Need advice on should I or shouldn't I upgrade to Walmart Mastercard?

[Anonymous]

I got in the mail today after 37 months of having a sad $400 CL (don't judge) with a Wal-Mart store card a letter saying in 65 days (unless I say no) I will be converted to a Wal-Mart MasterCard.

My question is should I convert or not based on my current situation outlined below?

My credit profile is as thin as a crack whore and I've been gardening for almost 7 years. I get out of credit jail next year when I will be 100% baddy free.

As of 9/1/15...

My Oldest Account: 11 Years, 8 Months

My Average Age of Accounts (AAOA): 7 Years, 7 Months

Transunion score around 700 and no bankos, foreclosures, evictions, tax liens, judgments, etc. Only 5 collections/charge-offs that all fall off in 2016 or later this year with credit repair I'm in.

My current open accounts....

2-Cap1 cards $3,400 and $1,750 CLI (8 months since I got an auto and manual CLI from both Cap1 cards)

1-Walmart store card $400 CL

1-Amazon store card $1,000 CL

1-luxury SUV loan (almost paid off)

============================

I only have 5 open accounts and the screenshot below shows my current old accounts breakdown http://s27.postimg.org/a1g7wt07n/screen_2015_08_28_16_25_06.jpg

My feeling is I should convert to a MasterCard because they'll close my existing Wal-Mart store card with 37 months of perfect payment history and give me a second CC line to show on my reports instead of just one line reporting. Plus, I would highly prefer a real CC over a Wally World one. But I'm a little worried about my AAOA taking a hit.

Also before my deadline of Oct 9th when I would need call to cancel the conversion I'm going to call the UW for Wal-Mart and Amazon and ask for huge CLI's. My second question is should I call the UW back to back (Like call for Amazon finish and then call back for Wal-Mart) or wait a few hours or days between asking for a CLI and should I call to get an Amazon CLI with the higher limit first or Wal-Mart first? Amazon store card I've had for 37 months as well and with both I've NEVER asked for a CLI before because my credit scores sucked.

Thanks for any and all help.

[Anonymous]

I cannot answer your second question, however, if I were you...

I would absolutely take the offer.

Your AAoA will take a "hit" if you ever plan to get another credit card anyway, so why not do it now and get it over with? If you open a credit card a year from now, at least by that point your Wal Mart card will be 1 year old, and will slightly offset that new account. Since you have no open credit cards, the reporting of an active TL will actually help more than hinder your score... I see no valid reason not to take the offer.

EDIT: I read the word "bankos" and thought you meant no bank cards...somehow, I missed the list of all of your active bank cards in my first reading. I see now you meant bankruptcy. My advice would only slightly be different, then, by throwing in the "do you need it? will you use it?" questions. If the answer to BOTH of those questions is yes, then I still say go for it.

[mongstradamus]

 I woulFirst question I would have to ask myself is how much would i actually use the walmart MC if i were to upgrade it from he store card version. For me personally I wouldn't do upgrade because i probably wouldn't use the wally mc all that much , and new CL reporting could mess things up for my over all AAOA. A

As for asking about amazon store card increase I am not sure about that particular thiing since i don't have an amazon store card. Its an synchrony card correct, i think they were the same UW as wally store card, but don't quote  me on that. If i recall they are sp for cli ?

[Anonymous]

@jdt

I have FOUR open credit cards like I stated in my post, in your reply you wrongly stated I had no open credit cards?

[titanofold]

I'd take it. Your AAoA will only take a small hit.

Ask everyone for a CLI, but only if it won't incur an inquiry.

[Anonymous]

That was my mistake -- I edited my response accordingly.

[ddemari]

I'd definitely take the offer

[TiggerDat]

Personally, I would say no to the offer.

Don't worry about the AAoA, but worry about the AAoA....

Your scores, especially when the baddies fall off, will improve.  You can then use that to your benefit.  Get some better rewards cards and take the hit to AAoA there!  Your file is not really that thin, you have enough cards and the loan.  If I were you, I would choose five cards that you really want and rank them to your needs and wants for them.  WhIf    en the time is right, then start to apply for them.  I suggest five, because you might not get approved for some of them.  Stop at the third one if get your top three.  Take the hit to you AAoA that way!  With your scores and when the baddies fall off, you will probably be better doing it this way for the benefits of those cards, not for simply upgrading to Wally MC.  Choose the cards you want based on how they will provide benefits you will use.  Don't go hog wild, that might scare some of the banks you decide to get cards with.  Simply take your time.

Ask yourself; What benefit does the upgrade really have?  Your CapOne cards give you 1.5% cash back, which is pretty good. 

If there were no hit to taking the upgrade, then I would say sure take it.  However, do you really need it?

I would simply go for the CLIs.

[Creditaddict]

1. your scores are great now I don't know why you don't pick up some new excellent credit cards like another 2 capital one cards (venture and Venture one back to back) pay rent if you have to to meet spend requirement for the bonus, in 6 months consolidate 1 or both into 1 of your older cap1 cards.

2. ask for CLI online on both of your current cap1 cards (it's never a credit pull) and I ask monthly on each card until you get it!) 1 card may decline and the other may give at different times.

3. have you tried to get CLI on the walmart and the amazon cards? you should try the chat feature online with each of them come monday (not sure they are open on weekends) and ask for $10k (SP again) they will instantly counter you... I could not get anything on my walmart and then all of a sudden I got $3500 and then a month later I asked for $10k and was told it needed to process which I had not heard before and I got an e-mail couple days later saying my CL was $10k!

My amazon started at $900 or $1300 and it's now $6000... 2 of those increases through chat, only a couple months apart and those were counters to my $10k requests.

3. Great time to grab a discover because they like rebuilding people without a lot of new accounts!

[Creditaddict]

Oh, and TAKE the upgrade... just try to get CLI on the store card now! the MC 99% of the time comes with higher limit than store card when they upgrade.