If I get offer to "upgrade" to MC/VS, should I?

[FinStar]

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@pizza1 wrote:
I'm under the impression the upgrades are by invitation only, it that correct?? If I do get one, I will take it. my scores may have to be closer to the 670-680+ range first I bet before I'm considered??

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Not that it shoudl be a deterrent, but you should maybe ask folks to see if anyone who has a BK profile whether any upgrades have occured.  I haven't really seen the invite/upgrade offered to folks who have a BK profile or perhaps those whose BK is close to dropping off.

[pizza1]

Fin... That is really a good IDea!! Ill post and ask, thanks!!

[1GaDawg85]

Hopefully I will see an upgrade at some point...Wal-Mart store is pretty useless

[SunriseEarth]

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@pizza1 wrote:

Hey everyone!

I've got 4 store (retail) cards that have the potential later down the road to upgrade to the MasterCard/Visa version via invite. 

Walmart, JCP, Gap, Loft

If I get an offer to upgrade someday, should I take it? I know they will close the store card, and the new MC/ VS will be a new line on my reports, with the possibility of a decrease in my scores some because of that.  I would like to take the offer, just because its going to be quite a few years still before I'm eligible for majors with people like Chase, Amex, Discover, and Citi, due to my BK.  Thoughts?

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I would take the Wally upgrade if offered, since it comes with more perks ($100 cashover vs $60 cashover, use anywhere, 1% rewards, etc) and since I want bankcards with $5K+ CLs.   As for JCP, I don't think they give you a choice.  However, since I mainly use the CC at JCP and Rite Aid, I'd very likely use the card less if it were a MC.  

[Anonymous]

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@pizza1 wrote:
CA.... Lmao!!! It's so funny, because I live thru you as well!! I don't anticipate getting upgrade offers till my scores hit at least 680+ on all three, which might be a year or two still.

Elim.... Not planning any sprees, I've got a lot of credit now, and with a bk showing, can really go on typical "sprees", lol. My next mini sorta spree isn't planned until December 2016, which at that point I will attempt Discover, NASA, Lowes, and DCU .

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700+ is more likely.

[Anonymous]

I have a Gap card and I would defenitely take the upgrade..I also have tjmaxx and would take that too..in fact its my plan not to app for anything additional until my fico gets to 700 because two things will happen then-1) my bk will probably fall off cause it will take that long and 2) I will pay all of my debt off (the plan including salary and bonuses Im getting right now) in the year 2015. If I get a raise it will just speed up that process. 

[myjourney]

Pizza I'll be the devils advocate and here's why!

For my profile and each of us are different it doesn't work for me.

I have a wally card and would not want or accept an upgrade as they call it .....so to speak 

For one it will report as a new TL lowering my AAoA

It will also give me another card that operates on the Discover network with lackluster rewards for statement credit at best with no bonus points and the same high APR

So why would I reduce going to manual review say 3 months later only to give the appearance to underwriting that I opened an new account?

Not me I'll keep the higher AAoA and the chance at a better rewards on a different card down the road...

Now if a card doesn't report as a new TL that's fine and a different story. Then the bonus is that it can be used outside of said store and I would be okay with that. 

[Imperfectfuture]

MJ, per the original post:

I believe Walmart has switched from the discover network to MasterCard quite awhile back.

[1GaDawg85]

it is a MasterCard now....they dropped Discover about a month ago

[Anonymous]

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@Imperfectfuture wrote:
MJ, per the original post:

I believe Walmart has switched from the discover network to MasterCard quite awhile back.

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Yep Mastercard!