Okay...we have had a Target guest card since 1994 or 1995(we were one of the first to apply when they offered them in CA for the first time). We really don't use credit anymore but I have kept a couple of cards open (Target, JCP) because they are our oldest account. ANYWAY, today I received two Target Visas in the mail (one for each of us) with a $5,000 limit. My question is: We did not apply for these cards. Will a hard inquiry show up on our report if we go ahead an activate it??? Will this card still have the same 1994 date of origination??? The only reason I kept the account was because it was one of our oldest accounts. I think I used it like three months ago but paid that off before the statement arrived in the mail. I just wanted some positives to keep reporting to the bureaus even though we have a zero balance. Anyway, I'm really concerned that a hard inquiry might show up or this might cause our scores to take a dive. We are currently building a new home and don't expect final loan approval til the end of next month. So I was wondering if others received the Target Visa in the mail when they did not apply for it and the affect that it had on their scores. THANKS IN ADVANCE....
cfand3boyz, Iv'e been reading previous threads about this - so you say they are sending out the visas to everyone with a guest card? are they planning on discontinuing all the guest cards? - I ask because I have had a guest account with them for about 3 months now. I wouldn't worry about an inquiry, I doubt they even pulled a soft inquiry - and if they did, the worst it will do is drop your score like 5 points (hardly a nose dive) -Sal
I don't know if they are sending it out to all guest card holders or not? I know I we did not request it. Oh and I just pulled our EQ report and I did not see any inquiries at all. However, the EQ score did drop 3 points. Also it is not showing up on that report. I noticed that most people said Target pulls EQ. Anyway, I think we will hold off on activating the card until we get final approval next month. Keep an eye on your mail just in case they do send you a card(they don't send an offer..the actual card). Thanks so much for your response.....
They are "upgrading" accounts selectively - and it's a replacement card for your Target guest card. The account # is different, but the guest card will report "closed by consumer" and the Target Visa will report open as of the date your guest card was opened. No hard inquiries have ever been reported - they do soft inquiries at least 2x per year. Don't lose any sleep over it ... and if you didn't get the lowest 9.9% rate, call and get it lowered. And enjoy the 10% rewards! -mj
I am guessing if they would do any kind of an inquiry into your credit file, it would just be a soft inquiry to see if you qualify for the Visa product. It is likely the upgrade that they are giving you, so I am assuming the guest cards will no longer be active, unless you can convince them to keep it open in addition to the visa. Did you receive anything telling you that you had been upgraded to the Visa when you got the new cards? It is a pretty good card. I personally like the idea that you can earn 10% off certificates for every 1,000 points you earn. Good luck and congrats!
YES..it was mentioned on one of the enclosed sheets that the visa card is to replace the guest card that I currently have. They said for me to destroy my guest card and to begin using this new card. Thanks for sharing your experience with the Target Visa.....I really appreciate it.....
FYI I activated my Target Visa card this morning. I promptly called to try and get my APR lowered from 18.9%. They said they won't even consider it until I've used the card for 3 months. EdG
This is not true. I think the response you get depends on who you talk to. I started out with 18.9% and had it reduced at activation to 15.9%. Well I waited another week or so and called again. Well they reduced me to 12.9%. Now my husband got reduced to the 15.9% at activation. When he called back to get it reduced, he was told to wait a few months. Does it make sense?? Of course it doesn't. I would just call back again and get a different rep. I think I will have my husband call back again to try to get the 12.9% this week.
My wife was told ONE REDUCTION ONLY!!! They will reduce it again when the card EXPIRES~~~like NOVEMBER 2004!!! I got $500.00 LIMIT INCREASE, she got NOTHING...she was told they will do it AUTOMATICALLY!!!
Keep calling ... our collective experience around here has been that tenacity gets rewarded. I've gotten them down from 18.9 when the card was mailed to 9.9 over the course of 5 months. Keep trying - eventually you'll get a rep who will do it. You can also try PFB. -mj
