09-18-2012 08:05 PM
Hi there! DH and I both have Walmart store cards, and we received letters today saying that within 45 days they would be "automatically upgraded" to Walmart Discover cards (which maintain the WM account info, but can be used anywhere Discover is accepted). There was nothing in the literature indicating whether this would involve any credit inquiry, so I called WM customer service and got a youngish-sounding girl who didn't seem to fully understand the difference between hard and soft inquiries, but after putting me on hold said that this wouldn't affect my credit at all. I asked again, "So you're saying this will NOT involve an inquiry on my credit?" She said no, this was an automatic upgrade. We keep $0 balances, so I wonder if they're hoping if they give us a more versatile card, we'll run up a balance...
We are trying to avoid ANY hard inquiries on our credit until next spring when we want to apply for a mortgage, so I'm concerned. The letter included said that UNLESS we call and reject the offer, they will be automatically upgraded. Are they even legally allowed to do a hard inquiry without our express permission, or are we giving express permission if we don't reject the offer? I'm thinking no, but hoping someone here knows for sure. I wouldn't mind having the Discover instead of the plain WM, mainly because I think it will hold more clout if anyone examines my CR (I have a regular Discover card already, so maybe I'm wrong here, and having 2 is just overkill?).
Any opinons on what we should do here? Thanks in advance!!
09-18-2012 08:57 PM
lol. Don't panick. It was a soft pull and they are giving you a upgrade for being a great customer.
09-18-2012 09:04 PM
It was a SP, but if you accept the offer to upgrade your store card will be closed, and a new TL will be added for your discover card and that can hurt your AAoA, so there is a reason to decline the offer. Of course it mostly only effects instant approvals, any manual reviews will see that your card upgraded or you can mention the fact and it won't be considered a negative.
09-18-2012 10:26 PM
yes your aaoa might take a hit depending on what it looks like
but your walmart tl will still report good for 10 years. so by that time your other tl will be nice and aged.
|Current: Discover Fico 709 3/15 Walmart Fico 743 4/15|
Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Earn Cash Back
|Amex Zync(Unicorn) |
Citi DC $10,000
09-18-2012 10:34 PM
I don't think your AAoA will be affected at all. It's still the same card...same account number only with one added perk...a Discover logo on it accepted anywhere Discover card is accepted. Walmart is giving you an upgrade so it was definitely a soft pull. They issued the upgrade based on your account history.
09-18-2012 10:47 PM
How long did you have the walmart card if you dont mind me asking?
09-19-2012 07:22 AM
I've only had it for a year. I'm a little nervous about the AAOA thing, because right now mine is only 4 years, so I don't want that to take a hit. But if it's still considered the same card and wouldn't be, I'd rather have the Discover. Hmmmm....
09-19-2012 07:37 AM
They usually give you a CLI when they upgrade the card (it may be a small one, but every dollar counts for utilization). People report that the CLI's with the Discover card are higher than those granted on the regular Walmart card. Mine only recently was upgraded (8/12), and I had the card 5 yrs before they upgraded mine, so you must be doing something right.
09-19-2012 07:47 AM
As others have stated it is SP.
It also will be a new account and old with close (all info is the same and as other poster stated) I agree that you could really explain to anyone looking that isn't instant that they can easily see if looking the same account info for the now 2 walmart tradelines. I would not worry about your AA. I have never seen an upgrade from the store to the Visa/Amex/Discover depending on store backed by GE that did not get $1k+ and in most cases I have seen over $3k CLI upon the upgrade from store to the visa/amex/discover. WAY WORTH IT!
09-19-2012 10:27 AM
As far as the original question goes, like others have said, no, it will not be a hard inquiry. I don't know if it's even always a soft inquiry (though I'm pretty sure it is most of the time lol).
As far as account numbers staying the same, nope, I was offered the upgrade around may, and put off taking it for fear of what it might do to my AAoA. I finally decided to take the offer after calling in. I didn't get a CLI, they only guaranteed me it would at least match my current CL. I'm looking at both cards right now and the numbers are completely different. I can still look at both accounts online even though the old store card is closed, I can also still check my TU under that account as I haven't signed up for online statements with the new card yet.
On my new WD it states "Member Since 2009" but only lists payment history of 4 months (longer than it's been active) on my CRs. It did dent my AAoA by a few months or so but I have around 17 accounts, so it wouldn't make much of a dent due to averages. I think I went from 5 years 7 months to 5 years 2 months for AAoA but don't remember off hand.
On my CR it also shows my old card as closed due to product change or something of that order and shows all my old perfect history with the card.
But no, you are not guaranteed a CLI with the upgrade.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.