@Anonymous wrote:Hello Everyone! New to this forum but have reading it for a while now.
So what I have gathered from this forum is that Carecredit uses Transunion Fico Score for approval or decline.
TU: 652
( I just signed up for Experian CreditWorks Premium, that shows all 3 Credit Scores)
Cards:
Bank Of America Cash Rewards $958 balance
Capital One $89 balance
Best Buy Store Card $598 balance
Now My questions. [I am aiming to slightly increase my Transunion Score]
Q1. On my Transunion tab for Fico scores its shows my credit usage as 17% ($1047) and it is only counting my 2 credit cards(Bank Of America & Capital One). Eventhough it shows all 3 cards for the credit lines. Now do you think that paying off Besy Buy to $0 will help me for TU score or should I aim to pay off the other cards instead and that will help raise the TU score.
Q2. I have an inquiry from CareCredit from Nov 2019, I was declined. I was hoping to reapply in June. Is that too early to reapply?
For my profile TU is most sensitive to # of accounts reporting a balance and UTL. I don't know how BB is looked at as a retail or charge card but without providing your credit limits to determine individual UTL (you only provided the balance) not sure you can get the advice you may want. Balances compared to credit limit is a huge factor.
Looks like you have 3 revolving accounts and all are reporting a balance and changing that should help, more so with 1 reporting a balance. Again without the CL can't provide which cards to bring below known thresholds that would normally gain points (88.9%, 68.9%, 48.9 and so on in increments of 20). If you provide the balance compared to CL that would help us provide additional strategies to determine where to reduce balances which should result in an increase in scores. Sounds like your aggregate UTL is 17% or higher if BB is not included. This is good. Under 9% aggregate UTL should yield your best scores available at a given time.
Also, just curious what is it that makes you want a Care Credit card? I'm sure it's possible some may have had good experience or found it to be a good card but a Google search and many posts here seems to indicate it is not a desirable card.
@Anonymous wrote:Cards:
Bank Of America Cash Rewards $958 balance | $6000 Limit This is 16% UTL
Capital One $89 balance | $300 Limit This is 30% UTL
Best Buy Store Card $598 balance | $2000 Limit This is 30% UTL
Now My questions. [I am aiming to slightly increase my Transunion Score]
Q1. On my Transunion tab for Fico scores its shows my credit usage as 17% ($1047) and it is only counting my 2 credit cards(Bank Of America & Capital One). Eventhough it shows all 3 cards for the credit lines. Now do you think that paying off Besy Buy to $0 will help me for TU score or should I aim to pay off the other cards instead and that will help raise the TU score.
Q2. I have an inquiry from CareCredit from Nov 2019, I was declined. I was hoping to reapply in June. Is that too early to reapply?
Thanks. So if the 3 are your only CC, keep in mind that 100% of your revolving accounts are reporting a balance (as I noted before). With so few your best bet if you can is to only have 1 CC reporting a balance and it should be a credit card not a store card. Again not sure how BB is reflected in FICO scoring but I have a very old closed BB account that the balance was included in my overall UTL as well as my open LOC account. Not sure why you're not seeing this on your credit report if it's updated.
Note that if BB is not reflected the aggregate UTL is 16.62%. Including BB it is 19.82%. Not much different when it comes to AGG UTL. Ideal is below 9%. Do you have more and only provided those with a balance? This may change suggestions a bit when it comes to AGG UTL as it counts the total available credit of all cards compared to the outstanding balance.
According to the individual UTL I added above for each card, pay off C1. This will not only bring you below the 28.9% individual UTL (believed to be ideal) but reduce an account reporting a balance. And if you can pay off BB that would leave you with only 1 acct reporting a balance, BOA. This should yield you some points with TU. An additional $141+ toward the 1 remaining account with a balance would bring your AGG UTL below 9% which is ideal. Keep in mind you would need to account for interest applied to stay below those thresholds so a bit more is safe.
This would leave you with 1/3 cards reporting a balance (+ and ideal) and 2 cards currently above 28.9% will be below this (+).
No judgement or persuasion on your card choices but BOA is currently @ 16% UTL and it appears to be a rewards card. If the cost is doable (not jacking up your UTL above 28.9%) , putting the lasik expense on that card would:
*Negate the need to fit into Care Credit guidelines for approval
*Give you rewards for the charge
*Not impact your score by adding an INQ and new account, both which will likely be a ding to your score (although you may want to add at some point to build your portfolio)
*Allow you to continue aging your accounts without the temporary setback of adding a new account
You know you better than I do and no need to explain your decisions, so make the choice that best fits you. Just a bit of information to digest.
Good Luck!