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Hi as I said befor I think Wallmart is making big mistake going over to Cap One. On Sunday I called Symchromy bank to ask for credit line increase on master card from 10K to 12K and got turn down. I called back on Wednesday and ask to talk to credit department. I spoke to guy at cr and after 5 mins of talk to this guy he said I am going to increase your cl to 12K. That is service, try that with Cap One. Customer service at Synchrony bank is much better, again if you piss of your customer base that going hurt your botton line.
I'm curious, will Cap 1 reage the account starting the date they acquire it? Or will it retain the age from opening it with SYNCH?
I'd hate to lose the 4.5 year history.
Just heads up everybody. I got a word:
Walmart and Synchrony Bank has been reported "Broken up" and that is why they are giving anyone new CL of $150 or so.
As of August 2019, Walmart New Bank: Capital One
Cheers!
@Anonymous wrote:Just heads up everybody. I got a word:
Walmart and Synchrony Bank has been reported "Broken up" and that is why they are giving anyone new CL of $150 or so.
As of August 2019, Walmart New Bank: Capital One
Cheers!
Welcome to MyFico forums, but you might want to broaden you news sources, this was announced last summer. And Cap One takes over issuing new Walmart cards in August there is still no definite word if Cap One will buyout the current accounts from Synchrony. The Synch Walmart portfolio is estimated to be worth $10 billion, so that's a chunk of change.
My Walmart store card has a CL of $10k, but I might let it go, I only charge a couple hundred per month on it. I do shop Walmart regularly but as the store card only gives 1% in store, I use my BBVA Clear Points in store for 3% (my store codes as grocery) and just use my store card for Walmart.com orders for 3% and small purchase in store for the 'cash over' cash back.
I like both Capital One and Synchrony just fine, but I already have $35k in CLs between 3 Cap One cards and don't want to put a crimp on my Cap One CLs which are worth more to me than a store card.
EDIT: I based that "there is still no definite word if Cap One will buyout the current accounts from Synchrony" on anrticle on Doctor of Credit. In doing a bit more research I found a Dec. 5 2018 article on American Banker:
"Capital One is driving a hard bargain in negotiations with Synchrony over the potential purchase of approximately $10 billion in loans to Walmart customers. Capital One CEO Richard Fairbanls said that he does not see a need to buy the credit portfilio unless the deal offers favorable pricing and terms".
But then a Jan. 23 2019 article on Bank Innovation says:
"Capital One Financial has reportedly acquired Walmart's card receivables, the bank's chairman and CEO, Richard Fairbank, said yesterday. Terms of the transaction were not disclosed."
- So, it looks like Cap One will takeover existing Walmart cards. I'm going to try for a $5k CLI each on my Synch Lowes and PayPal Cashback MC and if even partially successful close my Walmart store card.
EDIT2: I got the $5k CLI on Lowes, from $10k to $15k. But denied a CLI on my PayPal Cashback from $10k to $15k. But the last time I requested a CLI on PayPal from $8k to $12k last August I was denied but then got a $2k auto CLI just a week or two later.
I'm definitely going to close my Walmart store card before the Cap One takeover.
Sigh.... I was hoping I would be able to stay with SYNCH. lol
While I don't use mine that much, I really don't want to lose it. On the oter hand I just don't care for Cap1 that much. I guess it wouldn't hurt anyone to just leave it intact, no AF and all. It could just sit there like it does now.
Since it is technically a store card, I'm guessing even Cap1 wouldn't PC it to something else tnheyb offer. Such as Savor ect.
I'm curious what kind of offers Cap1 will promote compare to SYNCH I did like there 6-12 mo 0% Interest offers, although i wasn't able to usee them that often with no local store. Only during the Holidays. Most of the higher ticket items were never in stock to buy under that promo.
I may end up just having to close it one day.
Saeren ... not profitable? Oh ... Wah ... Wah ... Wah Will add that Walmart quietly closed several stores in eight states around April 19, 2019 (Hmm ... wonder what that is all about?).
@AverageJoesCredit wrote:
Wait, WHAT??? Walmart is going with Cap One?? When did this happen?? Will i take a triple pull for a cli?? This is just disastrous for me
Even now a Cap one cli request is a soft pull.
@stonedog23 wrote:
@AverageJoesCredit wrote:
Wait, WHAT??? Walmart is going with Cap One?? When did this happen?? Will i take a triple pull for a cli?? This is just disastrous for meEven now a Cap one cli request is a soft pull.
😮😮😮