topic Re: Objective: Target RedCard MC in Credit Cards

Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:00:55 GMT

Okay, last month the wife and I applied for a Target RedCard. We were both approved for $2,000 each. Our goal it to see who can get the MC upgrade faster. We are both armed with the same information from previous albeit old information regarding this. She however is paying her balance down prior to statement drop every month with an average spend of approx $200. I will be stopping AZEO until I can get this achieved. I am carrying 25 -25% on my 10k discover (interest free and looking for a CLI) and will be carrying up to 18% (PIF after statement drop). Both of our scores are around the 700 FICO range. We just sold our house in Dec, while the CBRs do not reflect it we will be losing a 18 years in our AAoA.

Any current advice on achieving the upgrade? We do both have access to this forum so I am not asking for a secret one up .

Thanks ahead of time

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:08:15 GMT

That's fun that you're doing the experiment together. It's a good goal; the Target card is one I'm interested in for there future. I'm curious to see which of you gets the upgrade first!

Do you mean that your AAoA will drop 18 years or that you're going to be having an 18 year old account drop off that will impact your AAoA? If you just sold your house, presumably the closed mortgage account will stay on your reports for 7-10 years, I think.

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:11:15 GMT

Also, I think the soonest I recall seeing others get the Target MC upgrade was something like 6 months to a year, but I've seen quite a few threads of people who have had the Target card for years and are still waiting for their upgrade. I'm sure others can offer more data points.

Re: Objective: Target RedCard MC

blindambition — Sun, 01 Mar 2020 19:15:56 GMT

I got my Target RedCard 4/18. My SL was $2500.

Id let statement close. Usually a couple hundred or less. PIF and update income each month, even with no change. I let Christmas presents go 2 months, one month of $3 interest.

Notified of upgrade last month with CLI to $9000. Took me 20 months.

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:27:36 GMT

Good luck to both of you! I hope you don't have to wait too long to see an upgrade. I wonder which one of you will get it first?! Keep us posted.

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:35:22 GMT

@Anonymous wrote:
That's fun that you're doing the experiment together. It's a good goal; the Target card is one I'm interested in for there future. I'm curious to see which of you gets the upgrade first!

Do you mean that your AAoA will drop 18 years or that you're going to be having an 18 year old account drop off that will impact your AAoA? If you just sold your house, presumably the closed mortgage account will stay on your reports for 7-10 years, I think.

I had read on reddit where a guy acheived the MC upgrade in 11 months. He started with a sig lower SL of $800 though, 3 auto CLIs to $9k at 11 months. As far as his reported spend $10 - $30 per week allowing the statement to drop and paying off immediately. He does not provide any other information as to his profile. He did say when he applied for his RedCard he was 13 months out of a BK7.

As far as the home sale is concerned. I meant AA of active accounts will take a significant hit. I am a bit confused on what is actually guaged complete average age history vs acvite age history. I have credit monitoring that will use one or the other. I have a 8 year 5 month since PIF auto loan that shows on my CBR closed list. All of my math skills can not find where they are using that in any factoring.

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:36:36 GMT

@Anonymous wrote:
Also, I think the soonest I recall seeing others get the Target MC upgrade was something like 6 months to a year, but I've seen quite a few threads of people who have had the Target card for years and are still waiting for their upgrade. I'm sure others can offer more data points.

I am shooting for a year, going to be an interesting experiment. I will keep this post updated with changes.

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:38:56 GMT

@blindambition wrote:
I got my Target RedCard 4/18. My SL was $2500.
Id let statement close. Usually a couple hundred or less. PIF and update income each month, even with no change. I let Christmas presents go 2 months, one month of $3 interest.
Notified of upgrade last month with CLI to $9000. Took me 20 months.

Thanks for the info, that is what I am going to be doing. You're the 3rd post I have come across with the $9k CL being the trigger. While I have read $5k is what triggers it. Will be interesting to see if and what triggers ours.

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 19:39:31 GMT

@Anonymous wrote:
Good luck to both of you! I hope you don't have to wait too long to see an upgrade. I wonder which one of you will get it first?! Keep us posted.

Thanks and will do!

Re: Objective: Target RedCard MC

kdm31091 — Sun, 01 Mar 2020 19:53:16 GMT

Although I am sure it's not completely random as to who is selected for the upgrade, it sure seems that way. Some people get it after a relatively short time. For some it takes years. Some people get it after using the card heavily. Others barely use the card. For many, it never happens at all.

I really don't understand the reason for TD being so elusive about the Mastercard. If someone wants it for whatever reason, I don't get why they cannot just ask for an upgrade and/or apply for the Mastercard outright. It's an odd situation.

Re: Objective: Target RedCard MC

Taurus22 — Sun, 01 Mar 2020 19:53:28 GMT

I'm certain that this is going to lead to some informative DP's. Please come back and share....

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 20:09:15 GMT

Op, what do you use for credit monitoring?

You said that some of your scores seem to count some closed accounts and others that don't? My understanding is that Vantage scores, (called Fako scores here), which is what you'd see on sites like Credit Karma, only use open and active accounts when determining AAoA. But vantage scores aren't really used en masse for credit lending.

In terms of actual reports from the CRA's, closed accounts stay on your report for 7-10 years depending on some of the specifics of the account. FICO scores most certainly count those closed accounts (until they fall off your report) in determining your AAoA, and FICO scores are the ones that matter in most practical circumstances. So it seems to me that you should have years ahead of you before your AAoA takes a hit from selling your house and closing your mortgage. Forgive me if I misunderstood and you know all this, just want to make sure you know that your AAoA shouldn't be immediately impacted.

Please keep us all posted on your Target experiment! And good luck 🍀

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 20:13:49 GMT

And make sure you prioritize monitoring your real FICO scores. Vantage scores are interesting to watch but they can vary widely from FICO scores and be very misleading.

Re: Objective: Target RedCard MC

TSlop — Sun, 01 Mar 2020 20:37:27 GMT

Pardon my ignorance, but is the RedCard MC available right away? In other words, is it like a credit worthy thing where you get either the store card or the MC version when you apply (like Best Buy is/was)? Or is it everyone that applies gets the store RedCard and hopes for an upgrade?

Re: Objective: Target RedCard MC

Anonymous — Sun, 01 Mar 2020 20:42:06 GMT

You can only apply for the store card and hope to be upgraded. It is a strange one.

Re: Objective: Target RedCard MC

blindambition — Sun, 01 Mar 2020 20:45:57 GMT

@TSlop wrote:
Pardon my ignorance, but is the RedCard MC available right away? In other words, is it like a credit worthy thing where you get either the store card or the MC version when you apply (like Best Buy is/was)? Or is it everyone that applies gets the store RedCard and hopes for an upgrade?

Unfortunately not the same. Target and TD Bank start you with store card. Nobody knows the special mojo for upgrade. DP are very random.

Re: Objective: Target RedCard MC

Anonymous — Mon, 02 Mar 2020 00:36:24 GMT

Interesting experiment and should be fun.

I also have a target redcard for about 3-4 months now and very curious to see what if any DP's or things to do for the upgrade to MC.

Re: Objective: Target RedCard MC

Guyatthebeach — Tue, 03 Mar 2020 01:12:57 GMT

forJAT,

Good look and this will be an interesting goal to see happen.

I'm the outlier because it took me 6 years to the upgrade to the Target MC.

Hopefully you two will get the Target MC's much sooner!

Guyatthebeach

Re: Objective: Target RedCard MC

recoveringfrombk7 — Tue, 03 Mar 2020 02:16:13 GMT

I got mine 8/2019 - also started with $2k. I was doing AZEO, so paying in full before statement. Last month I let $285 post and paid it the next day. I've also heard that updating your income every time you pay can help. Good luck. I hope to learn something from your experiment!

Re: Objective: Target RedCard MC

staticvoidmain — Tue, 03 Mar 2020 02:34:06 GMT

@kdm31091 wrote:
I really don't understand the reason for TD being so elusive about the Mastercard. If someone wants it for whatever reason, I don't get why they cannot just ask for an upgrade and/or apply for the Mastercard outright. It's an odd situation.

Ditto. I have a Target next to me. I am not shopping there just because I am not getting 5% (I refuse to pay full price), and do not feel like applying for a purely store card. For me, it is Target's loss, and Amazon's (and local supermarket's) gain.