When to Apply for Walmart or GE card?

[dmorey]

Debating applying for a GE card soon but thinking I may still be a number of months away so thought I'd ask for advice. I'm rebuilding so while my scores aren't great by any means, they're much better than the mid to high 400s when I started a few months ago. Prefer to apply for Amazon because I shop there a lot though thinking maybe I should try Walmart first since it is probably easier. So here's my info:

TU score is 611 as of today according to MyFico. Oldest account almost 13 years. AAOA is 5 years.

No collections. One unpaid Capital 1 judgment from 2/2008.

2 outstanding student loans for a total of $58K. These have EACH been late up to 180 days 18 times in last 2 years. On time for 4 months now, though only reported 3 months of ontime payments

6 paid and closed student loans. Each of those have 1 or 2 120-day lates from 2006. These will all fall off within the next two months.

Fingerhut Fresh start installment opened 1/13, always on time, report shows owe $26 but is paid off

$600 secured USAA MC opened 11/12, always on time, no balance, currently reported balance of $100

$300 secured USAA AMEX opened 11/12 always on time, owe nothing, currently reports $36

$350 Victoria's Secret card opened 12/12 always on time, no balance, reported 0

$250 Buckle card opened 12/12 alwas on time, no balance, reported 0

Not yet reporting: Brylane Home $500 card opened this month

I have 3 inquiries on TU in the last year for a total of 5 in the last 2 years.

My thought is my chances would be best if I wait another 3 months so the old lates on the 6 student loans fall off and I have 6 months history on the secured cards. Thoughts? Or will my major student loan lates still be a problem even then. Nelnet has repeatedly denied my GW attempts by the way.

Probably irrelevant but Myfico Equifax is 585, though my last 2 paid collections are about to get removed so it should be increasing soon.

[Pilotdude]

I'd hang out in the garden if it were me. 

You have a couple new cards listed there with only a couple months reporting.

Gardening for awhile will help, especially when the baddies are about to drop. 

Wait for em to drop and let the others age a bit imo.

Good luck.

[BrokaToe]

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@Pilotdude wrote:

I'd hang out in the garden if it were me. 

You have a couple new cards listed there with only a couple months reporting.

Gardening for awhile will help, especially when the baddies are about to drop. 

Wait for em to drop and let the others age a bit imo.

Good luck.

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+1 Definitely wait a bit. Letting those baddies fall off will greatly impact your score in a positive manner. Plus I believe it's always best to have all your open positive TL's showing at least 6 months of perfect payment history before applying again. 9months to a year is even better.

[Anonymous]

after 6 month you will have higher fico score.Wait a little

[dmorey]

Thanks for advice all. Planning to just wait but my last collection came off and my FICO jumped to 660 today! Should I still hold off on another store card? I figure I should still probably wait. I'm just excited! Not sure if TU changed since this collection wasn't on that one.

[jdirilo]

My scores are close to yours and I was denied walmart cc two days ago :-/ planning to recon once I get the letter.

[myjourney]

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@jdirilo wrote:
My scores are close to yours and I was denied walmart cc two days ago :-/ planning to recon once I get the letter. RECON NOW CALL

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OP I would also wait until you have at least 6 more months of history and app walmart for 2 reasons

(1) I think you would be in great shape for the card by then

(2) the free score will help as your rebuilding process goes forward.

Good Luck

[dddewdrop]

I'd say go for it. I got approved 2 months ago with a TU fico of 520, EQ of 625 and EX Chase fako of 602. I was not going to apply, but someone on this site convinced me to and I was amazed and delighted to be approved. I think you have a good shot. I believe they pulled TU for me. 

[sarkell]

I'd wait until other accounts are 3 or 4 months old. I'd try gap I think they're pretty easy. At least they were. Love my ge cards.