Hi Cathleen! ltns *Sylvia waves across New Mexico to Cathleen*
jaybee, technically yes, but we are kinda laid back here.
I love reading any good news accounts no matter where they may be.
jaybee, technically yes, but we are kinda laid back here.
I love reading any good news accounts no matter where they may be.
Hello Everyone,
My name is Jane + I have become quite a personal finance nerd in the last year or so. Mostly due to reading this forum. I realized that it was not fair of me to lurk around any longer without contributing + letting you get to know me since I have come to get to know quite a few of you over the past several months. I will save this for the Sharing Successes thread.
This thread actually made me want to post my first contribution because I actually had this offer come up on a Target receipt back in August + again in October + then researched it when I could not find much about it on this forum.
It appears that Target is extending these pre-approved offers based on a purchase history algorithm. I found out that if a person makes multiple purchases at Target using the same identifiable payment method, such as a debit/credit card, over a certain period of time, Target will grant him or her a pre-approved offer for their Target RedCard. I did not take them up on the offer either time because FICO feels I have too many open revolving accounts already, but for someone who is looking for a pre-approval to help with credit rebuild this could make quite a difference. I have read that although it is a pre-approval Target does make a hard inquiry which appears the next day on the applicants Equifax file as Retailers National Bank. The terms of the card are below average - the APR is 24.24% - but the reward program can be good. Target gives you an immediate 10% off coupon for opening a new account, additional 10% off coupons for every $1,000 in purchases, + extra 10% off coupons for every 10 prescriptions filled at Target Pharmacy. It's a great starter card with a decent reward program for frequent Target shoppers. If you do obtain a REDcard, hold onto it because Target is known for converting positive accounts into Target Visa cards.
Also note that some people were denied when applying with the pre-approval receipt offer. This happened because the customer service representative initiated a new credit application instead of using the pre-approved offer. To ensure your approval, make sure the representative scans the offer or keys in the pre-approval code from your receipt.
I will share my purchase history at Target in case it might be helpful. In my personal experience I am not a very regular Target shopper. Yes, I am one of those anti-Walmart people, but Target is OK by me. I keep all our receipts, so in my research I found I have only made 8 purchases at Target in 2007. DH + I registered there in March for our August wedding because we knew not everyone had a Crate + Barrel in their town + some do not have the internet to shop online. All my purchases were at the same Target by my home in West Seattle except the first purchase of the year on 05/09/07 on vacation in San Diego Total Transaction $42.46. This purchase was made with a debit card that I never used again at Target but perhaps identifiable forms of payment could mean any card that has your name on it that they can track? Anyway, I made my next purchase on 06/15/07 Total Transaction $16.31 using my Capital One MC. The next purchase I made on 08/12/07 Total Transaction $7.49 on the same Capital One MC is when I got my first pre-approval offer for the RedCard. We got married on 08/19/07 + the next three purchases 08/20/07 $43.44, 09/18/07 $32.66 + 09/23/07 $148.32 were made with various Target gift cards we received to purchase the remaining things on our registry, no debit or credit cards used at all. I don't know how this could be tracked to me at all unless our registry list was scanned when the gift cards were purchased perhaps? Next purchase on 10/31/07 (had to by candy for the trick or treaters! + kitty litter heh!) Total Transaction $23.65 using a different debit card yielded me another pre-approval offer. It does not seems to take a large total or quantity of purchases to get the offer so I hope this is helpful to anyone in rebuild mode.
This was long winded. I apologize. I just wanted to be thorough. This should probably be moved to the Credit Card area to help those seeking these offers.
xoxox Jane
My name is Jane + I have become quite a personal finance nerd in the last year or so. Mostly due to reading this forum. I realized that it was not fair of me to lurk around any longer without contributing + letting you get to know me since I have come to get to know quite a few of you over the past several months. I will save this for the Sharing Successes thread.
This thread actually made me want to post my first contribution because I actually had this offer come up on a Target receipt back in August + again in October + then researched it when I could not find much about it on this forum.
It appears that Target is extending these pre-approved offers based on a purchase history algorithm. I found out that if a person makes multiple purchases at Target using the same identifiable payment method, such as a debit/credit card, over a certain period of time, Target will grant him or her a pre-approved offer for their Target RedCard. I did not take them up on the offer either time because FICO feels I have too many open revolving accounts already
, but for someone who is looking for a pre-approval to help with credit rebuild this could make quite a difference. I have read that although it is a pre-approval Target does make a hard inquiry which appears the next day on the applicants Equifax file as Retailers National Bank. The terms of the card are below average - the APR is 24.24% - but the reward program can be good. Target gives you an immediate 10% off coupon for opening a new account, additional 10% off coupons for every $1,000 in purchases, + extra 10% off coupons for every 10 prescriptions filled at Target Pharmacy. It's a great starter card with a decent reward program for frequent Target shoppers. If you do obtain a REDcard, hold onto it because Target is known for converting positive accounts into Target Visa cards.Also note that some people were denied when applying with the pre-approval receipt offer. This happened because the customer service representative initiated a new credit application instead of using the pre-approved offer. To ensure your approval, make sure the representative scans the offer or keys in the pre-approval code from your receipt.
I will share my purchase history at Target in case it might be helpful. In my personal experience I am not a very regular Target shopper. Yes, I am one of those anti-Walmart people, but Target is OK by me. I keep all our receipts, so in my research I found I have only made 8 purchases at Target in 2007. DH + I registered there in March for our August wedding because we knew not everyone had a Crate + Barrel in their town + some do not have the internet to shop online. All my purchases were at the same Target by my home in West Seattle except the first purchase of the year on 05/09/07 on vacation in San Diego Total Transaction $42.46. This purchase was made with a debit card that I never used again at Target but perhaps identifiable forms of payment could mean any card that has your name on it that they can track? Anyway, I made my next purchase on 06/15/07 Total Transaction $16.31 using my Capital One MC. The next purchase I made on 08/12/07 Total Transaction $7.49 on the same Capital One MC is when I got my first pre-approval offer for the RedCard. We got married on 08/19/07 + the next three purchases 08/20/07 $43.44, 09/18/07 $32.66 + 09/23/07 $148.32 were made with various Target gift cards we received to purchase the remaining things on our registry, no debit or credit cards used at all. I don't know how this could be tracked to me at all unless our registry list was scanned when the gift cards were purchased perhaps? Next purchase on 10/31/07 (had to by candy for the trick or treaters! + kitty litter heh!) Total Transaction $23.65 using a different debit card yielded me another pre-approval offer. It does not seems to take a large total or quantity of purchases to get the offer so I hope this is helpful to anyone in rebuild mode.
This was long winded. I apologize. I just wanted to be thorough. This should probably be moved to the Credit Card area to help those seeking these offers.
xoxox Jane
I am not the fico police or anything
, I just think if you put it in the credit part you would get a lot more responses about the Target card. Target seems to be really popular in the credit forum.
, I just think if you put it in the credit part you would get a lot more responses about the Target card. Target seems to be really popular in the credit forum.BTW, congrats on your approval!!
Hi Jane! Welcome to the forum.
Sure glad you're long winded. Now I don't feel so lonely. LOL.
Hey! Congrats on your wedding. May you all have a long and wonderful life together.
Glad you finally decided to come out of the woodwork
Great explanation on the Target card. Thanks. Many can gain insight from your post.
Sure glad you're long winded. Now I don't feel so lonely. LOL.
Hey! Congrats on your wedding. May you all have a long and wonderful life together.
Glad you finally decided to come out of the woodwork
Great explanation on the Target card. Thanks. Many can gain insight from your post.