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CareCredit CLI ..does it matter?

Onthe27thday
Regular Contributor

CareCredit CLI ..does it matter?

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!

Starting Score (Oct '13): 473 (EX), Current Score: MyFICO EX: 713 EQ: 715 TU: 717, Goal Score: 740 & above. Capital One Quicksilver: $2250, Discover IT: $9500, Chase Amazon Store Card: $2600, Care Credit: $15000, Barclays Rewards: $1850 BCE: 20,000, PenFed Visa Sig: 7,000 NFCU cashRewards $24,600
Message 1 of 15
14 REPLIES 14
SouthJamaica
Super Contributor

Re: CareCredit CLI ..does it matter?


@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.

Message 2 of 15
CreditMagic7
Super Contributor

Re: CareCredit CLI ..does it matter?


@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.

Message 3 of 15
AverageJoesCredit
Community Leader
Mega Contributor

Re: CareCredit CLI ..does it matter?

Be very happySmiley Happy That a great cli and it being sp, the best kind there isSmiley Happy
Message 4 of 15
SouthJamaica
Super Contributor

Re: CareCredit CLI ..does it matter?


@AverageJoesCredit wrote:
Be very happySmiley Happy That a great cli and it being sp, the best kind there isSmiley Happy

It's not soft pull at all; it's always a hard pull with Care Credit, unlike other Synchrony cards.

Message 5 of 15
AverageJoesCredit
Community Leader
Mega Contributor

Re: CareCredit CLI ..does it matter?

Thats what i thought too SJ, but ive read a couple recent post saying they got it via chat or sp so it is why i thought maybe it changed. But i am always weary of Synchrony FinancialSmiley Happy
Message 6 of 15
fltireguy
Valued Contributor

Re: CareCredit CLI ..does it matter?


@SouthJamaica wrote:

@AverageJoesCredit wrote:
Be very happySmiley Happy That a great cli and it being sp, the best kind there isSmiley Happy

It'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

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 7 of 15
Onthe27thday
Regular Contributor

Re: CareCredit CLI ..does it matter?

I asked for a soft pull and was told it would be. So I will cross my fingers. I did try once a year or so ago and they said a hp was required so I declined. Hopefully what they said today is true.

Thank you all for explaining that it is no different. I knew it's use was limited (got it for an emergency a few years ago) and wasn't sure if it was worth being proud of or not.
Starting Score (Oct '13): 473 (EX), Current Score: MyFICO EX: 713 EQ: 715 TU: 717, Goal Score: 740 & above. Capital One Quicksilver: $2250, Discover IT: $9500, Chase Amazon Store Card: $2600, Care Credit: $15000, Barclays Rewards: $1850 BCE: 20,000, PenFed Visa Sig: 7,000 NFCU cashRewards $24,600
Message 8 of 15
SouthJamaica
Super Contributor

Re: CareCredit CLI ..does it matter?


@fltireguy wrote:

@SouthJamaica wrote:

@AverageJoesCredit wrote:
Be very happySmiley Happy That a great cli and it being sp, the best kind there isSmiley Happy

It'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.

 

 

Message 9 of 15
AverageJoesCredit
Community Leader
Mega Contributor

Re: CareCredit CLI ..does it matter?

Would be a great policy change but ive burned too many inqs on my rebuild to be fooled againSmiley Wink. I guess the cards i have with them arent in dire need for more cl like Sunglass hut but i would like abit more breathing room for my Pep boys card. But since it was always a hard no its just gonna be a hard no on any more hard pulls Smiley Happy
Message 10 of 15
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