Denied for Target Redcard, stated insufficient recent credit history?

[kchui1028]

I applied for the Target Redcard at the target store 2 weeks ago, and they are not able to approve me instantly.

So i got home and called target and was told i was denied.

Today i got the letter from Target and it told me the main reason for the decision

Inactive or insufficient recent credit history.

The thing is i have just repaired most of my credit, i have FICO score of about 620.

I only have one secured credit card i've been using for 5 months and using under 10%, been paying it on time every month.

I also have a deferred student installment loan 5 years ago, it's paid off all at once a few months after i applied for it.

How long will it take until i am considered to have sufficient credit history? Can it be done with just 1 credit card since i have a hard time getting an unsecured one yet?

[DI]

Sorry to hear that you got declined.

You'd need a mixture of credit(installment loans and revolving credit) to be considered having sufficient credit.

[kchui1028]

Thanks, I do have an installment loan on my report even though it's 5 years ago.

I doubt Target RedCard only approves people that have current installment loan = sufficient credit though

I do want to know how long it take to be considered sufficient credit history if you only have 1 revolving credit card.

[DI]

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@kchui1028 wrote:

Thanks, I do have an installment loan on my report even though it's 5 years ago.

I doubt Target RedCard only approves people that have current installment loan = sufficient credit though

I do want to know how long it take to be considered sufficient credit history if you only have 1 revolving credit card.

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In your case, they want to see more accounts and how you handle them.  There's no set time frame to satisfy the requirement.  You probably would have better luck getting some other store card.  What kind of credit card do you have now?  Many applications for store cards always ask if you have a major credit card.

[kchui1028]

I have a captial one secured card with 3k limit

I have had 3 inquires this year, macy card, sony card, target card.

Should i try walmart card? i am having doubt whether i will get approved or not.

[DI]

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@kchui1028 wrote:

I have a captial one secured card with 3k limit

I have had 3 inquires this year, macy card, sony card, target card.

Should i try walmart card? i am having doubt whether i will get approved or not.

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Do not apply for anything else. You'd get denied.    Work on getting the  Capital One card converted to an unsecured card before apping for new credit. 

[Anonymous]

Now I see why I got denied back in 2004 when I apped for the store cards at the time of check out.  At that time I only had 1 VISA cc issued by NFCU with small CL.  So, since then, I always tells employee "No Thank You" when they ask me to app for their store card ... include Target.  

[DI]

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@Anonymous wrote:

Now I see why I got denied back in 2004 when I apped for the store cards at the time of check out.  At that time I only had 1 VISA cc issued by NFCU with small CL.  So, since then, I always tells employee "No Thank You" when they ask me to app for their store card ... include Target.  

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Before year 2000, one card probably would have lead to getting approved for more cards easily.  Now, since the credit industry has changed so much, things has gotten alot more strict.