Re: Walmart store credit card: research
08-23-2012 04:59 AM
I was approved for 500 in Dec 2010 with a judgement from 2006 and another Jan 2010. At the time I also had very few inquiroes and no collections. I was just starting my rebuild.
GECRB issued cards from Walmart, Amazon, JCPenney, etc seem to be easy to get.
Two things you need to pay close attention to with GECRB if you get any of their cards and your scores are low: new negatives on your CR and high utilization.
GECRB is very good about CLI's and your cards will grow quickly if no new negatives appear on your credit report and your utilization is low. About 6 months after getting several GECRB cards, three collections showed up on my report .......5 years after they should have appeared. They will drop off at the 7 year mark in Jan 2013. My utilization has also been very high. All the luv that GE shows every four months - either automatically or requested by me - gone. I've had no credit limit increases since those negatives, and it's been about a year.
My utilization is down, my FICO score is up and yesterday, they approved me for Lowe's card with a 300.00 limit.
Starting Score: 534 11/09
Current Score: FICO 652 05/11
Goal Score: 700+
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