Target REDcard credit limit reduced

[DaveSignal]

I guess I was asking for this, since I haven't used my REDcard in over 1 year, but I noticed that my credit limit has been slashed down to $200.   I can only assume that they are about to close the account.  So I am now debating whether I want to let this get closed automatically, close it myself, or start shopping for Target stuff online in order to keep this account open.  I am leaning toward option 1: let the credit grantor close the account.

[Crashem]

Have you been inactive with card or is there a credit issue that is causing this decrease?

[manwoot]

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@Crashem wrote:

Have you been inactive with card or is there a credit issue that is causing this decrease?

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@DaveSignal wrote:

I guess I was asking for this, since I haven't used my REDcard in over 1 year, but I noticed that my credit limit has been slashed down to $200.   I can only assume that they are about to close the account.  So I am now debating whether I want to let this get closed automatically, close it myself, or start shopping for Target stuff online in order to keep this account open.  I am leaning toward option 1: let the credit grantor close the account.

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Sounds like you don't really need the REDcard

[Crashem]

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@manwoot wrote:

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@Crashem wrote:

Have you been inactive with card or is there a credit issue that is causing this decrease?

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@DaveSignal wrote:

I guess I was asking for this, since I haven't used my REDcard in over 1 year, but I noticed that my credit limit has been slashed down to $200.   I can only assume that they are about to close the account.  So I am now debating whether I want to let this get closed automatically, close it myself, or start shopping for Target stuff online in order to keep this account open.  I am leaning toward option 1: let the credit grantor close the account.

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Sounds like you don't really need the REDcard

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Slow today.  Missed that.  I would still double check my credit reports to make sure.  A lot of card issuers don't really reduce CLs for inactivity but they may close after a really long time.  Although I seem to remember target being one of them.

[DaveSignal]

yes, it's because I haven't used it... mostly because I don't currently live in a place where there are Target stores.  I certainly don't need the card right now.  I move around a lot though, so that doesn't mean that I won't be near a Target in the future and the 5% off is better than any of my CC rewards.   I guess I can reapply again in the future if I am in such a circumstance.

ETA:  The reduced limit is on my credit reports... that is how I noticed it.

[kevinjjc]

What was the credit limit before? How old is the account?

[CS800]

I always keep $5 on it to report; although I shop at the Red Ball store (that's what my daughter calls it) very often

[jlfce1]

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@DaveSignal wrote:

yes, it's because I haven't used it... mostly because I don't currently live in a place where there are Target stores.  I certainly don't need the card right now.  I move around a lot though, so that doesn't mean that I won't be near a Target in the future and the 5% off is better than any of my CC rewards.   I guess I can reapply again in the future if I am in such a circumstance.

ETA:  The reduced limit is on my credit reports... that is how I noticed it.

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Just an fyi....they offer a Target Debit now that links to your checking that offers the same exact benefits as their credit card. I never use my target card anymore because I can get the same rewards, not to mention mine only has a $500 CL. Also - with the redcard (CC & Debit) you get free shipping when you use it at Target.com. 

After reading this, I may as well close it.

[tinom1234]

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@DaveSignal wrote:

I guess I was asking for this, since I haven't used my REDcard in over 1 year, but I noticed that my credit limit has been slashed down to $200.   I can only assume that they are about to close the account.  So I am now debating whether I want to let this get closed automatically, close it myself, or start shopping for Target stuff online in order to keep this account open.  I am leaning toward option 1: let the credit grantor close the account.

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Oh gosh...same thing happened to me. I had a $500 limit, they lowered it to $200, and then closed it. Bah. All due to inactivity. They never even told me they were closing it; I found out via my credit report. I just use the Target Debit Card for the 5% discount now.

[DaveSignal]

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@kevinjjc wrote:

What was the credit limit before? How old is the account?

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Was at $700.  Not a huge amount, but enough to buy things at Target.  A drop to $200 is definitely noticeable though.  The account was opened sometime in 2011, about 2 years ago.  I haven't used it since July or August of 2012.  I might just let them close it if they want.  Or I will just call and close this card, plus a few others that I don't use.  They aren't really doing anything for me right now, don't have any significant effect on my utilization, and just take up space in my sock-drawer wallet.