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Help! Walmart Card Regret Just approved can I cancel?!

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New Contributor

Help! Walmart Card Regret Just approved can I cancel?!

Does anyone know what happens when/ if you cancel a card you were approved for?  I havent received it yet.  Nothing against Walmart, i just thought the FICO score would be neat.  However, I JUST noticed I get my FICO score with my other cards.  So now, I really don't see the benefit of having this card.  Also, how bad will this new account affect my score?  I guess I'm trying to weigh the pros and cons and need help from some smart people. 

 

Thank you in advance

22 REPLIES 22
Valued Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!

Might as well keep it... you already took the hit for it

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 2 of 23
Regular Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!


@fltireguy wrote:

Might as well keep it... you already took the hit for it


I agree.

Did you get the Visa or Store Card?

What limit were you approved for?

 

FICO Scores: EX-665 TU-690 EQ-670 (10-23-2017)
Amazon Store Card - CL $5000/AMEX BCE - CL $2000/ AMEX Everyday - $500/ Barclay Rewards Card - CL $1500/ Capital One secure card $500/ Capital One QS $1600/ Discover IT $10500/ Walmart Card - CL $5000/ Old Navy Card - CL $6000/ U.S. Bank Cash+ Visa Signature Card - CL $500
Message 3 of 23
Established Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!


@dls80 wrote:

Does anyone know what happens when/ if you cancel a card you were approved for?  I havent received it yet.  Nothing against Walmart, i just thought the FICO score would be neat.  However, I JUST noticed I get my FICO score with my other cards.  So now, I really don't see the benefit of having this card.  Also, how bad will this new account affect my score?  I guess I'm trying to weigh the pros and cons and need help from some smart people. 

 

Thank you in advance


Look at the bright side.. Its an approval and not a denial and it maximized your available credit.

 

How much was the SL anyways?

________________________________________________________________________________________
Goal: FICO Scores 800+. Started at 588 last yr.
Current FICO 8 Scores as of 05/03/18: TU: 724 - EQ: 735 - EX: 711

Cards: Amex BCE, Amex EDP, Chase Frdm, Jetblue Plus, Discover IT, PenFed Plat Rwrds, Amazon Prime Visa, BofA Asiana, Amex Delta Gold, Amex Delta Plat, PayPal Mstrcrd, Amex Plat, Amex SPG, Chase CSR.
Message 4 of 23
Valued Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!

In the short term, any new account will have a mostly negative effect on your score.  You get an inquiry (no changing that), and your AAoA will go down (a little or a lot depending on how many other accounts you have).  Even if you close right away, it will still show as a new account on your reports, and stay their for 10 years from the point you close it.  The positive effects would be high limits available to help buffer utilization, and over time the AAoA hit will become an AAoA boost as the card ages.

 

So as others have suggested, you might as well keep it for now since you're already subjected to the negative effects.  Since there's no fee, I'd suggest just waiting a year to see if you get any use out of it, and if not, go ahead and close it if you don't want to keep track of it.

Message 5 of 23
Regular Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!

kind of like me with care credit thought i need it and don't but still open with no use

Message 6 of 23
Super Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!


@happypill wrote:

In the short term, any new account will have a mostly negative effect on your score.  You get an inquiry (no changing that), and your AAoA will go down (a little or a lot depending on how many other accounts you have).  Even if you close right away, it will still show as a new account on your reports, and stay their for 10 years from the point you close it.  The positive effects would be high limits available to help buffer utilization, and over time the AAoA hit will become an AAoA boost as the card ages.

 

So as others have suggested, you might as well keep it for now since you're already subjected to the negative effects.  Since there's no fee, I'd suggest just waiting a year to see if you get any use out of it, and if not, go ahead and close it if you don't want to keep track of it.


Agreed. We have to weigh opening accounts carefully because there's truly no "undo" button. Once you are approved that account is going to report for 10 years even if you close it the same day. This dings your AAOA, which isn't a huge scoring factor, but still is something you don't want to unnecessarily hurt. The inquiry will remain for 2 years.

 

I'd just keep it since the hit has already occured, and closing really provides you no benefit. On a recon/manual review, analysts do not like patterns of cards only being kept for a short time. I agree with closing unused cards in general, but I'd at least let it remain open 6+ months on your report.

Message 7 of 23
Frequent Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!

Thinking of applying myself. What bureau did they pull, and what's your current score? 

Message 8 of 23
Established Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!


@Asgardian wrote:

Thinking of applying myself. What bureau did they pull, and what's your current score? 


Depends but usually they pull TU for the majority. but sometimes sync is known to switch that up. The free FIco they give is usually Sync too.

 

OP I'm in agreement with others, you took the hit, keep it a bit, it grows and just may come in handy in the long run, especially for those that do most of their shopping on walmart.com or large $199 or more purchases in store for the special financing (usually a statement offer or under offers on the card login page)

Fico 8 starting scores 09/27/15 EQ: 646 TU: 622 EX: 668 5 collections 1 PR reporting across the board
Scores 06/30/16 EQ: 685 TU: 699 EX: 695 1 collection now reporting on EQ and EX and 1 PR on EQ
Current scores 11/4/2016 EQ 688 TU: 705 EX: 736 No collections no PR/Judgements Finally Clean
Message 9 of 23
New Contributor

Re: Help! Walmart Card Regret Just approved can I cancel?!

Got WM Visa CL $6000 (backdoor recon SL)

Message 10 of 23
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