Care Credit Advice

[Anonymous]

So...I am interested in possibly financing a rhinoplasty. ive read that the credit limits they give you are quite low. One of the benefits of me doing this is it would help build up my credit profile. Right now i only have 1 active credit card and the limit is $200. i have financed  A BMW but I have already paid off that loan. I have no recent lates, and Im hovering between 636 to 640.   im not sure if I should just ask for an increase with capital one first so that I have a higher credit amount and if I do this, will that help me get a higher loan amount with care credit....what should my strategy be? Thx

[SouthJamaica]

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@Anonymous wrote:

So...I am interested in possibly financing a rhinoplasty. ive read that the credit limits they give you are quite low. One of the benefits of me doing this is it would help build up my credit profile. Right now i only have 1 active credit card and the limit is $200. i have financed  A BMW but I have already paid off that loan. I have no recent lates, and Im hovering between 636 to 640.   im not sure if I should just ask for an increase with capital one first so that I have a higher credit amount and if I do this, will that help me get a higher loan amount with care credit....what should my strategy be? Thx

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I think you can just go ahead and apply for Care Credit, asking for a much larger credit limit than you think you'll need. E.g. if you think it's a $1k job, ask for a $5k credit limit.

There's never any harm in asking for a CLI from Cap One, because it's a soft pull... but you're not likely to get a large one.

[Anonymous]

What balance is reporting on the Cap1 card? I would  let it report a very small balance, $2-5 and let your credit reports update before you apply for something else. A higher limit on that might help you get a higher limit with other creditors, assuming similar utilization (%) it won't help your score.

[Anonymous]

Depends on what your time constraints are and what line of credit you need to get the procedure done you are looking at.  If you're looking to get it done within the next month, a greater credit line or lower utilization on CO likely won't report before then.  If it's something you're planning a few months out, definitely no harm in requesting a CLI from CO and paying down your balance to 9% or less (if you have a balance).  I don't see them raising a $200 CL much higher than to $300-$500, but it's something.  Also make sure you check the credit pulls database for those approved/denied for Care Credit and see what their scores/profiles look like compared to yours.  I have no idea what your procedure costs, but if it's like $2k and you're only going to get $500 from Care Credit based on your score/profile it may not be worth it.