topic Re: Care Credit approval? in Credit Card Applications

CareCredit Question

elpo9 — Sun, 26 Aug 2018 00:44:35 GMT

I'm in a repayment program (NOT a settlement & NOT collections) with Synchrony, who closed one of my accounts (Amazon.com, I think). I also have high balances and currently have an "artifically-depressed" score of about 600 (there are multiple errors on my report that I'm actively pursuing, including three 90-day-lates from NFCU, which are absolutely 100% bogus--and luckily, I have proof of it).

Most importantly, does anyone have insight if they'd still approve me with this history/situation?

Less important thoughts: Which bureau do they tend to pull for Care Credit? I'm sure it's an HP if approved, but anyone get prequal or even approval with just a SP??

Re: Care Credit approval?

FinStar — Sat, 25 Aug 2018 19:11:30 GMT

Unfortunately, the odds don't appear to look favorable for an approval given the information you've shared @elpo9.

Not sure how much they'd weigh or take into consideration your other SYNCB account(s) in the repayment program.

As far as pre-approvals go for Care Credit, these are typically targeted, and AFAIK there's no SP approvals.

Re: Care Credit approval?

elpo9 — Sat, 25 Aug 2018 19:34:32 GMT

Thanks, @FinStar -- despite being a bit depressing (lol), very helpful info. I'll do some more research to see.

I'm interested in financing dental and possibly some medical care charges. The charges would be relatively low, so even a typical SL of about $600, as mentioned in this thread, would be helpful: around $250 (portion of & dental only) or up to approximately $1,850 (if some medical items are added).

Re: Care Credit approval?

FinStar — Sat, 25 Aug 2018 19:49:05 GMT

Optionally, and depending on the procedure or amount(s), if Care Credit may be out of reach (in the interim) would it be possible to consult with your provider to see whether they offer an internal payment arrangement or maybe a courtesy discount? Long shot, but never know unless you ask. Just a thought.

Re: Care Credit approval?

elpo9 — Sat, 25 Aug 2018 20:10:57 GMT

Hey, that's a good thought @FinStar. Sadly, the dentist only offers 5% discount for cash/check (my total procedures are far too much for that all at once), and they don't take in-house payment plans...just Care Credit

The medical invoices are a bit different since, firstly, they don't bill up front and secondly the much more significant discount I get through my insurance plan (not to mention the lag time to get finances together to pay all or part of the bills). That said, medical groups/hospitals--including a number of charges for me--are absolutely open to both charity programs (i.e., free procedures) and to flexible payment plans. Even without an agreed-upon payment plan, most (not all) medical providers...typically larger groups like hospitals...won't throw bills to collections as long as you're making some kind of regular payment. Even as low as $10-30/mo.

Anyway, my plan if Care Credit doesn't work is indeed to pursue payment plans for medical charges, but again there's no other option with the urgent and necessary dental care coming over the next 45 days. Plus, I just had a VERY expensive root canal (>$800 after insurance!!). We'll see what happens. Thanks again for the thought!

Re: Care Credit approval?

elpo9 — Sat, 25 Aug 2018 22:16:27 GMT

Well, I bit the bullet anyway after reading stories similar to and much worse than mine (including someone w/2 BKs within 2 years approved!), and I requested $3800 since they tend to counter with a lower SL.

Sadly, they declined me at this time (pulled TU, yet to confirm if SP or HP). They didn't note "other accounts with Synchrony" as a reason (like some creditors do). Low 600s = TU FICO, per the decline decision...just a data point for others. But again other issues on my account were listed as reasons (again, NO BKs or anything horrid on my report: mostly high usage).

Maybe in a few months once I fix the legitimate errors on my reports & pay down some accounts. Bummer...

Re: Care Credit approval?

CreditCuriosity — Sun, 26 Aug 2018 01:54:17 GMT

@elpo9 wrote:
Well, I bit the bullet anyway after reading stories similar to and much worse than mine (including someone w/2 BKs within 2 years approved!), and I requested $3800 since they tend to counter with a lower SL.

Sadly, they declined me at this time (pulled TU, yet to confirm if SP or HP). They didn't note "other accounts with Synchrony" as a reason (like some creditors do). Low 600s = TU FICO, per the decline decision...just a data point for others. But again other issues on my account were listed as reasons (again, NO BKs or anything horrid on my report: mostly high usage).

Maybe in a few months once I fix the legitimate errors on my reports & pay down some accounts. Bummer...

Sorry to hear the denial but a TU at about 600 as you found out won't cut it... Get your utilization under control and pay off some stuff and get those false negatives off your report as they are certainly holding down your score as well as the utilization being the other piece... If the dental needs to be done sooner than later along with medical then obviously can do mins on the CC's and put the cash to the expenses, but obviously be paying interest on said high utilization cards ,etc.. Best of luck