Target no CLI so should I cancel……

[Scottisthename]

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?

[GZG]

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@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?

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

[K-in-Boston]

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.

[NoMoreE46]

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@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?

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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.

[Mero_mero]

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.

[creditfan]

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.

[SouthJamaica]

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@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?

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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.

[Thomas_Thumb]

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@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?

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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.

[SUPERSQUID]

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@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.

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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.