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TARGET RED CARD

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Valued Contributor

Re: TARGET RED CARD


@almostheaven351 wrote:  @sgosh5,  I just have to ask..Looking at your profile signature, how long did it take you to be able to obtain so many cards.

@almost heaven351, there are many of us who have been in the credit game for decades who could have hundreds of cards by now but who choose to simplify our lives. 

 

For one thing, realistically, how many cards can you really use effectively?  Many lenders will shut down cards that don't get regular spend.  While it's good to have several accounts to raise your score, you can quickly have too much of a good thing.  Having 5-10 open accounts helps your score look good.  However, having 50 open accounts isn't necessarily any better for your credit score.  More isn't always better.  And there are no bragging rights for who has the most cards open, unless maybe you're going for the Guiness Book of World Records.  (*By the way, you'd need more than 1,497 to beat Walter Cavanaugh's record.)   Lol Smiley Very Happy

 

And how much are you willing to complicate your life with remembering to rotate cards in your wallet and to use certain cards on some schedule or for limited purposes? Personally, I have more important things to do, even as much as I enjoy finding and using good cards.

 

Also, if you want the high limits, remember that lenders look at your other credit lines when you apply or ask for more.  Having a lot of cards open may mean no one will give you a very high line because you've stretched yourself too thin.  Then you find yourself trapped in a cycle of low-limit cards.  For example, if I was aiming to have $150K in credit available, I would rather have three really good 50K limit cards that I value and really use often than 50 cards with $3K limits.  (same $150K either way).   On the other hand, if you have some high lines of credit, other lenders will be willing to give you higher lines also. 

 

For most lenders, if you aren't loyal and faithful to their card, it won't grow and it may not survive.  Think of it as building a lending relationship.  What happens to friends you haven't talked to in two years?  They usually forget about you and go away.    Food for thought.  So think more about building the limits on the cards you have over time and slowly adding new credit to the mix as you grow your overall credit lines. 



Updated 05/18/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 8+ years; AoYA = less than 1 year (April 2020)
Total Open Credit Lines Over $492K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:6)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 21 of 32
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Mega Contributor

Re: TARGET RED CARD


@Aim_High wrote:

@almostheaven351 wrote:  @sgosh5,  I just have to ask..Looking at your profile signature, how long did it take you to be able to obtain so many cards.

@almost heaven351, there are many of us who have been in the credit game for decades who could have hundreds of cards by now but who choose to simplify our lives. 

 

For one thing, realistically, how many cards can you really use effectively?  Many lenders will shut down cards that don't get regular spend.  While it's good to have several accounts to raise your score, you can quickly have too much of a good thing.  Having 5-10 open accounts helps your score look good.  However, having 50 open accounts isn't necessarily any better for your credit score.  More isn't always better.  And there are no bragging rights for who has the most cards open, unless maybe you're going for the Guiness Book of World Records.  (*By the way, you'd need more than 1,497 to beat Walter Cavanaugh's record.)   Lol Smiley Very Happy

 

And how much are you willing to complicate your life with remembering to rotate cards in your wallet and to use certain cards on some schedule or for limited purposes? Personally, I have more important things to do, even as much as I enjoy finding and using good cards.


Right, and there is also a diminishing returns factor from rewards standpoint.   You should start off getting cards that give rewards for your biggest spend categories, and once you have enough  of these, a card that gives 1 or 2% extra on some niche spend the added value is very small.  (Obviously, there are situations where there isn't true.   If I find a card that gives 3% on 12th Century Aztec Flutes, it's probably not going to add much value on a day to day basis, but, when I decide to expand my already large collection every 10 years, and purchase $1M worth of those beauties, the card earns its keep!)

Message 22 of 32
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Established Contributor

Re: TARGET RED CARD


@Aim_High wrote:

@almostheaven351 wrote:  @sgosh5,  I just have to ask..Looking at your profile signature, how long did it take you to be able to obtain so many cards.

@almost heaven351, there are many of us who have been in the credit game for decades who could have hundreds of cards by now but who choose to simplify our lives. 

 

For one thing, realistically, how many cards can you really use effectively?  Many lenders will shut down cards that don't get regular spend.  While it's good to have several accounts to raise your score, you can quickly have too much of a good thing.  Having 5-10 open accounts helps your score look good.  However, having 50 open accounts isn't necessarily any better for your credit score.  More isn't always better.  And there are no bragging rights for who has the most cards open, unless maybe you're going for the Guiness Book of World Records.  (*By the way, you'd need more than 1,497 to beat Walter Cavanaugh's record.)   Lol Smiley Very Happy

 

And how much are you willing to complicate your life with remembering to rotate cards in your wallet and to use certain cards on some schedule or for limited purposes? Personally, I have more important things to do, even as much as I enjoy finding and using good cards.

 

Also, if you want the high limits, remember that lenders look at your other credit lines when you apply or ask for more.  Having a lot of cards open may mean no one will give you a very high line because you've stretched yourself too thin.  Then you find yourself trapped in a cycle of low-limit cards.  For example, if I was aiming to have $150K in credit available, I would rather have three really good 50K limit cards that I value and really use often than 50 cards with $3K limits.  (same $150K either way).   On the other hand, if you have some high lines of credit, other lenders will be willing to give you higher lines also. 

 

For most lenders, if you aren't loyal and faithful to their card, it won't grow and it may not survive.  Think of it as building a lending relationship.  What happens to friends you haven't talked to in two years?  They usually forget about you and go away.    Food for thought.  So think more about building the limits on the cards you have over time and slowly adding new credit to the mix as you grow your overall credit lines. 


oh i see. 50K 3 cards or 3 50K cards...both are same for me. If i am using more than 2K on a card in a month then i seriously have money problems. anyway good long read. 








Shell FCU : 5K, Alliant CU Loan : $35000
Message 23 of 32
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Valued Member

Re: TARGET RED CARD

That's awesome! Was it an instant approval?

Message 24 of 32
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Established Contributor

Re: TARGET RED CARD

Any suggestions on how to get an increase on the initial CL a few days after opening?

 

They started me with $500 and I've tried to recon but no luck. They say they aren't currently doing 'same day CLI's' and are now reviewing monthly so they put me on the 'list' for a review. Year whatever; the holidays are coming up and I'd like to get at least 2-3 times more.

 

Also, since using the card I've learned that it takes 3-5 or 5-7 days for returned purchases to get credited back to your account. **bleep**....is this the stone age? Who the heck does this anymore? I expect more from Target. So not cool. If I had known this I likely would not have applied for the card. 

 









Message 25 of 32
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Moderator

Re: TARGET RED CARD


@Aspireto850 wrote:

Any suggestions on how to get an increase on the initial CL a few days after opening?

 

They started me with $500 and I've tried to recon but no luck. They say they aren't currently doing 'same day CLI's' and are now reviewing monthly so they put me on the 'list' for a review. Year whatever; the holidays are coming up and I'd like to get at least 2-3 times more.

 

Also, since using the card I've learned that it takes 3-5 or 5-7 days for returned purchases to get credited back to your account. **bleep**....is this the stone age? Who the heck does this anymore? I expect more from Target. So not cool. If I had known this I likely would not have applied for the card. 

 


Yes, the holidays are upon us but TD Bank/Target isn't going to reconsider your initial credit line, unfortunately.

 

Just something to keep in mind, it's always a good idea to research how certain products work before taking the plunge to ensure the outcome doesn't lead to unexpected disappointments.   As far as returns go, they're usually fairly quick to post and IME they don't take that long. 

Message 26 of 32
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Valued Contributor

Re: TARGET RED CARD

Aspireto850,

 

Target & TD Bank handle the Red Cards differently than other companies handle thier store cards.  Target only does CLI's when they want to. Now I usually get them every 4 to 6 months.  Use the card wisely and you will see it grow sooner than later. Also it may automatically upgrade to the Target Mastercard.

 

Guyatthebeach

Message 27 of 32
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Established Contributor

Re: TARGET RED CARD

@Guyatthebeah,

You’re right. I did research but as is the case with all of us we hope our profile will be that one unicorn 🦄 that’s gets a higher SL! Lol

Thx for the update about the returns; perhaps my case is isolate given it’s a relatively new card.








Message 28 of 32
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Valued Contributor

Re: TARGET RED CARD

they are very INQ sensitive, gave me the dreaded $200 SL, and the card would never move, had about 4-5 HP's on my report at the time. Card refused to grow, otherwise clean report, used it sparingly, eventually let the card close.  A while later the DW applied and got the card, Got a 2k SL, a couple years later, today the card sits at 11k CL, all auto-cli rarely uses the card highest balance ever was less than $100. 

She is a homemaker, and uses my income.  I have other credit cards north of 30k CL's, but target refused to grow for me at all.   


Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 29 of 32
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Frequent Contributor

Re: TARGET RED CARD


@Hockeypnc1 wrote:

Not sure, but they gave me $1,000 and I have about 650s credit scores, a 2016 Bankruptcy, and TONS of inquiries.

That approval was about 10 days ago. 


I got a SCL of 1,000 also. I opened my account in August of 2019. My FICO's were EX 647, TU 665, and EQ 665 at that time with a 58% overal UTIL with 8 inquiries on my EX file. I also had a BK 7 from 12/2016, and Target was included for 792 dollars with a limit of 700 at the time. They actually gave me a higher CL the 2nd time around lol. 









Message 30 of 32
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