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Valued Member
jenne223
Posts: 41
Registered: ‎10-17-2012
0

Walmart Card by Mistake?

Hi all,

 

I recently was approved for a Walmart card in 11/12. I have a net income of 75,000, but rebuilding credit.  I have been rejected for a few GE cards that I had applied for before the Walmart card, so I never felt the love that everyone on these forums speak of in their GE posts.  So on approval I get a credit limit of $150!  I was surprised at the low limit, and then I was rejected for an increase.  I called again when I received the card for CLI, but rejected again.  I pay after using and paying in full mostly at time of purchase or a few days later.  So I decided to try again with the CLI.  Rejected again yesterday!  I think maybe GE made a mistake in actually approving me for the card in the first place, because I have been refused an increase so many times and with such a low limit.  I don't know what I should do with this card.  Should I close it or just keep it? I don't know what to do.

Established Contributor
SamsungHDTV
Posts: 566
Registered: ‎10-25-2011
0

Re: Walmart Card by Mistake?

I would keep it if I were you. If you are rebuilding credit, I think any credit is helpful in the rebuilding process. More importantly, you get a free fico score which is very nice to have.

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Contributor
ktl72455
Posts: 835
Registered: ‎12-09-2012
0

Re: Walmart Card by Mistake?

keep it. every month that passes in good standing is making your score improve even you cant see it daily.  Normally they wont consider a CLI increase until at least 6-7 months of use and some cards are 1 yr.

 

What other cards to you have if any?

 

How long have you had the walmart card?

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
6/8/14 TU08 666 | EQ08 656 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1000~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 5K
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Forclosure (fall off 1/16)
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Walmart Card by Mistake?

4 months.   You need to wait 4 months until you are ready for a CLI from them.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Member
jenne223
Posts: 41
Registered: ‎10-17-2012
0

Re: Walmart Card by Mistake?

ok thanks all.  I will be more patient and just wait it out.

 

Contributor
soILseminole
Posts: 80
Registered: ‎01-17-2013
0

Re: Walmart Card by Mistake?

yes, just be patient with them. you got your foot in the door with the card, better than nothing at all. the card will grow with you :smileyhappy:

Current: |MyFico TU-766| |MyFico EQ-737| |Amex EX-736| (May '13)
Regular Contributor
Give_Me_Credit_Please
Posts: 242
Registered: ‎12-11-2012
0

Re: Walmart Card by Mistake?

I would definitely keep it, it's not gonna hurt you only help you. I got my Walmart card about 1 month ago and couldn't believe I was approved for $200!! From what I've been reading here, usually when they give you a cli, it's pretty generous. Just keep doing what your doing and be patient. Good Luck!!


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