Wal-Mart Approval Odds?

[Anonymous]

I am currently working on helping DH rebuild his credit. He is an AU on every card I have that allows AUs but I think it would be good to get a card in his name also. (We would like to get a mortgage as soon as we can) On his TU report he currently has a bankruptcy that will fall off sometime this month, one judgments (paid from 2007) a tax lien from 2008 (shows as unpaid but we are making payment arrangements right now) and 10 collections accounts (two are paid and falling off sometime this or next month one should fall off at the latest in december and the others are from Jan 07, Oct 07, Oct 08, Jul 09, Jan 11, Feb 11 and are all medical) his FAKO from Citi on 8/21 was 621 but since then the number of collections account has dropped from 20 to the 10 I mentioned (his uncle and him have the same name and same common address so there were some accounts that weren't his on there). I figured after the bankruptcy and possible the collections drop we could try to get him a Wal-Mart card but I waswondering what his approval chances might be. 

Recap of Stats:

PRs: one paid judgments from 2007 and one unpaid tax lien

Collections: 7-10 (most recent from February 2011)

Positive Tradelines: 4

AAoA (positive tradelines only): 13 months

Utiil: 59%

oh and one of the positive tradelines is a Wal-Mart AU account with a 0/1100 balance

[jsucool76]

I was approved with around a month or two of history, with something like 13 inquiries on my report. I'm not really sure how judgements fair with GECRB, and I don't know too much about them to begin with, if you do take the shot, best of luck to you!  

[Anonymous]

Thanks for the info! Hopefully someone knows about the judgments/collections. All of the baddies on his report are medical bills because he never had insurance up until now and he wasn't making near enough to cover them. Makes me wish we lived in Canada.

[sbeasl11]

I was denied about a month or two ago. Had a TU FICO score of 640 at the time. I have a paid judgement from 2010 and 1 paid/1 open collection. Good luck!

[jsucool76]

Oh. That reminds me, my TU fico was 655 at the time,but GECRB uses their own internal scoring method. So if you app and get a score back pf lile 300-400 dont be worried. No one knows how their scoring works.

[jamie123]

What are his scores like?

It is really hard to make a determination with all those baddies on his report.

Perhaps you could sign him up for a free score here at myFICO?

If his scores are below 600 his chances are slim but it does sometimes happen.

Scores between 600 and 620 it is probably a 50/50 chance.

Scores between 620 and 640 it is probably a 75/25 approval chance.

Scores above 640 almost always get approval.

[Anonymous]

I haven't pulled his true FICO score yet. We both have Citi's CMS and I wanted to wait becaue like I said he has a bankruptcy and two collections that should fall off sometime this month (one might fall off next month)  and another that will fall by the end of the year. We will update our reports on 9/22 and if some of that has dropped I will pay the $20 to pull his score. I was just curious to see if anyone with similar stats had been approved.

[jsucool76]

There is a free trial of score watch, you just have to cancel within like 10 days or something. 

[Shogun]

I would actually try to clear up a few of those baddies first and improve the odds.

[Anonymous]

We are definitely working on getting rid of the baddies but to clear everything will cost us approximately $15,000 which we don't have. We are hoping to settle most of the collections...