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Member
Posts: 18
Registered: ‎07-25-2011
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walmart upgrade to discover question

I noticed several people were getting offers to upgrade their Walmart card to the discover card so I checked my offers and was offered the upgrade. I know it said if you choose to upgrade your Walmart card will be closed. For me, Walmart is my oldest credit card, I opened that in 2007. if I decide to upgrade how bad will my aoa be afterwards? I know your not supposed to close your oldest credit card but what should I do? I'm not really sure what my aoa is, but I have 2 other credit cards both being opened in 07 or 08.
Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
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Re: walmart upgrade to discover question


peachazz88 wrote:
I noticed several people were getting offers to upgrade their Walmart card to the discover card so I checked my offers and was offered the upgrade. I know it said if you choose to upgrade your Walmart card will be closed. For me, Walmart is my oldest credit card, I opened that in 2007. if I decide to upgrade how bad will my aoa be afterwards? I know your not supposed to close your oldest credit card but what should I do? I'm not really sure what my aoa is, but I have 2 other credit cards both being opened in 07 or 08.

I'm actually worried they might offer me that upgrade.  I don't mind my Walmart store card, I do shop Walmart and only place I can use it so no prob there. I would hate to lose it's age (or maybe payment history, whatever one loses when closing a card) and gain a new account all in the same moment however.  It's not my oldest, but I have a few cards opened this year already, so for me, I'm thinking if I get that offer, that I'll decline it, only because it would add a new account to the newer account list. And I would really like to have the WM Discover lol. I think it's odd they can allow the balance to carry over but not the history.

Moderator
Posts: 17,306
Registered: ‎07-14-2009
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Re: walmart upgrade to discover question


peachazz88 wrote:
I noticed several people were getting offers to upgrade their Walmart card to the discover card so I checked my offers and was offered the upgrade. I know it said if you choose to upgrade your Walmart card will be closed. For me, Walmart is my oldest credit card, I opened that in 2007. if I decide to upgrade how bad will my aoa be afterwards? I know your not supposed to close your oldest credit card but what should I do? I'm not really sure what my aoa is, but I have 2 other credit cards both being opened in 07 or 08.

Closing the card will not impact either your AAoA or credit length history. It will continuw to report for generally 10 years after closing. Here is a thread talking about the pros and cons of Closing Credit Cards.

 

Now adding a new card might cause some harm to your AAoA but you can run the numbers to see. Calculate what the AAoA is now and what it will be if you get this new card.

 

Your AAoA is the sum of the ages of every account (except CA collections and public records) on your report, whether open or closed, calculated in months, divided by the number of accounts and then divided by 12. I use the division by 12 to make it easier to convert into years. This is measured from the time each account was opened until present.

You’ll need to figure the age of each account, open or closed, on each report. If all three reports are identical (very unlikely), you're in luck; otherwise, you'll need to run this for each report.


 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

.

Frequent Contributor
Posts: 306
Registered: ‎01-10-2011
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Re: walmart upgrade to discover question

[ Edited ]

If you have Excel or even open office you can use the spreadsheet that is in the link below.  It has some nice features, AAofA, Utilization ratios, balances, etc.

 

Edited to remove a link to a prohibited credit repair site- MarineVietVet, myFICO moderator

 

 

Member
Posts: 18
Registered: ‎07-25-2011
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Re: walmart upgrade to discover question

So my student loans would be included in that? Does anyone know how the cli is with the Walmart discover. I only have a 700$ credit limit with my Walmart card now and would really hate to upgrade i got a lower credit limit.
Moderator
Posts: 17,306
Registered: ‎07-14-2009
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Re: walmart upgrade to discover question


peachazz88 wrote:
So my student loans would be included in that? Does anyone know how the cli is with the Walmart discover. I only have a 700$ credit limit with my Walmart card now and would really hate to upgrade i got a lower credit limit.

If you're asking if SL's are included in the AAoA the answer is yes.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Member
Posts: 18
Registered: ‎07-25-2011
0

walmart upgrade to discover question

Here's an update, I decided to upgrade and to my suprise I was approved for a credit limit of 3500. I checked my fico score on Walmart and it was around 750.
Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
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Re: walmart upgrade to discover question

wtg

Frequent Contributor
Posts: 404
Registered: ‎06-11-2008
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Re: walmart upgrade to discover question

does upgrading to the discover will they backdate to the old one? or will I loose that?

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