topic dental work: to finance or not? in General Credit Topics

dental work: to finance or not?

Anonymous — Fri, 07 Jan 2011 15:52:34 GMT

Hello again, guys.

for refrence, here is my credit background: http://ficoforums.myfico.com/t5/General-Credit-Topics/How-to-increase-score-and-obtain-higher-credit-limits/m-p/811346/highlight/true#M147912

I need to have some dental work done, about $600 worth. I can pay for it out of pocket without issue .... but the doctor's office asked if i wanted to finance. They claim no interest.

Would it be beneficial to finance it to help my scores?

Re: dental work: to finance or not?

MarineVietVet — Fri, 07 Jan 2011 15:57:22 GMT

@Anonymous wrote:
Hello again, guys.

for refrence, here is my credit background: http://ficoforums.myfico.com/t5/General-Credit-Topics/How-to-increase-score-and-obtain-higher-credit-limits/m-p/811346/highlight/true#M147912

I need to have some dental work done, about $600 worth. I can pay for it out of pocket without issue .... but the doctor's office asked if i wanted to finance. They claim no interest.

Would it be beneficial to finance it to help my scores?

You'll get different opinions (what's new? ) but I would not go into debt if I have the cash to pay for something.

But that's just me.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: dental work: to finance or not?

Anonymous — Fri, 07 Jan 2011 16:00:28 GMT

Well, I agree with not going into debt if I can pay in cash ...... but if its worth it to help my credit profile, then it might make sense.

I have the money in savings, so it would really just be a loan backed 100% by cash.

Re: dental work: to finance or not?

MarineVietVet — Fri, 07 Jan 2011 16:04:22 GMT

@Anonymous wrote:
Well, I agree with not going into debt if I can pay in cash ...... but if its worth it to help my credit profile, then it might make sense.

I have the money in savings, so it would really just be a loan backed 100% by cash.

I'm not saying you are wrong. I'm sorry if I gave that impression.

One question. Is this financing considered revolving or installment?

Re: dental work: to finance or not?

Anonymous — Fri, 07 Jan 2011 16:10:24 GMT

@MarineVietVet wrote:
@Anonymous wrote:
Well, I agree with not going into debt if I can pay in cash ...... but if its worth it to help my credit profile, then it might make sense.

I have the money in savings, so it would really just be a loan backed 100% by cash.

One question. Is this financing considered revolving or installment?

I would imagine installment, but i can't say for sure.

Re: dental work: to finance or not?

chasmith — Fri, 07 Jan 2011 16:45:43 GMT

I previously had CareCredit (GEMB) and they set up a revolving line, I believe it reports as revolving.

Re: dental work: to finance or not?

Anonymous — Fri, 07 Jan 2011 18:59:39 GMT

@Anonymous wrote:
Hello again, guys.

for refrence, here is my credit background: http://ficoforums.myfico.com/t5/General-Credit-Topics/How-to-increase-score-and-obtain-higher-credit-limits/m-p/811346/highlight/true#M147912

I need to have some dental work done, about $600 worth. I can pay for it out of pocket without issue .... but the doctor's office asked if i wanted to finance. They claim no interest.

Would it be beneficial to finance it to help my scores?

I'm not sure how financing it would help your scores.

Basically, you would be opening a new account. What accounts do you already have? How would it affect your AAofA?

And, if you were concerned with FICO scores, you would have to pay that new account down to 9% or lower before the first monthly reporting (assuming it's a revolving account).

Many dentists offer one of two financing options - one is GEMB's Care Credit and there's another common one - someone will chime in with it.

If your dentist is using Care Credit or a similar program, you might check out this current post: Care Credit

Hope that's helpful!

And I wish my dental bill was $600 - this year's will be over $6,000 for me ;(

Re: dental work: to finance or not?

MarineVietVet — Fri, 07 Jan 2011 19:24:08 GMT

@Anonymous wrote:
I'm not sure how financing it would help your scores.
Basically, you would be opening a new account. What accounts do you already have? How would it affect your AAofA?
And, if you were concerned with FICO scores, you would have to pay that new account down to 9% or lower before the first monthly reporting (assuming it's a revolving account).
Many dentists offer one of two financing options - one is GEMB's Care Credit and there's another common one - someone will chime in with it.
If your dentist is using Care Credit or a similar program, you might check out this current post: Care Credit

Hope that's helpful!
And I wish my dental bill was $600 - this year's will be over $6,000 for me ;(

I believe it's the Chase Health Advance card.