topic Re: CareCredit in Credit Card Applications

CareCredit

renamariee — Sat, 31 Oct 2015 11:02:04 GMT

What is the typical score needed to get approved for a CareCredit card with just a $2000 CL? My score is 585 but I have a handful of collections and late payments. (Very recent)

Re: CareCredit

Vegas4Play — Sat, 31 Oct 2015 11:05:33 GMT

Do you have any positive accounts? Approval isnt going to be based solely on credit score ( the number ) but what is on the report as well. JMO

Re: CareCredit

Anonymous — Sat, 31 Oct 2015 12:57:55 GMT

@renamariee wrote:
What is the typical score needed to get approved for a CareCredit card with just a $2000 CL? My score is 585 but I have a handful of collections and late payments. (Very recent)

585 likely won't be enough, and if all those collections and late payments are as recent as you say, that would be the kicker. Get your collections paid off (Pay for Delete if you can help it) and don't miss any more payments and in a year you can try for something reasonable.

Re: CareCredit

renamariee — Sat, 31 Oct 2015 12:58:57 GMT

I have two student loans that are in good standing, a secured loan, and one CC that has late payments but is current as of now.

Re: CareCredit

Anonymous — Sat, 31 Oct 2015 13:08:53 GMT

@renamariee wrote:
I have two student loans that are in good standing, a secured loan, and one CC that has late payments but is current as of now.

"In good standing" just means not in collections or default, I have loans that are in good standing that are also in deferment. Applying for anything with a score that low, and late payments and collections is a waste of an inquiry. Give it six months to a year, let those accounts age, and let your scores rise, and get some distance between the late payments and your current situation. Then start applying for cards.

Re: CareCredit

pizza1 — Sat, 31 Oct 2015 18:20:35 GMT

mmmmm, Im going to say that your TU FICO score needs to be at a minimum of around 630 to get the card, and even then it might pushing it. Try to do what you can to fix the negs on your reports. If its lates...GW them, give it a bit more time for your score to increase, and you'll have better results.

Re: CareCredit

UncleB — Sat, 31 Oct 2015 20:33:03 GMT

@pizza1 wrote:
mmmmm, Im going to say that your TU FICO score needs to be at a minimum of around 630 to get the card, and even then it might pushing it. Try to do what you can to fix the negs on your reports. If its lates...GW them, give it a bit more time for your score to increase, and you'll have better results.

I'm truly not trying to be negative, but I honestly feel that the odds are so slim you would really be better off to save the inquiry (which when denied would just lower your score further).

Pizza1 is right, most folks on here who tell of their own approvals report having scores a bit higher and baddies a bit further in the past. Care Credit does allow you to have a joint account, so if that's desirable and you have somebody willing that could be something to explore as well.

Re: CareCredit

Anonymous — Sat, 31 Oct 2015 21:05:19 GMT

Re: CareCredit

renamariee — Sat, 31 Oct 2015 22:30:15 GMT

Thanks for the honestly guys. I was hoping to get lucky since my insurance runs out next year (I turn 26, and won't be covered under my dad) but I don't see that happening as of now.

Re: CareCredit

Countingpennies — Sat, 31 Oct 2015 23:00:53 GMT

You will still need insurance, whether you have CareCredit or not.

Re: CareCredit

UncleB — Sun, 01 Nov 2015 00:19:03 GMT

@Countingpennies wrote:
You will still need insurance, whether you have CareCredit or not.

Just one illness (and not even a very severe one) could wipe out even the most generous Care Credit account credit line and set you up for major hardships down the road, up to and including bankruptcy. Actually, it's said by most sources that medical expenses are the #1 cause of bankruptcy.

We're not trying to be 'preachy', we're just trying to keep you (OP) from making the same mistakes so many of us have already made.

http://www.theatlantic.com/health/archive/2014/10/why-americans-are-drowning-in-medical-debt/381163/

http://www.cnbc.com/id/100840148

https://www.nerdwallet.com/blog/health/2014/03/26/medical-bankruptcy/