cancel
Showing results for 
Search instead for 
Did you mean: 

Care Credit for a Family member

tag
Anonymous
Not applicable

Care Credit for a Family member

Hello Everyone

I wasn't sure where to post this so I apologize if it's in the wrong forum.

I was talking to my dad yesterday and he told me that he had to return his hearing aids because the financing company turned him down. He said that his insurance will only pay a small amount for them because they see them as "cosmetic" and he couldn't finance the rest. Knowing what I know because of this forum, I asked him if it was CareCredit and he said yes. He said his score came back from them as 616. His credit isn't the best but even though he is retired he still makes 76K a year (that's just his income) with my moms income they make about 100K a year. He then asked about me applying for him. He is my dad (I was always a daddys girl growing up) he has done a lot for me in life. He even just offered to help me get a car by co-signing for me. In the end I didn't need him but he does try to help me anyway he can. So he asked if I could apply and he could finance the $3500. I have other cards that I could give him to put the $3500 on like my Venture or NFCU card but I know Care Credit offers no interest.

Well here is my issue, I have worked so hard in the last 6-7 months to get my credit up.i was just able to get my first auto loan which was a big accomplishment for me. I still have a lot to do but I have worked my butt off to get where I am at now. I haven't applied for care credit and I'm not even sure if I will get approved for the $3500 (my Walmart and Amazon cards were just raised to $3K-$3.5K) but I'm scared that he won't pay it and in the end I screw my credit up again because if he doesn't pay it I don't have the extra $195 a month to pay it right now with all of my other bills especially a new car payment and Insurance payment. Income isn't a issue for them, they just don't know how to manage their money at all. My husband and I make less together then they do together plus we have young kids and they are always asking us to borrow money. I let them borrow it and they do pay it back but I have to remind them or ask them and sometimes I get the "can you wait till the next paycheck" and just tell them "don't worry about it"

Because of this im scared. Im scared that every month im going to have to go after him for the money or call and remind him. I'm scared that he won't pay and Im screwed. I don't want to mess up my credit. I'm willing to take the inquiry and new account (even though I have a lot of new account since I just started rebuilding and quite a few inquiries) im just scared he won't pay but on the other hand he is my father and he really needs the hearing aid not just because he can't hear but also because of the ringing in his ears and he can't really sleep because of it.

I just don't know what to do and wanted to ask what everyone thinks.


Thank you everyone in advance and sorry if it's a little long.
Message 1 of 28
27 REPLIES 27
CreditCuriosity
Moderator Emeritus

Re: Care Credit for a Family member


@Anonymous wrote:
Hello Everyone

I wasn't sure where to post this so I apologize if it's in the wrong forum.

I was talking to my dad yesterday and he told me that he had to return his hearing aids because the financing company turned him down. He said that his insurance will only pay a small amount for them because they see them as "cosmetic" and he couldn't finance the rest. Knowing what I know because of this forum, I asked him if it was CareCredit and he said yes. He said his score came back from them as 616. His credit isn't the best but even though he is retired he still makes 76K a year (that's just his income) with my moms income they make about 100K a year. He then asked about me applying for him. He is my dad (I was always a daddys girl growing up) he has done a lot for me in life. He even just offered to help me get a car by co-signing for me. In the end I didn't need him but he does try to help me anyway he can. So he asked if I could apply and he could finance the $3500. I have other cards that I could give him to put the $3500 on like my Venture or NFCU card but I know Care Credit offers no interest.

Well here is my issue, I have worked so hard in the last 6-7 months to get my credit up.i was just able to get my first auto loan which was a big accomplishment for me. I still have a lot to do but I have worked my butt off to get where I am at now. I haven't applied for care credit and I'm not even sure if I will get approved for the $3500 (my Walmart and Amazon cards were just raised to $3K-$3.5K) but I'm scared that he won't pay it and in the end I screw my credit up again because if he doesn't pay it I don't have the extra $195 a month to pay it right now with all of my other bills especially a new car payment and Insurance payment. Income isn't a issue for them, they just don't know how to manage their money at all. My husband and I make less together then they do together plus we have young kids and they are always asking us to borrow money. I let them borrow it and they do pay it back but I have to remind them or ask them and sometimes I get the "can you wait till the next paycheck" and just tell them "don't worry about it"

Because of this im scared. Im scared that every month im going to have to go after him for the money or call and remind him. I'm scared that he won't pay and Im screwed. I don't want to mess up my credit. I'm willing to take the inquiry and new account (even though I have a lot of new account since I just started rebuilding and quite a few inquiries) im just scared he won't pay but on the other hand he is my father and he really needs the hearing aid not just because he can't hear but also because of the ringing in his ears and he can't really sleep because of it.

I just don't know what to do and wanted to ask what everyone thinks.


Thank you everyone in advance and sorry if it's a little long.

I hate lending money to family or friends as when I do I expect to never get it back..  Thank gosh my family has never asked me for money, but friends have no issues with doing so...  As stated I know if I loan a friend 100-200 dollars (granted this is small compared to what your parents are asking for) I know I am just giving it to them vs. loaning it to them..  It honestly gets involved and hurts my friendships with my friends as I am not a bank and I hold a grudge as I have been s*rewed over so many times this way...

 

With that said it is family, so do you feel comfortable doing it?  Do you think they will pay it back or make the payments to you and you make the payments to Care Credit to ensure it is being paid?  If you have a feeling they might default do you have the cash to cover it even though it would suck?   Things just to think about, it isn't a fun situation when friends or family ask to borrow money as it puts you in a rough situtation that you are guilted into doing.  Just my take on the matter.

 

 

Message 2 of 28
Gunnar419
Valued Contributor

Re: Care Credit for a Family member

That's a terrible emotional dilemma! Normally I'm with the crowd that says never lend money to family, but hearing aids for your aging dad, with whom you've always had a loving relationship seems on the surface like a good cause. And you're not exactly loaning him money, either, just fronting him a credit card. Yes, I can see why you feel you should do it even though you dread the possible outcome.

 

Here's a question, though. Why can't a man who has a $100k household income pay a few thousand dollars for hearing aids?

 

A little tingle at the back of my neck says you're being manipulated.

 

I think before you go any further you should sit down with your dad, explain your own situation and your fears, and find out why he doesn't even have a this relatively small amount of money to spend on a normal expense of aging. It'll be a difficult conversation, no question about it. But if he's hitting you up for this now, what will he hit you with in the future?

Message 3 of 28
Creditaddict
Legendary Contributor

Re: Care Credit for a Family member

Wait... if you are in Navy Federal, Is Dear Dad already a member?

Does he have a credit card with them?

Message 4 of 28
Anonymous
Not applicable

Re: Care Credit for a Family member

Thank you both so much on your opinions. It is really hard Smiley Sad I feel like I owe my father my life sometimes. Put me into cars when I was 16, paid my school tuition all my life so I could go to a good, gave me everything I wanted and more (I was spoiled) decent school and when I was younger and needed money he was always there to help (most of the time) back before he retired he was making 140K+ a year. They still never saved money. By dad got a big chunk of his pension when he retired and they just blew through it. They definitely have the income and they shouldnt be the place they are in right now. My dad was also just telling me yesterday how he keeps overdrafting his bank account. I told him he needs to stop because it's a vicious cycle. You owe the bank $700 ($250 worth of fees) and when you get paid they take that money but you need it so you are left to overdraft again. I understand they have a mortgage ($1000) and two car payments plus other bills but they make a lot and have no kids. They just don't know how to manage their money. Plus my mom likes to spend a lot of money (a couple hundred a week) on stupid things we have tried to say something to her but she gets mad. So it's all in the way they manage their money

Everytime they ask for money I am put in this situation but I end up just doing it. We are a large family with young kids who makes a lot less then them but no matter how it affects us I try to always help them. So I want to help my dad I really do but I'm scared that he won't pay (because of how they managed their money). I mean we dont have the extra $195 a month to pay....if we had to pay that we would be taking away from our kids. We only have about $3500 in our savings right now because we took $1500 as a down payment on our car (and just started being able to save) and I guess I could use that to pay it off if he doesn't pay but that will be a big part if not all of our savings. They are good at paying their house and car payments but their credit cards (not so much) my mom is only a year out of Bk7 and I helped her get two Cap One Cards and 3 Commenity store cards and she already has a few lates on them. My dad on the other hand I helped get two Cap one cards and he took it upon himself to get a first premiere card and even though he hasn't been late, they are maxed out (my moms cards are over the limit bc of late fees) and all of their cards only have $250-$300 limits so it makes me nervous to think how they would handle $3500
Message 5 of 28
Creditaddict
Legendary Contributor

Re: Care Credit for a Family member

you paint a picture that screams sorry i love you but I CANT!

Message 6 of 28
Anonymous
Not applicable

Re: Care Credit for a Family member

But on the other hand it's not like he is asking for $3500 to go on vacation or to buy something that he doesn't need. It's something medical that he really needs that will help him for the rest of his life. I wish I could just buy it for him. This man has done everything he could for me. And yea if he stopped paying im sure we could make it work by making a budget or taking our savings to pay it but then I feel like we are taking away from our kids. That's why I wish we were in a better position right now where we had the extra money just to pay for it. I feel like the least I can do is pay for his hearing aid if he doesn't pay but then if I do I will put my family is a tight spot financially. I was thinking of maybe finding a temp part time job just to get some extra money saved for us and if he doesn't pay it won't be so much of a problem for us to just pay it.
Message 7 of 28
Creditaddict
Legendary Contributor

Re: Care Credit for a Family member

Does he already have a maxed out Navy Federal Card?

Message 8 of 28
Anonymous
Not applicable

Re: Care Credit for a Family member

CA- I was just rereading my post (I forgot to proofread before I posted as you can see) and you are totally right lol maybe if I can get a 2nd part time job I will do it just because I know we are in a better position to pay it if he doesn't.
Message 9 of 28
Creditaddict
Legendary Contributor

Re: Care Credit for a Family member


@Anonymous wrote:
CA- I was just rereading my post (I forgot to proofread before I posted as you can see) and you are totally right lol maybe if I can get a 2nd part time job I will do it just because I know we are in a better position to pay it if he doesn't.

I never said anything about a 2nd job!!!!

 

I want daddie to pay for his earing aid on his own credit and if he has screwed over or maxed out navy than I say NO HELP FROM YOU!

Message 10 of 28
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.