Recent feedback on Target REDcard

[injustifiiable]

Of course, I go to Target today and the nice lady asks if I "wanted to save 5% percent today" by applying for a REDCard

Luckily I had enough self control not to go through with it at this point in time, anyway.

Still though, I wouldn't mind having one I can SD till the beginning of the month when I go shopping there...besides, 5% off is always nice, right? Always plan on PIF since the interest is crazy high, like 22.90 or somethin'.

Would like some feedback on approval odds. Here's how I'm looking:

• EQ is my cleanest report with the highest score (FICO 649+, 2 paid judgments, no recent late payments, 3 CA accounts (will be 1 once I get the bogus duplicate Midland entries off), 2 current revolving accounts with utilization <11%, 4 inquiries this year [2 HSBC, 2 CapOne], 1 paid charge/off that's set to fall off later this year.
• EX and TU still have info that shouldn't be on them; working on getting them removed. Other than that, similar information from EQ is reported on those two.
• HHI around $32K and monthly rent is $500.

I would imagine a few more months of on-time history would help me, so I wouldn't plan on applying for maybe 6 months. Not really concerned about CL since I only make small purchases there that I can pay off easily.

Any insight would be appreciated.

[mgs2010]

You'll probably get it. Just don't expect a nice limit, or any chance of a CLI. They tend to hand out 200.00 and 300.00 limits to basically anyone with a pulse. I got a 300.00 card from there not even 1 year post bk7 discharge. The discount is nice and all...but in the end, 5% really isn't much unless you're buying a TV or something or you shop there ALL THE TIME. for me though, I've used the card a little bit here and there but overall i shop at walmart over target because target tends to be a little more expensive. Go for it though, it would be a good card to have if you don't mind the high interest and the slim chance of ever getting a limit increase. good luck to you!

[heatblaze2010]

If you really want that red card why not apply for the debit version? and still save 5% each time

[FrugalRican]

I was actually at Target yesterday and saw a couple get enticed by the 5%.
Sadly, the husband told the wife to take the ding for it and have her apply so they could save the 5% on a whopping $18 purchase.

And she did it, and got approved for an incredible $200 CL.

Enjoy your savings of .90 and the nice inquiry on your credit report.

This is a nice alternative if you shop here a lot and in large quantities. Definitely would be a nice Black Friday 42-inch TV kinda card.

[tsquad131]

I only got approved for a $500 limit too 45k hhi and scores below no baddies a lot of new accounts and inquiries

[Adalen]

Honestly, I will probably apply for the REDcard once I surpass 650.  I had it a long time ago but closed it out, it's not even showing on my reports because that is how long ago it was.  But I shop there ALL THE TIME now and always spend at least $50, especially when I'm picking up formula, way-too-stimulating baby toys and an array of batteries to go into all those toys.  (Also spent $70 on new books for the baby at one point.)

Maybe I shouldn't get a Target card, haha.

[Creditaddict]

I do find the limits and CLI and no customer initiated and no chance for a Visa upgrade anymore can get annoying but the 5% is VERY worth opening the account if you shop regularly at Target. and you can solve low limit and util reporting by checking out, walking over to customer service, and swipe card, look at receipt (I would like to pay $67.23 on my card, swipe debit and done PIF!

[Adalen]

Yeah, actually The Children's Place is the same way (everyday 5% savings) and I think those are the only two store cards that I would benefit from, at the rate we're going.  I haven't even tried for TCP yet but they are backed by Citi, which I've never dealt with.

[Creditaddict]

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@Adalen wrote:

Yeah, actually The Children's Place is the same way (everyday 5% savings) and I think those are the only two store cards that I would benefit from, at the rate we're going.  I haven't even tried for TCP yet but they are backed by Citi, which I've never dealt with.

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Lowes now has 5% back or if over $299 you can choose 0% for 6-18 months.

TCP?

Who backs Citi?

[RockinRay]

I too had a Target Red Card witgh a $200 limit that I closed some time back.

Then last year, I opened a new Red Card account and was awarded a $2500 line. Here is what I did. Not sure if this had anything to do with the nice CL from them, but:

1. Open the Target Debit Card and still get 5% at checkout.

2. I used that Debit Card for 6 months.

3. App'd and got the $2500 CL.

It was straight forward. When you get the debit card, they ask you for your social and they track your spending. So for me, this worked out quite well. I use this card for Target purchases that are related to a small business that I run.

Also for the 5% discount. It can add up pretty fast. So far, this year on our Target Visa, we have saved $121 and change. That's cool and the savings are shown on the receipt.