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Member
dianna98
Posts: 8
Registered: ‎09-13-2012

Capital One VS Walmart CC

Hello everyone,

I am currently only 2 points away from where my Lender wants me to be for a mortgage. To get this small bump in my FICO score it was suggested that I open a secured Capital One CC. I currently have an unsecured Capital One with a CL of $500 and a balance of $15. That is my only CC. Would it be best to open a Walmart CC instead of another Capital One? I only ask because of all the talk about this CC on these forums. Another question I have is if I open another Capital One card, will it matter score wise if it is secured or not? Or will just getting a CLI on my current CC give me those two extra points?

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Capital One VS Walmart CC


dianna98 wrote:

Hello everyone,

I am currently only 2 points away from where my Lender wants me to be for a mortgage. To get this small bump in my FICO score it was suggested that I open a secured Capital One CC. I currently have an unsecured Capital One with a CL of $500 and a balance of $15. That is my only CC. Would it be best to open a Walmart CC instead of another Capital One? I only ask because of all the talk about this CC on these forums. Another question I have is if I open another Capital One card, will it matter score wise if it is secured or not? Or will just getting a CLI on my current CC give me those two extra points?There

 

 

they might affect your score rather than increase. If you only two points for where you want it then I suggest you should : 

  1. Ask someone in your family add You as Authorize on one of their longest credit card.
  2. ask for CLI with Capital One.

everymonth your score increase once the new balance post to your account. I would suggest stay where you are and your score would be increase some point by next time Capital one report your statement. 

Hope you get your morgate soon.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Frequent Contributor
racer-x
Posts: 376
Registered: ‎09-16-2012

Re: Capital One VS Walmart CC

I was/am in the same credit card situation.

I too, have 1 credit card - Cap One with a $500 limit, with $0 balance. ( I just paid a $3.50 interest charge to keep it at $0 for a month or 2.)

 

I recently logged into my Walmart account and saw that I was pre-approved for a $700 card .  I applied and was approved.  My new Walmart card was reported to  all 3 bureaus before I even received the card.  I still haven't used the card, and I'd say within a week of the Walmart card being reported to all 3 bureaus, my score went up on all the CRA's.

 

EQ jumped 25 from 677 to 702.  TU from 677 to 684 and EX from 654 to 672.

 

So I would say YES, go for the WALMART card.....(disclaimer-I am in no way certified to give such advice). lol


Starting Score 9/12: EQ 645 TU 641 EX 651
Current Score5/13: myFico EQ 729 DicoverTU 710 myFico EX 734
Goal Score: 750

AMEX PRG,AMEX BCP-$15.1k,US Bank PLOC-$15K,CSP-$15k,Freedom-$6k,CapOneVisa-$15k,US Bank Visa-$10k, DCU Visa-$10k,Paypal MC-$15k,USAA MC-$12k,Lowes-$8600,CapOne Visa-$10k,Discover IT-$12.9K,BoA Visa-$10.1K Walmart -$4k,GECU Visa-$3500, US RLOC-$750

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Member
dianna98
Posts: 8
Registered: ‎09-13-2012

Re: Capital One VS Walmart CC

To apply for the Walmart card do you do that through their website or an app at the store?
Established Contributor
aussiesareforever
Posts: 740
Registered: ‎10-04-2010

Re: Capital One VS Walmart CC


dianna98 wrote:

Hello everyone,

I am currently only 2 points away from where my Lender wants me to be for a mortgage. To get this small bump in my FICO score it was suggested that I open a secured Capital One CC. I currently have an unsecured Capital One with a CL of $500 and a balance of $15. That is my only CC. Would it be best to open a Walmart CC instead of another Capital One? I only ask because of all the talk about this CC on these forums. Another question I have is if I open another Capital One card, will it matter score wise if it is secured or not? Or will just getting a CLI on my current CC give me those two extra points?


When do you plan to apply for the loan. I think there is a chance that a new account may actually drop your score (due to a lower AAoA and the new inquiry). However generally a new account will be a positive thing to your credit profile, especially if you just currently have one account. You may not just see that positive trend immediately.
If you have a few more months until your loan goes through, then I would definitely apply.

 

What is your current credit score and do you have any negatives on your credit report. The Walmart card will be a better card for you in the long run. Generally more benefits than Capital One and the card will definitely grow with you with good use. Check the Capital One pre-approval site to see if you have any offers but I will lean towards the Walmart card.

 

BK in 2008, after making very stupid financial decisions.

Barclay's Apple Financing Card ($6400) --- Capital One Quicksilver ($10,000)---GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)

FICO Scores: TU 735 EQ 709 EX 740 (Feb 2013, all pulled by lender)

Frequent Contributor
racer-x
Posts: 376
Registered: ‎09-16-2012

Re: Capital One VS Walmart CC

I registered at Walmart.com for online purchases a few years ago.

After reading and seeing all the good comments about the Walmart card on myfico, I decided to check into it.  And that's when I saw the pre-approval for a $700 card.

 

So, yes, I applied online but it took 7-10 days for approval through regular postal mail, even though I was 'pre-approved", allegedly.


Starting Score 9/12: EQ 645 TU 641 EX 651
Current Score5/13: myFico EQ 729 DicoverTU 710 myFico EX 734
Goal Score: 750

AMEX PRG,AMEX BCP-$15.1k,US Bank PLOC-$15K,CSP-$15k,Freedom-$6k,CapOneVisa-$15k,US Bank Visa-$10k, DCU Visa-$10k,Paypal MC-$15k,USAA MC-$12k,Lowes-$8600,CapOne Visa-$10k,Discover IT-$12.9K,BoA Visa-$10.1K Walmart -$4k,GECU Visa-$3500, US RLOC-$750

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Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Capital One VS Walmart CC


dianna98 wrote:
To apply for the Walmart card do you do that through their website or an app at the store?

http://www.walmart.com/cp/Credit-Cards/632402

Here the link....you might have to register your account first before you can go through application.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: Capital One VS Walmart CC

like already mentioned openning a new card will probably drop your score with the hard inquiry + loss of AAOA, only if your utility is high but then you should just pay your balances down. Only sure fire way to get your score up is to be added as an AU. If you live in Tampa, FL area let me know I'll add you on so you can help get a house to a account if no one else will. Only reason why I like local is cause I don't feel comfortable with people passing out personal information over the net, just buy me some coffee if your local and we can have you add yourself on my laptop or yours. 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
Epcot
Posts: 2,777
Registered: ‎10-10-2012

Re: Capital One VS Walmart CC

[ Edited ]

I had the pre-approval online as well. Just applied a week ago and got approved after calling in and answering three security questions.

No HP has shown up yet and the new account is already being reported to the three bureaus. Just waiting for the card.


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 809 EX 774 TU 805
App free since 4/11/13
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012

Re: Capital One VS Walmart CC


distantarray wrote:

like already mentioned openning a new card will probably drop your score with the hard inquiry + loss of AAOA, only if your utility is high but then you should just pay your balances down. Only sure fire way to get your score up is to be added as an AU. If you live in Tampa, FL area let me know I'll add you on so you can help get a house to a account if no one else will. Only reason why I like local is cause I don't feel comfortable with people passing out personal information over the net, just buy me some coffee if your local and we can have you add yourself on my laptop or yours. 


Wow!    This would probably figure on a list of "Things not to do on the Internet", (just below "Go and meet that nice 16 year old person, the one who asked for those special photos of you.  But don't tell your parents or friends, it's going to be a great surprise!") except no-one else has ever thought of it!

 

Nice offer, but......

 

 


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