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Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013
0

Close Target Account???

Just wondering what you credit guru's would suggest.  I closed my CreditOne account to day.  I had a perfect payment history and it was my 4th oldest revolving account but with only a $650 CL.  All of my other accounts started with CL's between $300-$600.  I haven't even had my Walmart and Barclay's 6 months and they raised me to $2000 and $2,500 respectively.  My Barclay's bumped me from $600 to $1,430 just last month.  I called today and got them to go to $2,500.  As a side note, I also called PayPal SC today and they raised me from $2,400 to $5k.  Anyway, in my opinion, I don't need CreditOne anymore so...soooo long.  I am trying to decide whether to do the same with Target.  I have a $200 CL...really!  They are my newest revolver.  I just got $3,670 in CLI's today so they're not going to hurt my utilization which was already less than 2%.  Just wanted to find out if dumping them was a good idea.  The only other store cards I have are Kohl's and Walmart.  Just tried of seeing that low CL every time I look at my report.  Thoughts/suggestions/comments?

Valued Contributor
jamesdwi
Posts: 1,947
Registered: ‎09-16-2011
0

Re: Close Target Account???

Keep it open it has no AF, who knows perhaps in 6 months TD bank may get around to giving out CLI's or at least a love button on there site. Most Prime banks ignore store card CL's when they are calculating your starting CL on there cards so probably no harm in keeping it and letting it age. 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013
0

Re: Close Target Account???

I had read here that any account with a low CL could possibly affect the CL with the new creditor.  That's incorrect?  One of the many reasons I dropped CreditOne was the CL.  I am holding out for a prime and want to do everything possible to give myself the best shot.

Valued Contributor
jamesdwi
Posts: 1,947
Registered: ‎09-16-2011
0

Re: Close Target Account???

Most prime lenders ignore store card CL's when they make that calculation... Why penalize people because they have a $200 store card, no one is going to give out a $10k limit on a gas card, So they just dismiss the store card TL's when they come to calcuate the average limits. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Contributor
nvrgvupnvrsrndr
Posts: 191
Registered: ‎04-22-2013
0

Re: Close Target Account???


jamesdwi wrote:

Most prime lenders ignore store card CL's when they make that calculation... Why penalize people because they have a $200 store card, no one is going to give out a $10k limit on a gas card, So they just dismiss the store card TL's when they come to calcuate the average limits. 

 

 


Appreciate the follow up.

Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
0

Re: Close Target Account???

That is not entirely accurate jamesdwi.
Lenders consider everything on your credit report; that's the point of a credit report.
Imo, the biggest concern is utilization.
I closed my Redcard. They wouldn't budge on a crappy $300 limit while even my gas card had a $2000+ limit!
Close it and never look back !!!! They are stingy.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| Wmt Discover $12.5k | BR Visa $12.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Arrival $12.7k | Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Contributor
jwduke
Posts: 115
Registered: ‎01-14-2012
0

Re: Close Target Account???

I have thought of closing mine too. I hate having to pay as soon as I get home so I don't have a high utilization on my report because I put $100 worth od charges on a $200 limit card! They MUST NOT look at your credit report when they give you a card as I have a $20,000 CL Navey Cash Rewards card, and they give me a $200 limit!



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Frequent Contributor
phillyguy12
Posts: 345
Registered: ‎03-16-2011
0

Re: Close Target Account???

do they give you anthing for having the card? ie 5% off when you use it in store, if so and there is no af i would say leave it open, other wise close it, a $200 cl wont make much impact if any esp w/ your recent cli's.  also if the pmt histroy is all positve it will stay on your report for up to 10yrs and count towards your AAoA


Amx BCE-9000,Amx Zync-NSPL
Barclay's Mastercard-5600
Credit Union Visa-1200
Discover-1900, Khols-1000
Contributor
jwduke
Posts: 115
Registered: ‎01-14-2012
0

Re: Close Target Account???

I would just like a credit line that doesn't show a 50% uti if I spend $100... not good for the credit report.



Starting Score: 675
Current Score: FICO- 772 (09/20/14)
Goal Score: 780+ All Three




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Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Close Target Account???

If you are planning to continue to shop there, keep it.    It give 5% discount, It wiil eventually have an old age and decent CL

 

If you are not going to shop there, close it since it becomes a nuisance and liability. .


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