How Does CareCredit Affect Credit Score

Discussion in 'Credit Talk' started by dolleprod, Jun 12, 2012.

  1. dolleprod

    dolleprod Active Member

    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!
  2. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    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.
  3. dolleprod

    dolleprod Active Member

    lol I just got declined by CareCredit.

    It says this:

    What really concerns me is that I purchased my fico from 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.
  4. Heather L

    Heather L Well-Known Member

    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 which bureau did you purchase? Experian will not give out credit scores to consumers. Did you review the TU report from Thanks! Heather with BoostMyScore.NET
  5. dolleprod

    dolleprod Active Member

    Yeah I certainly didn't think that it would affect the score that much! I purchased TU from 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..
  6. JoshuaHeckathorn

    JoshuaHeckathorn Administrator

    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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