topic Re: Apply for Walmart Card? in Credit Cards

Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:07:19 GMT

My Average age of accounts just hit 6 months today. One Secured card at 7+ Months, the other at 5 months. In Terms of Fico, Tommorrow will be 8 months and 6 months for a average of 7.

Fico EQ is in the 720 range. EX 718, and Credit Karma has my TU at 710. No Baddies and no hard inquiries.

I shop at Walmart every week for at least $100+, and figure I would now apply for the Walmart Discover to get some discounts on gas etc...Does anybody know the minimum income requirement?

Is my short credit history going to get me at least the Walmart store card? Thanks All

Re: Apply for Walmart Card?

ExplicitElicit — Sat, 31 May 2014 15:22:45 GMT

Few pieces of info for you,

1. Your scores and AAoA will defiantly qualify you for the Walmart card. I was approved in the 600's and about half your AAoA.

2. I would hold off on wanting the "discover" card, later this summer they're going to be switching over to the MasterCard and everyone is hoping they will have a similar rewards system as the Sams Club MC!

3. i don't know of any income requirements, just as long as you have income and decent credit history should be okay though your income amount could determine your cl.

4. How many inq do you have?

Re: Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:32:57 GMT

Luckily, no inquires , Thanks. I did hear they were switching to Mastercard, but also read that existing Discover accounts would be auto switched to the new cards without a hard pull or new Age of accounts. This info is from Walmart themselves, per the Credit Karma boards. At least I hope that is right.

Re: Apply for Walmart Card?

Shogun — Sat, 31 May 2014 15:37:11 GMT

You don't app for Walmart store or the Discover. You place one app, they check to see if you qualify for the Discover version, if not, then they check for the store card. You should be good to go if you so choose.

Re: Apply for Walmart Card?

ExplicitElicit — Sat, 31 May 2014 15:38:13 GMT

I would not trust the CK boards honestly, now if you find it on here then I would believe it. If you choose to apply you should be automatically approved, good luck!

Re: Apply for Walmart Card?

mongstradamus — Sat, 31 May 2014 15:39:06 GMT

@Jerry45 wrote:
Luckily, no inquires , Thanks. I did hear they were switching to Mastercard, but also read that existing Discover accounts would be auto switched to the new cards without a hard pull or new Age of accounts. This info is from Walmart themselves, per the Credit Karma boards. At least I hope that is right.

when they transfer over it will be an whole new TL ,if that doesn't matter to you then you can try and apply and see if you get discover. If you don't you will just get store card.

Re: Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:42:41 GMT

Excellent point LOL. Might be a good idea for me to research the topic on My fico forums

Re: Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:44:41 GMT

Thanks Shogun. How does a lender like GE look at credit? Do they look at TU fico scores, or just straight credit score?

Re: Apply for Walmart Card?

mongstradamus — Sat, 31 May 2014 15:46:28 GMT

@Jerry45 wrote:
Thanks Shogun. How does a lender like GE look at credit? Do they look at TU fico scores, or just straight credit score?

most if not all cc apps are thru fico scores. Some like chase and amex use internal scoring based off fico scores.

Re: Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:48:19 GMT

Interesting. So say it is switched over to Mastercard in 3 months. It then becomes a new TL with 0 months Age of accounts? What happens with the Discover TL on your credit report?

Re: Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:49:20 GMT

Good to know, thanks

Re: Apply for Walmart Card?

mongstradamus — Sat, 31 May 2014 15:49:24 GMT

@Jerry45 wrote:
Interesting. So say it is switched over to Mastercard in 3 months. It then becomes a new TL with 0 months Age of accounts? What happens with the Discover TL on your credit report?

It will stay on your account for up to 10 years i believe its just the effect of brand new account on your credit report .

Re: Apply for Walmart Card?

Shogun — Sat, 31 May 2014 15:50:58 GMT

@mongstradamus wrote:
@Jerry45 wrote:
Interesting. So say it is switched over to Mastercard in 3 months. It then becomes a new TL with 0 months Age of accounts? What happens with the Discover TL on your credit report?
It will stay on your account for up to 10 years i believe its just the effect of brand new account on your credit report .

it would hit your AAoA but that's about it.

Re: Apply for Walmart Card?

Jerry45 — Sat, 31 May 2014 15:53:41 GMT

Ok that makes sense, but when I hit the 12 month mark in credit history, will the switch over hurt my Fico scores? I appreciate the help from all here by the way. These boards are Gold

Re: Apply for Walmart Card?

mongstradamus — Sat, 31 May 2014 15:59:01 GMT

@Jerry45 wrote:
Ok that makes sense, but when I hit the 12 month mark in credit history, will the switch over hurt my Fico scores? I appreciate the help from all here by the way. These boards are Gold

I would just wait till the MC transfer is done, at bare minumum it will be same as WM discover card. It should be done around fall time frame from what i have read.

Re: Apply for Walmart Card?

Creditaddict — Sat, 31 May 2014 16:05:43 GMT

Bonus if you get the Walmart card is you can start to track your TU Fico every month for free through them.

Re: Apply for Walmart Card?

TRC_WA — Sat, 31 May 2014 17:00:44 GMT

@Shogun wrote:
@mongstradamus wrote:
@Jerry45 wrote:
Interesting. So say it is switched over to Mastercard in 3 months. It then becomes a new TL with 0 months Age of accounts? What happens with the Discover TL on your credit report?
It will stay on your account for up to 10 years i believe its just the effect of brand new account on your credit report .
+1
it would hit your AAoA but that's about it.

Yep... I opened my CapOne BBY last year... Then a month later it switched to Citi and a new TL...

Very annoying to see that 1 month old closed account on my CR.

Re: Apply for Walmart Card?

chalupaman — Sat, 31 May 2014 17:11:40 GMT

I think you're in great shape for the store card. I got mine with little over 6-7 months of credit history myself.

Re: Apply for Walmart Card?

bk510 — Sun, 01 Jun 2014 00:24:12 GMT

@ExplicitElicit wrote:
Few pieces of info for you,

1. Your scores and AAoA will defiantly qualify you for the Walmart card. I was approved in the 600's and about half your AAoA.

2. I would hold off on wanting the "discover" card, later this summer they're going to be switching over to the MasterCard and everyone is hoping they will have a similar rewards system as the Sams Club MC!

3. i don't know of any income requirements, just as long as you have income and decent credit history should be okay though your income amount could determine your cl.

4. How many inq do you have?

Will walmart store card get a MC logo this summer or fall?

My understanding is all co branded cards will have MC logo on it (this includes walmart store card, isnt it?)

Re: Apply for Walmart Card?

Jerry45 — Sun, 01 Jun 2014 11:04:45 GMT

Thanks for the info on your own experience with Walmart. I shop their a lot, so the store card would be just fine for me.