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What Credit Score Do You Need For Care Credit? | Guide to Latest Requirements

If you're looking to apply for Care Credit, it's important to know what credit score you need to qualify. The Care Credit application asks for your FICO score, which is a three-digit number that's used by lenders to determine your creditworthiness.

In this guide, we’ll discuss the credit score needed for care credit, and how to improve it if it’s bad.

Key Takeaways

  • To qualify for a Care Credit card, you need a score of 620 and higher so it’s a good idea to have your credit scores checked before applying for a Care Credit card.
  • The higher your credit score, the better your chances of getting approved for a loan or line of credit like a credit card.
  • If you have a lower score than 620, you might be able to still get approved for the Care Credit card, but it may take longer and cost more than if your score was higher.
  • You can apply for a Care credit card by calling them at 1-800- 677-0718 or visiting their website at www.carecredit.com

What is a Credit Score?

Credit scores are the numerical values assigned to your credit report that can be used to determine your eligibility for loans, mortgages, and other forms of credit.

Credit scores range from 300 to 850, with higher scores representing a better history of managing debt. With a high credit score, you will be approved for a loan or card with a lower interest rate than someone with a lower score.

A good credit score

What Is a Good Credit Score?

A good credit score is one that makes lenders comfortable to give you a loan and is usually between 620 – 679. A lender wants to know that you will pay back what you borrow and make on-time payments.

The three major credit bureaus; Equifax, Experian, and TransUnion use a similar system to determine your current FICO score. Lenders use these scores to predict how likely it is that you will repay your debts on time.

If your score is in poor condition, however, lenders might worry that they won't be able to collect on their loan and may charge higher interest rates as a result.

Credit scores are based on five factors:

  • Payment history: 35% of your score
  • Amounts owed: 30% of your score
  • The types of accounts you have 10%
  • Recent credit activity 10%
  • Length of credit history: 15% of your score

What is Care Credit?

Care Credit is currently one of the biggest providers of healthcare-related financing in the United States established by Synchrony Bank.

Green card of care credit

Cover Medical Expenses

The company offers a credit card that helps you pay for treatments, tests, and procedures that may not be covered by insurance.

 It is used at any of the medical facilities listed on their website, about 250,000 including doctor’s offices, hospitals, dermatologists, and cosmetic surgeons.

It is designed for people who may have difficulty paying for their medical care upfront. Care Credit does not require great credit scores, and you do not have to pay interest if you pay the full amount by the end of the agreed period.

Have Flexible Payment Option

With a CareCredit card, you can access flexible payment options that make it easy to manage your out-of-pocket costs

What Can You Use the Card for?

The care credit card can be used to finance dermatological & cosmetic products plus services, veterinary care, chiropractic services, dentistry services, fitness equipment & weight loss services, medical equipment & supplies, and hearing & vision services.

Care credit under magnifying glass

How Do I Get Started?

You can apply by phone or by filling out an application online. You'll need to provide some basic information including your name, address, social security number, and date of birth.

What Credit Score Do You Need for Care Credit

If you're wondering what credit score you need to qualify for CareCredit, here's the answer: You don't need to have perfect or even excellent credit to be approved. The minimum credit score required is 620, which is considered fair credit.

Credit score ranges from 300 to 850 points. The higher your score, the better your chances of being approved for a loan or credit card.

Get your Credit Report to see What affects your Credit Scores

If your score is below 620, you can still apply and see if you qualify. The company may grant you a higher interest rate or require collateral to secure the loan.

You can check your free credit report from Experian, Equifax, and TransUnion by visiting AnnualCreditReport.com. You'll also be able to see what factors are affecting your score and how to improve your credit score over time.

Woman looking on her credit score on a laptop

Here's how your score affects your chances of getting approved for CareCredit:

  1. Score
  2. Rating
  3. Explanation
  • 720 or higher - Excellent ( Very good chance of approval )
  • 680 – 719 - Very Good ( Good Chance of Approval )
  • 620 – 679 - Good ( Moderate Chance of Approval )
  • 580 – 619 - Fair ( Low Chance of Approval )

How to Improve Your Credit Scores?

Having a good credit score is important for many reasons, including the ability to get approved for a car loan, retail credit cards, mortgages, and other types of credit, paying low-interest rates, and not being asked to put down a deposit first.

If you already have good credit, then you know it's a great feeling. But what if your score isn't as high as you'd like?

Creditcare on a phone

Don’t Close Accounts Too Quickly

The number of open accounts and how long they have been open counts towards determining your credit score so don’t close them unless there’s no other choice.

Closely monitor all of your accounts and make sure they are in good standing before closing them down completely, or else risk hurting your overall score.

Look for Errors and Disputes

If there are any errors in your credit report, dispute them immediately. If you don't have time to do it yourself, hire a professional credit repair company to help you dispute any negative items and get them removed from your report.

Pay Bills On Time

Make sure you pay all bills on time including rent or mortgage payments and utilities so that no late payments appear on your credit report.

Is Care Credit Easy to Get Approved?

Yes, Care Credit is easy to get approved for. As long as you meet the following criteria, you should be able to apply for and receive your credit card within a few days:

  • To apply for a Care Credit card, you must be at least 18 years old or 21 years depending if applying by phone or on their website  
  • Have a valid U.S. Social Security number (SSN)
  • Be a legal resident of the U.S
  • You must have a 620 or above FICO score

How Much Will CareCredit Approve You for?

Care Credit does not have a minimum amount that they will approve you for but has a maximum that is $25,000.

If you're applying for CareCredit to finance medical bills, then make sure that you understand how it works before applying.

Can You Get Denied for CareCredit?

If you're wondering whether or not you can be denied for CareCredit, then the answer is yes. You can be denied if:

You can be denied for CareCredit if your credit history or credit score is bad. They are not likely to approve anyone with a score under 600 though some have been approved under certain conditions.

The Other Reason for Denial Is the Applicant’s Age

Credit card companies usually have a minimum age requirement for applicants. If you are too young to use a credit card, then there is a high chance that you’ll be denied the application.

The reason behind this is that they want to avoid people who might default on the loan. They want to make sure that the people who have borrowed are able to pay in full at the end of the term. If you have a good credit score, then there should not be any problems but if it is bad then it will be very difficult for you to get approved.

About Dusan Stanar

I'm the founder of VSS Monitoring. I have been both writing and working in technology in a number of roles for dozens of years and wanted to bring my experience online to make it publicly available. Visit https://www.vssmonitoring.com/about-us/ to read more about myself and the rest of the team.

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