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Target Credit $300

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Anonymous
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Target Credit $300

Hi, I am in process of rebuilding my credit. From a 350 to currently a 616. I have 2 collections that I am fighting over with the credit bureaus, I already paid about 3 years ago and the debt got resold 😝 One got deleted a couple days ago! Yay

Anyways back on point: I am trying to get my utilization lower as recommended by Credit Sesame. They said if I paid $360 of my debt my utilization would go up from a D to a C. I was approved for a Target Red Card with the two collections and high utilization on my current 4 revolving credits: Fingerhut($1100), Credit One ($800), Capital One ($1000), and a new card Merrick with very high interests ($1,200). I wrote my credit in the order I was able to apply for them. They started as low as $280 but increased dramatically with on time payments. Before I applied for a Target Red Card my Merrick Bank credit was only $600 but after 7 on time payments, my credit doubled. So my credit utilization changed, yay!

I was very happy to be approved for the target red card with my bad credit history! I wanted to know what bank issues this card? Is this part of the Shopping Cart Trick? This store card offers more benefits than any of my other credits. So, I am tempted to using it but want to keep it clear so my utilization is low.

I read about the Shopping Cart Trick a bit, and was thinking about getting a Victoria Secret, but am not sure if it's a good idea.

Recently for denied for a pre-offer from DscoverStudent.

4 REPLIES 4
Anonymous
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Re: Target Credit $300

Don't solely rely on new credit to help your utilizaton. Pay off your exiting debt on those cards. Utilization is not just total utilization  but also factors in each individual account. For example, If your Cap 1 account is at 90%, you can add all the credit in the world but are considered maxed out on that Cap1 account and that will keep your score down. 

 

Target RedCard comes in debit (Target) and credit (TD Bank). I'm not sure about recently, but in the past (many years ago) people would get offers when they were checking out at the register. I never heard of anyone getting that online. Most of the SCT offers are from Comenity bank (Victoria Secret would be one if you are pre-approved, opted in, unthawed credit reports). If you are pre-approved then that should be a soft pull. If you have no plans to use it, it would help overall utilization. You would still need to work on the utilization on each of your other accounts.

 

You have Capital One and Merrick which is a good start. A lot of people eventually cancel or sock drawer their FingerHut/Credit One accounts. Because you have already a small amount of debt, I would tackle that first before potentially getting in over your head being approved for more. Additionally, as your credit profile improved you will be more likely to be approved for cards you really want and can benefit from.

 

- From someone who has been there, done that...

Message 2 of 5
Anonymous
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Re: Target Credit $300

@Elktech thank you for your answer! I always pay more than the minimum for my credit cards every month and end up canceling my debt. However, in case of an emergency (car broke down :/) I have the credit as a resource and in the mean time I don't want my utilization to be super high. But I get you it's better to pay off my debt.

I got my Red Card (Credit) online and they offered me to use haf my credit right there lol had to resist the urge
Message 3 of 5
Anonymous
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Re: Target Credit $300

It's really good to hear that you resisted the urge to use the credit line. Keep listening to that voice telling you to use your credit wisely. Also, using credit for emergencies like the one you mentioned when your cash reserves are low or non existent is better than thinking of it as an extension of income for everyday or impulse buys. 

Message 4 of 5
Anonymous
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Re: Target Credit $300

@Elktech will do! And no impulse buying for me Smiley Wink Got a tell you I'm happy husbands and wives at least in California don't share the same score and debt. Cause I am on top of things and don't stress about what my other does with their financed
Message 5 of 5
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