Are you thinking about applying for the Care Credit credit card? If so, there are a few things you should know before you apply.
What Is Care Credit?
CareCredit is a service offered by Synchrony Bank that helps you pay for out-of-pocket medical expenses for you, your family, and your pets. You can use your CareCredit Card at health care and wellness providers that have enrolled in CareCredit.
Some of the providers that accept CareCredit include, but are not limited to:
- Medical specialists, eye doctors, dermatologists, dentists, and cosmetic surgeons.
- Hospitals, medical imaging and lab work, and surgical centers.
- Pharmacies, medical equipment and supply shops.
- Fitness equipment and spa treatment facilities.
- Routine and emergency veterinary clinics.
Understanding the Terms and Conditions
While Care Credit can be a valuable resource for covering healthcare expenses, it’s important to keep in mind that it is a credit card, complete with interest rates and fees. Prior to applying, be sure to familiarize yourself with the card’s interest rates and fees to determine if it’s the best choice for paying your medical bills.
What credit score do you need?
So, what credit score do you need to be approved for a Care Credit credit card? The minimum recommended credit score for this credit card is 600, which is considered a ‘fair’ credit score.
However, be aware that your credit score isn’t the only factor Care Credit evaluates during the application process. They will also examine your income, debt, and any negative marks on your credit report. If you’re uncertain about your credit score or the information on your credit report, it’s wise to review it before applying.
What else do I need to get approved for Care Credit credit card?
There’s no guarantee that you will be approved for a credit card, regardless of how high your credit score is. Your credit score is probably the most important factor when considering your credit application. However, Care Credit also considers other factors such as your income, debt, and any negative items on your credit report.
How to Increase Your Chances of Getting Approved for a CareCredit credit card
Getting approved for a CareCredit credit card requires a little planning. Most credit card offers require very good credit. So, when applying for new credit, it’s essential to know your credit scores and what’s on your credit reports.
Credit card issuers want to see a strong credit history, steady income, and low credit utilization. If you’re using too much of your existing revolving credit, it may indicate that you could struggle to repay the debt. You’ll also want to make sure you haven’t applied for too much credit in the recent past. Having too many credit inquiries can lessen your chances of getting approved.
Need help improving your credit score?
One of the best ways to improve your credit scores is by removing negative items from your credit report. Lexington Law can help you dispute (and possibly remove) the following items:
- late payments
- collections
- charge offs
- foreclosures
- repossessions
- bankruptcies
With more than 18 years of experience, they achieved over 6 million removals for their clients in 2021 alone. So if you’re struggling with bad credit and want to increase the likelihood of getting approved for new credit, complete the online form on their site to receive a free credit consultation.
