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Contributor
dhon55
Posts: 88
Registered: ‎08-20-2012
0

Walmart Card as Second Card?

[ Edited ]

Hi all,

 

Right now I have a very thin file, two inquiries (one 8/2012 from CapOne on all 3 - but rejected, one 9/2012 - Wells Fargo on EX).

 

I got my Wells Fargo College Card ($1,600 CL) in 10/2012 and it's been reporting since 11/2012.  I only have this card, with multiple deferred student loans.  I'll be graduating this May and then will go on to graduate school part-time and hopefully get a full-time job after I graduate.

 

I've been telling myself to wait until my inquiries clear (next October) to apply for more credit, but it's killing me to think that by then I'll still only have one card reporting.

 

I've been thinking about the Walmart card which is tempting me because of the free TU report and the CLI every 4 mos.  However, I'm not so sure it would be a good idea to apply with the limited history I have.  I've also considered applying for Chase Fredom, Discover More Student, and Citi Forward Student on a mini-app spree once my inquiries clear next October.

 

Thoughts on any of these cards, or any advice on what to do at this point?  I just want to get my history established, but not sure whether I should wait some time or try to move on with more cards now.

 

Thanks for all your help on these forums! :smileyhappy:


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Moderator
Revelate
Posts: 9,762
Registered: ‎12-30-2011
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Re: Walmart Card as Second Card?

I'd get another card setup now, a few inquiries when trying to establish one's credit file are typical and no big deal.   The walmart card is pretty nice all things considered, and reasonable to apply for.  There's no reason to wait, and plenty of good reason to apply now rather than waiting; namely getting a second revolving tradeline established which is a straight FICO boost now apparently, and to start building payment history on a second tradeline as well which is another good thing.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
daybreakgonesXe
Posts: 1,872
Registered: ‎11-17-2012
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Re: Walmart Card as Second Card?


dhon55 wrote:

Hi all,

 

Right now I have a very thin file, two inquiries (one 8/2012 from CapOne on all 3 - but rejected, one 9/2012 - Wells Fargo on EX).

 

I got my Wells Fargo College Card ($1,600 CL) in 10/2012 and it's been reporting since 11/2012.  I only have this card, with multiple deferred student loans.  I'll be graduating this May and then will go on to graduate school part-time and hopefully get a full-time job after I graduate.

 

I've been telling myself to wait until my inquiries clear (next October) to apply for more credit, but it's killing me to think that by then I'll still only have one card reporting.

 

I've been thinking about the Walmart card which is tempting me because of the free TU report and the CLI every 4 mos.  However, I'm not so sure it would be a good idea to apply with the limited history I have.  I've also considered applying for Chase Fredom, Discover More Student, and Citi Forward Student on a mini-app spree once my inquiries clear next October.

 

Thoughts on any of these cards, or any advice on what to do at this point?  I just want to get my history established, but not sure whether I should wait some time or try to move on with more cards now.

 

Thanks for all your help on these forums! :smileyhappy:


Not surprisingly, your multiple deferred loans actually help you!! They give you a longer, positive credit history, so though yes, you have a "thin file", those loans probably date back 3 or 4 years ago when you were a freshman!

 

Therefore, you have a great chance at Walmart, however to be on the safe side, since I'm not sure if they would deny you based on a thin file, getting another student card (out of your list, I highly recommend the Discover More Student, since I don't think you're ready for a Chase Freedom and the Forward doesn't have the greatest rewards) would increase your approval odds.

 

Only go for either Walmart or Discover More Student. Overall, you don't have too many inquries, but I think after one more card, it's gardening time for a year!! Then after that year, go for Chase Freedom!!!

 

Best of luck :smileyhappy:

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

FICOS: EX 759 EQ 719 TU 740 Credit Karma (TU) 790 Transrisk 820/990 Credit Sesame (EX) 766 Credit.com (EX) 774 VantageScore 3.0 726 Quizzle (EQ) 721
Contributor
dhon55
Posts: 88
Registered: ‎08-20-2012
0

Re: Walmart Card as Second Card?

Thanks for the info.  I was thinking it would be wise to apply for a second card soon, but I'm not sure if I have a shot with anyone.  I thought CapOne would be a sure thing this time around perhaps, but I'm not sure I want to stick around with their (likely) low initial CL.  My Wells Fargo card has reported for two statements now, and the third will probably come some time this week.  I know that's not a long time, but maybe it will help?


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Contributor
dhon55
Posts: 88
Registered: ‎08-20-2012
0

Re: Walmart Card as Second Card?

[ Edited ]

Thank you too, daybreakgonesXe.

 

From what I've gathered with Discover More, I was afraid and thought that they'd be one of the harder ones to be approved for.

 

Also, I don't really care about the rewards right now, honestly.  (I don't spend much anyway)  I just want to get a few lines open now for a mortgage a few years down the road.


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: Walmart Card as Second Card?

I agree with revelate that you should apply now for a 2nd card. You wil have a much better file in a year with one more inquiry, but also one more card.

 

I disagree as to which card. You don't need your TU score unless you are applying for a mortgage soon. Your credit limit really doesn't matter at this point, as you are a student and have a very thin file. In my opinion, which others are free to agree or disagree with, you will get more VALUE from a student forward, chase freedom or discover student than you will with a walmart card. Those cards will grow with you over the next 20 years. Those lenders have products that will be much more useful to you in 3-5 years and they are very generous to people who they have a history with.

 

I would do the forward, since I think most college/new grads spend more on amazon and restaurants than they do at Kohl's (to use a recent 5% category as an example), but it really doesn't matter. Any of the three will be more useful to you over the next 5 years than a tu score and a few CLIs will be.

 

Either way, you should try to add one more card. Citi is the most inquiry-sensitive, so if that is a card you want, I'd start there.

 

Good luck

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Moderator
Revelate
Posts: 9,762
Registered: ‎12-30-2011
0

Re: Walmart Card as Second Card?

[ Edited ]

Cdnew: minor quibble, the Walmart TU FICO is FICO '08, and possibly even a bankcard score for all we know; however, no mortage lender in the US uses this score unless in the utterly rare chance they're underwriting their own mortgages and not passing anything off to the GSE's at all... which is to say pretty much nobody.  FICO '04 will continue to be the gold standard for mortgages until Fannie/Freddie change, and not an instant sooner or later barring a massive restructuring in the mortgage market.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Contributor
dhon55
Posts: 88
Registered: ‎08-20-2012
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Re: Walmart Card as Second Card?

Thank you Cdnewmanpac.

 

My credit scores aren't that great.  My 8/2012 TU was 679 and 9/2012 EX was 694.  And 2 inquiries now.  I feel like I'm not quite Citi criteria right now, agree or disagree?  :smileylol:


Goal Scores: 720+ (Experian Lender Pull 09/13): 733; Discover TU (01/14): 751; Walmart TU08 (02/14): 754;
WF Platinum (10/12) $1,600; WM Discover (12/12) $5,500; Amazon GE (12/12) $2,500; CapOne Quicksilver (12/12) $750; Discover IT (01/13) $1,000; Chase Amazon (02/13) $2,500; Citi Forward Student (02/13) $2,000; AMEX BCE (09/13) $15,000
Valued Contributor
daybreakgonesXe
Posts: 1,872
Registered: ‎11-17-2012
0

Re: Walmart Card as Second Card?


dhon55 wrote:

Thank you too, daybreakgonesXe.

 

From what I've gathered with Discover More, I was afraid and thought that they'd be one of the harder ones to be approved for.

 

Also, I don't really care about the rewards right now, honestly.  (I don't spend much anyway)  I just want to get a few lines open now for a mortgage a few years down the road.


As long as you apply for the student card through Discover, you should have no problem :smileyhappy: especially if you have no baddies and since you have so few inquiries! Just make sure you put your occupation as a student, your current school, etc. They may or may not ask for your class schedule as proof. My brother, albeit he got a pre-approved offer, only had the Journey Student and a AU from my Shell gas card as well as his Stafford loan on his report, all a little under a year old, and got a $5000 line on the Discover Open Road Student!!

 

If you really feel wary over your approval odds with Discover, then maybe the Forward Student would be safer, since they do have a higher approval rate!

Capital One Quicksilver World Mastercard $10k | JCPenney Platinum $7.5k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $25k | Discover IT $9.5k | SavingStar American Express $14.8k

FICOS: EX 759 EQ 719 TU 740 Credit Karma (TU) 790 Transrisk 820/990 Credit Sesame (EX) 766 Credit.com (EX) 774 VantageScore 3.0 726 Quizzle (EQ) 721
Established Contributor
Cdnewmanpac
Posts: 766
Registered: ‎01-16-2012
0

Re: Walmart Card as Second Card?

OP: If those are your scores because you are new to credit, you should be fine with any of the three. If it is because of a negative, then citi is out. Lots of people get freedoms with your scores. Lots get student versions of forward and discover with your scores. That is why they have student versions. If you have a negative, all bets are off, though.

 

Rev: agreed. I was trying to think of any positive spin for obsessing about your tu 08. If you are shooting for a mortgage and want some proxy for what your lender scores will be, tu 08 is more valuable than ck or plus score. But that is like saying it is easier to hit a nail with a screwdriver than a circular saw.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.

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