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@Anonymous wrote:
Lol I just wonder if future Wal-Mart card applicants will have to endure triple HPs to get $300 credit lines that’ll never grow...
Seems VERY likely.
Keep in mind though that would be much more in line with Target’s credit policies so it’s not going to be much of a problem for Walmart. More customers with cards.
But Target cards don’t tend to grow very large either. I have seen people who put thousands on them get stuck at $1-$2K.
Capital One will likely handle Walmart similar to Kohl’s. Low to start and then steady fixed CLI until a maximum ceiling is hit.
The only true bucketing I have experienced with Capital One was my PlayStation card. It started at $2000 when I got it in 2016 and it was still $2000 when I closed it March of last year. My Platinum credit steps that I PC’d to QS has gone from $500 to $8250 but I only had the QS and PS cards period so Cap was getting all of my spend. My last $2000 CLI was in March of last year and I was denied last time I asked because I SD’d the card in favor of my new ones.
One thing about Cap One is ther credit approval is automated and and ther is no one to talk to, with Wallmart mastercard you can talk to some one and work things out. I think some of exectuives at large companys don't know what hell thay are doing. I think Cap one will piss off some customers and this will hurt Wallmart in the long term. I think I will hit up my wmc card for line incres in the next month or two so I can get my linit increas befor Cap One takes over.
@firefox100 wrote:One thing about Cap One is ther credit approval is automated and and ther is no one to talk to, with Wallmart mastercard you can talk to some one and work things out. I think some of exectuives at large companys don't know what hell thay are doing. I think Cap one will piss off some customers and this will hurt Wallmart in the long term. I think I will hit up my wmc card for line incres in the next month or two so I can get my linit increas befor Cap One takes over.
I think you are really forgetting that those of us on this site are in the minority. The average consumer isn’t even aware that asking for a higher credit limit is even something you can do and they’re certainly not aware of the impact utilization has on their credit and I hate to say it but this is probably especially true for the vast majority of Walmart’s target demographic. They will take their $300 limit and be happy to have gotten it.
You have to look outside the limited scope of myFICO thinking and see the big picture. We aren’t profitable for these companies.
I do think that Cap One will approve more people with lower scores and income than SYNCH would have, especially on the non MC version.
When I apped the store card in 11, it was for $600. used it frequently and got a CLI to $800. It stayed there for a year or so, and then they sent me an email to upgrade to MC version with $8K CL. Who wouldn't accept it? It's been sitting at $10K CL for a few years now with little use, so I'm not sure it benefits me anymore. Been considering what i should do with it, or just keep putting a charge on it every 6 months.
But with Cap One taking over, who knows what they'll do. Reduce current CLs? I honestly don't need a larger CL on this card, but I certainly don't want a CLD. While I think $500 to $2K CL on a Store card is fairy sufficent for what one might need at Walmart. The MC version should have a considerable lager CL for non Store spend. Also curious if and how the rewards structure might change.
It really is too soon to say whether this change is good or bad. Though from personal Cap One experience, I'm not exactly excited about this.
My Walmart card is also $10k, but fortunately they've never tried to push me into the MC version.
I don't use it much anymore, certainly not enough to justify a $10k CL, 1% rewards doesn't cut it, I have several cards I can use for 2% as my Walmart codes as grocery. I do shop Walmart regularly but just use my Walmart card for a small purchase and cash back.
I'll wait to see what happens with Cap One take it over, but thinking I just may close it, Cap One doesn't let you sit with a high CL with little use to justify it. I think Cap One's focus for Walmart will be approvals for lower credit scores/profiles and lower credit limits.
im a new walmart credit card customer, i applied yesterday and will be getting my card soon and also read about this so we will see what happens if and when they sell
@Anonymous wrote:im a new walmart credit card customer, i applied yesterday and will be getting my card soon and also read about this so we will see what happens if and when they sell
Portfolio seems to be going to Capital One in August.