Long time lurker, first time post. Applied online for a walmart credit card on 10/09 and received instant approval with a 300.00 limit with a temp shopping card and 25.00 credit for making first purchase. Called the next day after approval and used the phone automated system and asked for a credit line increase. Was caught off guard when it ask me for how much I wanted increase so said 900.00 in less than 10 seconds was granted 1000.00 more which is more than I asked. Received the card yesterday 10/19. Called the automated system activated the card then system asked if I needed assistance with anything else I said credit limit increase. Again, asked how much I wanted, asked me for my income another 10 seconds and was granted another increase to 2500.00.
A little bit of background. I have not had any active credit lines since 2012. Experian has a paid in full mortgage opened 1/1995 that was paid and closed 8/2011(paid off 4 years early) no negatives. Also have two paid installment loans opened 2/2006 paid in full and closed 8/2009 no negatives and one car loan that was opened 2006 and paid and closed in 2012 that had 2 30 day lates in 2011. Equifax and transunion only had the paid auto loan.
Being a customer of Bank of America since 1992 decided to apply for a credit card with them. Applied online for the rewards card but did not qualify for it as I did not have any active credit lines but they did counter offer me a Platinium Plus Mastercard, no security deposit but a 39.00 annual fee. I accepted (figured better than nothing) and was giving a 500.00 credit line, 7/2017.
on 9/30 applied online with chase after using their prequalify page. Offered me a slate, freedom and freedom unlimited. I went with the unlimited instant approval and they gave me a starting CL of 2000.00
10/09 Walmart online app, instant approval SL 300.00, now 2500.00
Current scores , Fico 8 provided by BOA and Walmart, trans 740, Experian directly from Experian Fico 8, 726 and Experian score from Discover scoreboard 711. Not sure how my scores are that high but that is what it shows. My vantage scores are way lower but I guess that is because it does not include my closed accounts in AAOA. Also of note Chase is not reporting as of yet.
Think I should hold what I have for several months and work on increasing my BOA and Chase limits. Thoughts, suggestions?
Persistance with synchrony cards can surprise us sometimes.
You done well to at least press on in a chance they would open up some extra space for your purchases and it worked!
Treat their cards good, add history and PIF and after a time they will walk your limit up more.
Just be sure to also however you can, raise your FICO 8 TU score. Look for ways to inch it up.
They watch TU like a hawk and they respond with decent growth from increases the higher that score climbs.
Congratulations and enjoy shopping Walmart with your new card and limit!
Look at it this way too since you are starting out with them.
For example i got my first Walmart Card and proceeded to apply as was approved for Amazon Store card with a lesser limit then my 1K Walmart (800).
For months chances for increases were not coming through. Out of the blue they raised my Amazon Store Card like competing with the Walmart Store card limit.
It took almost a year but they began to soften up and when i seen they did i applied for one of their bankcards, it was Ebates and the start limit was better than Walmart + Amazon combined.
Point is use the card you have regularly, PIF, repeat the process every month maybeor every couple of months.
In between time work however you can to raise your TU FICO score and then go straight for one of their main cards like Ebates or Sams Club MC. The moment they approve you for one of those, even your first cards increases begin to move up for you.
It's a process with synchrony and one you just have to get through the first year of building a history while raising the TU.
At somepoint after they warm up to you a lot! Just make your increase requests through CHAT because they are really good at helping grow your synchrony card lines and NOT the luv button.
Hope that helps a little and something to look forward to.
That's awesome. Hope you can learn the new software at the UScan lanes because there won't be anybody there to check you out.
Impressive...most Impressive. Your Fico scores must be pretty good? For well over a year i want to say even more like 18+months before i had and increase with them. It took me more than 2 years to get near $2500 limit. Gahhhh lol
Call back and ask for $10k. if they don't counter you, you likely have more room to increase!
Thank you everyone. I have lived since 2012 on cash only after paying off my debts but recently decided it was a good idea to maybe get some current credit lines just in case. What I mean by just in case, you never know what life will throw at you and if the time comes I do need to make a major purchase or need access to credit figured it would be easier if I had some current open lines than relying on past credit history. Besides since I shop a lot at Walmart figured why not get a little rewards along the way, lol. Same with Chase and BOA.
AGAIN THANK YOU FOR YOUR KIND WORDS AND SUPPORT.
Also forgot to include but in case it helps others,
Walmart was a trans Union pull and then soft for increase. Bank of America was Experian and Chase pulled both Trans Union and Experian. I am in GA.
That's a really fine workable group of approvals.
I would make the most of usage with BofA + Chase as often as possible then PIF, rinse n repeat. Doesn't have to be biggie buys just work the cards but keep a plan to zero them before statement date as things move along.
We are nearly in Winter now and so i would wager a pretty good bet that by years end into the new year the history will show as mounting up and continuing and THEY LIKE THAT, which should help step up your chances when you return to them for increases, That is BofA which is HP but Synchrony will be SP.
Chase is a different animal and they are not as into CLI's as those other two will be, so you might not want to waste an inquiry for a CLI with them next year but rather a New Card where you can easily move limits over to build up the limit on the Chase Card you wish to see higher.
Hope some of that helps and good job on making those your choice for now.