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Thoughts on CareCredit

Roy-Batty-6
Valued Member

Thoughts on CareCredit

I have an eye surgery schedule for June 1, and it's fairly pricey. The doctor brought up CareCredit, which I had used before in the early 2000s when my scores where in the mid 600s. I'm talking with my insurance company about what is covered and what isn't, but I'll probably need around $7500 or so from CareCredit.

 

My current FICO 8 (per Wells Fargo) is 736, and my TU is 724, do these scores seem like reasonable scores to get the $7500? And does CareCredit have a reconsider line?

 

Also my current UTL is 12%, if that makes a difference.

Starting Score: 447 - 5/2019, FICO 9 by Wells Fargo
Current Score: 732 - 2/2021, FICO 9 by Wells Fargo
Goal Score:770


Take the myFICO Fitness Challenge





9/2020
9 REPLIES 9
freshcredit2
Regular Contributor

Re: Thoughts on CareCredit


@Roy-Batty-6 wrote:

I have an eye surgery schedule for June 1, and it's fairly pricey. The doctor brought up CareCredit, which I had used before in the early 2000s when my scores where in the mid 600s. I'm talking with my insurance company about what is covered and what isn't, but I'll probably need around $7500 or so from CareCredit.

 

My current FICO 8 (per Wells Fargo) is 736, and my TU is 724, do these scores seem like reasonable scores to get the $7500? And does CareCredit have a reconsider line?

 

Also my current UTL is 12%, if that makes a difference.


While I can't make projections, here's a copy/paste from one of my posts in the forums if it helps.

 

After trying for many months to get a CLI on this card and being denied each time, I decided to try again....

Original SL $1,100 | 6-19-19

Requested CLI to $5,500 recieved approval for $6,600 | 1-10-20
Hit the button again just for the hell of it and requested $10k and approved for $12k

Not a lot has changed that I can see in my credit report over the past few months so I'm not sure why all of sudden they like me. ¯\_(ツ)_/¯

TU is 671 Vantage 3.0 FAKO (ugh working on it)
Income reported as $85k


Message 2 of 10
LaHossBoss
Senior Contributor

Re: Thoughts on CareCredit


@Roy-Batty-6 wrote:

I have an eye surgery schedule for June 1, and it's fairly pricey. The doctor brought up CareCredit, which I had used before in the early 2000s when my scores where in the mid 600s. I'm talking with my insurance company about what is covered and what isn't, but I'll probably need around $7500 or so from CareCredit.

 

My current FICO 8 (per Wells Fargo) is 736, and my TU is 724, do these scores seem like reasonable scores to get the $7500? And does CareCredit have a reconsider line?

 

Also my current UTL is 12%, if that makes a difference.


My SO got CareCredit with 628 VS 4.0 (which is the score they use) w/$1k SL. Was unable to recon SL, obviously due to scores, derogs, and very little revolving history. SO had 7.5k in dental work that needed to be done, so really only minimally helped, but better than nothing.

 

Your scores seem much better, so I wouldnt be surprised if you were able to get a much better SL and the promos are great. The $1k was 18m at 0%.

 

If we had known it would grow as well as it did, I strongly suggest getting it well before needing it (hard to predict, obviously). SO has had 3x CLIs every 3 months so far, but reports and scores have been improving greatly, while VS 4.0 has grown, but not as significantly (678 at last CLI) as Ficos.

 

$1k > $3k > $9k

 

Decided not to shoot for the moon this month for $27k lol

 

Good luck!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 7•21 | EQ [F8 645] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 643] | EX [F8 714] [F9 675] [EX2 681] [VS3 674]
Goal Score: 670 [X] TU [X] EX

Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 7•21 | EQ [F8 670] [F9 622] [EQ5 706] [VS3 639] | TU [F8 676] [F9 673] [TU4 652] [VS3 620] [VS4 598] | EX [F8 707] [F9 711] [EX2 680] [VS3 656]
Goal Score: 670 [X] TU [X] EX




Message 3 of 10
designated_knitter
Established Contributor

Re: Thoughts on CareCredit

I had one before and was stupid and let it CO.  

 

Now I'm looking at about 10K in dental work and decided to try again and was approved for 600 -- 1/2 of my previous credit limit.  HOPING I can get it to grow but not to optimistic.

 

But, sadly, it was useful when my cat needed to be taken to the vet after hours just last night... Several hours later and some very bad news later, used it for the first time as I had to make the gut-wrenching decision to say goodbye to my cat.  It is 6 months with zero interest.  I'd rather have my cat back happy and healthy, though.

 

Vet care, vision care, and dental care -- this is a very useful card because insurance doesn't even come close to covering the costs.   Many practices participate in the 0 interest for 6 month financing which is very useful.

 

As the dental hygienist said the other day when I was getting the news that I was going to need to have 5 teeth pulled (at least 4 of those are wisdom teeth) and looking at total tab over 10K (dental insurance max benefit is 2500), think of dental insurance as. "coupon" and not real coverage.

 

I guess I view Care Credit like I view insurance at this point... you probably need to have it but never want to have to use it.

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 4 of 10
FinStar
Moderator

Re: Thoughts on CareCredit

It can definitely be a very useful product for a variety of services, especially with deferred interest promotions.  I still have mine from years ago (in the hopes of a SYNCB fairy to convert it to MC, but I think that ship has sailed).

 

@designated_knitter - I'm sorry to hear about your kitty cat crossing the rainbow bridge 😔.  That is never an easy decision to make, I know - I've been there.  Just know that you fought and cared for your furry friend til the end.

Message 5 of 10
designated_knitter
Established Contributor

Re: Thoughts on CareCredit


@FinStar wrote:

 

@designated_knitter - I'm sorry to hear about your kitty cat crossing the rainbow bridge 😔.  That is never an easy decision to make, I know - I've been there.  Just know that you fought and cared for your furry friend til the end.


@FinStar Thank you very much.  I've had a lot of pets and had to say goodbye to alot of pets over the years but this one really hurt.  I adopted her and her brother about 10.5 years ago and her brother seems to be a little lost now.  I'm lucky to have had her for as long as I did.  

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 6 of 10
babygirl1256
Valued Contributor

Re: Thoughts on CareCredit

@Roy-Batty-6 Wishing you success with your eye surgery -and- in obtaining the additional funds. 

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 7 of 10
KatSoDak
Frequent Contributor

Re: Thoughts on CareCredit

There's no way to know what your SL will be. When I was approved in Feb 2020 I was hoping for 5k because I wanted to stay under 30% utilization when I activated the promo plan for dental crowns. I got $4500.  I called and asked for a larger amount to keep utilization low. Was told I needed to wait. Sorry but I cannot remember exact reason they gave for denial. I do know I did not know exactly what the first crown would cost so that was likely a factor. 

 

Well luckily my first crown was only $1000 so my utilization was under 25%. I chose 12 month deferred payments but paid it in 9. Then I scheduled my second crown. Got that done in March of this year and I'm on another 12 month promo.

 

Meanwhile I hit the CLI link online after I had the card 6 months and had no problem getting a large increase. Did it again 90 days later. 

 

My plan was to get 2 more crowns this fall when I've paid off my current promo, this time using an 18 or 24 month promo, but when I mentioned this to my dentists admin she told me they only do 12 month Care Credit promos. I can't afford the monthly payments needed to pay off two crowns in a year so will continue getting one done at a time. 

 

 

 

 

FICO 8:

EQ FICO 9 - 770
EX FICO 9 - 754

Citi (2) | Discover | HSBC | BOA | NFCU (2) | WF (2) | Simmons Bank | FNBO (2) | PENFED | BBVA | US Bank | Lowes | Care Credit | Home Depot AU
Message 8 of 10
Iusedtolurk
Established Contributor

Re: Thoughts on CareCredit


@LaHossBoss wrote:

@Roy-Batty-6 wrote:

I have an eye surgery schedule for June 1, and it's fairly pricey. The doctor brought up CareCredit, which I had used before in the early 2000s when my scores where in the mid 600s. I'm talking with my insurance company about what is covered and what isn't, but I'll probably need around $7500 or so from CareCredit.

 

My current FICO 8 (per Wells Fargo) is 736, and my TU is 724, do these scores seem like reasonable scores to get the $7500? And does CareCredit have a reconsider line?

 

Also my current UTL is 12%, if that makes a difference.


My SO got CareCredit with 628 VS 4.0 (which is the score they use) w/$1k SL. Was unable to recon SL, obviously due to scores, derogs, and very little revolving history. SO had 7.5k in dental work that needed to be done, so really only minimally helped, but better than nothing.

 

Your scores seem much better, so I wouldnt be surprised if you were able to get a much better SL and the promos are great. The $1k was 18m at 0%.

 

If we had known it would grow as well as it did, I strongly suggest getting it well before needing it (hard to predict, obviously). SO has had 3x CLIs every 3 months so far, but reports and scores have been improving greatly, while VS 4.0 has grown, but not as significantly (678 at last CLI) as Ficos.

 

$1k > $3k > $9k

 

Decided not to shoot for the moon this month for $27k lol

 

Good luck!


@LaHossBoss  What type of usage was on the card to get those CLI? or does CC hand out CLI with light usage? I started with 1500 and then after 9 months got a requested CLI to 4500 (+3000 but asked for 1000)).

 

Haven't really needed to use it for anything much so far but if they don't mind giving increases....

Message 9 of 10
LaHossBoss
Senior Contributor

Re: Thoughts on CareCredit


@Iusedtolurk wrote:

@LaHossBoss wrote:

@Roy-Batty-6 wrote:

I have an eye surgery schedule for June 1, and it's fairly pricey. The doctor brought up CareCredit, which I had used before in the early 2000s when my scores where in the mid 600s. I'm talking with my insurance company about what is covered and what isn't, but I'll probably need around $7500 or so from CareCredit.

 

My current FICO 8 (per Wells Fargo) is 736, and my TU is 724, do these scores seem like reasonable scores to get the $7500? And does CareCredit have a reconsider line?

 

Also my current UTL is 12%, if that makes a difference.


My SO got CareCredit with 628 VS 4.0 (which is the score they use) w/$1k SL. Was unable to recon SL, obviously due to scores, derogs, and very little revolving history. SO had 7.5k in dental work that needed to be done, so really only minimally helped, but better than nothing.

 

Your scores seem much better, so I wouldnt be surprised if you were able to get a much better SL and the promos are great. The $1k was 18m at 0%.

 

If we had known it would grow as well as it did, I strongly suggest getting it well before needing it (hard to predict, obviously). SO has had 3x CLIs every 3 months so far, but reports and scores have been improving greatly, while VS 4.0 has grown, but not as significantly (678 at last CLI) as Ficos.

 

$1k > $3k > $9k

 

Decided not to shoot for the moon this month for $27k lol

 

Good luck!


@LaHossBoss  What type of usage was on the card to get those CLI? or does CC hand out CLI with light usage? I started with 1500 and then after 9 months got a requested CLI to 4500 (+3000 but asked for 1000)).

 

Haven't really needed to use it for anything much so far but if they don't mind giving increases....


Looks like you got the 3x CLI they seem to be giving lately.

 

We used the $1k promo, paid it off in 6mo, and usually put 1 Rx on it every now and again to keep at least minimal activity running through it.

 

I am wanting to get some dental work for my dog thru a vet that takes CareCredit and I want some invisaligns (or whoever accepts CareCredit - smile direct club does that I know of so far), so we are trying to beef up the limit some as to not worry so much about util % when running a promo. 

 

We thought of going for another cli this month (it has been 3mo since the last), but held off since Dell has a little higher util (69%) due to a promo with them right now. In about another month we will have it under 30% and we may go for it then.

 

I am just leery asking for too much, too soon and getting it shut down, as it is a nice resource to have!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 7•21 | EQ [F8 645] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 643] | EX [F8 714] [F9 675] [EX2 681] [VS3 674]
Goal Score: 670 [X] TU [X] EX

Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 7•21 | EQ [F8 670] [F9 622] [EQ5 706] [VS3 639] | TU [F8 676] [F9 673] [TU4 652] [VS3 620] [VS4 598] | EX [F8 707] [F9 711] [EX2 680] [VS3 656]
Goal Score: 670 [X] TU [X] EX




Message 10 of 10
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