CareCredit approval odds largely depend on your existing credit. Your approval odds will be higher if you have low balances on existing accounts, no unpaid or delinquent accounts, and solid payment history. Your odds of getting approved for CareCredit decrease if you have outstanding balances on existing credit cards, a history of late payments, or several recent credit inquiries. Continue below for details on getting approved for CareCredit and how to apply.
What Are My CareCredit Approval Odds?
CareCredit is a credit card issued by Synchrony Bank that is specifically intended for out-of-pocket medical expenses. CareCredit is accepted at over 200,000 providers, such as 1-800-Contacts and some Walmart Vision Centers. Neither CareCredit nor Synchrony Bank disclose the specifics of how they make credit decisions.
We contacted the CareCredit and Synchrony Bank customer service departments; representatives from neither department would disclose factors that may help or hurt your odds of getting approved for CareCredit. However, your credit history is important as representatives confirmed that they do review the credit history of each applicant, including doing a hard credit check.
Before you apply for CareCredit, it’s a good idea to review your credit report and credit score. You can view your credit report from each of the three major credit reporting bureaus for free every 12 months at AnnualCreditReport.com. Outstanding balances on existing credit cards, unpaid or delinquent accounts, and several recent credit inquiries are all things that may hurt your credit and decrease your odds of getting approved for CareCredit. A good credit report that may help increase your odds of getting approved will reflect things like low balances on existing accounts and a history of on-time payments.
If you find yourself questioning whether or not you will be approved, you do have the option of applying with a joint applicant. A joint applicant should be someone who has a strong credit report to help offset any of the negative things that may appear on yours. For example, if you’ve missed a few credit card payments in the past, a joint applicant with a solid payment history on his or her own credit report may help increase your chances of being approved.
If you and the joint applicant are approved, you will both be named on the CareCredit account. You will each receive a credit card and be able to place charges on the card. You will also both be responsible for making payments, including any late fees or interest. If the joint account goes delinquent, it will be reflected on both of your credit reports. You should only apply for a joint account with someone who has a demonstrated history of timely payments and who you trust not to abuse the credit card.
You can apply for CareCredit through the online application or by phone at (800) 677-0718. You must be at least 18 years old to apply for CareCredit online and at least 21 years old to apply by phone.
CareCredit is a credit card that can be used for out-of-pocket medical expenses. Your CareCredit approval odds are determined by your credit history, so it’s a good idea to review your credit report before applying. Things on your credit report that may decrease your CareCredit approval odds include high balances on other credit cards, unpaid or delinquent accounts, and several recent credit inquiries. You can increase your CareCredit approval odds by making payments on time, paying off any past due or delinquent accounts, and keeping a low balance on any existing credit cards.
If you’re considering CareCredit, you might be interested in our comparison of CareCredit, Alphaeon Credit, and United Medical Credit.