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Menta33

Target Automatic Credit Limit Increase after 5.5 years

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Finally, since opening my DW's account in December 2012, in August 2018, five and a half years later, they finally bumped our credit limit from $1,200 to $6,000 so I don't have to prepay each month anymore to keep our utilization from being terrible on this card.  BTW, chapter 7 still shows as only baddie left.

 

Since they don't allow you to apply for CLI, it is nice they finally decided to grant this.

 

I'm wondering if 5.5 years is a magic time for them or if they changed policy for many accounts and opened them up recently.

 

What have others experienced recently?

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From you comment about having to pre-pay, I hope that does not mean you have been carrying a balance cycle-to-cycle.  The APR will eat you alive.  

 

There were other threads about some cards being moved to the Visa product (much like was done before with the MasterCard product) [or vice-versa].  No real rhyme or reason seems to exist.  

 

 

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7 minutes ago, centex said:

From you comment about having to pre-pay, I hope that does not mean you have been carrying a balance cycle-to-cycle.  The APR will eat you alive.  

 

There were other threads about some cards being moved to the Visa product (much like was done before with the MasterCard product) [or vice-versa].  No real rhyme or reason seems to exist.  

 

 

No, the opposite, paying balance before statement cuts so it reports $0 each month.  For target, you can do this by setting fixed autopay amount of your credit limit, then before it cuts, it pays down to zero assuming you are not over the limit.

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Congrats!  That's a nice CLI.

  

 I received one about 12 months after opening mine, but it was only a $500 CLI.  ($3200 --> $3700).  I PIF every month and my FICOs were around 760 at the time of the CLI.

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I started getting some auto CLI after the portfolio was taken over. It has been a year or so since my last one. The last one came after I used the card somewhere other than target... time to experiment again.

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1 hour ago, hegemony said:

I started getting some auto CLI after the portfolio was taken over. It has been a year or so since my last one. The last one came after I used the card somewhere other than target... time to experiment again.

My card is a Store card not a Visa, so I do not believe I can use it anywhere else.

 

I believe it must be a store card to get the 5% rebate.

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7 minutes ago, Menta33 said:

My card is a Store card not a Visa, so I do not believe I can use it anywhere else.

 

I believe it must be a store card to get the 5% rebate.

Is it the Red card?

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6 minutes ago, Menta33 said:

Yes, the Red card.

I believe then that is a Store card, and gives the 5% off in the store only, as you said.

 

Does not have a Visa or MC logo on it, right?

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8 minutes ago, Torpedo said:

I believe then that is a Store card, and gives the 5% off in the store only, as you said.

 

Does not have a Visa or MC logo on it, right?

I don't have it with me, but from memory, not MC, although it does have chip in the card and is solid Red.

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9 minutes ago, Menta33 said:

I don't have it with me, but from memory, not MC, although it does have chip in the card and is solid Red.

Right. I believe they reissued them all after the infamous Target breach.

 

If it doesnt say Visa or MC on the front, then it's a glorified Store card that gives 5% off.

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On 8/25/2018 at 3:53 PM, Menta33 said:

 

 

What have others experienced recently?

 

I opened a Target RedCard Credit account in November of 2016 with a CL of $2,500. In December of 2017, and shortly after I updated my income via their website, they gave me an auto CLI to $3,300.

 

If I had to guess, their factors are utilization/usage, income, and the generic stuff like payment history and age of account. My typical usage back then was ~$400-$500 a month, but has been in the $600-$700/mo range lately. Maybe I'll get another CLI.

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Well, surprise in the mail today, Target also converted us to a Mastercard.  Seems the CLI was paired with the upgrade to MC.

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2 hours ago, Menta33 said:

Well, surprise in the mail today, Target also converted us to a Mastercard.  Seems the CLI was paired with the upgrade to MC.

Just out of curiosity...was the letter sent on its own or just as part of the standard end-of-cycle statement?  Not sure if that data point has ever been included in the Target threads.

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9 hours ago, centex said:

Just out of curiosity...was the letter sent on its own or just as part of the standard end-of-cycle statement?  Not sure if that data point has ever been included in the Target threads.

Letter sent on its own, but arrived about same time as the statement (which is normally electronic delivery, but they sent paper this month) and same time as CLI letter notification which was redundant with info on credit card statement.

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20 hours ago, centex said:

Just out of curiosity...was the letter sent on its own or just as part of the standard end-of-cycle statement?  Not sure if that data point has ever been included in the Target threads.

They are not into that whole "save paper" thing lol.

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23 hours ago, Menta33 said:

Letter sent on its own, but arrived about same time as the statement (which is normally electronic delivery, but they sent paper this month) and same time as CLI letter notification which was redundant with info on credit card statement.

 

I've also randomly had them send paper statements, despite being signed up for all electronic statements from the beginning. Can't figure out the pattern for why it happens.

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