Credit scores are numerical expressions that show your creditworthiness. Creditworthiness refers to the ability to repay a given loan as per the agreement with your creditor. Credit scores, also called FICO scores, are vital considerations for getting loans and lines of credit. Different credit cards require different credit scores to get them. We shall look at the credit score needed for Walmart card shortly. That way, you will be able to know if you qualify for the card or not.
Even though not all credit cards require credit scores, you find that the scores are significant if you want a card with better interest rates and a high credit limit. Secured credit cards require a security deposit. Their primary use is to build scores so that you can qualify for better-unsecured cards. Once you gain substantial scores, you apply for an unsecured card, depending on your scores.
To get credit scores, you must use loans and lines of credit. Your loan or card issuer then reports your card usage information to the credit bureaus. The bureaus are bodies entrusted by the federal government to collect details about borrowers and keep them for future reference. They calculate scores and develop a credit report using your borrowing data submitted by various financial companies that you have borrowed from them.
What is the Walmart credit card?
The Walmart credit card is a borrowing card from Walmart. Walmart is famous due to its retail business, whereby it sells goods and services online and at physical stores. Apart from selling goods, the company also deals with financial matters. Walmart credit card is just one of the various financial products you can get from the company.
The card is usually called the Capital One® Walmart Rewards® Card, which allows you to earn 5% cashback on Walmart.com. The card’s cashback includes pickup & delivery. You can check if you qualify online with no risk to your credit scores. The card also allows you to earn 2% cashback in Walmart stores, fuel stations, restaurants, and travel. Also, you can earn a 1% cashback if you use the Walmart credit card anywhere it is accepted.
You can apply for the card online by visiting the card’s online application page. The card has no annual fees, and thus you can save much once you get it.
How do I get the Walmart credit card?
You can apply for the card online by visiting the card registration page using smartphones, computers, or tablets. When the registration page opens, you will need to fill in various details to create a Walmart account which includes the following.
- First name
- Last name
- Email address
- Password
Once you enter all those details, you can choose to stay signed in if you are using a private device. You should uncheck it if using a public device. Also, you can check to receive emails about Rollbacks, hot new items, special pricing, gift ideas, and much more. Lastly, you should hit on the Create Account tab. You will receive your card at your address once you complete the application.
What credit score needed for walmart card?
The card requires fair credit scores for approval. That means you should have at least scores of 640+ to apply for the card. The card issuer wants to ensure that you will return the money you borrow.
Interestingly, you can get high limits from the card. The credit limit ranges from $150 to over $5,000. The most significant determinant of the borrowing limit you should get is your credit score. The more your scores, the higher your credit limit. You may also decide to get a card with lower limits while you qualify for higher limits.
Now that you have seen the scores needed to get the credit card, the question is, how are credit scores calculated? There are various kinds of data that financial companies require to come up with the scores. They include the following.
- Payment history. Your past payment behavior accounts for up to 35% of the overall scores. If you have been paying on a timely basis, you will be able to get affordable scores compared to poor payments.
- Amounts owed. It contributes up to 30% of your scores. The less the amount owed, the higher your scores will be.
- Length of credit history. The portion accounts for 15% of all the scores.
- New credit accounts for 10%
- Credit mix takes 10% of your scores.
Looking at the above details, it is straightforward to take caution and engage in activities that increase your scores.
What are the features of the Walmart credit card?
There are various unique features you can enjoy with the card. They include the following.
1) Introductory offer
Once you get the card, you can benefit from the 5% cashback in Walmart stores for your first 12 months of getting your Capital One® Walmart Rewards® Card with Walmart Pay. Walmart Pay offers a quick and secure platform to pay with your phone at Walmart.
As mentioned above, there are also other cashbacks that you can benefit from significantly. There are various ways you can use your Walmart credit card cashback rewards. They include the following.
- Redeem for cash, whereby you can get a check or apply the rewards as a statement credit.
- Cover a purchase by using your rewards when checking out at Walmart.com.
- Redeem the rewards for gift cards at Walmart or other retailers.
- Use the rewards to pay for flights, hotels, and much more.
2) Security Alerts
You can get notifications about suspicious activities on your account via text, email, or phone if Capital One® notices them. That way, you can stay on your toes and prevent loss of money. Many people have reported various issues of online money losses, and financial companies continue tightening their belts on matters concerning account security.
3) Mobile App
You can manage your funds anywhere and anytime using the Capital One® Mobile App. You can pay your bills, check your balance, view your transactions & much more. The app eliminates the need for the card all the time since you can transact right from the app. Depending on your phone’s operating system, you can download the application from Play Store or App store once you get the card.
4) $0 Fraud Liability
$0 Fraud Liability is very important since it safeguards you from losing money when you lose the card. You will not be liable for any illegal charges whatsoever. That makes the card among the best cards to use for your transactions.
5) Card Lock
If you realize that you have lost your card, you can easily lock it using your mobile app. That way, you prevent unauthorized transactions by fraudsters who can use the card to purchase online.
Where can I use the Walmart credit card?
You can use the Capital One® Walmart Rewards™ Mastercard credit card for Walmart purchases and anywhere else that Mastercard is accepted. These include Walmart.com, in stores, in the Walmart App(s), and at Walmart and Murphy USA Gas Stations. Remember that the more you use the card, the more you earn cashback rewards.
How can I improve my scores?
If you have poor scores, you must look for ways to repair credit scores fast. As I have mentioned above, your scores determine the credit limit and the credit card you can get. There are various ways you can improve your scores. They include the following.
i) Pay all your debts
One of the reasons you can have bad credit scores is debt. If you took a loan or a line of credit from a financial company and never paid, that can pull you down in terms of scores. Settling them will help you boost your scores since the financial companies will report that you have cleared them.
ii) Get a secured credit card
A secured credit card allows one to deposit money in their account and borrow against it. Such a card can be a good option if you build scores from a bad credit perspective or scratch. It is easy to get a secured credit card if you have all the documents.
iii) Report errors
You might have poor credit scores because of some financial company reporting errors. You can see all that in your credit report. One can get a credit report from the credit bureaus and check where there are errors. After that, one can resolve with the relevant institution.
iv) Hire a credit repair company
Another option to improve your credit scores is by utilizing the services of credit repair companies. Such companies can get your credit report, check where there are issues, and guide you on how to improve your scores. Sky Blue Credit is among the best credit repair companies you can use in the US. Others include Lexington Law, Credit Saint, and the Credit People.
Bottom line
Credit scores are numerical expressions of your creditworthiness. The credit bureaus are institutions tasked with calculating scores. You require FICO scores to apply for loans and lines of credit. The Walmart credit card is among the credit cards you can get if you have good scores. You can apply online if you have the correct details. Credit limits for the card can range from $150 to $5000 and beyond.
