Target Visa CC Closure after 1 year of no activity

[hkbushido]

Just random info for anyone that might find it useful, today or in the near future

 

I had a Target CC with a $6k limit after about 6 month of no usage they did a CLD to $4.5k and after 1 year of no usage they closed the card. How did I find out? My credit score went up 3 points, lol. It was my oldest card but the lowest limit card. People have speculated that when you close sub-prime cards your score can go up. I know alot about Fico scoring models but this one is one I can't put my finger on as for why my score went up. Could it really be that is considered "sub-prime"? who knows....

 

Anywho. Just some random info for you boys and girls that will do a search for Target Visa Credit Card at one point or another. Keep activity on the card or they might close it down, specially since they no longer offer it and want to stray away from it.

[HoldenMcGroin]

Thanks for the info...mine got CLD already at I think four or five months of no activity when I got behind in using my cards every three months. I used it a lot during Christmas so I want to make sure I hang on to it for that free shipping. I just charge like five bucks of my Time Warner bill on it every three months to make sure it stays active.

Edited April 19, 2012 by HoldenMcGroin

[scottj62]

They may also be doing this with the Red Card. My limit was cut from 1000 to 200....when first opened it was 300.

 

I'll try to make it back to Target soon, but not too concerned about the card....have many other stores closer to

home. Maybe if they have anything I want over the limit, will ask in store if they can give me a CLI.

[yOyOYoo]

Thanks for the info. I found out several months ago that my red card visa credit limit went from ~$8000 to $200. I'm going to make sure I use it frequently to prevent unwanted account closure.

 

It's quite frustrating that I can't have customer service simply increase my credit limit over the phone.

 

I've been told several times that the credit limit increase on the Target red card happens automatically with time.

[sportster]

Mine was closed in September due to non-usage. No letter, warning, or anything. Just saw it closed on my credit reports.

 

Had been open since 2001.

[TrevorHere]

Just random info for anyone that might find it useful, today or in the near future

 

I had a Target CC with a $6k limit after about 6 month of no usage they did a CLD to $4.5k and after 1 year of no usage they closed the card. How did I find out? My credit score went up 3 points, lol. It was my oldest card but the lowest limit card. People have speculated that when you close sub-prime cards your score can go up. I know alot about Fico scoring models but this one is one I can't put my finger on as for why my score went up. Could it really be that is considered "sub-prime"? who knows....

 

Anywho. Just some random info for you boys and girls that will do a search for Target Visa Credit Card at one point or another. Keep activity on the card or they might close it down, specially since they no longer offer it and want to stray away from it.

 

I believe it's something else that caused your score to go up. I don't believe this account is in a subprime category.

 

Right before I first found CB, I had a target visa. I wanted to obtain a few other cards and I believe the myth that one should not have too many credit cards. So I closed the target visa in favor of "better" rewards cards. Lots wrong here. First it was one of my older cards. Got it when I was in college. Second I believed I had too many cards - yeah, even at that time still under 10 cards! Third, the target visa really wan't all that bad...the 5% discount wasn't bad.

 

That said, the account is still on my reports and updated monthly. I closed it in 2004. I tried to reopen with no success.

[chicagorich]

This might be Target's way of getting rid of its Visa portfolio since it stopped offering Visa cards.

[hegemony]

This might be Target's way of getting rid of its Visa portfolio since it stopped offering Visa cards.

 

I doubt it. It sounds like Trevor closed his before target stopped issuing the visa.

[HoldenMcGroin]

This might be Target's way of getting rid of its Visa portfolio since it stopped offering Visa cards.

 

I had this thought as well. I wonder if anyone with high limit plain Red Cards have had CLD/closure after such a relatively short time.

[TrevorHere]

It's wise to put through at least one transaction every 2-3 months to avoid closure. While it does seem likely target may want to reduce their visa customers given that card is no long offered, I'd bet the non use had more to do with closure. Many lenders will do this after 6-12 months of dormancy...