topic Re: I need $17000 in dental work and need to know what options are best applying with CareCredit? in Credit Cards

I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 03:05:15 GMT

Hi! This is my first time on this forum, but you guys are collectively the most impressive financial group I have ever seen!!!
So, I'm getting a very complex set of bone grafted tooth implants (essentially rebuilding my teeth). My dentist extracted and prepped 6 teeth for grafting which cost me $2500 in cash, and waited for a total cost to finish the work. He called last night and quoted me $17000. But said he had no payment plans, only accepted cash or Credit Care (which I found out is a credit card from Synchrony Bank).
So, I've been working on my credit for the past year, and am about 740+ (Equifax), and about 730+ (Trans). I make only 65,000+ a year. However, my mother who is the National Director for a Home Health co. (Makes about $130000+ annually) wants to help pay half, but her scores are much lower (about 667 to 690).
My questions are these: should I apply on my own and try for the whole $17,000? Should I co-apply with my mother even though her score is lower, but she obviously can back up my application financially?
Also, I looked online and saw that there is a Care Credit Mastercard, which seems like a better deal for use since it should only take a few months to pay my dental debt.
Would either of us be able to be approved for that Mastercard card?
Or for a regular Care Credit card?
Or get the full $17000 with our scores or incomes?
What seems like the best way to approach this?

Thanks in advance for any advice anyone can give! I'm so clueless about this whole dental card thing and I'm nervous about what to do. 😞

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 05:00:35 GMT

I think each of you all should apply separately. You'll have 2 cards with 2 credit limits.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 05:20:11 GMT

Cool! I was kinda thinking that way, but didn't want to feel like a jackass for applying twice!
Does it matter if we try online by ourselves or apply through our dentist? Or do both ways seem equally good?
I read that the dentist's office can usually get the amount you need because they explain the cost to the Creditor.
But, if it's for the MasterCard, ... I'm thinking online might be best.

Thank you very much! 😀

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

UncleB — Wed, 31 Jan 2018 09:12:06 GMT

Hi @Anonymous, and welcome to myFICO!

I've moved your thread to 'Credit Cards' for additional exposure, and I've removed your duplicate threads. Please refrain from cross-posting; it's confusing to follow (and is against our TOS).

Again, welcome!

--UncleB

myFICO Moderator

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

HeavenOhio — Wed, 31 Jan 2018 12:18:03 GMT

If you're able to directly apply for the CareCredit MasterCard, do that unless someone chimes in and suggests that there's some disadvantage that I'm not thinking of. A MasterCard can be used anywhere. The standard CareCredit card is much more limited.

I like the idea of both you and your mother applying. That way, you can split the cost accord to the limits you receive. However you decide to split the bill, given the cost of your procedure, you're likely to be given 24 months to repay.

When you apply, you'll probably be asked for an "estimated cost of procedure." Don't be afraid to put in a generous amount. Synchrony has been known to issue limits barely over the cost of the procedure, resulting in a maxed out card.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 14:08:57 GMT

Does Care Credit offer any sort of 0% for X amount of time when you get their product? I had one maybe 10 years ago and don't recall if they do, but do remember a ridiculously high ~25% interest rate. How long are you planning to taking to pay off the amount of the procedure you're getting done? To me, Care Credit was the Devil way back when and not a product I would ever use again or recommend to anyone.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

HeavenOhio — Wed, 31 Jan 2018 14:17:30 GMT

It’s a deferred interest deal. I didn’t like them and got rid of the card. But in this case, it seems to be the right fit.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Kree — Wed, 31 Jan 2018 14:27:58 GMT

Deferred interest card. Make sure you figure out proper payments to avoid the interest. Even 1 dollar left at the droptime will mean all of the accrued interest is due. Minimum payments won't get you in the same ballpark as what you need to be paying.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Harvey26 — Wed, 31 Jan 2018 15:57:51 GMT

wrote:
Hi! This is my first time on this forum, but you guys are collectively the most impressive financial group I have ever seen!!!
So, I'm getting a very complex set of bone grafted tooth implants (essentially rebuilding my teeth). My dentist extracted and prepped 6 teeth for grafting which cost me $2500 in cash, and waited for a total cost to finish the work. He called last night and quoted me $17000. But said he had no payment plans, only accepted cash or Credit Care (which I found out is a credit card from Synchrony Bank).
So, I've been working on my credit for the past year, and am about 740+ (Equifax), and about 730+ (Trans). I make only 65,000+ a year. However, my mother who is the National Director for a Home Health co. (Makes about $130000+ annually) wants to help pay half, but her scores are much lower (about 667 to 690).
My questions are these: should I apply on my own and try for the whole $17,000? Should I co-apply with my mother even though her score is lower, but she obviously can back up my application financially?
Also, I looked online and saw that there is a Care Credit Mastercard, which seems like a better deal for use since it should only take a few months to pay my dental debt.
Would either of us be able to be approved for that Mastercard card?
Or for a regular Care Credit card?
Or get the full $17000 with our scores or incomes?
What seems like the best way to approach this?

Thanks in advance for any advice anyone can give! I'm so clueless about this whole dental card thing and I'm nervous about what to do. 😞

Have you looked as possibly getting a credit card with like a local CU that may yeild a lower rate or even maybe a 0% card with a BIG SUB.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 16:18:41 GMT

I have Care Credit and presently have 0% for 24 months on my balance. I love my card.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Kree — Wed, 31 Jan 2018 16:21:01 GMT

wrote:
I have Care Credit and presently have 0% for 24 months on my balance. I love my card.

Double check that it is 0% and not deferred interest. They will often avertise deferred interest as 0%* . Still gets you 0%, but if you don't pay it off within the 24 months, suddenly 12 years of 24% get added on at once.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 16:39:40 GMT

wrote:
wrote:
I have Care Credit and presently have 0% for 24 months on my balance. I love my card.
Double check that it is 0% and not deferred interest. They will often avertise deferred interest as 0%* . Still gets you 0%, but if you don't pay it off within the 24 months, suddenly 12 years of 24% get added on at once.

I haven't checked, but I'm not worried about it, since it will paid off in 12 months.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Gollum — Wed, 31 Jan 2018 16:42:22 GMT

@Anonymous wrote:
Does Care Credit offer any sort of 0% for X amount of time when you get their product? I had one maybe 10 years ago and don't recall if they do, but do remember a ridiculously high ~25% interest rate. How long are you planning to taking to pay off the amount of the procedure you're getting done? To me, Care Credit was the Devil way back when and not a product I would ever use again or recommend to anyone.

For medical/dental/veterinary providers, yes, and the length of time is up to the provider; for "retail location" use, maybe, maybe not... it's difficult to tell based on their answer to a FAQ: https://www.carecredit.com/faqs/#promotionalfinancing

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

JR_TX — Wed, 31 Jan 2018 16:45:59 GMT

If you’re absolutely sure that you can pay it off in 12 months then why not just app for a new major that offers 0% for 12-15 months intro APR card that has a nice SUB?! That $17K should get you some really nice perks! My only concern is getting that SL.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

SouthJamaica — Wed, 31 Jan 2018 16:50:14 GMT

Care Credit sometimes give surprisingly high credit limits.

The best way to go about this is to ask for a huge limit much higher than you expect to need; they will counter rather than turn you down if it's too much.

Then after you're advised of the starting limit, call and recon, again asking for a huge limit; again, they will counter rather than turn you down if it's too much.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Wed, 31 Jan 2018 16:50:14 GMT

wrote:
If you’re absolutely sure that you can pay it off in 12 months then why not just app for a new major that offers 0% for 12-15 months intro APR card that has a nice SUB?! That $17K should get you some really nice perks! My only concern is getting that SL.

If this is for me, I'm not the OP. I do not have 17K on my card. Also if I did have 17K on the card, I couldn't just app for a 0% card since I have a 2 yr old BK.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Thu, 01 Feb 2018 05:12:39 GMT

With your scores you can most likely get the $17k or close to it. I applied and put $6k and was approved. Realized I left money on the table. Called in and bumped it to 7500. Scores in my signature. As for applying you can include your mothers income if you still live with her (household income) or (income and asserts available to you). Or you can have her cosign and both have a card. Or apply separately as suggested. With her scores similar to mine is say they will approve anywhere from 6-10k on here alone. Being her applying separately though she will have to add you as an authorized user or be there to pay when its time. If this is the case I'd just suggest co applying. As for the MasterCard. I know its harder to get. But I think your scores will be able to justify it. Either way I think you will get all this worked out no problem. As for the other posts. Yes it is deffered interest. And you can choose 6,12, or 24 months depending on amount spent. However when your at the dentist be sure to ask for as much time as possible (even if you can pay it sooner. You never know what can happen. Emergencies happen etc.) Because some of them are known to just choose the shortest time possible or select on their own without asking you. Good luck and let us know what happens!

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Thu, 01 Feb 2018 05:22:58 GMT

I remember before Synchrony/Care Credit it was backed by GE Capital or GE Money Bank and there was tons of bad publicity on the product. I want to say this was around 2013. Card holders experienced massive amounts of interest that weren't appropriately disclosed in the terms up front and I know GE had to make good on a ton of accounts (lowering what was owed). Ever since those days, I haven't seen Care Credit as a positive entity.

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

AverageJoesCredit — Thu, 01 Feb 2018 12:50:57 GMT

I thought the Mastercard. Ersion was only available as an offered upgrade?. Otherwise i would think we would see alot more apps for the MC version here which i have not.

Also op, with your score you should be able to get a nice limit and a even higher limit after by calling Credit Solutions. Was a recent poster, who made less than you , get like 9k or somewhere around there on approval snd he actually got it up to 20k. I remember it because it was one of the highest i had seen for a CareCredit limit. Good luck on your procedures

Re: I need $17000 in dental work and need to know what options are best applying with CareCredit?

Anonymous — Thu, 01 Feb 2018 15:20:47 GMT

I have Care Credit and love it. I use it for dental, vision and my furry babies. I have an 18k CL, but it was like pulling teeth to get it up there.All that being said, you will want to check with your dentist to see how many months he gives for payment of the charge. My dentist and eye doctor only give six months, but my vet gives 24 months. An important factor if you want to pay in 12 months. Good luck!