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Interested in applying for Walmart cc. What are my chances with...

Member

Interested in applying for Walmart cc. What are my chances with...

Hello all,

 

I am contemplating applying for a Walmart cc in efforts to continuing rebuilding my credit. As a teenager I mishandled my finances and in turn wreaked havoc on my credit score and over past 4-5 years have been trying to repair the damages. I one day would like to purchase a home and stop renting and also I have a suspicion that I soon will be shopping for a new automobile. I am starting to have serious problems with my car more often than i'd like, afterwhile the repair bill is going to outweigh a monthly note.  

But anyways... I have read of others success with approvals and substantial credit limits on this board. However I am concerned that I may not be approved due to the fact that I had a CO Paypal in the past and if im correct they are backed by the same bank as the Wal-Mart cc. Would I be blacklisted because of the past defaulted account which has fallen off my TU credit report but not EQ, haven't checked EX. I just wanted to ask for someone's opinion on this, do you think there's a chance for approval?  

 

Also I have rebuilt my credit score from the low 500's to the upper 680's (687 myFicoTU)I don't have any credit cards at the moment. I have an account with Badcock with an avail CL of 1000 and a secured loan (lien against my car valued at 4500) with a sub-prime lending company of 1500 that I've maintained a consistent positive payment history with. My hopes is to get a few positive trade lines going for myself now.

 

So. what do you say should I go for it or just sit tight???


Starting Score: TU: 687 (MyFico, 4/15/12), TU: 659 (WalMart 8/6/12)
Current Score:TU: 679 (WalMart), EQ 676 (FICO 11/3/12) FICO
Goal Score: 775 ALL CRA's


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Message 1 of 15
14 REPLIES
Epic Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

With that TU Score I would go for it!

Message 2 of 15
Member

Re: Interested in applying for Walmart cc. What are my chances with...

I went for it and was approved online for $500 CL. Not a lot but it's a start, thanks for your response :-)


Starting Score: TU: 687 (MyFico, 4/15/12), TU: 659 (WalMart 8/6/12)
Current Score:TU: 679 (WalMart), EQ 676 (FICO 11/3/12) FICO
Goal Score: 775 ALL CRA's


Take the FICO Fitness Challenge
Message 3 of 15
Valued Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

Congrats! I got approved for 300 and with nothin bad on my CR lol. So 500 its not bad
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Message 4 of 15
Valued Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

Definitely go for it!

 

You scores are being pulled down because you don't have any credit cards. You need to have a minimum of 3 credit cards reporting to maximize your scores. Unfortunately by not having ANY credit cards MOST prime banks won't give you a card.

 

For right now I would suggest doing the following:

 

Apply for the Walmart card. You get a free TU score every month. You should be approved.

Apply for a Capital One rewards card that does NOT have an annual fee. You should be approved.

 

You will be pleasantly suprised at how your score will rise by having 2 cards report GOOD activity for a few months.

 

Wait until your cards are 6 months old and then apply for a PRIME bank cedit card.

 

Make sure to use your credit cards every month paying in full a few days BEFORE the due date. If you want to maximize your scores to the fullest, have 1 card report a small balance and the other card report zero.

 

You are doing a great job!

 

Good luck!


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Message 5 of 15
Valued Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

Congrats!

 

Now apply for a Capital One card!

 

It will really help your score having 2 cards reporting.

 

Good luck!


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Message 6 of 15
Established Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

You should apply for another card today so your inquiries fall off at the same time and your accounts age together. Maybe Capital One and Amex Zync.

Starting Score: EX: 575 (PSECU 5/2/12) TU: 582 (3/6/12) EQ: 664 (4/27/12)
Current Score: EX: 699 (PSECU 06/04/14) 702 (my FICO 08/05/14) TU: 699 (08/01/14) EQ: 675 (07/08/14)
Goal Score: 720
20K PSECU 7/12 | 12K USAA 9/12 | 11K BOA 1-2-3 9/12 | 9K Citi HHonors 9/12 | 8.5K Citi AAdvantage 5/08 | 5K Chase Sapphire Pref. 9/12 | 3.8K Barclays USAir 7/12 | 6K Walmart Dis. 11/12 | 1K Amex SPG 11/12 | 2K Amex BCP 1/13
Message 7 of 15
Member

Re: Interested in applying for Walmart cc. What are my chances with...

Thanks everyone for your advice :-) in response to the Capital One card will you all take a look at my latest post "Remove Capital1 history..."  I started the post before reading your suggestions here. I'd really like to hear what you all think about my situation with Capital 1. Thanks again!


Starting Score: TU: 687 (MyFico, 4/15/12), TU: 659 (WalMart 8/6/12)
Current Score:TU: 679 (WalMart), EQ 676 (FICO 11/3/12) FICO
Goal Score: 775 ALL CRA's


Take the FICO Fitness Challenge
Message 8 of 15
Valued Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

www.whogavemcredit.com

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 9 of 15
Mega Contributor

Re: Interested in applying for Walmart cc. What are my chances with...

Congrats on the approval!

Use it and PIF and in 4 months request a CLI, you should be good for it!



EQ FICO 548 3/3/16
Message 10 of 15