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Need some advice -- lost job -- medical

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Need some advice -- lost job -- medical



FICO 8 score is 732

Utilization is between 3-7%

PayPal: 1250 CL – 0% UTI | Chase:  4700 CL – 0% UTI | Cap1: 2500 CL – 0% UTI | FNBO: 1300 CL – 0% UTI | CITI: 5000 CL – 3% UTI | Disc: 7000 CL – 0% UTI | CareCredit:  7000 CL – 0% UTI


25000 in savings


I had to leave my job for medical reasons at the first part of this year.  I have ~40k in student loan debt (called them, and my monthly payments are currently $0 since I'm on PAYE -- still accrues interest).


I’m uncertain when I’ll be able to return to work, hopefully soon, my job is still open and they’re holding it for me as long as possible.


My monthly expenses are about $500 currently – house and car are paid for.


Goal:  Hold onto as much of my savings as possible until I can return to work.


Question:  I’m about to start treatment for my condition and the initial cost is 7000; I could afford to pay for this treatment out-of-pocket, but I’d rather not take a huge chunk out of my savings (hope for the best, prepare for the worst).  Will maxing out my CareCredit at 7000 for treatment and keeping all of my other cards at a combined 3% UTI be the best course of action?  Or perhaps paying a couple grand in cash and not maxing out the CareCredit?



Message 1 of 3
Valued Contributor

Re: Need some advice -- lost job -- medical

This is essentially what credit is meant for. It’s meant to be used in times of emergencies. If u already got the card, then use the credit that’s why it was extended to u in the first place. If u don’t already then go ahead and apply... don’t see why u shouldn’t be approved with scores north of $700.
Message 2 of 3
Frequent Contributor

Re: Need some advice -- lost job -- medical

It may or may not work with your treating physician/s surgeon/s, but if you need to get a hospital involved, they often will create payment plans that are bearable and don't report (unless it goes into collections). That might be a good way to keep hold of some of your cash and keep credit lines relatively open. Often, there's no interest charged, either. Worth asking about.


Best of luck in regaining all of your health!



Message 3 of 3
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