How Does CareCredit Affect Credit Score - Credit Repair Forum from Creditnet
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  1. #1
    dolleprod is offline Junior Member
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    How Does CareCredit Affect Credit Score

    Hello, I have found myself needing about $5,000 in dental work done. I might do a portion of it in Costa Rica but the extractions will cost about $1,800 and I will be doing those in the US.

    My question is, if I apply for CareCredit, how does it affect my credit score. I would guess that it would hurt my utilization ratio right?

    But, what if I applied for it and then immediately paid it all off. Would that HELP my utilization ratio? And, wouldn't it continue to do so in the future as long as the account is open if that is the case?

    Is it treated the same as a credit card on my credit report?

    Thanks for your help!

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  3. #2
    JoshuaHeckathorn's Avatar
    JoshuaHeckathorn is offline Administrator
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    Re: How Does CareCredit Affect Credit Score

    It's a credit card, so yes- it would be included in your CU ratio and it shouldn't be treated any different than your other credit cards. If you received the card, used it, and paid off your balance before it was reported to the credit bureaus, than in theory it should help improve your overall credit utilization ratio.

  4. #3
    dolleprod is offline Junior Member
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    Re: How Does CareCredit Affect Credit Score

    lol I just got declined by CareCredit.



    It says this:

    We regret that we are unable to approve your request at this time. The most significant reason(s) the application was declined are listed below:
    - too few accounts currently paid as agreed
    - delinquency, adverse public record or collection
    - number of accounts with recent activity
    - average age of accounts








    What really concerns me is that I purchased my fico from myfico.com last month and it was 658. But it says this in the denial letter:
    Your credit score: 588
    Date: 06/12/2012
    Scores range from a low of 300 to a high of 850
    Key factors that adversely affected your credit score:
    - serious delinquency and public record or collection filed
    - too few accounts rated current
    - number of accounts delinquent
    - length of revolving account history
    - number of inquiries on credit report


    It says it pulled from Transunion. So, it dropped from a TU658 to a TU588?



    Like I said, I only have that measly Capital One secured card and I pay that total balance off like every week and only use it for a purchase or two.



    I did apply for a couple unsecured cards as I was suggested to do on some other boards and was declined by all. I applied for the Capital One Cash Rewards and the Chase cash back one. Could those inquiries have impacted my score that much?



    I hope that the score on the denial letter is just inaccurate.

  5. #4
    Heather L is offline Senior Member
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    Re: How Does CareCredit Affect Credit Score

    Quote Originally Posted by dolleprod View Post
    lol I just got declined by CareCredit.



    It says this:











    What really concerns me is that I purchased my fico from myfico.com last month and it was 658. But it says this in the denial letter:




    It says it pulled from Transunion. So, it dropped from a TU658 to a TU588?



    Like I said, I only have that measly Capital One secured card and I pay that total balance off like every week and only use it for a purchase or two.



    I did apply for a couple unsecured cards as I was suggested to do on some other boards and was declined by all. I applied for the Capital One Cash Rewards and the Chase cash back one. Could those inquiries have impacted my score that much?



    I hope that the score on the denial letter is just inaccurate.

    Each time you apply for credit of any kind it should only effect your credit score by a few points. A few credit card applications should not lower your score by 70 points. When you purchased your credit score from myfico.com which bureau did you purchase? Experian will not give out credit scores to consumers. Did you review the TU report from myfico.com? Thanks! Heather with BoostMyScore.NET

  6. #5
    dolleprod is offline Junior Member
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    Re: How Does CareCredit Affect Credit Score

    Quote Originally Posted by Heather L View Post
    Each time you apply for credit of any kind it should only effect your credit score by a few points. A few credit card applications should not lower your score by 70 points. When you purchased your credit score from myfico.com which bureau did you purchase? Experian will not give out credit scores to consumers. Did you review the TU report from myfico.com? Thanks! Heather with BoostMyScore.NET
    Yeah I certainly didn't think that it would affect the score that much! I purchased TU from myfico.com and the denial letter said they also pulled from TU....

    All I want to do is increase my credit lines and show good utilization ratio and get some positives on my report..

  7. #6
    JoshuaHeckathorn's Avatar
    JoshuaHeckathorn is offline Administrator
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    Re: How Does CareCredit Affect Credit Score

    They might not be using a FICO score. Did it say that the 588 score was as TU-based FICO score?

    Also, credit inquiries will drop your scores less than 5 points, if anything at all. There must be something else going on.

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