How Prequalifying on Financing Helps Providers – CareCredit (2024)

FAQs

What does pre qualified for financing mean? ›

Pre-qualification is an informal way for a lender to review your financial information and estimate how much you may be able to borrow. You can be “pre-qualified” over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford.

If you have good credit and a low debt-to-income ratio, the lender may approve you and offer you its most competitive rates. Even if you're approved, you aren't required to take the loan.

Plus, it's quick and there's no impact to your credit score to check if you prequalify. If you receive an offer of credit and apply, there will be a hard inquiry on your credit report which may impact your credit score.

With the CareCredit card, you have an up to $25,000 credit limit. That can cover a wide spectrum of medical procedures or treatments.

It's easy for your patients or clients to see if they prequalify for the CareCredit credit card. It's a soft credit check with no impact to their credit score*—and that's good news for both them and your practice.

While prequalification is a good first step, it typically won't carry as much weight as a preapproval because a lender hasn't verified your information. Going beyond prequalification and getting preapproved by a loan officer is a critical step that shows you're serious about buying a home.

Prequalification is a relatively simple process and will not affect your credit score.

Alphaeon has a special focus on eye and vision procedures. CareCredit covers a wider range of health-related expenses and can even be used at pharmacies like Walgreens for certain purchases. For both cards, you can learn if you pre-qualify by completing an on-line application from home.

How long can you finance with CareCredit? ›

Financing Options

CareCredit also offers longer term special financing for 24, 36, 48 or 60-month periods with Reduced APR and Fixed Monthly Payments Required Until Paid in Full.

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.

High credit limits, combined with the ease with which CareCredit cards can be obtained, mean that they can be a good way for people with a poor credit history to pay for medical bills. Be warned, though, that CareCredit cards can be expensive if you aren't able to make your repayments on time.

CareCredit offers several consumer application options referenced in the “How to Apply” sections above. No matter how they decide to apply, the credit decision, is instant! If approved, you can process charges to the Cardholder's account immediately.

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®.

High credit limits, combined with the ease with which CareCredit cards can be obtained, mean that they can be a good way for people with a poor credit history to pay for medical bills. Be warned, though, that CareCredit cards can be expensive if you aren't able to make your repayments on time.