Should I close Target ?

You should try for Citi AA and bank of america gold. I got both of these cards with less than a year of history on a capital one card. After intial denial i sent a PFB letter asking them to look at my perfect history and telling them i would like to build a history with them. they both approved me for $1000 dollars.

 

I wouldn't close it. I started off with a $200 limit, instant approval. After 4-5 months, it got to $400. Then another 3-4 months, $600. Another 3-4 months, $700. 3 months after that, $800. it's a good card for increases, so you may want to reconsider. Plus, no annual fee and you can buy a lot at Target.

 

Keep it for now. It's a good dept store card. You took the inq hit... and the new account is factoring into your score. Better to let it age to 24 mos then close it if you don't use it.

If you want an increase, use the card a bit, let the cycle close, pay it off. Do that for several months and try again for an increase. Don't expect more than 100-200... (200 by asking a supervisor). Any more than that and it seems that you get a hard inquiry (and it's not worth that).

but other than conservative limits, it's a good card. You can pay at Target which is convenient (go once a month, buy staple goods, pay off last month's balance)... easy way to build credit.

RNB may also eventually convert the card to a Target visa with a much higher credit line... so there are benefits to establishing a relationship with RNB. In a year or 2 you can re-evaluate your situation.

 

SOCK DRAWER IT.

 

sock drawer will age the account.. but you won't get an increase on an unused account. they don't have a payment history from you on a card you don't use. Citibank is the same way. Use it.. get increases. Have an 800+ score and ask for an increase with Citi on an unused card... and you won't get it.

 

I can vouch for that. I am an AU on a BP gas card (Associates) as well as a Citgo Plus gas card (also Associates). We use the Citgo a lot and got a line increase a while back. We rarely use the BP and in 13 months, no increases.

 

I like TARGET...oops did I say that out-loud???



...but being at WAL*MART 5 days per week...I don't always feel like driving that 3/10 of one mile very often to TARGET...

TARGET does have some "STUFF" we don't have...

KODAK FILM PROCESSING
Orville Redenbacher's popcorn
Just to name 2...

 

Good post, Eric. I was wondering the exact same thing on what to do with my guest card as well. Just paid it off and had intended to close it but think I'll hang on to it, use it and pay it off by the end of each month.

 

I'd use it at least 2 billing cycles to keep it active. Jan/ June perhaps?

They have decent sales on staple items. Buy kleenex or Charmin on sale

Again, if you want a credit line increase I'd use it more than that.. but if you just want it open and aging I'd use it 2 times a year minimum... then you also might get a Visa upgrade (then negotiate it to 9.9 fixed apr) which is not bad

But that's just me... some people don't use their cards hardly at all (with Citi I think it's 24 or 36 mos non usage will get you flagged for cancellation).. so better to err on the safe side and use it a bit.

 

I've had my target guest card since 1998. Started with a 200.00 limit and now is a 900.00 limit. I used it a few times, paid it in full, etc...and every 6 mos or so they raised it alittle bit. I think they are good at raising limits without asking. At least that was my case.

 

I can vouched for Citi's not increasing if you sock drawer it. Last year hubby asked for increase and Citi asked for bank statements and tax returns. He told them to "go to H-E-double hockey stick".

This year, without any provocation a $3,000 credit limit just showed up out of nowhere!

 

I can vouched for Citi's not increasing if you sock drawer it. Last year hubby asked for increase and Citi asked for bank statements and tax returns. He told them to "go to H-E-double-hockey-sticks".

This year, without any provocation a $3,000 credit limit just showed up out of nowhere!

 

I got a Target guest card last fall with a $200 limit. It is at $400 now and should go to $500 bye Feb. I say just use it once every two to three months. Their prices on batteries is excellent. They also have good shipping rates for gifts if you want to order something from them over the Internet. As far as getting your first CL increase you may have to wait 6 months as I had to. After that its $100 every 3 months. Another annoying thing with them is that if you call and get turned down for a CL increase, you have to wait a month before you call again.