New Walmart Credit Partner > Capital One

[Anonymous]

Yep its synch for a few more months congrats

[Anonymous]

everyone is saying cap 1 will not give the limits synch did. if so why would walmart want cap 1 ?.

usally when u change issuers its to make more money ,right?.

i dont care what bank you are walmart account is huge ,i believe walmart discussed what they wanted before the deal was signed.

walmart isnt a ordinary account is what im saying and im sure they have what they expect in the agreement but

we will see .

[Gonzozap]

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@Anonymous wrote:

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@DaveInAZ wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Does anyone know when the transfer to Capital One is supposed to happen?

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All new accounts will be Capital One starting 8/1/2019. No idea on existing accounts as there are legal proceedings going on over those. 

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I'm hoping Synchrony hangs tough and keeps the existing Walmart card and converts them to something else. I like both Cap One and Synchrony just fine. But Synchrony seems more lenient with high CLs with not much usage. My Lowes has a $10k CL and I force myself to stop by 2-3 times a year to buy something small to keep it active. Yes util padding, but I'll need new flooring at some point. Walmart is also $10k CL but I've been using it much less as it's only 1% rewards and I have a couple 2% cards to choose from. The nice thing about Walmart is the $100/day "cashover", cash with no fee & no interest if PIF by due date. So I do that regularly and just deposit the dough in a bank account until due date, I figure Synch's system focuses on statement balances &  payments, not how much was cashover.

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FWIW, there was a brief snippet in the Wall Street Journal earlier when I was looking on Google for information that was an hour prior that said Synchrony had just reported that Walmart will be dropping the lawsuit but there was nothing in detail and I don’t subscribe to WSJ (or any publication). Seems there will be news soon. 

I like Sync so far other than a snafu where they pulled an old cell number and used it to secure my Amazon card account while simultaneously declaring that the Google Voice number I opened the card with was fraud - there’s a letter in the box with a code for me to call with to get my real cell number on the account. They gave me a monster $8K SL on my PayPal cashback card which is $500 over my largest SL (Disco at $7500 in March) not even two weeks after they approved me for $1800 SL on Amazon Store Card. 

Cap doesnt really seem to mind the fact I have $8250 and I don’t use it but that’s after 4 years of me giving them tons of usage with flawless payment history before I got my Disco in March and SD’d the Cap card so that may have something to do with it. 

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Wow, lenders think Google Voice is fraudulent??  I use GV for all my creditors cuz I don't want my cell phone number circulating.  Synchrony hasn't said anything yet.  I'm gonna access my accounts and provide a 2nd number.

[DebtJoe]

Not sure why anyone needs a $10K+ limit for a Walmart card.

Usually the people complaining are using high limits to pad utilization. If that's gonna make or break your profile then there are bigger issues than just Cap 1 taking over your account.

[Gonzozap]

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@DebtJoe wrote:
Not sure why anyone needs a $10K+ limit for a Walmart card.

Usually the people complaining are using high limits to pad utilization. If that's gonna make or break your profile then there are bigger issues than just Cap 1 taking over your account.

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Right, but don't most folks want higher limits to pad util on all their accounts?  If not, I know all I would need would be $1k or $2k limits and my scores would be tanked.

$10k at Walmart might be a lot, but once someone buys a high ticket item, $10k might not be a lot at all.  This scenario would fit at many banks/stores.

But I wonder if lenders expect the same.  After all, do lenders really anticipate that many people will actually use $25k credit limits?  And if they do, I bet the bank's internal systems will watch them like hawks.

[Gonzozap]

Concern about Cap1 lowering limits may be overblown.

I recall my mother had a $5k limit at Walmart way back in the day (early 90's) when GE had the accounts.  She probably never owed more than $50 at any given time.  I'm thinking it may be Walmart who wants its cardholders to have generous limits & Cap1 may have to comply - absent anything credit-contrary or extraordinary of course.  Walmart will not want to lose customers because Cap1 chooses to willy-nilly lower credit limits.

[Anonymous]

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@Gonzozap wrote:

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@Anonymous wrote:

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@DaveInAZ wrote:

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@Anonymous wrote:

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@Anonymous wrote:
Does anyone know when the transfer to Capital One is supposed to happen?

---

All new accounts will be Capital One starting 8/1/2019. No idea on existing accounts as there are legal proceedings going on over those. 

---

I'm hoping Synchrony hangs tough and keeps the existing Walmart card and converts them to something else. I like both Cap One and Synchrony just fine. But Synchrony seems more lenient with high CLs with not much usage. My Lowes has a $10k CL and I force myself to stop by 2-3 times a year to buy something small to keep it active. Yes util padding, but I'll need new flooring at some point. Walmart is also $10k CL but I've been using it much less as it's only 1% rewards and I have a couple 2% cards to choose from. The nice thing about Walmart is the $100/day "cashover", cash with no fee & no interest if PIF by due date. So I do that regularly and just deposit the dough in a bank account until due date, I figure Synch's system focuses on statement balances &  payments, not how much was cashover.

---

FWIW, there was a brief snippet in the Wall Street Journal earlier when I was looking on Google for information that was an hour prior that said Synchrony had just reported that Walmart will be dropping the lawsuit but there was nothing in detail and I don’t subscribe to WSJ (or any publication). Seems there will be news soon. 

I like Sync so far other than a snafu where they pulled an old cell number and used it to secure my Amazon card account while simultaneously declaring that the Google Voice number I opened the card with was fraud - there’s a letter in the box with a code for me to call with to get my real cell number on the account. They gave me a monster $8K SL on my PayPal cashback card which is $500 over my largest SL (Disco at $7500 in March) not even two weeks after they approved me for $1800 SL on Amazon Store Card. 

Cap doesnt really seem to mind the fact I have $8250 and I don’t use it but that’s after 4 years of me giving them tons of usage with flawless payment history before I got my Disco in March and SD’d the Cap card so that may have something to do with it. 

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Wow, lenders think Google Voice is fraudulent??  I use GV for all my creditors cuz I don't want my cell phone number circulating.  Synchrony hasn't said anything yet.  I'm gonna access my accounts and provide a 2nd number.

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Yep. I actually just went through it with Cap too. I was approved for the Savor One and their system wouldn’t take my Google Voice, the number they have had for me for 5 years now, and it wouldn’t take my Xfinity Mobile either. Fortunately the guy in the verification department asked if he could call me on the Google Voice. He did, verified, card shipped. 

It’s really frustrating that I am having to deal with excessive verification when this is the number that is actually on my credit reports and it’s safer to use than my Xfinity Mobile actually is because XM doesn’t have a porting PIN while in order to port my Google Voice, someone would have to hack my Google account (which is behind 2-factor authentication and my longest password I use anywhere so good luck) and then tick the port option and charge the $5 to me to have Google release it for port... I would shut it down as soon as Gmail threw up a login request. 

It is what it is I guess. 

[Anonymous]

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@Gonzozap wrote:

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@DebtJoe wrote:
Not sure why anyone needs a $10K+ limit for a Walmart card.

Usually the people complaining are using high limits to pad utilization. If that's gonna make or break your profile then there are bigger issues than just Cap 1 taking over your account.

---

Right, but don't most folks want higher limits to pad util on all their accounts?  If not, I know all I would need would be $1k or $2k limits and my scores would be tanked.

$10k at Walmart might be a lot, but once someone buys a high ticket item, $10k might not be a lot at all.  This scenario would fit at many banks/stores.

But I wonder if lenders expect the same.  After all, do lenders really anticipate that many people will actually use $25k credit limits?  And if they do, I bet the bank's internal systems will watch them like hawks.

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I don’t really think that most lenders expect customers to max out their limits. In fact, quite a few of them like Chase, AMEX, Barclays, and occasionally Disco will get AA happy if a customer does so. 

[Anonymous]

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@Gonzozap wrote:

Concern about Cap1 lowering limits may be overblown.

I recall my mother had a $5k limit at Walmart way back in the day (early 90's) when GE had the accounts.  She probably never owed more than $50 at any given time.  I'm thinking it may be Walmart who wants its cardholders to have generous limits & Cap1 may have to comply - absent anything credit-contrary or extraordinary of course.  Walmart will not want to lose customers because Cap1 chooses to willy-nilly lower credit limits.

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Actually Walmart’s issue with Synchrony was they were issuing too many MasterCards. Walmart makes more money from the store card, Sync makes more from the MasterCard. There was an article about this that explained the whole thing. It’s not about limits and it’s not about looser underwriting, it’s about issuing less MasterCards which Sync wasn’t willing to do. 

[Jnbmom]

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@DebtJoe wrote:
Not sure why anyone needs a $10K+ limit for a Walmart card.

Usually the people complaining are using high limits to pad utilization. If that's gonna make or break your profile then there are bigger issues than just Cap 1 taking over your account.

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I have a 10K limit on walmart and I don't use that to pad my utilization. I like my limits to be in the same "ballpark" to speak as with my other lenders.

Although some may think the theory is not so, I think your limits at times play a part in your approvals with other creditors and your SL, so I Iike mine to be close inline with of my otherswhen feasible.