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Well said.......rather lengthy BUT well informative. Your comments have been duly noted.
@Anonymous wrote:I think that it's a bit of a stretch to say that it's a "slap in the face". Frequently, the Target store cards are issued when we have less than stellar credit. And, they're not issuing them for the purpose of helping people to rebuild their credit, they're trying to help you to help their bottom line, which includes minimizing losses.
@Anonymous wrote:I think that it's a bit of a stretch to say that it's a "slap in the face". Frequently, the Target store cards are issued when we have less than stellar credit. And, they're not issuing them for the purpose of helping people to rebuild their credit, they're trying to help you to help their bottom line, which includes minimizing losses.
But, I understand the frustration! I fired Cap1 after realizing that I had one of their "dead" rebuilder cards that would never be eligible for an increase, had a double-digit APR, and an annual fee. It was so frustrating (at the time, I think I used the word "demoralizing") to work and work, and still not be good enough. I had to come to accept that I am not owed credit, even for a perfect history as I had with Cap1. And, when I was in a position to say, "I don't NEED you anymore", I threw off the training wheels and severed the relationship. My consolation? As their rate of default rises, they lost a GOOD customer who paid. Drop in a bucket, but it made me feel good.
I think that we have to view store cards a bit differently that major credit lines. They were never really intended to grow big, in Target's case. I forget the exact maximum on the store card, but it's not that high. And, it appears that when you reach 1k that they offer you the VISA. I've even heard (can't speak to the veracity of the info) that Target even considers the market/area in their lending decisions, and may cap some areas lower than others. And, Target is not a Macy's or a Nordstrom. Unless you're trying to furnish your entire house in one shopping trip, and get some groceries, a few hundred dollars is going to suffice for the *average* trip to Target, for non-commercial purposes. If you use their card (vs. SDing it) you might notice that they loosen the purse strings near the holiday push. There were dozens of us, quite a few who'd been at $200 for YEARS, who got Target luv right at the holidays, out of the blue.
All that to say-- it may never dazzle you with rewards (ever higher credit lines and perks to your liking), but it is a positive tradeline that will add to the mix of credit, and that doesn't charge ridiculous fees to keep in your wallet (unless you carry balances, then the APR is sky high). If Target is a regular stop on your shopping trail, then you're probably the type of customer that they're targeting their credit products at, and when the stars align, and they're feeling in the mood-- the luv will suddenly appear. Until then, just let it be for what it was intended-- a discount retail store card for every day household needs.
Great post LilMirth, you hit the nail on the head with that one.
@Anonymous wrote:My suggestions would be to wait until you're at least above 620, then call and ask them. Explain your situation, and how you're confident that it'll never happen again. Tell them that you can now demonstrate that you have adequate income and ability to pay, and that one of your favorite places to shop is Target. And mention that you read in a Money Magazine article that they might agree to "debt forgiveness" given that you did pay. See what they say to that.
If they blacklist for a while, nothing gained & nothing lost. I'm fairly willing to bet that they don't blacklist forever. Wait for it to fall of your reports, do some shopping, and then wait for an 'offer' at the register.
I will do just that...thanx
@Anonymous wrote:
Realistically, had you called them and negotiated prior to paying off the charge off, you might have had a better time having them re open for you as a condition of payment.
now you are just paid off and probably black listed for awhile.
I fugured as much...I'll wait awhile and try my luck...thanx