Walmart Credit Card. =(

[Raiders1]

So I've been fixing my credit for the last two months and I decided I needed a new credit card to continue to build credit. I finally decided to apply for the Walmart credit card, mostly because I read that it's easier to get approved and because they give you your TU FICO monthly. I was hoping to get the Walmart Discover with at least $1K CL. I now feel insulted because they instantly approved me for the WM Card (not Discover) with $150 CL. Really $150? They should have just denied me.

I currently have a Cap1 Secured with $500 CL, one WFargo card that was closed four years ago PIF and no lates. My baddies are 2 Collections w/ $700 total, and a 5 year old paid charge off on an auto loan.

I feel like calling them and telling them to not even send me the card and closing the account. Should I? Or do I keep it and hope they increase my CL?

[ficojoe]

I got the same deal. Two revolving account for $7500 elsewhere, but walmart gives me $150. 

From what I hear, that $150 card can before a $20,000 card. I am told to request a CLI after every 4th statement has been paid.

Unfcortunately, the wal-mart store card never "graduates" into a discover. Apparently you may eventually recieve a discover offer or you may reapply if you want to switch. But then you have to open a new account and close the other one.

[mikka1]

No, don't close the account and don't decline the offer!

This card (probably, similar to all other GE-backed cards) has a tremendous growth potential!

Mine has grown from $300 to $2000 in around 7 months; the first CLI I got was already after my 2nd or 3rd statement and it was 4x CLI! (from $300 to $1200). 

Treat it properly, show them some light usage and don't forget to ask for CLI every 4 months. There are people here who have grown their cards from $300-ish CLs to $5000 in less than a year.

Good luck and congrats!

[lithium78]

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@ficojoe wrote:

Unfcortunately, the wal-mart store card never "graduates" into a discover. Apparently you may eventually recieve a discover offer or you may reapply if you want to switch. But then you have to open a new account and close the other one.

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The Walmart store card DOES graduate into a Walmart Discover.  They do close your old account, though, so you take a hit on AAoA for a new account.  However, you do not need to reapply to get it, so there is no hard pull for it.  Walmart offers upgrades automatically.

[jamesdwi]

patience...  in 4 months you will probably get a CLI, and then evey 4 months after that. To get the discover version of the card first you probably needed a 740 or better, at 616 you were on the low side of there approval range. The card grows with you, all you need to do is use it and ask for CLI's, in 9 months I grew mine from 600 to 1700. My GE Amazon card has gone from $600 to $2500 in 16 months. 

[slarano]

Getting CLI's from WalMart with SP's is easy enough. It's like clockwork as long as you use the card and PIF.

[jamesdwi]

you don't need to PIF, its okay to leave a 10-30% of the CL on the card and still get CLI's. I do it all the time on my GE amazon card 6months 0 interest rocks!. 

[youngandcreditwrthy]

I'd keep it! You can prob increase the limit to $1k+ within 6 months and eventually be offered the Discover upgrade!:-)

[Raiders1]

Thanks everyone. I guess I'll keep the card and request CLI every 4 months. Will it go into my credit report as a Credit Card or a Store Card?

[haiti222]

Just as a point of info, mine has grown from $300 to $1600 over six years, so not everyone grows super-fast, but growth is likely.