Walmart Card Capital One Denial

[CreditUp26]

Wanted the new Walmart card from Capital One. Definitely harder to get than Synchrony, which is interesting because I read somewhere Walmart left Synchrony because it wanted more approvals. Applied and was denied instantly for both the Mastercard and store-only version. As is normal, Capital One pulled all three reports. Reason was number of inquires/new accounts. No recon is available through Capital One - even tried to conver my other card to it and couldn't. Would love to convert the card I don't use to Walmart but rep said it is very unlikely since it is co-branded. 

Data points: FICO ~ 730, $14K balances, $165K available, approx 30 inq total 3 reports and 4 new cards in last 12 months

[Anonymous]

Sorry about your denial....I am interested in the reason they will give you. Keep us posted when you get the letter. 

[kdm31091]

Capital One has really tightened up on approvals within the past year or two and it seems the Walmart card is no exception. And yes, there's no recon available with them.

[Anonymous]

In their defense, 30 Inq is quite a bit. While I'm sure their deal with Walmart hinged on approving more people than SYNCH, they still have to be fiscally responsible. It seems that more and more lenders are starting to tighten up UW lately.

[texasbred71]

I just got this card. My scores are 597 Equifax 636 Transunion and 644 Experian. 6 new accounts and pretty high inquiries. I dont see how you didnt get it. 

[DaveInAZ]

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@texasbred71 wrote:

I just got this card. My scores are 597 Equifax 636 Transunion and 644 Experian. 6 new accounts and pretty high inquiries. I dont see how you didnt get it. 

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That was my reaction, sorry @CreditUp26 Solid Fico score, crazy high inquiries and 4 new accounts could be worrisome for some, but 8% utilization indicates you're not abusing new credit. That many inquiries & new accounts may indicate you churn SUBS, but there is no SUB for Walmart. 

[Anonymous]

I think the CCCs see the writing on the wall and are preparing for a paradigm shift in the credit market. Consumer spending is eclipsing wage growth by a rediculous margin and credit debt is at an all time high. Clutch your pearls ladies, salad days are coming once again.

[CreditUp26]

This was my thing is that there is no massive signup bonus for the Walmart card. I think you get 5% back in store the first year instead of 2%, that’s not a real bonus. So there’s no churn concern here. You would only apply for this card if you shop at Walmart. I could see also applying if you are desperate for credit but with $168K available I’m clearly not and 700+ FICO is low risk. They could have also just let me convert. It’s Ok though, Discover is 5% through the end of the year on Walmart.com so I’ll use that. Cap one has definitely tightened up lending but I read it’s because they see a recession coming soon. Going to garden a bit - just got Macy’s back so hopefully no AA On my other cards from the inq or ones I’ve opened and will try again in 6 months.

[Anonymous]

Yep I got denied last night as well!

[newgirlintown]

Wow! What are your Fico scores if you don't mind me asking? I would really like to have this card. I go to Walmart almost every day but I'm afraid to apply.