I recently opened an account with CareCredit to take care of an emergency dental bill, at the suggestion of my dentist office. It was explained to me like this: "If you use CareCredit, then you'll have a year to pay off the bill, and as long as you pay it off in one year, there's no interest." It was easy to open the account.
They paid my dental bill. All good so far. But because the laws have changed regarding "one year same as cash" accounts, something I was NOT aware of, I did not pay a monthly payment (which is now required due to the changes in the laws governing this type of loan). GE Capital immediately began hitting my credit report, and after 3 months, when I sent in a huge first payment (thinking I still had 9 months to pay this off), I learned that they had 5 negative reports already filed with the credit agencies.
When I called them, they said the account was current. When I asked them if they could remove the derogatory remarks, they said "no, we don't ever do that". So, my account is current, it will be paid off well before a year is up (as soon as I get my first bonus), yet they caused my credit rating to drop 100 points, and they couldn't give a *** less. DO NOT USE CARECREDIT OR GE CAPITAL FOR ANYTHING UNLESS YOU WANT THEM TO HAMMER YOUR CREDIT RATING.
Let's face it. The only people that will have to use a credit service like this are those of us who are without the ability to pay some emergency tab, and have to put it on credit. From my experience, I will never, never, never use their services again. I had a credit card.
I could have used that.
I only used these guys because they supposedly allowed one year same as cash, but since that's a thing of the past, and I didn't know it, they've ruined my credit (720 down to 620). DON'T USE THESE GUYS FOR ANYTHING.
Review about: Ge Capital Loan.
Monetary Loss: $2750.