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Walmart Credit Card Users: FREE Fico Scores are available!

Valued Member

Re: Walmart Credit Card Users: FREE Fico Scores are available!

Key Factors Affecting your FICO® Score
You've made heavy use of your available revolving credit.The remaining balance on your installment loans is too high.
Your FICO ® Score evaluates your total revolving credit balances in relation to your total credit limits on those accounts. In your case, this ratio of balances to credit limits is too high.Your FICO ® Score weighs the balances of your installment loans (such as auto or student loans) against the original loan amounts. In general, when you first obtain an installment loan your balance is high, and as you pay this loan down, the balance decreases.
Keep this in mind: This credit usage ratio is one of the most important factors to your FICO ® Score, so you should work on paying down your balances. Your FICO ® Score looks at your total ratio of revolving debt, and also your ratio of revolving debt on your individual credit accounts. Therefore, consolidating or moving your debt from one account to another will usually not help your FICO ® Score since the same total amount is owed.Keep this in mind: This factor will have less of a negative impact on your FICO ® Score as you pay down your installment loans and the total balance decreases.

 

 

Looks like it puts more emphasis on utilization, and also looks at the remaining balance on installment loans.

Message 61 of 204
Frequent Contributor

Re: Walmart Credit Card Users: FREE Fico Scores are available!

They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but this time they left marks on both EQ and TU.

Message 62 of 204
Member

Re: Walmart Credit Card Users: FREE Fico Scores are available!

sweet, glad I checked on this.  I applied for an off road motorcycle loan but was denied because my credit file is too thin.  I applied for 3 cc's today and was declined, but I was approved for the walmart card.  So I added another trade line to my credit file thanks to this thread.  

 

I have a question, I just opened my account today, do I need to make a $100 purchase today to qualify to see my TU score, or is that to qualify for the $20 cash back rebate thing?  Also, right now I just have a temporary number and I can't even see it, all I see is xxxx-xxxxx-xxxx-5419, do I need to wait till I get my card and letter from them to have my account number so I can register online and see my score?

 

Once again, thanks for this site, its holding my hand while I build my credit.

Message 63 of 204
Contributor

Re: Walmart Credit Card Users: FREE Fico Scores are available!

to qualify for the 20 bucks off. I think it was to be on the same or first purchase too.

Message 64 of 204
Established Contributor

Re: Walmart Credit Card Users: FREE Fico Scores are available!


MagicShot wrote:

to qualify for the 20 bucks off. I think it was to be on the same or first purchase too.


The purchase needs to be made today online, otherwise you won't get it.

FICO: EX: 763 (12/16); TU: 786 (12/16); EQ 731 (12/16)
Amex Blue Cash Preferred | Amex SimplyCash Plus | Chase Amazon Prime VS | Chase Freedom VS | Discover IT | Penfed Power Cash Rewards VS | Sams Club MC | USAA Limitless Rewards PV
Message 65 of 204
Moderator Emerita

Re: Walmart Credit Card Users: FREE Fico Scores are available!


dookdig wrote:
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but they left marks on both EQ and TU.

Are those 7 accounts fairly newish?

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Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Message 66 of 204
Frequent Contributor

Re: Walmart Credit Card Users: FREE Fico Scores are available!


LilMirth wrote:

dookdig wrote:
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but this time they left marks on both EQ and TU.

Are those 7 accounts fairly newish?



Yes, It's fairly new with most of them under 6 months old. They should give more accurate reasons like " insufficient history on revolving accounts" rather than not enough number of revolving accounts.

Message 67 of 204
Moderator Emerita

Re: Walmart Credit Card Users: FREE Fico Scores are available!


dookdig wrote:

LilMirth wrote:

dookdig wrote:
They declined me for having short credit history and not enough revolving accounts. first reason is sound but second reason is lame. I have 7 open revolving accounts which is considered too many in TU scoring. How would 7 accounts be considered insufficient? Last time they pull only EQ but this time they left marks on both EQ and TU.

Are those 7 accounts fairly newish?



Yes, It's fairly new with most of them under 6 months old. They should give more accurate reasons like " insufficient history on revolving accounts" rather than not enough number of revolving accounts.


I'm guessing that is GEMBs way of saying "insufficient history" on your current accounts. Still, I have to agree with you-- It would be lovely if lenders could be more precise, and less vague. I guess that's too much to hope for, though, huh?

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Message 68 of 204
Regular Contributor

Re: Walmart Credit Card Users: FREE Fico Scores are available!

Should I wait for my acocunts to age a year before I apply for Walmart or Target? Most of my accounts are 6 months old or less.


Starting Scores(Jan/2011): EQ 564 TU 538 EXP 576
Current Score: EQ 692 TU 728 EXP 710 (Quizzle FAKO)Goal Score: 720


Wallet: Grow Visa 500, Capital One MC 2000, Capital One MC 1250, Paypal MC 3000, Jared 10500, Kay 2000, Walmart 2050, TJX Rewards 1200
Message 69 of 204
Established Member

Re: Walmart Credit Card Users: FREE Fico Scores are available!

Pulled the trigger on the walmart card... Approved for $500 CL.... Worth it to get free TU FICO scores!   I'll use it once in a while if I ever go to walmart, but hey it's a new trade line so it can't be that bad!

FICO EQ: 727, FICO TR:685, FAKO EX: ???

Whats in My Wallet: AMEX Gold | Chase Freedom | Capital One Platinum | Best Buy CC | Walmart CC
Message 70 of 204