topic Re: CareCredit in Credit Cards

CareCredit

Anonymous — Sat, 14 Mar 2015 03:48:52 GMT

My husband has 8 month old credit. He applied for his first two solo credit cards, this week. Got the Capital One Quicksilver One $500 CL and the BankAmericard Cash Rewards for $1600. He opened a CareCredit card in November 2014 for a dog emergency. THe card is useless except for healthcare/vet emergencies that will accept the card, should he close it? We can barely use it so we are thinking of paying it off and closing it....advice? Can we PFD? Will it hurt his credit to close it? His TU is 665 and EQ is 656.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 04:10:07 GMT

Carecredit doesn't have an annual fee and is good for dog and health emergencies.

In addition, it usually has a higher credit limit than most of your other fair credit cards. It certainly helped my utilization scores when my credit wasn't so hot.

Personally, I like the card. I just got some $500 glasses with 0% interest for 24 months. Free money in my book.

I'd keep it. Closing it now won't really do anything for you. It will eventually close itself if you don't use it.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 04:10:26 GMT

It has a $500 CL. Is it better/worse to let it close on it's own, if we don't/can't use it?

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 04:13:40 GMT

Closing the card early just shortens the time it will benefit your credit report. It's already there so no need to close it. You've already taken the inquiry and the AAoA hit... there's no undoing that.

Truth is, you can probably get a nice CLI if you are willing to take a potential Hard Pull on TU. It's common for CareCredit to have $4000-$7000 limits. For awhile it was my highest card which helped me get other bigger cards.

Re: CareCredit

chalupaman — Sat, 14 Mar 2015 04:32:23 GMT

@Anonymous wrote:
My husband has 8 month old credit. He applied for his first two solo credit cards, this week. Got the Capital One Quicksilver One $500 CL and the BankAmericard Cash Rewards for $1600. He opened a CareCredit card in November 2014 for a dog emergency. THe card is useless except for healthcare/vet emergencies that will accept the card, should he close it? We can barely use it so we are thinking of paying it off and closing it....advice? Can we PFD? Will it hurt his credit to close it? His TU is 665 and EQ is 656.

I'd try getting an increase on the card first. I think it would be good for his reports to have an older higher limit TL that could possibly help him in getting some higher limit cards later on. I think once that's been established, he can do whatever he wants with the card IMO. Never hurts to have a utilization buffer for a while. Not just that but I really think there might be one day where having a card where you can finance medical expenses will prove to be really valuable if you don't wanna end up with medical collections.

Re: CareCredit

DeadlyPersona — Sat, 14 Mar 2015 04:31:19 GMT

In the end I'm sure you will make the decision that fits what works for you and your husband however, I would keep the card. You applied for the card due to an emergency and you never know when another emergency may come again.....you will probably need to whip out that Care Credit card.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 04:40:44 GMT

There never is a reason to close a card out. Just leave it alone. Care Credit is useful for situations not covered by insurance such as dental issues, optometry, vet bills as you have stated, or cosmetic surgeries, Botox treatments, or Naturopathic office visits and treatments.

You never know when something like that may arise.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:16:04 GMT

@Anonymous wrote:
There never is a reason to close a card out. Just leave it alone. Care Credit is useful for situations not covered by insurance such as dental issues, optometry, vet bills as you have stated, or cosmetic surgeries, Botox treatments, or Naturopathic office visits and treatments.

You never know when something like that may arise.

I must respectfully disagree. Here is a thread talking about Closing Credit Cards.

What about the First Premier Bank Gold Credit Card? I don't believe it would help anyone to keep this open. And there are many other cards out there with high fees that will cripple anyone trying to rebuild.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:21:22 GMT

I'm definitely closing mine after it hits the one year mark

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:22:11 GMT

You're all awesome, thank you. Going to keep the card and consider a CL increase. That should help his credit....hoping they won't do a hard pull.....thanks everyone! You're right, no harm in having a credit card for healthcare/vet emergencies....

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:29:14 GMT

Can you only request a CLI via phone?

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:31:04 GMT

My phone is SOO delayed! Closing your CareCredit after one year? Why the wait?

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:41:53 GMT

@Anonymous wrote:
Can you only request a CLI via phone?

It's best to call and request like a $15,000 CL. They will counter your request with another number.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 05:59:24 GMT

I wasn't talking about cards like Credit One or First Premier who charge excessive fees and monthly premiums for the "risk" they bear in granting credit to subprime borrowers.

i am talking about regular credit cards that have a grace period on purchases and no fees.

Re: CareCredit

Anonymous — Sat, 14 Mar 2015 13:33:25 GMT

Thanks, I will call.

Re: CareCredit

Gollum — Sun, 15 Mar 2015 11:43:56 GMT

@Anonymous wrote:
My husband has 8 month old credit. He applied for his first two solo credit cards, this week. Got the Capital One Quicksilver One $500 CL and the BankAmericard Cash Rewards for $1600. He opened a CareCredit card in November 2014 for a dog emergency. THe card is useless except for healthcare/vet emergencies that will accept the card, should he close it? We can barely use it so we are thinking of paying it off and closing it....advice? Can we PFD? Will it hurt his credit to close it? His TU is 665 and EQ is 656.

CareCredit is not a credit card. Each time the CareCredit card is "accepted," it's a one time contract between you and CareCredit. It's a way to get emergency dentist/vet work when you can't pay any other way. Not paying the balance off on time results in a usurious interest rate being charged for the entire initial amount, even if payments have been made.

Re: CareCredit

atd1970 — Sun, 15 Mar 2015 14:22:06 GMT

CareCredit is cool if you get the 18 months no interest.

I have not used the card in over 2 years, and the company has not closed it. They report every month, and I have the security of knowing that I have the card as a back-up for emergencies.

If you want a CLI, just call the number and say "I have dental work that will cost $10,000, can you help me?"