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Walmart Store Card going to be Capital One not Synchrony?

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Valued Contributor

Re: When Cap one takes over Walmart

I suspect that SYNCH is probably done giving out CLI's at this point, givin that Cap1 gave you a $1500 CLI.

Message 51 of 65
Regular Contributor

Re: Walmart Store Card going to be Capital One not Synchrony?


@AverageJoesCredit wrote:
I think reving up cli requests before the transition will be pointless. Id imagine Cap One will reevaluate all credit limits and determine who are worthy and who isnt. I just want to hold my card until it happens as ive never been part of a takeover lolSmiley Wink

I have had accounts included in a few takeovers back in the day.  Never a CL change.  But one really good thing happened.  BofA took over the accounts at Fleet Bank where I had a $5000 secured card.  One day in January 2005, not long after BofA entered the fray, I received a certified letter from BofA with a check refunding my security deposit (with all the interest) and making my account unsecured.  About 6 months later, my limit was doubled.  Quite a shocker.  So, a merger or takeover need not necessarily be bad.  Sadly, a couple yrs later, things went south for me once again after a long illness & I filed BK that included BofA for about $1500.  I'm permanently in the toilet with them now.

Message 52 of 65
Regular Contributor

Re: Walmart Store Card going to be Comenity not Synchrony?


@Iceywarm wrote:

This is good for Walmart, and I am sure bad for some consumers that have had a rough patch with Capital One. 


And that will probably be a boatload of consumers since Cap1 is infamous for defaults and lawsuits - regardless how small the debt is.

Message 53 of 65
Senior Contributor

Re: Walmart Store Card going to be Capital One not Synchrony?


@Gonzozap wrote:

@AverageJoesCredit wrote:
I think reving up cli requests before the transition will be pointless. Id imagine Cap One will reevaluate all credit limits and determine who are worthy and who isnt. I just want to hold my card until it happens as ive never been part of a takeover lolSmiley Wink

I have had accounts included in a few takeovers back in the day.  Never a CL change.  But one really good thing happened.  BofA took over the accounts at Fleet Bank where I had a $5000 secured card.  One day in January 2005, not long after BofA entered the fray, I received a certified letter from BofA with a check refunding my security deposit (with all the interest) and making my account unsecured.  About 6 months later, my limit was doubled.  Quite a shocker.  So, a merger or takeover need not necessarily be bad.  Sadly, a couple yrs later, things went south for me once again after a long illness & I filed BK that included BofA for about $1500.  I'm permanently in the toilet with them now.


I've only had one account included in a takeover, but the one account was in 2 takeovers: Best Buy MC. It was my first unsecured account after my 2010 BK7, I got it from HSBC in Oct. 2011 when HSBC pushed it as a sub prime card, $59 AF and only $500 CL. Cap One took it over around 2012, I got them to double it to $1k w/SP, I should have asked them to remove the AF, they might have done it. Then Citi took it over the next year - no problems, and they would never have approved me for the card as I included a couple big CL Citi cards in my BK, and they even doubled the CL to $2k w/HP. But I finally closed it in 2015, Citi would not budge on removing the AF and I had better rewards cards by then. 


Fico 08: 720/721/719 TU/EX/EQ
Message 54 of 65
Regular Contributor

Re: Walmart Store Card going to be Capital One not Synchrony?


@DaveInAZ wrote:

@Gonzozap wrote:

@AverageJoesCredit wrote:
I think reving up cli requests before the transition will be pointless. Id imagine Cap One will reevaluate all credit limits and determine who are worthy and who isnt. I just want to hold my card until it happens as ive never been part of a takeover lolSmiley Wink

I have had accounts included in a few takeovers back in the day.  Never a CL change.  But one really good thing happened.  BofA took over the accounts at Fleet Bank where I had a $5000 secured card.  One day in January 2005, not long after BofA entered the fray, I received a certified letter from BofA with a check refunding my security deposit (with all the interest) and making my account unsecured.  About 6 months later, my limit was doubled.  Quite a shocker.  So, a merger or takeover need not necessarily be bad.  Sadly, a couple yrs later, things went south for me once again after a long illness & I filed BK that included BofA for about $1500.  I'm permanently in the toilet with them now.


I've only had one account included in a takeover, but the one account was in 2 takeovers: Best Buy MC. It was my first unsecured account after my 2010 BK7, I got it from HSBC in Oct. 2011 when HSBC pushed it as a sub prime card, $59 AF and only $500 CL. Cap One took it over around 2012, I got them to double it to $1k w/SP, I should have asked them to remove the AF, they might have done it. Then Citi took it over the next year - no problems, and they would never have approved me for the card as I included a couple big CL Citi cards in my BK, and they even doubled the CL to $2k w/HP. But I finally closed it in 2015, Citi would not budge on removing the AF and I had better rewards cards by then. 


I'm surprised to hear that about Citi.  Goes to show, we never know.

Message 55 of 65
Highlighted
Frequent Contributor

No Walmart Special Financing?

I just saw this on Walmart.com: 

"As of 6/25, Special Financing offers and in-store credit applications will no longer be available."

Think this is a temporary thing until Capital One takes over?

FICO SCORE 08 - Aug 2019 - EX 769 - TU 760 - EQ 764



12/15 - First Tradeline - 12/17 - 800 Credit Score - 3/18 - Homeowner

Message 56 of 65
Established Contributor

Re: No Walmart Special Financing?

I suspect you'll find out when Cap1 assumes the portfolio.

 

I can't think of any store cards they manage other than Kohl's... that's a different story than most would like with a capped value of 3K CL's in most cases.

500K+ TCL / 800+ FCOs
Message 57 of 65
Established Member

Re: No Walmart Special Financing?

A few days ago I noticed signs promoting Affirm installment financing (3,6,9 or 12 months). Not sure how new this is since I don't go to Walmart a lot.
Message 58 of 65
Contributor

Re: No Walmart Special Financing?

My guess is that there will be some kind of interest-free financing plan when Capital One takes over. I can't see Walmart moving its portfolio over knowing that Amazon's credit partners (Synchrony and Chase) offer interest-free financing but its new one does not.

Message 59 of 65
Regular Contributor

Re: No Walmart Special Financing?

What worries me is I had the Walmart CC for 3 years.  I had a Cap 1 card charge off.  Will I lose the CC when it becomes Cap One.  It's only a $150 CL, but it's history on my report and "closed by lender" looks bad

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: Julty 2019: TU - 655, EX - 619, EQ - 640
FICO Dream Scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 22% APR auto loan (Mar 2017), Secured [Coke (4000), Discover (1000)], Unsecured [CreditOne $1500, Walmart $150, Target $200], World Finance: $1500, Courtesy Finance: $700, Speedy Finance: $1200 (charged-off)
Message 60 of 65
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