topic Re: Approval Chances Target RedCard in Credit Card Applications

Approval Chances Target RedCard

Anonymous — Tue, 30 Aug 2016 19:10:28 GMT

Just App'd for this message:

Thank you!

Your application is being reviewed. We will notify you by mail within 7-10 days.

I've read they usually pull TU my TU Fico8 is 630 as of today. I know I have a long way to go rebuilding my credit which is why I app'd for a store card vs an actual credit card.

I have 5 CA's (I know all from 2011-2013)

As of today:
Discover Secured $400
Secured Personal Loan $600

Still waiting to come in the mail:

CapOne Secured $250
Kohl's Charge $300

Do I have any hope or just pretty much denial?

Re: Approval Chances Target RedCard

creditguy — Tue, 30 Aug 2016 19:28:09 GMT

More than likely a denial, might be time to take a break on the apping and build up the cards you recently acquired. Those collections are going to haunt you until they start falling off, some lenders won't touch you with five collections and you'll start wasting and racking up inquiries further hindering your rebuild, just take a break and use what you have, don't start doing the 1 step forward 2 steps back game by apping too much.

Re: Approval Chances Target RedCard

Anonymous — Tue, 30 Aug 2016 19:52:43 GMT

Yeah I guess I was just in the zone after my Kohl's approval haha

It's a pretty unusual situation because it's pretty hard to get up to 630 with 5 collections weighing you down. You know?

Re: Approval Chances Target RedCard

Anonymous — Tue, 30 Aug 2016 19:58:16 GMT

@Anonymous wrote:
Just App'd for this message:

Thank you!

Your application is being reviewed. We will notify you by mail within 7-10 days.

I've read they usually pull TU my TU Fico8 is 630 as of today. I know I have a long way to go rebuilding my credit which is why I app'd for a store card vs an actual credit card.

I have 5 CA's (I know all from 2011-2013)

As of today:
Discover Secured $400
Secured Personal Loan $600

Still waiting to come in the mail:

CapOne Secured $250
Kohl's Charge $300

Do I have any hope or just pretty much denial?

I would stay away from Target if I were you..

You may be better off with department store cards... Macys, blommies, Nordstrom, Lord and Taylor. Build from those nicely, and you will be on your way.

Re: Approval Chances Target RedCard

creditguy — Tue, 30 Aug 2016 20:01:00 GMT

Yep it can be tough with 5 collections, but adding a bunch of inquiries and new accounts won't help either. It can be a good feeling to be approved and want to continue that streak of luck, but that train comes to a halt soon enough. Time and patience is sometimes all it takes to get you where you want to be and there's no substitution for it and there's no shortcuts.

Re: Approval Chances Target RedCard

Anonymous — Tue, 30 Aug 2016 20:12:58 GMT

Spintech - I'd have gone elsewhere but the main places I shop are Kohl's and Target I never reall shop at Macy's or others only maybe once a year, if that. I'm at Target twice a week haha

Re: Approval Chances Target RedCard

Anonymous — Wed, 31 Aug 2016 23:49:07 GMT

Omg just got a call from Target asking verification questions because I recently moved.

$300 SL card will be sent out 7-10 days.

I won't be apping for anything until at least 12 months from now.

Re: Approval Chances Target RedCard

Anonymous — Wed, 31 Aug 2016 23:51:46 GMT

So happy right now gonna keep my cards maintained and hopefully in a year I'll join the 700 club.

So happy right now

Re: Approval Chances Target RedCard

nrm — Thu, 01 Sep 2016 06:57:24 GMT

Congrats!

Re: Approval Chances Target RedCard

Anonymous — Thu, 01 Sep 2016 10:15:31 GMT

I just saw this this thread, and before scrolling down, figured 99% odds you were approved. Congrats!

Target store credit card is relatively simple to get. However, for those with low scores, it's extremely helpful to have some other active trade lines reporting, which it appears you do. To add a datapoint, they pulled my Equifax FICO 8 report with score of around 613 with baddies when I was approved; SL only $300, but better than nothing, since it's a card I regularly use.

On an aside, in my view, the credit card is far superior to their debit card, which can easily lead to one overdrawing their bank account, since one's available bank balance isn't queried in real-time; purchases aren't immediately deducted. With the Target store credit card, that's a moot issue.

Again, congrats. 5% off most all purchases (some very limited exceptions) add up. And after a few months of usage, you should get a modest CLI.

Re: Approval Chances Target RedCard

Anonymous — Thu, 01 Sep 2016 13:44:14 GMT

Congrats OP! I thought you'd be approved as well. Target is hurting because of the boycott I think and because of that they have loosened the reins on credit. Makes me want to apply now.

Re: Approval Chances Target RedCard

Anonymous — Thu, 01 Sep 2016 15:57:15 GMT

Ronpa - Yeah I felt this one was 50/50 the only thing I applied for in the last years (since I started getting collections) was a Best Buy Card and instant denial.

When I got a Kohl's got the same day I app'd for the Target card I felt a little more confident.

It's weird though it shows my score of 630 being a C- and my SO's score of 713 being just a C yet she gets approved for tons of cards with good SL's with a "C" score.

Did you get a CLI on the target card?

Re: Approval Chances Target RedCard

joltdude — Sat, 03 Sep 2016 00:50:57 GMT

Have you considered PIF for Deletion for any of your baddies?

Who have you burned?

Even though they probably are set to fall off in 2-3 years (7 years is usual for baddies execept BK)

Also realize you may have problems getting back with those youve burned...

Peeling away a few baddies might get you in the 700 club faster than a bunch of store cards...

but your smart to stop now and garden....

check out the rebuilding forums..

-J

Re: Approval Chances Target RedCard

Anonymous — Sat, 03 Sep 2016 01:34:15 GMT

I have considered it and if I had the money I would if say they'd probably all accept 50% at this point being out of SOL but I just don't even have that 50% right now you know?

I'm not applying for anything big soon so that's good I guess.

My baddies are:

WElls Fargo (but I'm now an AU on my SO's WF card)

2 payday loans

And Sprint.

So only bank is WF and I don't plan on going back to sprint because they screwed me and it's a whole long story.

But for the time being gardening is the best I can do and hopefully in that time I improve and at least 1 baddie falls off.

Thanks for the info!

Re: Approval Chances Target RedCard

joltdude — Sat, 03 Sep 2016 02:18:27 GMT

Was hoping they might have been low hanging fruit.. (small amounts, etc or medical collections)...

Yeah looks like waiting untill stuff falls off might be the best tactic if you cant pay em...

-J

Re: Approval Chances Target RedCard

Anonymous — Sat, 03 Sep 2016 02:42:27 GMT

I wish my SO had 2 old medical collections a few days after she disputed them they were removed from all 3 CRA's. They were due to fall off early next year anyways but still nice to come off early.

Will a 700 score get you a prime rate loan at most CU's? (Auto loan for example)

Re: Approval Chances Target RedCard

austinguy907 — Sat, 03 Sep 2016 05:53:20 GMT

Matt,

Didn't you have a couple of other threads where you were looking for V/MC type cards and then applied for Kohl's and now Traget? It's time to put away the electronic devices and head off to the garden. Kohl's doesn't progress to a card you can use elsewhere and Target is a tough one to convert to MC. So, do yourself a favor and don't apply for anything else for at least a year to build up your profile. The auto loan is an easier thing to pull off with a CU even at 650 with some aging of your CC lines and payments shown. Some CU's will do it at a minimum of 1 year of payment history and some want to see 2 years.

If you feel the itch to do anything credit wise go ahead and aim for CLI's on what you have now instead of opening something new. It will pay off much better than adding to the heap of cards you now have. Once you have a good track record with the secured cards 6-12 mo's you should be seeing them unsecure and the limits rising from where they are now. Time does wonders when you're trying to grow from seedlings.

Re: Approval Chances Target RedCard

Anonymous — Sat, 03 Sep 2016 15:50:42 GMT

Austin -

Yes, I ideally wanted another V/MC so that for my rebuild I would have:

3 Revolvers
1 PL

All reporting for 8-12 months which would help a lot.
But all CRA's show my payment history as sterling 100% on time payments never missed a single payment (that's a huge boost considering 35% of my score is because of that factor) it's from my student loans making payments and the government making payments on the interest while I've been in school. It shows 328 on time payments made.

But anyways yeah I got denied for a Visa with my local CU and didn't want to apply for a V/MC due to that. So I picked two stores I shop at on a monthly basis and got store cards I figured 2 of those equals 1 V/MC whether they convert or not it's fine. I love shopping there it's not like I picked somewhere I won't shop.

Hope this clarifies things a bit I was only asking about the auto loan because in a year I'd like to buy a car but not sooner. Off to the garden for the next year

Re: Approval Chances Target RedCard

joltdude — Sat, 03 Sep 2016 16:01:42 GMT

@Anonymous wrote:
I wish my SO had 2 old medical collections a few days after she disputed them they were removed from all 3 CRA's. They were due to fall off early next year anyways but still nice to come off early.

Will a 700 score get you a prime rate loan at most CU's? (Auto loan for example)

I would say many do but... Ideally your scores are slighly north of 700... 720 seems to be thrown around a bit which is less than the fico classification of excellent.... (740+) But at least 2 CUs i have used like something like scores in the low 700s but one will approve their best rate for high 6s..

Re: Approval Chances Target RedCard

Anonymous — Sat, 03 Sep 2016 17:35:52 GMT

Target is great card hopefully it arrives soon