Executive Summary -
Questions we frequently get on this card are about whether one can get it with less than perfect credit. The answer is not easy to find because we get lots of reader feedback and there are many forums whether folks leave their experience. For more details, check out our readers feedback on credit score requirements. After researching all of these, we think we could answer this with the following:
The Walmart card is often considered by many who have bad credit, no credit and even those who have emerged from a chapter 7 and 13 bankruptcy. The reason is understandable. Many people actually shop at Walmart. While there is no official statistics on the approval rate of this card, many people post their experience on forums and many folks send us newsletter. So here is a summary of their experience.
Can I get a Walmart Credit Card with Bad Credit? - To address, we split up our answer into two groups. Those with a 500+ credit score and those with a 600+ credit score.
Approval with 500+ score - The good news is that folks have got approved with scores in the 500 range. They many have got approved despite "baddies" on their report like CO (charge offs), medical collections.
More Approvals with 600+ score - We also found that your chances of approval are higher if you have 600+ score.
The common reasons for rejection include:
Recent BK discharge - though there have been instances where this has not been the case
Not enough credit lines and history - getting a secured card would solve this
Very recent negative items on report - while negative items on one's credit report has resulted in approvals, folks with very recent ones faced more rejections
The more important points are not your score, since just as many folks with poor scores have been approved and disapproved, with or without "baddies" in their report. We have found a pattern which is consistent with how credit bureaus rate folks in the 500 to 600+ score range.
Having a few credit lines help - Having a variety of credit lines on your report increases your chances of your approval. This makes the case of actually getting a couple of card like secured credit cards after your bankruptcy or if you need a couple of more credit lines. This is consistent on how folks in the low score or no credit bucket are treated
BK after 5 years is better - Folks have got approved for this card as soon as 2 years after BK. But we found more got approved after the 5 to 6 years range.
Recent "baddies" make it harder to get approved - Folks with negative items on their reports have got this card. But more often than not, these items were not recent (though there are exceptions).
If you have been denied by Walmart, other cards to consider include the Barclaycard Rewards MasterCard® - For Average Credit
, which gives you rewards for spending at groceries, gas and utilities.
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