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Apply for carecredit or use existing credit card???

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user5387
Valued Contributor

Re: Apply for carecredit or use existing credit card???

If you're sure that you have an open installment loan, but the monitoring service doesn't show it, then I would try to do a sanity check and find out if something's amiss.

 

If you have an open installment loan disappear, I believe it will hurt you a bit in the "mix of credit types" category.  It may help or hurt your AAoA depending on how old it is relative to the AAoA.  It will help your DTI.

 

Adding it back reverses these considerations.

 

Message 11 of 18
mlanca83
New Contributor

Re: Apply for carecredit or use existing credit card???

I called the auto loan company who can't say why it's not reporting. They said to fix it I have to send in notarized requests for reinsertion and wait thirty days. Fingers crossed my score doesn't drop when this is fixed. Thanks for your advice.

Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
Message 12 of 18
mlanca83
New Contributor

Re: Apply for carecredit or use existing credit card???

I applied today and asked for 10k. I was approved so I called back and asked for 15k and was approved. I hope this new line doesn't hurt my score that much. Thanks for your advice!

Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
Message 13 of 18
user5387
Valued Contributor

Re: Apply for carecredit or use existing credit card???

Congratulations!

 

You're likely to take a short-term hit, but the new $15K tradeline will help you in the long term, and a $5K balance out of $15K gives you breathing room for utilization.

 

Don't get burned by the deferred interest angle with CareCredit!

 

Message 14 of 18
mlanca83
New Contributor

Re: Apply for carecredit or use existing credit card???

It's actually a little less than they said. The work is 3600 which makes it a little better I suppose. I'm going to try and pay it off ASAP. That interest is a scary thing!

Starting Score:550
Current Score: 683 EQ 680 TU
GoalScore 720
Message 15 of 18
Anonymous
Not applicable

Re: Apply for carecredit or use existing credit card???


@mlanca83 wrote:
It's actually a little less than they said. The work is 3600 which makes it a little better I suppose. I'm going to try and pay it off ASAP. That interest is a scary thing!


HISTORY:

 

My hearing aid cost $3,000 and of course that's all they gave me and i said no because then that would be maxing it out so suprisely they increased it to $5,500 with a soft pull. I paid it all off in 3 months instead of 36 ? in case i lost my job or something i liked that i could just pay $90 a month instead but wasn't necessary so once i paid it off i requested an increased and was given $12,000 with a hard pull. I figured it would help me obtain better credit. I left it alone and now 14 months later *sighs* they've slashed - $6,000 and wont reinstate it back to $12,000 without another hard inquiry.

I told them ''you already gave me a hard inquiry last time for $12,000. They made me so mad threatening to ruin my ratio right when i was about to start digging for credit limit increases just in time for black friday (best time to get it) so before they reported my credit limit decrease (while my score is still up) i went and hurry to get my other ''soft pull'' cards increased. They pissed me off. Telling me ''due to insuffficient use.'' I use it but not right now! ****Now i don't want to use it because i don't want another hard inquiry just to take advantage of their payment plans without going over 50% of my limit. I might as well just pay cash or pay 800% more than i have to pay each month like i did with the hearing aid. Useless. 

in the mean time i've saved my *** 

CARECREDIT $12,000 to $6,000 
AMAZON $2,500 to $5,000 
WALMART $3,500 to $5,000 
PAYPAL EXTRAS $6,500 to $8,000 

all on the same day in the same dam* bank Smiley LOL

Message 16 of 18
Anonymous
Not applicable

Re: Apply for carecredit or use existing credit card???

My dentist let me pay it off.  Perhaps if you offered a credit card as a back up they may be responsive.  Just a thought.

Message 17 of 18
Anonymous
Not applicable

Re: Apply for carecredit or use existing credit card???


@Anonymous wrote:

My dentist let me pay it off.  Perhaps if you offered a credit card as a back up they may be responsive.  Just a thought.



too late for that. If i wanted to use credit cards i should've thought about that before applying for carecredit and having a hard inquiry for it. If carecredit doesn't give you enough to cover then obviously that's your problem better hope you have a credit card or cash to cover the rest because people who don't is exactly why they have carecredit. 

Message 18 of 18
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