I am looking into applying to a store credit card, either Old Navy, Wal-Mart or both. My Fico score is 632....

Question

I am looking into applying to a store credit card, either Old Navy, Wal-Mart or both. My Fico score is 632....
Should I apply now or hold off?

Answer 1

A lot depends on what negatives you have on your report and which report that score is from.

Old Navy is a bit tougher to get with that score.

Walmart is more lenient with that score. But many people start with a $75.00 limit.
Even though it starts out small, they are very good on giving increases every 4 months as long as you have a payment history for those months. It doesn't matter how small or large the charge is. You can make a small charge each month - $5 or $10 then pay in full when you get the statement. Then in your 5th month, go to the website and click the increase limit button.

Nothing is set in stone though. People that have better scores have been denied for both places and others with worse scores have been approved with both.

But what I've written is basically the averages.

You might go to the site I've listed. Click on forums then when it takes you to the forums look in the upper right for CreditPulls and click on it.

You can enter in the card company you are looking for or the score you have, the bureau etc, etc.

If you enter the card company, when it brings up the results, click on scores on the top of the grid and it will sort it into scores. (all of the headers are clickable for sorting)

You will be able to look up a great number of different card companys and see the approvals/denials at what score and many times it will state what negatives the person had when applying. It's a fantastic research tool.

Answer 2

Old Navy is fairly easy to get. Their interest is very high as well as Sams Card/Walmart. If you are looking to build credit this may help however, if you pay your balance each month in full.

I can tell you Old Navy sends you a $10.00 off coupon in your statement for each little bit you spend. This was the only reason I kept that card for a while.

Try it and see if you are ready now, all they can to is say no or start you out with a really low limit.

Answer 3

Read the fine print BEFORE you sign your name to the application. Most of these cards will entice you with 2%-6% fees on puchases. But then after a six month period,the fees grow to 20% or more. If the card charges no more than 9% after a six month period,then get it. If not,just stick to paying in cash and save yourself the problems with your credit rating down the road.

Answer 4

TRY APPLYING for an orchard credit card...you will get a better eal with them