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Established Member
gheedorah
Posts: 73
Registered: ‎03-07-2011
0

target card/utilization/new account on credit report

[ Edited ]

So I got an email a few minutes ago (myFICO credit alert thing), and it seems that my lowly Target redcard has finally showed up on EQ (opened in February, and March was only showing it on EX, not EQ or TU). I logged in just now, and I see it shows my balance ($39) but not my limit.

 

I took a hit of 7 points (AAoA I imagine, since there was no mention of an inquiry, just a "new account"). I would hope that- although the limit is low- the card's inclusion should quickly factor into a bump, or at least bringing me back up to where I was, as this has added 39 bucks of debt to bring my total to $75, and brought my total available credit (is there a term for this?) up by $200.

 

Any ideas about this? And any ideas how long it takes for EQ (or EX or TU, for that matter) to reflect the CL of an account? I'm surprised that information wasn't included with this when Target sent it over. Maybe they did send the info over, and it will update soon? Anyone? Bueller?

 

Thanks for any info/responses!

Established Contributor
NJTurnpike
Posts: 662
Registered: ‎02-20-2013
0

Re: target card/utilization/new account on credit report

[ Edited ]

I suggest you cancel that red card. if you do indeed shop at target use the target debit card. same discount. you will never get any love from that target red card.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Moderator
09Lexie
Posts: 24,939
Registered: ‎09-13-2012
0

Re: target card/utilization/new account on credit report

[ Edited ]
It's too early to tell what TD Bank will do for Target Red. IMO, I would give them a chance to see if they are going to be receptive of CLI's.

Your CR's can take 1-2 billing cycles to report.
Established Member
gheedorah
Posts: 73
Registered: ‎03-07-2011
0

Re: target card/utilization/new account on credit report

Do shop at Target- it is from whence my fitted workpants that I wear while my nicer tailored workpants are at the dry cleaners, come. Not too worried about no-love, since I only make small purchases there now and then. I saw that they have a debit card, which confused the hell out of me- is this a card that I'd have to transfer money onto, to spend said money? For the purposes of obtaining the 5%? This month will be the outlier in that I'm carrying a small balance, so the ugly APR doesn't really bother me. Am I understanding the debit card concept or am I off? Anyway, wouldn't closing it be a potential irritant to my Fico sinuses?

Established Member
gheedorah
Posts: 73
Registered: ‎03-07-2011
0

Re: target card/utilization/new account on credit report

CR's can take 1 - 2 cycles to report? As in 1 - 2 to actually show up on the CR (CR = Credit Report?)

 

Would I get a notification that there was a new entry on my credit report, but it not actually show up outwardly to anyone inquiring, for some period of time? I assumed since I got the notification, that it was now there for the world to see. No?

Senior Contributor
youngandcreditwrthy
Posts: 6,155
Registered: ‎08-16-2012
0

Re: target card/utilization/new account on credit report

I'd close it. Sorry...
I mean congrats on getting it,
But imo, it will prevent you from getting higher limits, assuming other lenders use current limit info as precedent for extending credit.

Good luck :-)
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 $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Member
gheedorah
Posts: 73
Registered: ‎03-07-2011
0

Re: target card/utilization/new account on credit report

Wow, a lot of hate for the Target card!

 

Thanks, I guess, for the congrats. Even with my marginal credit, store cards have always been a foregone conclusion, so I hadn't thought it was a big deal in terms of being some sort of achievement.

 

Anyway, I haven't about creditors using other creditors' limits/matrices to determine what limit they would extend for their own product. Is this common knowledge that I've been oblivious to? Any suggested reading/threads on here? Tried google searches, but hard not to get superflous results when searching "creditors" "use" "other" creditors" "limits" "own" "limits", etc.

Senior Contributor
youngandcreditwrthy
Posts: 6,155
Registered: ‎08-16-2012
0

Re: target card/utilization/new account on credit report

Oh yeah, a search won't yield any intelligent results for that topic.
It isn't for certain, but ime and many others' experience(s), lenders typically look to current accounts on your report as to how high of a limit you can "handle"
Again... This isn't 100% conclusive. However, this def'ly has proven 90% true i'd say ime.
Basically, higher limits beget higher limits.
I'm just letting you know that I don't think the Target Card will grow with you or allow room for you to improve your credit... I had it a year or two...used it every way possible... And received no cli... They are worse than C1 with CLIs.
I mean, keep it if you receieve benefit from it, but just remember the whole limit thing. GECRB is good for growing limits and truly improving your credit :-)

Good luck!
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 $5k| West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Established Member
gheedorah
Posts: 73
Registered: ‎03-07-2011
0

Re: target card/utilization/new account on credit report

Does anyone know (I know its different for anyone, but is there any general consensus) on the effects of closing a card like this (2 months old)? Is it bad to close a line of credit so quickly? AAoA only involves OPEN lines of credit, correct? So closing it would theoretically give me a small bump (bounce-back) to my AAoA? That would be a plus. But I wonder if there is any detraction to closing an account so soon after opening it?

Established Member
gheedorah
Posts: 73
Registered: ‎03-07-2011
0

Re: target card/utilization/new account on credit report

Hmmm...I see online that it won't necessarily hurt, but I wonder if as you mentioned, the low CL will inspire further low CLs from elsewhere. Bleh. I guess I should call, talk to retention, see if they'll give me a drastic bump, and if not, close it, and then wait another few months for them to update that its been closed, before applying for IT?

 

Tell me that isn't necessary, please. Ha.


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