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Closing Target

tag
Anonymous
Not applicable

Closing Target

Need your advice guys. Target was opened in November, and as all of you know the card is terrible. I've done the whole calling in, updating my income info. A few months ago I went from a starting line of 300 to a whopping 500 bucks. This is the lowest CL I have in my reports. Question, when I get out of the garden will it affect me have a low CLI card If a manual report is pulled? Thanks
Message 1 of 24
23 REPLIES 23
compassion101
Established Contributor

Re: Closing Target

You've done better than me. I have 5 cards over 10k CL but my target has sat at 200 for years and they won't give me an increase

Message 2 of 24
Anonymous
Not applicable

Re: Closing Target

lol, I can see it now " well sir looking at your credit file 5k-25k we were unable to approve due to your 500 dollar limit with target."Smiley Very Happy

Message 3 of 24
Anonymous
Not applicable

Re: Closing Target


@Anonymous wrote:

lol, I can see it now " well sir looking at your credit file 5k-25k we were unable to approve due to your 500 dollar limit with target."Smiley Very Happy


Smiley Very Happy

Message 4 of 24
Pway
Valued Contributor

Re: Closing Target

I personally say get rid of the card.  That 500 limit is horendous compared to what you have in your siggy.  Target used to be excellent with starting cl then they moved to td bank and the cl became horrible. 

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.
Message 5 of 24
Anonymous
Not applicable

Re: Closing Target

Target just doesn't give high limits. They don't believe in allocating more credit than their average customer will utilize. 

 

I wouldn't close the card. You've only had it 7 months. Credit Analysts know that many store cards won't come close to the limits given on major cards.

 

One could justify a $15,000 limit at Barney's or Neiman Marcus. Not at Target or Kohl's. 

 

You'll be ok.

Message 6 of 24
onstar
Established Contributor

Re: Closing Target

Do you use your Target card? If no, then cancel it. If yes, continue.

Do you need more than $500 for Target per month? If no, then just keep it as is and use it. If yes, then cancel it.

 

Having a $500 CL on a card will not lower your score or make any difference on manual review.

 

BK DC 4/9/2018
FICO 08 (4/9/2018): EQ 647 EX 609 TU 620
FICO 08 (10/16/2020): EQ 676 EX 659 TU 653
Message 7 of 24
Anonymous
Not applicable

Re: Closing Target

I would wait until it is 13 months old, then cancel it. Does it offer anything that Sallie Mae doesn't? Some Targets get the 5% back as grocery stores. 

Message 8 of 24
Anonymous
Not applicable

Re: Closing Target


@Anonymous wrote:
Need your advice guys. Target was opened in November, and as all of you know the card is terrible. I've done the whole calling in, updating my income info. A few months ago I went from a starting line of 300 to a whopping 500 bucks. This is the lowest CL I have in my reports. Question, when I get out of the garden will it affect me have a low CLI card If a manual report is pulled? Thanks

I would close it.  I read somewhere that it does.  I closed all of my lower limit cards up to 1.5k.  

Message 9 of 24
Anonymous
Not applicable

Re: Closing Target

Low limit cards don't negatively affect you, they just don't provide utilization padding and, since the limits are low, you don't use them. However, you won't take a ding for having it open, and no lender is going to make the decision based on your Target card when you have good cards around it. 

Message 10 of 24
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