Friends,
I have been undergoing dental treatment since last Octoberish and in the coming months, I will get braces. The cost is $5000 and my health insurance does not cover it but has covered a majority of the procedures I've already had.
In terms of financing, should I apply for Care Credit or another type of medical financial or should I apply for a card with an introductory 0% APR to pay for the costs?
My credit profile is below:
TU: 700 (credit karma)
EX: 733 (credit sesame)
EQ: 722 (myfico)
I currently have a BofA PP Cash Rewards ($5000), AMEX Gold (NPSL), a Chase Sapphire ($5000) and a Chase Sapphire Preferred ($5000). My utilization is well below 10% since I just paid off most of my cards.
Just looking for some advice.
I have been undergoing dental treatment since last Octoberish and in the coming months, I will get braces. The cost is $5000 and my health insurance does not cover it but has covered a majority of the procedures I've already had.
In terms of financing, should I apply for Care Credit or another type of medical financial or should I apply for a card with an introductory 0% APR to pay for the costs?
My credit profile is below:
TU: 700 (credit karma)
EX: 733 (credit sesame)
EQ: 722 (myfico)
I currently have a BofA PP Cash Rewards ($5000), AMEX Gold (NPSL), a Chase Sapphire ($5000) and a Chase Sapphire Preferred ($5000). My utilization is well below 10% since I just paid off most of my cards.
Just looking for some advice.
@2011beginnings wrote:
Friends,
I have been undergoing dental treatment since last Octoberish and in the coming months, I will get braces. The cost is $5000 and my health insurance does not cover it but has covered a majority of the procedures I've already had.
In terms of financing, should I apply for Care Credit or another type of medical financial or should I apply for a card with an introductory 0% APR to pay for the costs?
My credit profile is below:
TU: 700 (credit karma)
EX: 733 (credit sesame)
EQ: 722 (myfico)
I currently have a BofA PP Cash Rewards ($5000), AMEX Gold (NPSL), a Chase Sapphire ($5000) and a Chase Sapphire Preferred ($5000). My utilization is well below 10% since I just paid off most of my cards.
Just looking for some advice.
This would really depend on how much you are looing to finance long term/short term (i.e. 6 months, 12 months) and whether you have any back up funding sources (i.e. savings, etc) to cover some of the amount.
Care Credit offers some long term financing options, provided you qualify and they approve a high limit. Your scores and low utiliziation would be plus.
Care Credit is a good card for such things, as it's not an intro APR; you can have it for years to come and still receive 0% financing on additional procedures. For procedures that fall within the costs you describe, you'd likely be given two years to pay it off. If you don't pay the charges in full within that time, however, you'll be hit with the full interest for the entire charge. With your scores, you should be able to get a large enough CL to cover the cost of your braces. It's not a bad option.
As for myself, I'm undergoing implant surgery, and it's a three stage procedure. I've been using my Citi Diamond Preferred card because it has an intro rate of 0% for the first 18 months and I was given a CL large enough to cover the charges without bumping up against my limit. I paid off the charges for stage one a couple of months ago and have just incurred the charges for stage two. I have another year of 0% financing available on it; I should be able to get through this entire series of procedures and pay everything off before the intro period ends. So, this is also a card that could work for you; given your scores and CLs on other cards they may very well give you a limit large enough to cover your braces.
Good luck with whatever your decide.
I think CareCredit is a good option for you.
Also, if your CL is not what you want it to be you can have the Dr. recon it while your in office if you apply for it there.
I just bought braces for my son and the orthodontist's office gave me a payment plan. Most of them will. Zero interest is better than possibly ending up with Care Credit's rates if you don't get it paid in time.
Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
New goal 675