Care Credit Card Questions
I didn't want to go off-topic in GR's clearing-up-credit thread, so started a new thread.
I have a low credit score-- between a 575-590. I've had a secured credit card since November but
before that have never had a credit card. I remember reading (and I think it was in GR's thread)
that after six months showing I'm responsible with a credit card, that I could apply for a Care Credit
Card and likely get it?
I want to get a limit of $5,000 because I have some dental work that needs to be done for my significant
other. He will likely be paying it off monthly (I read that the first two years could be interest free? but
it needs to be paid before that time is up otherwise they apply interest to the total amount and not just
what's left?)
Questions:
1. Can I get a care credit card and use it for someone else's medical work? (This is my life partner, and
has been there for me no matter what--so don't worry-- this is not some loser boyfriend who's going to
stick me with the bill before running out with my best friend or something like that.)
2. Should I wait to apply for a care credit card? Or do you think I could get one with this amount now?
3. Should I try to get a higher limit than what I need? I guess it would be good in case of emergency, but
I don't need any medical work, and though he could probably pursue some migraine botox treatment, I'm
not really concerned with looking into that right now.)
Other than those questions, I'm looking for people's experiences getting, and using a care credit card.
Thanks!
Re: Care Credit Card Questions
leaving off the 'sugar coating' ...
#1 - yes but you are solely responsible for making the payments
#2 - realistically, given that Care Credit is an 'unsecured' loan ( meaning they can't repo dental fillings if you don't pay ), the odds of getting approved for a $5,000 line of unsecured credit with a 520 credit score is near zero.
Re: Care Credit Card Questions
I don't remember too much on the specifics but a couple of points. My credit score was over 825 at the time I took out the no interest loan and they authorized $6,000. So, I would agree that the chance of getting a $5,000 loan with a 520 isn't good. Also, the length of interest free loan time is based on the amount loaned. Don't assume you can take out a $3-4-5,000 loan and have 24 months to pay it back. They may only give you 12-18 which could potentially double your payments.
For example, when I go the their site and use the calculator, for $5,000 they offer 6-18 months with payments ranging from $278-$834 a month.
http://www.carecredit.com/payment_ca...eys=&x=33&y=18
Also, not all dentists accept Care Credit so you would need to verify if his dentist does.
Re: Care Credit Card Questions
Do you have accounts in collections at the moment?
Re: Care Credit Card Questions
Care Credit is NOT a loan. It is a credit card. Depending on the doctor, they have interest-free programs that are 6 months, 12 months, or 18 months long. You have til that long to pay off the balance.
You can charge multiple things on it, but you have to pay off the previous balance of the procedure/item before the money will count for the next thing. So if you got 2 veneers that totaled 2k that were interest-free for 18 months, and then charged a $500 botox treatment that was interest-free for 6 months, you have to pay off $2,500 in 6 months or else you'd be charged interest, because you'd have to pay off the veeners first before your payments are applied to the botox treatment.
I got Care Credit to let me get a duplicate card for my mom with her name on it, and she's been using it with no problems. They just asked for her name and SSN over the phone, and then mailed me the card to give to her. I'm not sure if they'd allow you to do that with a non-family member, but probably.
Care Credit is really easy to get. I believe they only pull Transunion, but it might depend where you live. Try WhoGaveMeCredit.com and look up GE Care Credit or Care Credit and look for people who got the card in your state in the last 2 years. Its a really good card IMO.
Re: Care Credit Card Questions
So, IMO, the best way to "maximize" use of a Care Credit card is:
1.) Decide which procedures you want done, review doctors/dentists on Yelp and via word of mouth referrals, and then call those doctors/dentists and ask if they take Care Credit (I've found some stopped taking it despite what their sites say) and ask how many months they have for the payment plans (i.e. 6, 12, 18, etc). Maybe do this twice on 2 different days to ensure they tell you the same thing twice.
2.) Get the procedures done first with the longest grace periods. Don't get 4k of work done with a doctor/dentist that offers only an 18 month grace period, and then go and get 2k of work done with only a 6 month grace period. Because you'll have to pay all that off in 6 months if you want to avoid interest. Unless you already planned to do that.
What I really like about it, is that its practically like "insurance" for when you're injured or sick. A good % of doctors and dentists take Care Credit, and most offer a longer grace period for 0 APR. So that's good. And you can get a really high limit pretty easily. Since balance to limit ratio plays a huge part in your credit score, this is a good thing.
Remember, right after you apply and get approved, call and ask for a much higher limit. Say its for dental work or something, not cosmetic surgery. And then they will usually raise it and at least counter the limit you want. I'd ask for 10k honestly.
Re: Care Credit Card Questions
I applied a little over two years ago.
At the time my credit score was over 700. They approved me for $1500 lol interest rate was I think about 25%
I just worked hard for a month and put together the 4500 for my tits.
Re: Care Credit Card Questions
I used Care Credit to finance my boob job. I paid it off very quickly because the interest rate was high and the monthly payments were high as well. I wouldn't recommend it unless you have an emergency or botched plastic surgery that you need fixed right away, as was my case. They also give you no grace period for when your repayment would start. I was in the first week of recovery when I received my first bill.
Re: Care Credit Card Questions
Quote:
Originally Posted by
jekka
They also give you no grace period for when your repayment would start.
It depends on the doctor
Re: Care Credit Card Questions
I got approved for $5k with a 640 credit score a year ago. Payment plans depend on the doctor. I had a $3k vet bill, and they only offered a six-month plan with no interest.
They asked me questions like if I rented or owned a home, if I owned my own car, what my annual net income was, if I had a spouse or someone else whose income I could rely on to pay back debts, how long I had worked at my current job and what my income was there, and if I had any other debts. I obviously don't really know, but I do not think you'll be approved for $5k off the bat with them.
Re: Care Credit Card Questions
bottom line is that Care Credit is simply a 'specialty' market subprime credit card. Similar creditworthiness standards apply. Similar interest rates apply. The only real difference is that, instead of receiving 'cash back' or 'airline miles' or zero interest for 12 months, Care Credit offers a zero interest grace period on repayment of 'new' charges.
Quote:
It depends on the doctor
Yup this is a slightly different wrinkle ... in that not every doctor is willing to accept a 3% or whatever 'mark down' due to credit card 'merchant' processing fees eating up a portion of your charged amount on the way to the doctor's pocket.
Re: Care Credit Card Questions
Quote:
Originally Posted by
Melonie
bottom line is that Care Credit is simply a 'specialty' market subprime credit card. Similar creditworthiness standards apply. Similar interest rates apply. The only real difference is that, instead of receiving 'cash back' or 'airline miles' or zero interest for 12 months, Care Credit offers a zero interest grace period on repayment of 'new' charges.
I think that's a pretty good deal though. The 0 APR offer never goes away, it just starts again each time you charge something depending on the plan the doctor offers (6 months, 12 months, 18 months, etc). And its also really easy to get it (it was one of my first cards right after bankruptcy) and they give extremely high limits (mine was 8k 2 days after I got approved) when you don't have a lot of credit history / good credit history.
So those reasons alone, I think its a really good card. Its almost like having insurance or a built-in payment plan when you need to go to the doctor or dentist, or want a little cosmetic enhancement that will end up paying for itself after you get it.
Re: Care Credit Card Questions
Yes ! They will let you pay for your medical bills or you can use your own CareCredit card for a family member, friend, or even a pet. once I happened to miss paying for care credit and apparently the late fee for CareCredit can be up to $38 and sometimes it might let you lose your promotional 0% interest rate.