Why Was My CareCredit Card Application Denied? (2024)

FAQs

Why Was My CareCredit Card Application Denied? ›

You don't have enough income. You have too much debt relative to your income. There are too many recent inquiries on your credit report. There's a recent delinquency or error on your credit report.

Common Reasons Credit Card Applications Get Denied

Low income: Consider ways to increase your expected annual income and review what the application allows you to include as income. Listing all your eligible income might increase your chances of getting approved.

A credit card application can get denied for various reasons: low credit score, high credit utilisation ratio, insufficient credit history, etc. You can improve your creditworthiness by following the best financial practices and increase the chances of your application getting approved.

Too much debt: If you have a lot of outstanding credit obligations — loans, mortgages and high credit card balances — issuers will view you as a higher-risk borrower. Too young: You'll be denied credit if you're under 18, and likely if you're under 21 and don't earn an independent income.

To qualify for the CareCredit credit card, you need a credit score of 640 or more, which is in the fair credit score range for FICO®. The medical credit card – CareCredit – is popular because they offer promotional financing that eliminates interest for a set amount of time.

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A CareCredit card has a maximum credit limit of $25,000. For charges of $200 or more, CareCredit offers "no-interest" promotional periods of six, 12, 18 and 24 months, depending on the provider. If you pay off your purchase within your promotional period, no interest will be charged.

The credit score you need for the CareCredit Credit Card is 640 or better. That means people with at least fair credit have a shot at getting approved for this card.

The lender's approval or rejection decision makes no difference to your credit scores. But if a rejection leads you to apply for more cards, that would mean more hard inquiries. And multiple hard inquiries over a short period could have more of an impact on credit scores.

How long after being denied credit card application can I apply again? ›

Yes, you can reapply for the same credit card or a different one if your application is denied. However, it is essential to understand the reasons why your application was denied and work towards fixing them before reapplying. It is also advisable to wait for at least six months to increase your chances of approval.

Applying for a loan or credit card can affect your credit score, but if the lender denies your application, that decision won't have any bearing on your credit health.

The reasons they give for rejecting your application must be specific, such as, “Your income is too low,” “You have not been working long enough,” or “You didn't receive enough points on our credit scoring system.”

A CareCredit card has a maximum credit limit of $25,000. For charges of $200 or more, CareCredit offers "no-interest" promotional periods of six, 12, 18 and 24 months, depending on the provider. If you pay off your purchase within your promotional period, no interest will be charged.

Is CareCredit widely used? The CareCredit credit card is accepted by more than 260,000+ healthcare provider locations and select retail locations across the United States, including Puerto Rico.

If approved, patients and clients can use CareCredit immediately to pay for treatment, deductibles, copays and coinsurance, as well as other costs not covered by standard insurance.