04-17-2013 07:31 PM - edited 04-17-2013 07:57 PM
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!
04-17-2013 07:36 PM - last edited on 04-17-2013 08:18 PM by webhopper
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.
04-17-2013 07:38 PM - edited 04-17-2013 07:39 PM
04-17-2013 07:46 PM
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?
04-17-2013 07:48 PM
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?
04-18-2013 07:58 AM
04-18-2013 08:16 AM
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.
04-18-2013 08:56 AM
04-18-2013 09:01 AM
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?
04-18-2013 09:09 AM
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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.