Walmart Pre-Approved Letter

[Anonymous]

Definitely take it. We got a preapproved app in the mail last June, started wuth a $600 limit, and I got it up to $3000. 

It would be good for your utilization. Everybody buys toiletry items, just make random purchases like that and do a CHAT every 4 months for cli's.

[SunriseEarth]

If you can't find a use for it, I don't recommend getting it.

I got Wally due to a pre-approval letter and got a $300 initial CL.   I've been able to grow it to $5K, but it's still a store card.   The "cash-over" feature and free TU FICO scores are the features I like.   They also offer special financing on purchases over $150, IIRC.   However, since I'm back in with Discover, I don't need the cash-over or the TU score from Wally, so I'm very likely closing my Wally CC this summer.  

[2b2rich]

They pulled TU only here in Texas.  

[GetMeSlick]

I do got that twice in last 2 months. I m going to shred it. I would prefer target card than wally for its 5% instant off.

Go for it if you want to reduce UTIL as other said. Be aware, you are adding another a/c and it hits your AAoA.

[Anonymous]

Yeah, my AAoA is already crap from the CC spree earlier this year and end of last. I think I'll hold out for the good stuff and just keep gardening what I have with whatever SP I can for CLIs.

[shadowx360]

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@Anonymous wrote:

I have an Amazon and a Children's Place card for retail. What say you, FICOForum gurus? Should I take it, or shred it? Is WalMart card all that and a bag of chips?

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100% shred. 1% cash back + $25 bonus is not worth a hard pull. Not when Sallie Mae offers $25 bonus + 5% cash back at most Walmarts. If I were you, I'd get a Sallie Mae or a Citi DoubleCash instead.

[Anonymous]

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@shadowx360 wrote:

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@Anonymous wrote:

I have an Amazon and a Children's Place card for retail. What say you, FICOForum gurus? Should I take it, or shred it? Is WalMart card all that and a bag of chips?

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100% shred. 1% cash back + $25 bonus is not worth a hard pull. Not when Sallie Mae offers $25 bonus + 5% cash back at most Walmarts. If I were you, I'd get a Sallie Mae or a Citi DoubleCash instead.

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I don't think my current scores would support either one of those. I have a paid state lien and one collection (stupid portfolio associates. just take my damn money.) Barclay's has flat out said no to me to anything until after 12 months since my file is relatively new. But that was before a big ol 10K card limit was acquired and reported. Citi forever seems out of reach to me, and nothing on the pre-approval site. 

[Anonymous]

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@Anonymous wrote:

Yeah, that's kind of my thinking. I would use it if a tree fell on my house, but I can't see myself shopping there if I didn't have to. I'd almost rather have a Target card, I seem to find myself there more often than anything else.

The upgrade option is nice, but I'm still not sure I want to line Wally World's pockets...

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Ha!  A large tree DID fall on my house in 2012 and I didnt shop there!  I called the insurance company and then a roofing company instead.

As another coincidence, I just got the Walmart pre-approved letter again today, but I am also not accepting it.

[CreditUnionFan]

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@Anonymous wrote:

Got this one in the mail today, and I'm on the fence. We're not really WalMart shoppers, but I'm thinking it would be good to have as an emergency card, maybe? The interest rate is still coming up 22.9%. I have no idea who they pull in the south for approvals. My scores have a wide gamut between them, despite the credit reports being identical.

I have an Amazon and a Children's Place card for retail. What say you, FICOForum gurus? Should I take it, or shred it? Is WalMart card all that and a bag of chips?

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Proceed with caution on the Walmart Preapproval / Prequalification. A few years ago they taunted me with several letters, and each time I applied they would HP my EQ report a few days apart, for two separate HPs, and yet deny the application.

The Walmart card can be advantageous for the cash back at the register (emergency cash without paying an ATM fee), or perhaps if you have large purchases that you can use the deferred payment options on, but otherwise there are many better accounts out there.

In my own experience, I never obtained the Walmart Private Label Credit Card (PLCC). By the time GECRB decided I was worthy, they opened up a WM Discover for a paltry $500 that I then called Credit Solutions to bump up to $10k in a single bound. (tip from the folks here on MyFico)  I suppose using the card responsibly showed other lenders I was trustworthy quicker than if I had never applied for it, but the card sits in my sock drawer most of the time.