"Fico 684": Walmart® Credit Card Review

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Written by: cindy on 2007-05-21

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I have a FICO score of 684 and was turned down for the Wal-Mart Store card. I am not sure I find the information on financeglobe to be accurate. I only needed a score of 560 or better for this card. Same with the JCPenny card. Turned down for both now I have unwanted inquiries on my credit report.


Comment 1 by jonathan
Reply To Cindy on 2007-05-21

Hi Cindy, I do believe that you don't understand how FICO scores work with lenders. This is one item that is looked at, and probablly the most important initial item.

Your score gives lenders a "summary" of how well you handle your credit. Someone with a high FICO, and recent negative activity may be declined for several reasons, including: too many recent applications, too many or too much revolving outstanding credit, or balances, recent relocation, debt to income ration, annual household income, or additional selectiveness from the issuer.

One more thing to be accounted for is the annual budget or approval numbers that issuers set goals for. I do believe that say, if Wal-mart wants 30,000 applicants per year to be approved, and it is November, and only 12,000 are approved, they will lower their standards for issuing cards.
Comment 2 by cindy
Reply To You on 2007-05-23

I do understand the FICO system very well.
I have 5 account all that say
paid/never late. Ihave 5 inquiries on all 3 of my
CRA's and I have no Neg item at all on my
reports. When they say they will take a credit score of
560 or above and mine is 684 and I have a very clean
report. I am not sure what else they want. I applied for this card with the recommendation by finance global. Not a very good recommendation... That's all. Consumers should know
that they may be denied credit.
Comment 3 by dee
RE:CINDY on 2007-05-23

My fiancee applied for the card also and was denied. His credit score is a 670. Even though his credit score is a 670, well above Finance Globes recommendation, he was told by a customer service rep that it could have been b/c of credit balances being close to the credit limits on his other credit cards. It is not really the score, it is more of your credit history such as payments, high balances, balances too close to limit that sort of thing. I have been told this by quite a few different credit card company reps. I suggest anyone to think about your credit history over the past 2 years(that's how far they look back) instead of the score itself when applying for new credit.
Comment 4 by eric
Re: Cindy on 2007-05-24

Hi Cindy

You may have everything paid up to date but they also go by credit to balance ratios. I always advise customers to never use more than 35% of their TOTAL credit line. That means ALL credit. Example so if you have $10000 available credit. 5 credit cards each $2000 lines a piece. You use one card and charge $1900. Your FICO and cbr is going to show $8100 available and you are under the 35%. People think that if you transfer the bal to another card that you would increase your FICO but you don't because all your doing is allocating debt. The bank looks at the big picture when giving credit.
Comment 5 by yanira
Re: Cindy on 2007-07-24

I agree with Cindy and others. I have been trying despretely to repair my credit after screwing it up when I first started college...5-6 years later I'm still plagued with bad credit. Recently though things have been turning around and I have my scores up to 646-670. With the advice from finance globe, I decided to go for it and apply for the walmart card - got denied. I used to ignorantly believe that your credit score was the only consideration, however your recent activity does matter. Unless your credit score if over 750, lenders are likely to look into your recent activity
(last year at least) more closely... Hope this helps others..
Comment 6 by meya
Re: Cindy on 2007-07-24

Hi Cindy, I believe you are correct about how lenders view your credit, but I want to put you up on something. If your scores are that high try dealing with creditors that are banked by GEMB. I just received a walmart card today in the mail and my scores are similar to yours (less since I have applied for 6 credit cards within one month) I was approved for walmart, lanebryant department store, and jcpennys. Denied from Amex Gold skymiles, they went back on small items from 2002. Walmart denied me a fews times before I was approved and so did jcpenny's. Seems like target has an attitude with me so I refuse to apply from them even if my scores were in the 800's. Since I have been dealing with Financial globe, my chances of recieving credit from anyone has been a plus. I do agree with one thing, the scores are not really valid here because I have been watching the board lately and there are some individuals who are angry because they took the chance to apply for cards that are listed in their score range. If I have personally ran across some cards and been denied due to my credit rating, I will post right here so that someone else will not make the mistake I have made. Inquiries hurt you alot, they also hurts my feelings especially since I know that I have a creditworthy track record. The experieince you just had with wlamart will give someone else a chance to rethink about applying and look somewhere else. There is a link here where you can see all of my postings, take a look and some and see if it gives you a better idea about where to apply. Again, I do not know what happened with Walmart because your scores are in a high fair status. ps... Take a look at whar Eric has posted also, he has a great insight on where to apply. He should be listed on the next page where you will see our replies back to back starting with Discover Direct Rewards or Amex.
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