Walmart Prequalification Disappointment

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Yeah, I don't understand it. My oldest baddies are 2+ years old. Plus, I already have an Amazon Prime card...

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I was approved for Amazon Prime card and an hour later denied Walmart store card.  Pulled TU for both.

What is your AAoA?

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My AAoA is just over 3 years. I have 3 cards that are 9-14 years old, but most of the rest of my accounts are under 3, with some only months old. 

[Anonymous]

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@Anonymous wrote:
That's crazy I got my Walmart card a year-and-a-half before my Amazon card and I burned 3 inquiries trying to get that thing

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I actually really want the Walmart card, but I'm not going to try again any time soon (or ever, maybe); even if they send another mailer. That left a bad taste in my mouth. I'll probably stop using my Amazon card, too, as soon as I get something with comparable rewards.

[Anonymous]

Very fortuitous that this thread should come up...I see from today's USPS Informed Delivery notification that I'm getting one of those pre-qualification mailers for the Walmart store card too. I'm expecting my new TU to be available in a few days; as of last month it'd gone up to 640, and while I have several baddies (Chapter 7 BK with associated CC/mortgage accounts being included and closed, lates on my student loan) those are all at least 2 1/2 years in the past now. Plus which, I was approved for $4K on the Overstock store card a couple of weeks ago on a SP from pre-approval; I don't know if that account has reported to the CRA's yet but I hope it does for this cycle. I'm going to check to see when that offer expires, and give it a few days until the new TU score becomes available and see if that goes up any. That'll give me a few days to think over whether I should expend a HP on it; I would like to have this card but I don't want to overdo inquiries or overdose on store cards before I go Visa-hunting in the fall.

[Anonymous]

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@Anonymous wrote:

Very fortuitous that this thread should come up...I see from today's USPS Informed Delivery notification that I'm getting one of those pre-qualification mailers for the Walmart store card too. I'm expecting my new TU to be available in a few days; as of last month it'd gone up to 640, and while I have several baddies (Chapter 7 BK with associated CC/mortgage accounts being included and closed, lates on my student loan) those are all at least 2 1/2 years in the past now. Plus which, I was approved for $4K on the Overstock store card a couple of weeks ago on a SP from pre-approval; I don't know if that account has reported to the CRA's yet but I hope it does for this cycle. I'm going to check to see when that offer expires, and give it a few days until the new TU score becomes available and see if that goes up any. That'll give me a few days to think over whether I should expend a HP on it; I would like to have this card but I don't want to overdo inquiries or overdose on store cards before I go Visa-hunting in the fall.

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From what I can see, your stats and situation are very similar to mine; score a few points higher on yours, no BK on mine. I wish I hadn't wasted my time and HP, but you may very well get approved. Tough call.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Very fortuitous that this thread should come up...I see from today's USPS Informed Delivery notification that I'm getting one of those pre-qualification mailers for the Walmart store card too. I'm expecting my new TU to be available in a few days; as of last month it'd gone up to 640, and while I have several baddies (Chapter 7 BK with associated CC/mortgage accounts being included and closed, lates on my student loan) those are all at least 2 1/2 years in the past now. Plus which, I was approved for $4K on the Overstock store card a couple of weeks ago on a SP from pre-approval; I don't know if that account has reported to the CRA's yet but I hope it does for this cycle. I'm going to check to see when that offer expires, and give it a few days until the new TU score becomes available and see if that goes up any. That'll give me a few days to think over whether I should expend a HP on it; I would like to have this card but I don't want to overdo inquiries or overdose on store cards before I go Visa-hunting in the fall.

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From what I can see, your stats and situation are very similar to mine; score a few points higher on yours, no BK on mine. I wish I hadn't wasted my time and HP, but you may very well get approved. Tough call.

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The thing is that Synchrony (which issues the Walmart store card) approved me instantly for the Amazon store card at Thanksgiving last year when I took a roll-the-dice chance on it (though they've turned down two CLI attempts so far ), when my TU score was a good deal lower - I wasn't following FICO scores closely at that point but I suspect it was barely over 600 back in 11/16. Comenity approved me for Overstock on a SP, which had to have included the BK basic information, last month, so yeah, it's a roll-the-dice thing again. It would be amazingly paradoxical, though, if Synchrony approved me with a good four-figure SL on Walmart just a couple of weeks after declining a CLI on Amazon...!

[Anonymous]

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@Anonymous wrote:

 Plus which, I was approved for $4K on the Overstock store card a couple of weeks ago on a SP from pre-approval; I don't know if that account has reported to the CRA's yet but I hope it does for this cycle. 

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Be aware that Overstock regularly overcharges for things they sell on their site which allows them to take bigger risks on borrowers than Walmart which tries to be ultracompetitive on pricing.

This is why some store cards can give gigantic credit limits while others can't.  Victoria's Secret makes anywhere from 70-80% profits on each item sold so they can give someone $10,000 while Target may only make 2-3% on many items so they can only give the same person $200.

The same is true with Overstock -- if you don't know how to find their real steals (comparing prices to everyone else), you will likely be paying a premium to buy from them with any credit card.  Also true of Fingerhut and similar rebuilder sites (HSN, QVC, etc).

The Overstock $4k store card is really good though because that limit will help prybar larger limits later, elsewhere.  And if you are a wise Overstock shopper, you can find amazing deals.  I was watching the same patio umbrella for almost 2 years on every freaking website possible and finally Overstock had it for 30% cheaper than anyone else, AND an additional 15% off a portion of that amount.  I ended up paying almost 40% less than the next cheaper vendor, but for 2 years or so, Overstock was probably 30% more expensive than everyone else!

Walmart should likely approve you if you never burned them before and your TU is decent (over 640 seems like a shoe-in, between 590-639 is YMMV).  Don't expect a $4k limit from Walmart.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Very fortuitous that this thread should come up...I see from today's USPS Informed Delivery notification that I'm getting one of those pre-qualification mailers for the Walmart store card too. I'm expecting my new TU to be available in a few days; as of last month it'd gone up to 640, and while I have several baddies (Chapter 7 BK with associated CC/mortgage accounts being included and closed, lates on my student loan) those are all at least 2 1/2 years in the past now. Plus which, I was approved for $4K on the Overstock store card a couple of weeks ago on a SP from pre-approval; I don't know if that account has reported to the CRA's yet but I hope it does for this cycle. I'm going to check to see when that offer expires, and give it a few days until the new TU score becomes available and see if that goes up any. That'll give me a few days to think over whether I should expend a HP on it; I would like to have this card but I don't want to overdo inquiries or overdose on store cards before I go Visa-hunting in the fall.

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From what I can see, your stats and situation are very similar to mine; score a few points higher on yours, no BK on mine. I wish I hadn't wasted my time and HP, but you may very well get approved. Tough call.

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The thing is that Synchrony (which issues the Walmart store card) approved me instantly for the Amazon store card at Thanksgiving last year when I took a roll-the-dice chance on it (though they've turned down two CLI attempts so far ), when my TU score was a good deal lower - I wasn't following FICO scores closely at that point but I suspect it was barely over 600 back in 11/16. Comenity approved me for Overstock on a SP, which had to have included the BK basic information, last month, so yeah, it's a roll-the-dice thing again. It would be amazingly paradoxical, though, if Synchrony approved me with a good four-figure SL on Walmart just a couple of weeks after declining a CLI on Amazon...!

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Yeah, I'm pretty sure that some of these banks (particularly Synchrony) could greatly benefit from an appointment with a psychiatrist...

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

 Plus which, I was approved for $4K on the Overstock store card a couple of weeks ago on a SP from pre-approval; I don't know if that account has reported to the CRA's yet but I hope it does for this cycle. 

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Be aware that Overstock regularly overcharges for things they sell on their site which allows them to take bigger risks on borrowers than Walmart which tries to be ultracompetitive on pricing.

This is why some store cards can give gigantic credit limits while others can't.  Victoria's Secret makes anywhere from 70-80% profits on each item sold so they can give someone $10,000 while Target may only make 2-3% on many items so they can only give the same person $200.

The same is true with Overstock -- if you don't know how to find their real steals (comparing prices to everyone else), you will likely be paying a premium to buy from them with any credit card.  Also true of Fingerhut and similar rebuilder sites (HSN, QVC, etc).

The Overstock $4k store card is really good though because that limit will help prybar larger limits later, elsewhere.  And if you are a wise Overstock shopper, you can find amazing deals.  I was watching the same patio umbrella for almost 2 years on every freaking website possible and finally Overstock had it for 30% cheaper than anyone else, AND an additional 15% off a portion of that amount.  I ended up paying almost 40% less than the next cheaper vendor, but for 2 years or so, Overstock was probably 30% more expensive than everyone else!

Walmart should likely approve you if you never burned them before and your TU is decent (over 640 seems like a shoe-in, between 590-639 is YMMV).  Don't expect a $4k limit from Walmart.

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Makes sense to me! I've never had a charge/CC account with Walmart to date, and like I said I'm planning to wait a few days to see what my updated TU looks like. Being Synchrony, I wouldn't be too surprised to get a similar SL as Amazon, but we'll see.  As for Overstock, I've made a couple of purchases from them so far but those are all things I've been looking for good prices for for quite a while, and I bought them at comparable/lower prices to Amazon, so I'm going to keep that in mind. The real value of that card will be, as you said, to open the doors to other cards with bigger lines later on.

[Anonymous]

Overstock can be literally amazing on some prices, though.  I usually stock up on their trash bags when they go on a real sale AND there's a coupon code to combine.  Instead of paying $8.99 at Amazon with "free shipping" or $7.99 at Target on sale, I sometimes snag them at Overstock for under $6 with free shipping.  I tried for the OS SCT but they declined me for verification reasons (probably true, my EX address changed to an ancient one randomly when I did the SCT and they reconned with an HP and declined me for lack of verification, lol).

Overstock is just tricky because they're like Amazon or eBay: they let hundreds of people sell on there who are NOT Overstock and some of the prices are really insane, but folks know a lot of rebuilders go there for easier credit so they can shark folks out of 30-40% extra.  Buy on Amazon, resell new on Overstock, mark it up 40%, give Overstock their 10% commission and repeat.

I'm eyeballing a few things that price dropped there recently and keeping them in my cart in hopes of getting one of those "hey buy this right now and here's 20% off if you do" emails.

[Anonymous]

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@Anonymous wrote:

Overstock can be literally amazing on some prices, though.  I usually stock up on their trash bags when they go on a real sale AND there's a coupon code to combine.  Instead of paying $8.99 at Amazon with "free shipping" or $7.99 at Target on sale, I sometimes snag them at Overstock for under $6 with free shipping.  I tried for the OS SCT but they declined me for verification reasons (probably true, my EX address changed to an ancient one randomly when I did the SCT and they reconned with an HP and declined me for lack of verification, lol).

Overstock is just tricky because they're like Amazon or eBay: they let hundreds of people sell on there who are NOT Overstock and some of the prices are really insane, but folks know a lot of rebuilders go there for easier credit so they can shark folks out of 30-40% extra.  Buy on Amazon, resell new on Overstock, mark it up 40%, give Overstock their 10% commission and repeat.

I'm eyeballing a few things that price dropped there recently and keeping them in my cart in hopes of getting one of those "hey buy this right now and here's 20% off if you do" emails.

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So, if you keep items in your cart, they will sometimes send a coupon for some of the items?