12-17-2009 11:12 AM
I'm thinking about adding this one sometime in the future and have a few questions and would like to hear some ideas, pros and cons on this.....
1. Can you make payments in store or online?
2. How are they on CL increases? Generous or Miserly?
3. Granted store cards aren't the best for FICO scores, but I am currently in rebuild mode looking to maximize every possible angle on score improvement....
3a. I spend in cash in these stores $700-$1000 per month in groceries/gas/general merchandise, if I could get to paying off the charges quickly, and keeping the balance less than 5 % utilization come CB report date... Hopefully all that activity generates CL increases over the years which in turn helps scoring. Over a period of time how much help is that to a FICO score with a low utilization and a higher and higher CL on a store card?
( SUMMARY: Charge the bejeezus out of the thing, pay the charges immediately with the cash I normally would have used, and only leave a small balance each month to report to the CB's. Hopefully through repeated high usage and high monthly payment amounts the issuer would keep upping the CL which in turn would lower the utilization for both this card and my entire credit file overall )
4. After a period of time is it common to be offered the WM Discover card after a period of on time payments and acceptable CS?
Again I am in rebuild mode and looking at possibilities for next year. Currently I just got my first Major Card in 2.5 years.. Orchard Unsecured $300.. yeah its bad, but its a start none the less. Also, my auto loan has a 1 year anniversary this upcoming March.
Current scores: EQ- 576 Fico, TU- 551 Fico, EX 578- FAKO...
Up from: EQ- 557 Fico, TU- 500 Fico, EX 565- FAKO this past Labor Day
12-17-2009 03:28 PM
I would get your scores to low 600's before applying.
Low starting CL, Mixed reviews on CLI, it's a GE backed card.
Think you can request Discover upgrade after 6 months
Store card is good for your credit score if you don't have one because of mix.
12-18-2009 04:55 AM - edited 12-18-2009 04:56 AM
To answers your question.
1.Yes, You can always pay in Store or Online. I usually pay in store, so much faster..
2. They are not very generous with CLI, however you can get CLI every 4 months. Line increases like $50, $75, $100 usually. I dont think they'll ever increases more than that haha
3. Im sure they will approved as long as your have a decent credit history.
4. Yes you can upgrade to Walmart Discover as I have been told after number of months of great payments history, I just dont know how. I tried to call them but seem some CS are clueless..They gotta be a way to convert to WM Discover.
5. Your done, Goodluck
12-18-2009 07:16 AM
Tried to upgrade as well but keep being told that I have to reapply instore. I havn't applied for credit in almost a year save for our house we just bought and I don't want to waste an inquiry on Wal-mart.
Anyone know how to get your Wal-mart store card upgraded to WM Discover?
12-18-2009 10:14 AM
12-18-2009 10:58 AM
I'm going to wait until my new Subprime Orchard Card comes in.. convert my Fico subscriptions over it it... use if for nothing else unless a gun gets stuck to my head...PIF ever month, Wait for my auto loan to turn a year old next March, 5 inquiries turn 1 yr old by next april, and then hopefully score wise I'll be low 6's by June/July and apply then.
Then when I get the WM store card funnel most ( if not all ) of that 6K-9K per year I spend there anyways through that PIF every 2-3 days and keep a balance off just before GEMB does its report to the CB's.
Then we shall see how the cookie crumbles
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