Target RedCard Upgrade?

[FinStar]

Ahhh, the memories @K-in-Boston.  Mine started as a Visa back in 2001. I can't remember if they gave a choice between the Visa or store version back then when applying.

At any rate, it would be nice if their UW policies were to change so that folks would have the option to obtain the MC version out of the gate vs just the store card. Same for requesting CLIs.

[Guyatthebeach]

Mike1014805,

Congratulations on getting approved for the RedCard! I believe that is the largest starting CL I've seen on a Target store card.

Here your answers:

1. TD Bank will upgrade your card to the Target MC when they want too. Some get it upgraded in a few years. It took me 6 years to get the upgrade.

2. TD Bank does give CLI's. Just use it regularly and wisely. Also if they ask you to update your income, do it, because it means they may be reviewing your account for a CLI. Don't ask for a CLI,they typically don't get approved, and you will waste a HP. 

3. From my personal experience, I got high CLI'sc when I used the card regulary( every other week), and PIF when the statement cut.  Also I never let my balance go ever 10%.

4. Yes, the RedCard reports to all 3 CB's as TD Bank USA/Target.

Hope this helps.

Guyatthebeach

[K-in-Boston]

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@FinStar wrote:

Ahhh, the memories @K-in-Boston.  Mine started as a Visa back in 2001. I can't remember if they gave a choice between the Visa or store version back then when applying.

At any rate, it would be nice if their UW policies were to change so that folks would have the option to obtain the MC version out of the gate vs just the store card. Same for requesting CLIs.

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They did not give a choice back then; I don't think they ever did.  I can't remember who the original issuer was.  Somehow I do remember that whatever bank ended up with it around 2005 when mine changed to Visa was later acquired by Target itself and changed to Target National Bank at some point and then later sold the portfolio to TD Bank.

[Mike1014805]

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@Guyatthebeach wrote:

Mike1014805,

Congratulations on getting approved for the RedCard! I believe that is the largest starting CL I've seen on a Target store card.

Here your answers:

1. TD Bank will upgrade your card to the Target MC when they want too. Some get it upgraded in a few years. It took me 6 years to get the upgrade.

2. TD Bank does give CLI's. Just use it regularly and wisely. Also if they ask you to update your income, do it, because it means they may be reviewing your account for a CLI. Don't ask for a CLI,they typically don't get approved, and you will waste a HP. 

3. From my personal experience, I got high CLI'sc when I used the card regulary( every other week), and PIF when the statement cut.  Also I never let my balance go ever 10%.

4. Yes, the RedCard reports to all 3 CB's as TD Bank USA/Target.

Hope this helps.

Guyatthebeach

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Thanks for the reply. I'm in the middle of trying to buying a house right now in this crazy market. The bank gave me the OK to apply for the card because I let them know beforehand. Anyway, I'm not letting any of my credit cards report a balance, so I've been paying them all in full (sort of like they're debit cards) because I can't have any outstanding debt, so my debt to income ratio won't change. Plus, with the very high 20% apr, I don't plan on ever carrying a balance on this card. But I will stay in the 10-20% TOTAL monthly usage on the card just to be safe. 

[NoMoreE46]

Congratulations @Mike1014805  as $1,200 is very good initial limit.  The data I collected a while back has the average at $600.   @blindambition  had the highest at $2,500 per my spreadsheet.

The MC upgrade occurs typically when your limit reaches $4,000.  How to get to that $4,000 is a mystery though.   It typically takes 2 to 3 years for the upgrade.  Good luck.

PS the plateau is $20,000.

[CS800]

I have had my card since 2012 with a limit of $500 back then. In 2017, i finally got a CLI to $800 then in January 2022 another CLI to 1200. I use the card every month and PIF. I do put a good amount on it every month but that mastercard upgrade remains a mystery to me. I have really good credit with low credit utilization (around 1%). I don't think that i will ever get that MC; doesn't matter though, i have the RedCard and plenty other credit cards with rewards to use.

[FalconSteve]

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@Mike1014805 wrote:

So, about 3 weeks ago I applied for the Target RedCard on a whim because I shop there so frequently. To my, happy surprise, I was approved with a $1200 starting limit. My friend, who's worked at Target for 10+ years, said she was shocked I got approved for a $1200 starting limit, because most of the people who apply, usually get $200-$500 starting limits. 

I don't plan on using more than 20% of the limit at a time, because it can be dangerous and I'll waste all my money at Target otherwise...

However, I was curious about a few things:

• How long is the time-frame (roughly) to get the upgrade to the Mastercard version?
• Does TD Bank give automatic CLI? Or do I need to call and ask? 
• Do I need to use the card heavily to get an increase, like with Capital One (for example)?
• Finally, does the card report to all 3 bureaus?

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The MC version takes at keast 2 years, but isn't a guarantee.

TD is auto-CLI only, but income updates and letting the balance post to the statement before you pay it (no interest needed, it just can't see if you pay before the statement cuts) boosts this.

Heavy use is absolutely not needed for CLI, but they do like to see some use (even a couple hundred twice a year will be enough for conversion in my experience).

Yes, it does report to TransUnion, Experian, and Equifax (not sure about the smaller bureaus)

BTW- I got approved for $2500, but I've also read about a lot of $200-500 approvals, I think it's very much YMMV.

[FalconSteve]

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@TheRedHat wrote:

Why do people want a high credit limit on this card or for it to upgrade to a Mastercard? To the best of my knowledge, the card has no rewards/bonuses outside of Target. With an APR over 20%, if you carry a balance it would cancel out any initial discount you may have had.  

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I wanted the MasterCard upgrade because I couldn't have it despite a 800 credit score, there is not FTF, they are PIN PREFERRED (perfect backup for travel if my SoFi and AppleCards are not taken).

Why would 20% matter? You only pay that if you don't pif.

The MC does have rewards outside Target, including bonus categories.

[FalconSteve]

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@K-in-Boston wrote:

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@FinStar wrote:

Ahhh, the memories @K-in-Boston.  Mine started as a Visa back in 2001. I can't remember if they gave a choice between the Visa or store version back then when applying.

At any rate, it would be nice if their UW policies were to change so that folks would have the option to obtain the MC version out of the gate vs just the store card. Same for requesting CLIs.

---

They did not give a choice back then; I don't think they ever did.  I can't remember who the original issuer was.  Somehow I do remember that whatever bank ended up with it around 2005 when mine changed to Visa was later acquired by Target itself and changed to Target National Bank at some point and then later sold the portfolio to TD Bank.

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When my Dad got his Target Visa, he had two options,

1) Apply for the store card

2) Apply for the VISA and be considered for the store card if turned down for the VISA

[FalconSteve]

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@CS800 wrote:

I have had my card since 2012 with a limit of $500 back then. In 2017, i finally got a CLI to $800 then in January 2022 another CLI to 1200. I use the card every month and PIF. I do put a good amount on it every month but that mastercard upgrade remains a mystery to me. I have really good credit with low credit utilization (around 1%). I don't think that i will ever get that MC; doesn't matter though, i have the RedCard and plenty other credit cards with rewards to use.

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Do you wait until after you balance posts to make the payments?

Have you been updating you income on the website?