topic Re: Help with GEMB Walmart card issue? in Credit Cards

Help with GEMB Walmart card issue?

jon_d — Thu, 07 Apr 2011 00:07:10 GMT

I got a Walmart store card last month,love it and its a card we actually wanted(not the Discover). The problem is the payment I sent is being reported as "monthly payment" $25 on all 3 credit reports as if it was an installment loan and it was included in debt ratio. I always run a short payment when getting a new card to check out the payment system and then payoff the balance. Am I missing something here? None of my other cards are listed like this. I'm confused,any help would greatly appreciated.

Re: Help with GEMB Walmart card issue?

llecs — Thu, 07 Apr 2011 00:21:54 GMT

@jon_d wrote:
I got a Walmart store card last month,love it and its a card we actually wanted(not the Discover). The problem is the payment I sent is being reported as "monthly payment" $25 on all 3 credit reports as if it was an installment loan and it was included in debt ratio. I always run a short payment when getting a new card to check out the payment system and then payoff the balance. Am I missing something here? None of my other cards are listed like this. I'm confused,any help would greatly appreciated.

My DW also has the store card. Be sure to ask for a CLI every 3-4 payments or so.

Based on what you posted, it is reporting OK. Every report format is different, but GEMB/WalMart (and almost every card) reports a minimum amount due. CCT (if you use it) reports that in a field called "Monthly Payment" and FICO reports it as "scheduled monthly payment" or something like that. And this card is a revolving card so it should be factored in your util anyway. If you pull your FICO report, you should see it as a store charge card or revolving account. No if I misunderstood and it is reporting a balance when you know you PIF, then that could be due to the timing. This card will report the balance you had on the statement date. If it is reporting $25, then check to see if your min. payment on your statement is $25.

Re: Help with GEMB Walmart card issue?

jon_d — Thu, 07 Apr 2011 00:38:12 GMT

Thanks so much llecs! Sheeeeeeeeew! I'm wipe'n the sweat off my brow now lol. I was in panic mode thinking if I payed the balance off after seeing the monthly payment thing it would show $200 as a monthly payment.. So if I understand right it will only show the minimum payment due in the"monthly payment"line? And this is typical reporting from GEMB Walmart and some banks?

Re: Help with GEMB Walmart card issue?

Anonymous — Sun, 10 Apr 2011 23:56:55 GMT

The min payment is whats on my DH and sons. By the way, my son just got his card about 4 months ago. Started at 300 and this week he got an auto up to 700. I think it is because he used it alot and took about 3 mo to pay off. They like you to use it alot.

Re: Help with GEMB Walmart card issue?

Smug — Mon, 11 Apr 2011 01:08:37 GMT

My 4month old card. Went from 300 to 800 this month.

Re: Help with GEMB Walmart card issue?

jon_d — Mon, 11 Apr 2011 01:38:34 GMT

We have a super Walmart close to us.It's getting to the point we do about at least 40% of our shopping there,no kidding. We shop then eat at the inside restaurant,then shop more lol. I'm not a cheapo lol ,but they have a lot of good deals. I'd welcome a CLI right now.

Re: Help with GEMB Walmart card issue?

Anonymous — Mon, 11 Apr 2011 01:54:01 GMT

What kind of scores are ideal to get a walmart card?

Re: Help with GEMB Walmart card issue?

nyqutie — Mon, 11 Apr 2011 04:22:50 GMT

I'm not sure the ideal scores to get a card, but what I heard its pretty easy to get with middle of the road scores.

I just got my Walmart Card and they pulled my TU report and my credit score was 657 they also gave me a credit line of $1400.00.

I thought for sure they would pull EQ since my score was 100 points more literally, but checked reports hard pull on TU.