Just received the DW paper today about her store card going to cap1.
Heres to hoping for better rewards and the promos staying the same.
We always used the promos at Christmas and it was nice to buy tires and other items and such.
Mine came today.
@mg5051 wrote:
So in October my Walmart becomes affiliated with Capitol One?
Synchrony Bank and Walmart are cutting ties. Just got the letter via mail.
I think it's great. When I messed up my credit score five years ago, I figured I never was late or missed payments with Walmart, I'll keep Walmart and use it to eat.
I had to cancel every card and start over.
Use cash for everything and pay off debt.
I felt safe. Then Walmart send a letter "your credit limit has dropped to 140 dollars. (From 3000)"
I was sick! Contacted them to beg them. They said too bad. We did it, and that's that.
My credit score is at 743 now (ha ha to them )and to this day they won't even offer a credit line increase, and I will NEVER ask them.
Hoping Capitol One sees my success and offers it.
Anyone else know of any benefits that may come from this?
Thanks
Cap One is pretty stingy, so I don't hold out much hope for a CLI from them, but you may be lucky. As far as Walmart goes, I had one Walmart store card for 1K and an old closed Walmart card on my credit report. I received an alert from TU yesterday stating that a retail
credit card was removed from my report. Both Walmarts are off my credit report.
I did receive the letter about the Cap One merger a couple of weeks ago. Cap One didn't think I merited the crossover so they closed the accounts with no warning? Scratching my head over this one, however, it's all good. Was only a thousand dollar credit limit. My average age of accounts will probably take a beating, I lost 4 years, 8 months but I think I will have enough in the credit file to absorb it. I just used the card last week but made a payment last night so nothing gets lost in the process.
I'll just stick with Citi and Discover, who show me the love 
@LauraC wrote:
Ugh! so sorry they did that. Hopefully it won't hurt your reports too badly with age.
Thanks, Laura. Between Paypal may report/not report to the CU's and what's happened with Walmart, it'll be interesting to see where my average age of accounts ends up. I won't know until I pull my credit reports this month.....
@saeren wrote:
The closed account will remain for 10 years. It won’t have any effect until then.
I thought so too, Saeren, until I realized it was removed entirely from my reports. The closed account they removed from my reports was closed in 2011 so I thought it wouldn't fall out till 2021. No lates, positive payment history. The open account they removed from my reports was open in 2014. Neither one remains on my report any longer, so I'm thinking the effect will be immediate.
Unless someone at TU got trigger happy and removed the open Walmart account in error. (shrug)