Hello, I have quick question regarding department store cards. I went to Targets www site to apply for a card but they want an existing credit card number as a reference. Do they all require a credit card number as a reference? I dont owned another card.....please advise
Common to popular misconception department stores are not easy to get if you have no previous credit history and that even includes those like Target and Walmark that freely distribute their cards. Since previous credit history of some sort is a stated requirement you could wait to see if as your following message states your loan goes through and after it is reported to the CRA's you can try again. A quicker solution may be to obtain a secured credit card at that same (or another) bank and with that in hand you need not bother with an online application rather go down to the mall and be instantly approved by Target, Lowe's, Walmart etc. etc.
Forget department store cards. They usually charge ridiculously high interests rates and most of them are run by banks in the credit card business (like Monogram and FNCBB) and not the store themselves. I've gotten several store cards to take advantage of their "Pay no interest until hell freezes over" promotions and got ridiculous interest rates like 22.65% from Circuit City and 24.96% from New York Carpet World (Flexicard by BankOne). You are better off trying to get a MasterCard or Visa, even a subprime. Capital One is offering a 19.8% card now in the subprime market.
