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Care Credit approval?

StarMew
New Visitor

Care Credit approval?

Hi guys. I'm looking to apply for Care Credit here soon for some cosmetic surgery. I have a credit score in the 630's right now. I need around $4,000. I have two cards, one of which will be payed off this next week and canceled, leaving one card on my account that is payed in full each month. Does any one know how much I'll get approved for with a score in the 630's? And what promotional period that amount would fall under? 6, 12, 18, or 24 months interest free? 

15 REPLIES 15
donny10
Senior Contributor

Re: Care Credit approval?

Is that a FICO score?

 

Care Credit is backed by Synchrony. You will unlikely be approved with a Transunion score of 630. More likely approved in the 660-670 range with a low SL.

 

They pull Transunion for approval.

Message 2 of 16
stellar
Established Contributor

Re: Care Credit approval?

You may be approved, others have been with that score.  Check the credit pulls database to see what amount similar scores received.

 

You have a choice on financing lengths when you make the purchase.

 

You should also try to have 3 credit cards to maximize FICO scores.  You may want to keep that card open if it doesn't have an Annual Fee.  It also helps utilization.

 

 

Message 3 of 16
Treasurecredit
Established Contributor

Re: Care Credit approval?

I was approved for Care Credit with a 602 Fico score but only for $800, however my limit was increased to $7000 within 6 months.

 

If you only have 2 credit cards, I wouldn't be closing any card, rather I would be trying to add a 3rd card.

Message 4 of 16
J-F168
Frequent Contributor

Re: Care Credit approval?

I was approved for 1500 when my TU was between 620-630, 2-3 months later jumped to 7500.You may be approved for 800-1500. Hope you'll get more than that. 

EX 713
EQ 700
TU 679br >BK 7 D/C Dec. '16.
Message 5 of 16
HeavenOhio
Community Leader
Senior Contributor

Re: Care Credit approval?

You haven't told us what your current cards, balances, and limits are, but chances are that your score will improve when you pay off the card you're referring to. I'd hold off on applying for CareCredit until you do that.

 

For reasons others have given, I wouldn't close that card unless you have strong reasons for doing so. If it really has to go, close it. Otherwise, hang onto it for at least the time being.

 

With two cards, it's best to report a small balance on one of them with the other reporting zero. It looks like you're in a good position to do just that when you apply for CareCredit. With one card, report a small balance on that card rather than reporting zero.

 

The reason that having three or more cards is often mentioned around here is that FICO likes it when less than half of your cards report a positive balance. That's mathematically impossible with one or two cards. With three cards, you'd let one card report a small positive balance with the other two reporting zero. Some say that five cards even is better than three. But after that, it's all the same. With whatever number of cards, your usage and payment habits are what counts the most.

Message 6 of 16
Gollum
Frequent Contributor

Re: Care Credit approval?

Regarding promotional period, that's up to whoever does your cosmetic surgery:

https://www.carecredit.com/faqs/#promotionalfinancing

Edit: Also be aware that if you do not pay off the full amount within the promotional period, you will be charged interest on the entire amount beginning with the purchase date.

Credit Scores: (FICO 8) 840 Experian May 2021, 844 TransUnion April 2021 | (FICO 9) 843 Equifax May 2021
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $3000 | Simmons Bank VISA Platinum $7500 | Capital One No Hassle Rewards VISA Platinum $500
Message 7 of 16
Cherekas
Frequent Contributor

Re: Care Credit approval?


wrote:

Hi guys. I'm looking to apply for Care Credit here soon for some cosmetic surgery. I have a credit score in the 630's right now. I need around $4,000. I have two cards, one of which will be payed off this next week and canceled, leaving one card on my account that is payed in full each month. Does any one know how much I'll get approved for with a score in the 630's? And what promotional period that amount would fall under? 6, 12, 18, or 24 months interest free? 


You may be approved but its possible it could be a low starting line. Also, if the surgery will cost $4K, you may need more than that so it does not report 100% maxed out. That's something to consider because it will tank your score further. 

Score: F8 EQ 609, EX 597, TU 614 (1/17) Current Score: F8 EQ 701, EX 714, TU 689 (12/18)

Goal Score: 700+ across all 3--Gardening until May 2019
USAA Amex-USAA Rate Advantage VS- Amex Gold- Amex Delta Blue- Macys- NYC CC- Victoria's Secret- Cap 1 QS- NFCU CR- Care Credit- Firestone- Sams Club CC- Best Buy Visa- Paypal 2% MC

Total CL $96,300
Message 8 of 16
Sulyramos10
New Visitor

Re: Care Credit approval?

Hey I have the same question as you. My fico score says 630 & i also need $4000. Did you ever apply? Did you get approved
Message 9 of 16
NJHandygirl
Established Contributor

Re: Care Credit approval?

Hey! When I applied in November, my score was 620. I received a SL of $3k and yesterday (3 statements later), received a SP CLI to $7k. Good luck!

Jan 2017- 520s across the board
Current - EQ: 667 EXP: 665 TU: 672
Summer Goal 2019: 690+ across the board
NCFU CR $10k GR $15k MR $20k CLOC $10k/Z Gallerie $5.3k/CareCredit $8k/Discover IT $2.2k/Merrick Bank $1.9k/Quicksilver $750/Ulta MC $1.5k
Gardening until the summer!
Message 10 of 16
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