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@jon_d wrote:
I got a Walmart store card last month,love it and its a card we actually wanted(not the Discover). The problem is the payment I sent is being reported as "monthly payment" $25 on all 3 credit reports as if it was an installment loan and it was included in debt ratio. I always run a short payment when getting a new card to check out the payment system and then payoff the balance. Am I missing something here? None of my other cards are listed like this. I'm confused,any help would greatly appreciated.
My DW also has the store card. Be sure to ask for a CLI every 3-4 payments or so.
Based on what you posted, it is reporting OK. Every report format is different, but GEMB/WalMart (and almost every card) reports a minimum amount due. CCT (if you use it) reports that in a field called "Monthly Payment" and FICO reports it as "scheduled monthly payment" or something like that. And this card is a revolving card so it should be factored in your util anyway. If you pull your FICO report, you should see it as a store charge card or revolving account. No if I misunderstood and it is reporting a balance when you know you PIF, then that could be due to the timing. This card will report the balance you had on the statement date. If it is reporting $25, then check to see if your min. payment on your statement is $25.
The min payment is whats on my DH and sons. By the way, my son just got his card about 4 months ago. Started at 300 and this week he got an auto up to 700. I think it is because he used it alot and took about 3 mo to pay off. They like you to use it alot.
I'm not sure the ideal scores to get a card, but what I heard its pretty easy to get with middle of the road scores.
I just got my Walmart Card and they pulled my TU report and my credit score was 657 they also gave me a credit line of $1400.00.
I thought for sure they would pull EQ since my score was 100 points more literally, but checked reports hard pull on TU.