The Right Time for Care Credit Application?

UncleB · ‎08-14-2015

Hello all,

I'm trying to 'plan' (as best as one can) a serious gardening season, and I figure I've got all the cards I need at this time. I recently added Discover ($5.5K) and Sam's Mastercard ($1.5K) to my wallet.

However, in the early spring, I plan on having some major dental work done, and by then there will only be 7 months left on my Discover 0% promo. I'm thinking that I would probably be wise to use Care Credit, since they generally offer interest-free promos if the purchase is over a certain dollar amount (mine will be).

My question is, do you think I would be better off to apply now, and get the inquiry/new account hit 'out of the way', so to speak, or should I wait until it's closer to the actual time I'll be needing the account? I don't want to do anything to 'spook' Synchrony with my new Sam's Mastercard, as I plan on giving it quite a bit of usage (I always PIF). Also, my oldest two accounts are Lowe's and Belk... and with the Lowe's, they can't seem to 'love' me enough - my last CLI was $4K, making my Lowe's credit line $7450.

Part of me says to let things settle a bit before trying for the Care Credit, but the other part says get it 'knocked out' now, so the account will be aging along with the rest. Since there's only one APR, there's no concern with postponing the application to get better terms, but like I mentioned I don't want to do anything to 'mess up' my Sam's card, or to hurt it's chances of getting some badly needed auto-CLIs.

Thanks in advance for your thoughts!

CreditCuriosity · ‎08-14-2015

How much do you need for the care credit CL for dental work? Reason I asked I apped and approved for 8 and reconned and got 10k, not quite comfy enough with that limit for the amount I will be carrying with my work coming up.. I am not getting the work done until the end of the year, but put a few vet things on there to keep it active when it hits 4 months going to hit them up for 25k and hope for a 18-20k counter and then get my stuff done so I have some breathing room without being up against the CL. Just my thoughts on the logic when I applied. Granted another CLI will be a HP against TU, but its only TU so willing to take another hit at the fourth statement that generates at the end of this month.

UncleB · ‎08-14-2015

@CreditCuriousity wrote:
How much do you need for the care credit CL for dental work? Reason I asked I apped and approved for 8 and reconned and got 10k, not quite comfy enough with that limit for the amount I will be carrying with my work coming up.. I am not getting the work done until the end of the year, but put a few vet things on there to keep it active when it hits 4 months going to hit them up for 25k and hope for a 18-20k counter and then get my stuff done so I have some breathing room without being up against the CL. Just my thoughts on the logic when I applied. Granted another CLI will be a HP against TU, but its only TU so willing to take another hit at the fourth statement that generates at the end of this month.

I will likely only use $2K or so, but I figured when I applied I would put down that I needed $10K, and let them meet me somewhere in the middle. The consensus around here with Synchrony seems to be 'aim high' and let them counter offer. Plus, since CLI requests with Care Credit are said to always be HPs, I would prefer to get what I need from the beginning.

I would prefer to not have the card 'maxed', but if they give me a small-ish credit line I'll do so in order to use the promotion and not tie up my other cards. My utilization on my other accounts is good, and even with a 'maxed' Care Credit (if I were to end up with a small CL) I'll be OK utilization-wise. They have been generous with my Lowe's... I'm hoping for the same with Care Credit.

I just don't want to rock the boat with my new Sam's MC by applying... decisions, decisions...

GoldSorata · ‎08-14-2015

My thought is just wait until you need the account. Sync is good at doing a recon for the limit at time of app anyway.

CreditCuriosity · ‎08-14-2015

If you only need 2k apply for 10k and you will get either the full 10 k or 5 or 6k or whatever you are good.. Just apply closer to when you need it.. I had to take a different approach since I needed alot larger dollar amount.. Hope this helps

UncleB · ‎08-14-2015

@CreditCuriousity wrote:
If you only need 2k apply for 10k and you will get either the full 10 k or 5 or 6k or whatever you are good.. Just apply closer to when you need it.. I had to take a different approach since I needed alot larger dollar amount.. Hope this helps

Thanks for your thoughts... I might be over-thinking this, but I'm trying to maximize my chances next Summer of getting Sallie Mae, which is the reason I'm considering applying for Care Credit now rather than later (to allow the account/inquiry to age). Right now I only have two inquiries on TU, so I think I should be OK to be approved for Care Credit, I'm just concerned that since I have another recent Synchrony account they might get 'spooked'.

I could solve the problem and just app for SM now, but I still have two baddies on my reports, and I have several new accounts this year. From what I've read, even if Barclay's were to approve me for a SM, I would likely get a more generous SL and a lower APR if I waited. (That's a conversation for another thread... LOL)

Anonymous · ‎08-14-2015

My suggestion is get it and recon if you need a higher amount. It has been easy to get cli when I call and tell them what I am having done and the amount I need. This was my second card after bankruptcy. I have never regretted it. No interest on expensive pet care and personal care.

CreditCuriosity · ‎08-14-2015

My suggestion then is just to apply now and get it.. Doubt you will be denied as only two TU inquiries etc.. Then get the SM when you are ready for it.. Best of luck whichever way you go! Just a side note I got the SM with around a 690 TU and a ton of CA's/lates.. Obviously they were pretty aged, didn't impact my SM application.. CA's are now gone, but lates will remain.

UncleB · ‎08-14-2015

@CreditCuriousity wrote:
My suggestion then is just to apply now and get it.. Doubt you will be denied as only two TU inquiries etc.. Then get the SM when you are ready for it.. Best of luck whichever way you go! Just a side note I got the SM with around a 690 TU and a ton of CA's/lates.. Obviously they were pretty aged, didn't impact my SM application.. CA's are now gone, but lates will remain.

Hmm... lots to think about there.

My 'end goal' is to get the SM; until then, I'm just using the BCP for my groceries (and Amazon/eBay gift cards). Of course, now there's the Discover promo (5% + 5%) and with Amazon on the rotating categories through the end of the year that means the BCP will be strictly groceries now through the holidays, and my grocery spend isn't that great.

My new Discover and Sam's MC aren't reporting yet on TU (as of this morning on Credit Karma) and with only two inquiries on TU I might be OK for Sallie now. My baddies are two 6 year old COs, but so far other than BoA they aren't holding me back. Of course two new accounts showing up on the reports immediately after an approval might not go over well with Barclay's even if they do approve me, from what I've read about them. Since I generally PIF I wouldn't be too concerned with a low CL or higher APR, although I would prefer the best terms possible (of course...). Carrying this thought all the way, if I were to get the SM now, I could PC my BCP to a BCE in April, saving myself $75.

Uh oh, it looks like I just hijacked my own thread... LOL.

Just from thinking this out with you guys, it looks like I might be better off to apply now for the Care Credit, not because I'm concerned about the starting limit, but because I want the inquiry (and account) to age on my reports. There's still plenty of daylight... and plenty of time to mull over this a bit longer... LOL

CreditCuriosity · ‎08-14-2015

LOL either one I am sure you are fine for.. What is your TU score and AAoA?