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Hi,
I got a SP CLI with CareCredit today. it was for an additional 7500. Would this help my scores? Is it different than if I were to have gotten that increase on .. say my discover or any other regular credit card?
Just trying to decide how excited I am lol.
Thank you!
@Onthe27thday wrote:Hi,
I got a SP CLI with CareCredit today. it was for an additional 7500. Would this help my scores? Is it different than if I were to have gotten that increase on .. say my discover or any other regular credit card?
Just trying to decide how excited I am lol.
Thank you!
It's a good thing.
Here's why.
1. No, it's no different than getting it on a 'regular' card; it affects your score the same.
2. It increases your available credit thus lowering your utilization thus helping your score.
3. The only reason I have the card is as insurance in an emergency, e.g. a dental emergency or a veterinary emergency, where
I might need to cough up big bucks some day and would appreciate the promo 0% interest period. If you have a bigger credit limit, you can use it that way without killing your credit limit. In my case the oral surgeon obtained the card for me, asking for a starting limit of $2800 which was the exact amount of the projected oral surgery. Fortunately I'd been reading MyFICO by that time, realized that CareCredit reports like a credit card, and realized that if I were to use the card the way my oral surgeon's secretary intended, I'd have a maxed out card tanking my scores. So I only used around $700 of it, and used other cards to make up the difference. After that I applied for a credit limit increase, got it raised to $12k, so that now if a $2800 emergency came along again I could actually go ahead and use the card, and only have 23% utilization, rather than 100% utilization, on the card.
So yes, it's good.
@SouthJamaica wrote:
@Onthe27thday wrote:Hi,
I got a SP CLI with CareCredit today. it was for an additional 7500. Would this help my scores? Is it different than if I were to have gotten that increase on .. say my discover or any other regular credit card?
Just trying to decide how excited I am lol.
Thank you!
It's a good thing.
Here's why.
1. No, it's no different than getting it on a 'regular' card; it affects your score the same.
2. It increases your available credit thus lowering your utilization thus helping your score.
3. The only reason I have the card is as insurance in an emergency, e.g. a dental emergency or a veterinary emergency, where
I might need to cough up big bucks some day and would appreciate the promo 0% interest period. If you have a bigger credit limit, you can use it that way without killing your credit limit. In my case the oral surgeon obtained the card for me, asking for a starting limit of $2800 which was the exact amount of the projected oral surgery. Fortunately I'd been reading MyFICO by that time, realized that CareCredit reports like a credit card, and realized that if I were to use the card the way my oral surgeon's secretary intended, I'd have a maxed out card tanking my scores. So I only used around $700 of it, and used other cards to make up the difference. After that I applied for a credit limit increase, got it raised to $12k, so that now if a $2800 emergency came along again I could actually go ahead and use the card, and only have 23% utilization, rather than 100% utilization, on the card.
So yes, it's good.
+1
It matters.
@AverageJoesCredit wrote:
Be very happy That a great cli and it being sp, the best kind there is
It's not soft pull at all; it's always a hard pull with Care Credit, unlike other Synchrony cards.
@SouthJamaica wrote:
@AverageJoesCredit wrote:
Be very happy That a great cli and it being sp, the best kind there isIt's not soft pull at all; it's always a hard pull with Care Credit, unlike other Synchrony cards.
When I got my CLI 60 days ago, it was a SP. There was no alert for the inquiry, and no HP has shown since. Also, it DID show as a SP in the account review section of my TU report on the date of the CLI request....
Other people have also reported SP CLI's recently as well
@fltireguy wrote:
@SouthJamaica wrote:
@AverageJoesCredit wrote:
Be very happy That a great cli and it being sp, the best kind there isIt's not soft pull at all; it's always a hard pull with Care Credit, unlike other Synchrony cards.
When I got my CLI 60 days ago, it was a SP. There was no alert for the inquiry, and no HP has shown since. Also, it DID show as a SP in the account review section of my TU report on the date of the CLI request....
Other people have also reported SP CLI's recently as well
Wow, I stand corrected. Looks like they've had a nice change in their policy on that.