topic Re: Target no CLI so should I cancel…… in Credit Cards

Target no CLI so should I cancel……

Scottisthename — Thu, 08 Jun 2023 23:17:44 GMT

I have a Target red card with a $300 limit that won't budge. It's three years old and my scores have improved since it was opened. I am considering closing the account, then reopen a new account during the next $40 promo event. The goal of course is a better limit. Has anyone done this and been succesful with getting a higher limit?

Re: Target no CLI so should I cancel……

GZG — Thu, 08 Jun 2023 23:31:14 GMT

@Scottisthename wrote:
I have a Target red card with a $300 limit that won't budge. It's three years old and my scores have improved since it was opened. I am considering closing the account, then reopen a new account during the next $40 promo event. The goal of course is a better limit. Has anyone done this and been succesful with getting a higher limit?

could consider just using the debit card version, same SUB when the sub is offered as well

Re: Target no CLI so should I cancel……

K-in-Boston — Thu, 08 Jun 2023 23:58:02 GMT

Before going that route, have you already done all of the things that seem to trigger them?

Use it monthly.
Let at least some balance report for the current statement every month (that doesn't mean carry a balance and pay interest - just don't pay to $0 before statement closing every month; anecdotal evidence seems to point to paying the card to $0 is treated the same as non-use with TD Bank).
Pay in full each month before the due date.
Update your income monthly even if it hasn't changed.

My card was open for 14 years before I got my first CLI (it got changed to a Visa around 2005 and I actually had a CLD when that happened, although that was several lenders ago), but very shortly after doing all of the above in 2016 I started getting regular CLIs (they have been sporadic the past couple of years, though, even though I continue to do the first 3 steps above).

Otherwise if that still doesn't work, I would probably also echo the debit card suggestion if you are comfortable with them immediately pulling payments from your bank with no grace period.

Re: Target no CLI so should I cancel……

DEITY_of_Credit — Thu, 20 Jul 2023 06:29:34 GMT

Re: Target no CLI so should I cancel……

NoMoreE46 — Sat, 10 Jun 2023 00:53:39 GMT

@Scottisthename wrote:
I have a Target red card with a $300 limit that won't budge. It's three years old and my scores have improved since it was opened. I am considering closing the account, then reopen a new account during the next $40 promo event. The goal of course is a better limit. Has anyone done this and been succesful with getting a higher limit?

Target is quite a mystery. You are not alone in being frustrated with no CLI at all.

Traditionally, it took about three years to get to the MC version. TD converts the store only card to the MC version starting at $4,000.

What are your scores like now?

Apparently there have been a few number of MF users reporting that they got the MC version right away if you're inclined to close and reapply.

Re: Target no CLI so should I cancel……

Mero_mero — Sat, 10 Jun 2023 01:52:44 GMT

My initial CL was $500 and not the Mastercard version. I spent about $120 a week on the card and after 6 months, there were automatic CLI's monthly. At about a year they converted it to a MC. Current CL is $11,500 which is stupid since I only spend $500-$600 a month at Target, but I won't complain. It took less than 2 years to go from that $500 CL to the current $11,500. They haven't increased my CL in two years so I'm guessing I'm maxed out based on my $500-$600 a month spend.

Re: Target no CLI so should I cancel……

creditfan — Sat, 10 Jun 2023 09:17:22 GMT

my journey with Target since mid 2016. CL goes from SL $1k to 5k currently.

I don't spend alot at Target (not really at all). I only spend with the card either small amount every six months to prevent from inactivity OR a flash sale happening.

My MC upgrade started at 3k CL. I never ever really want to update my income because I don't plan and never expect CLI since Target is not my primary source of buying.

At the moment 5k CL and it just come naturally to me.

Re: Target no CLI so should I cancel……

SouthJamaica — Sat, 10 Jun 2023 11:30:12 GMT

@Scottisthename wrote:
I have a Target red card with a $300 limit that won't budge. It's three years old and my scores have improved since it was opened. I am considering closing the account, then reopen a new account during the next $40 promo event. The goal of course is a better limit. Has anyone done this and been succesful with getting a higher limit?

I don't think it would be worthwhile to close and reopen.

I would just stick with it, and make sure to put healthy use on the card.

Re: Target no CLI so should I cancel……

Thomas_Thumb — Sat, 10 Jun 2023 15:31:48 GMT

@Scottisthename wrote:
I have a Target red card with a $300 limit that won't budge. It's three years old and my scores have improved since it was opened. I am considering closing the account, then reopen a new account during the next $40 promo event. The goal of course is a better limit. Has anyone done this and been succesful with getting a higher limit?

Don't close it. These cards have good long term CL increase potential.

As others have said use the card and allow monthly charges to build. Then PIF every month to show ability to manage credit near the card's limit. If you are concerned about credit score, paydown or payoff balance prior to statement close date. If paid down then payoff remainder before due date.

If income has increased, update info on file. Have you tried calling and asking for a CLI as opposed to just hoping for an auto increase? A manual request may generate a hard inquiry but, impact on score is generally only 5 points. If you have not done a manual request, I'd suggest asking for a CL increase to $1000 to start the ball rolling. They can always counter with something else.

Re: Target no CLI so should I cancel……

SUPERSQUID — Sat, 10 Jun 2023 15:52:28 GMT

@K-in-Boston wrote:
Before going that route, have you already done all of the things that seem to trigger them?
Use it monthly.
Let at least some balance report for the current statement every month (that doesn't mean carry a balance and pay interest - just don't pay to $0 before statement closing every month; anecdotal evidence seems to point to paying the card to $0 is treated the same as non-use with TD Bank).
Pay in full each month before the due date.
Update your income monthly even if it hasn't changed.
My card was open for 14 years before I got my first CLI (it got changed to a Visa around 2005 and I actually had a CLD when that happened, although that was several lenders ago), but very shortly after doing all of the above in 2016 I started getting regular CLIs (they have been sporadic the past couple of years, though, even though I continue to do the first 3 steps above).

Otherwise if that still doesn't work, I would probably also echo the debit card suggestion if you are comfortable with them immediately pulling payments from your bank with no grace period.

I do exactly what k has listed here with 2 variations, i only update my income once a year when it actually goes up and I always have a balance on the card.

Mine has grown from 300 sl in sep/oct 2020 to 1300 now. It seems I get an auto cli every june and december, ive got my fingers crossed for this month.

Re: Target no CLI so should I cancel……

K-in-Boston — Sun, 11 Jun 2023 00:58:31 GMT

@Thomas_Thumb wrote:
@Scottisthename wrote:
I have a Target red card with a $300 limit that won't budge. It's three years old and my scores have improved since it was opened. I am considering closing the account, then reopen a new account during the next $40 promo event. The goal of course is a better limit. Has anyone done this and been succesful with getting a higher limit?
Don't close it. These cards have good long term CL increase potential.

As others have said use the card and allow monthly charges to build. Then PIF every month to show ability to manage credit near the card's limit. If you are concerned about credit score, paydown or payoff balance prior to statement close date. If paid down then payoff remainder before due date.

If income has increased, update info on file. Have you tried calling and asking for a CLI as opposed to just hoping for an auto increase? A manual request may generate a hard inquiry but, impact on score is generally only 5 points. If you have not done a manual request, I'd suggest asking for a CL increase to $1000 to start the ball rolling. They can always counter with something else.

As I mentioned earlier, there has been some anecdotal evidence in the past that TD Bank's automated system may treat $0 statements as non-use during the billing cycle. There are a handful of other oddballs in the credit world where that seems to be the case as well.

Since acquiring the Target portfolio in 2013, TD Bank has never accepted customer-initiated credit line increase requests.

Re: Target no CLI so should I cancel……

805orbust — Sun, 11 Jun 2023 02:33:55 GMT

TD is my primary FI for my businesses and I can tell you their a bunch of weirdos. Love the personal Cc tho. But yeah, weird bank.

Re: Target no CLI so should I cancel……

SouthJamaica — Sun, 11 Jun 2023 02:54:01 GMT

@805orbust wrote:
TD is my primary FI for my businesses and I can tell you their a bunch of weirdos. Love the personal Cc tho. But yeah, weird bank.

Agreed. TD used to be my primary FI for my businesses. But no more.

Re: Target no CLI so should I cancel……

805orbust — Sun, 11 Jun 2023 02:58:16 GMT

@SouthJamaica dude Ive wanted to switch too but the girls at my current branch treat me like a celebrity... anything, anytime, they got it covered. I can't leave. But if they start having personnel changes, we're outta there 🤣

Re: Target no CLI so should I cancel……

SouthJamaica — Sun, 11 Jun 2023 03:03:38 GMT

@805orbust wrote:
@SouthJamaica dude Ive wanted to switch too but the girls at my current branch treat me like a celebrity... anything, anytime, they got it covered. I can't leave. But if they start having personnel changes, we're outta there 🤣

I have never been able to get anything done with them online.

Their business credit card reports to personal credit.

They always make me come into the branch and waste my precious time for everything.

Re: Target no CLI so should I cancel……

805orbust — Sun, 11 Jun 2023 03:07:33 GMT

Absolutely right. Chopped that business Cc 7 years ago. Even their app SUCKED until about 6 months ago. It probably still sucks but not like before. I feel your pain, but I'm getting hugs on the way out of the branch. 🤣

Re: Target no CLI so should I cancel……

SouthJamaica — Sun, 11 Jun 2023 15:18:04 GMT

@805orbust wrote:
Absolutely right. Chopped that business Cc 7 years ago. Even their app SUCKED until about 6 months ago. It probably still sucks but not like before. I feel your pain, but I'm getting hugs on the way out of the branch. 🤣

Yeah, well, I guess that counts for something

Re: Target no CLI so should I cancel……

805orbust — Tue, 13 Jun 2023 04:43:09 GMT

@SouthJamaica you aint told no lies... I waited 55 years for this mess 😉

Re: Target no CLI so should I cancel……

Scottisthename — Wed, 14 Jun 2023 15:20:36 GMT

Thanks for all of the thoughts and notes I have decided to wait out two Trget CLI cycyles June and November. If I don't receive an increase I will be closing the account and reapplying in 2024.