Declined for "amount of credit"?

[Kaitlyn]

Hello,

I applied for Care Credit, and the reason that it said I was declined was "amount of credit".

What does this mean, I asked for too high of a credit limit, I currently don't have enough credit, or I have too many credit accounts?

Thanks,

Kate

[myjourney]

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@Kaitlyn wrote:

Hello,

I applied for Care Credit, and the reason that it said I was declined was "amount of credit".

What does this mean, I asked for too high of a credit limit, I currently don't have enough credit, or I have too many credit accounts?

Thanks,

Kate

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Could be carrying large balances 

Could be amount of credit exceeds income

[rex_03]

It may be the latter that you mentioned. If I could ask, how many cards are carrying a balance or utilization? I think this is what Care Credit is seeing. Or if you have cards without a balance at all Care Credit could see that you already have the credit needed.

[b_seeker]

Usually this means that you have "enough" available credit limit in comparison to your profile and income. It can be either you have reached your exposure limit with a particular bank or (probably your case) your total credit limits is deemed high enough. At least this has been my experience.

What is your income to available credit ratio?

[asphaltcowboy]

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@Kaitlyn wrote:

Hello,

I applied for Care Credit, and the reason that it said I was declined was "amount of credit".

What does this mean, I asked for too high of a credit limit, I currently don't have enough credit, or I have too many credit accounts?

Thanks,

Kate

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Sorry for your denial

You might trying to recon with them, they maybe able to better answer your question

Best of luck to you

[youngandcreditwrthy]

Sounds like you have too much credit avail compared to income?
I'm shocked Ive not received that as a denial reason yet -.-

[LS2982]

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@Kaitlyn wrote:

Hello,

I applied for Care Credit, and the reason that it said I was declined was "amount of credit".

What does this mean, I asked for too high of a credit limit, I currently don't have enough credit, or I have too many credit accounts?

Thanks,

Kate

---

More than likely your balances (high utilization)

[Kaitlyn]

That's strange.

I only have a 29% ratio on my $600 Amazon store card because it gets 0% interest for 6 months. The rest are fully paid off.

I have 5 credit cards, each has between $200 and $600 limit. $2,300 altogether.

I make $48,000 a year.

[nyancat]

Well you definitely don't have too much credit for your income, but you do have very little credit. I also imagine your score is exceptionally poor, since CareCredit is pretty much designed to deny no one.

CareCredit is a giant rip-off. They take advantage of the fact medical debt is one of the hardest types of debt to repay, for anyone. They offer you x months interest free. BUT if you fail to pay in full within those months, they charge you something like 30% interest BACKDATED to day one (so like an immediate 30% for the first year) INCLUDING on any amount already paid to them.

It's taking advantage of the poorest and most vulnerable in society, and I know it makes me avoid ANY GE product.

[navigatethis12]

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@nyancat wrote:

CareCredit is a giant rip-off. They take advantage of the fact medical debt is one of the hardest types of debt to repay, for anyone. They offer you x months interest free. BUT if you fail to pay in full within those months, they charge you something like 30% interest BACKDATED to day one (so like an immediate 30% for the first year) INCLUDING on any amount already paid to them.

It's taking advantage of the poorest and most vulnerable in society, and I know it makes me avoid ANY GE product.

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These terms are detailed in the statements and in the terms that you agree to before applying. Is it their fault that some people are so careless that they do not pay it all off before the interest period is up? If people don't have the money for the procedure and there was no product like this, how would they get what they need? If people don't read and end up paying interest, that is their own fault and a credit card company should not be blamed for that.