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New Walmart Credit Partner

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Moderator

Re: New Walmart Credit Partner


@KDKobes wrote:
I have a reverse-real-world example. I had a Capital One Furniture Row Card for a few years, about 6 months ago I got notified that Furniture Row was changing the card financier to Synchrony Bank and that my current card would be closed in a few months. I had to apply for a new card all over again through Furniture Row/Synchrony Bank & Cap1 just closed my older card account about 2 weeks ago on my report. My guess is it might end up just like that.

That does happen sometimes, but the Walmart portfolio is absolutely huge compared to Furniture Row, and honestly I just can't imagine  Walmart (or Capital One, for that matter) allowing the existing customer accounts to be closed.

 

I would have to go dig though the previous news releases, but I would be surprised if it hasn't already been mentioned that existing customers will be migrated over.

Message 11 of 260
Established Contributor

Re: New Walmart Credit Partner

Transfer or closure is highly dependent on on who is calling which shots. Walmart for example will want the approval score low and as many accounts transferred as possible. Considering that currently the score is set at 600 I would question how much more they can change it downward without causing massive losses. Only Synchrony Bank as far as I know would tolerate such a low entry level with those benefits. The next lowest as far as I know is 620 or 640 from Amazon but Chase is servicing that one so it might be some common sense arguments behind the scenes. Switching Walmart to Capitol One might actually have Capitol One asking for a slight score increase to avoid servicing people that are ridiculously far away from being stable.

 

@trusty

I recommend double checking with US bank which previous relationship they are referring to. US bank is known to occasionally absorb other banks but obviously not as much as the bigger names and if it was one of theirs then they will hold a grudge until you appease them. You might be able to make an arrangement for entry but you need to figure out how they think they were burned. It could have been a paperwork error. I would think you know which lenders you took the liberty of sinking with your debt.

TU:795 10/08/18 Synchrony--EX: 758 10/26/18 Discover--EQ:810 09/25/18 Citi--Gardening since 10/15/18
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Message 12 of 260
Valued Contributor

Re: New Walmart Credit Partner


@UncleB wrote:

@KDKobes wrote:
I have a reverse-real-world example. I had a Capital One Furniture Row Card for a few years, about 6 months ago I got notified that Furniture Row was changing the card financier to Synchrony Bank and that my current card would be closed in a few months. I had to apply for a new card all over again through Furniture Row/Synchrony Bank & Cap1 just closed my older card account about 2 weeks ago on my report. My guess is it might end up just like that.

That does happen sometimes, but the Walmart portfolio is absolutely huge compared to Furniture Row, and honestly I just can't imagine  Walmart (or Capital One, for that matter) allowing the existing customer accounts to be closed.

 

I would have to go dig though the previous news releases, but I would be surprised if it hasn't already been mentioned that existing customers will be migrated over.


Could you imagine that.  All of these people getting their accounts closed.  That would be a fire storm for sure.  I haven't really reacted, as I have the Walmart card, and I am jsut kind of playing the wait and see game.  I won't dive into the hype until I know for sure what is going to happen.

                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

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Message 13 of 260
Frequent Contributor

Re: Cap One to take over Wallmart Master card in August.

Cap one to take over Wallmart mastercard accounts. How will this effect Wallmart cardholders, will ther be account number changes and will the cl stay the same. I have account with Cap one which thay have not increase cl over past 10 years never miss payment with Cap One. I never had problem with my Wallmart Mc allways got increase when I ask for one. My cl is 10k. I have never been late on Wallmart card. Have balance at this time.

Message 14 of 260
Moderator

Re: Cap One to take over Wallmart Master card in August.


@firefox100 wrote:

Cap one to take over Wallmart mastercard accounts. How will this effect Wallmart cardholders, will ther be account number changes and will the cl stay the same. I have account with Cap one which thay have not increase cl over past 10 years never miss payment with Cap One. I never had problem with my Wallmart Mc allways got increase when I ask for one. My cl is 10k. I have never been late on Wallmart card. Have balance at this time.


@firefox100, I believe it would be handled like a variety of their previous transitions from other lenders.  Nothing is definitive yet on whether account numbers will remain the same or if they will change so it's best to wait until it gets closer to the transition timeframe.  It's fairly possible that any future Walmart CLIs will be handled based on Capital One's UW standards as opposed to those from SYNCB (i.e. no more Credit Solutions).

Message 15 of 260
Frequent Contributor

Re: Cap One to take over Wallmart Master card in August.

My Score is over 780 with all credit reporting agencies. I think Wall mart made big mistake, because most of ther customer base will have lower scores. I don't carry a big balance on wallmart card Cap one will not give increase if you don't carry large balance and make large payments. One good thing you have the Wallmart mc is you can fast cash at Wallmart when you check out and you can get up to 100$ and you have up till thirty days to pay it back with intrest charge, nice float.

Message 16 of 260
Frequent Contributor

Re: Cap One to take over Wallmart Master card in August.

Correction fast cash has intrest free if you pay the balance in full by due date. I don't think Cap One will keep free intrest for fast cash.

Message 17 of 260
Super Contributor

Re: Cap One to take over Wallmart Master card in August.

I think it might be okay. Walmart is going to have huge sway in writing policies for these cards, it’s a seriously massive account, they will no doubt force Capital One to keep things that they find beneficial and one of the reasons Capital One was picked is because Walmart wants more approvals. I think we will see lower SLs and CLIs will be a lot less generous but a lot more people will get approved for the card. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 18 of 260
Valued Contributor

Re: Cap One to take over Wallmart Master card in August.

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...


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Entering the garden 5/27/2019, staying until 2020




Message 19 of 260
Super Contributor

Re: Cap One to take over Wallmart Master card in August.


@ImTheDevil 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. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 20 of 260
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