SoulMaster
Posts: 993
Registered: ‎11-08-2011
0

Re: dental health cards need $25,000 of work

[ Edited ]

AndyK wrote:

 


Edit: Typos. Socres isn't a word. Scores is.


You lie!  Socres is a word!  It HAS to be!  (Ok, I just googled "ACT socres", forced google to take the bad spelling, and lost just a bit more faith in the world.) :smileysad:

 

-SM

I am not an attorney and none of what I write should be construed as legal advice. For legal advice please consult an attorney.

Starting Score: ~470 preBK(8/2010)
Current Scores as of 3/15/14 All 700+. Last CR pull from a lender(housing) was mid-score 729.
Goal Score: 700+ - reached.
Established Contributor
AndyK
Posts: 913
Registered: ‎06-09-2011
0

Re: dental health cards need $25,000 of work


SoulMaster wrote:

 

 

Best of luck to you, and welcome to the forums... I don't know that this one can be solved overnight.  Someone else may offer a different solution, but I think you really need to think about this a bit more....  Please understand, I've been there, I know it sucks... there are better and cheaper ways to raise your esteem than major dental surgery.

 


Yeah, dental expenses suck. I know I'll have to get some dental work done myself this year, and I'm really not looking forward to paying it - but I'm glad I'm only expecting it to be a few thousand, not anywhere near OP's range.

As far as a self-esteem boost, I think cosmetic denta surgery is pointless unless you're rolling in money, but if it's necessary.. you have to do what you have to do.


Then again, my sister-in-law had her braces taken out about half a year ago.. and now she has the prettiest smile I've *ever* seen on anyone. Sometimes, it's worth the money.

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