Okay so I'm working on my credit and it's not great so every point is important b/c I want o buy a new car in Sept. I've had a regular Target card for over 5 years and today in the mail I get a letter saying I've been chosen to have my account upgraded to Target Visa with a much higher credit limit. They say my balance will just be transfered. If I don't respond to the letter this will be an automatic switch. Has this happened to anyone else? Will this hurt or help my credit score?
2007-06-13 12:29:11 · 5 answers · asked by Delaina77 3 in Business & Finance ➔ Credit
I agree with Mrs Sexy Pants
They have been upgrading many people to the Visa lately.
If they pull credit reports it's a soft pull, so that inquiry will not hurt you.
The Visa generally has a much better interest rate then the store card. And the higher credit limit will definately help your scores.
It's pretty obvious that you have been handling your Target account correctly or they wouldn't have made the offer.
Continue to handle it correctly and you will probably see credit limit increases more often then what you were seeing with the store card and you will see your credit scores increase also.
2007-06-13 13:04:36 · answer #1 · answered by echo 7 · 0⤊ 0⤋
it's okay to UPGRADE, but if you wrack up the credit to the new higher limit and/or don't pay on time, that's where you will get hurt.
they shouldn't have to run your credit if you already have an account w/ them, and they're just upgrading your current account. unless they are trying to get you to get ANOTHER card w/ them. either way, having one inquiry on your credit isn't gonna kill you, just, like i said, where credit scores go down is if you have too much credit w/ maxed out or almost maxed out cards. keep your balance where it's at, or close to it. once you start going over half of the available credit ... then you've gone too far.
2007-06-13 12:45:04 · answer #2 · answered by mrs sexy pants 6 · 0⤊ 0⤋
I would call Target and let them know that you don't want them to run your credit. Too many inquiries will kill you. If they are just increasing your line of credit, then no problem. Just make sure.
If you've got a stable job with a good source of income, you might be able to apply for a loan through a website called Prosper. This site is a People-to-People (P2P) lending site where individual borrowers join in on the loans to help fund yours. The following is a link of a group that can help to walk you through the whole process:
http://www.prosper.com/groups/group_home.aspx?group_short_name=LIFFE&referrer=FundingLIFFE&utm_source=referrer-FundingLIFFE&utm_medium=referral-link&utm_content=link&utm_campaign=referrals-unknown
Best of luck
2007-06-13 12:33:48 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Unless you don't pay your credit card bill, I don't see how it could hurt it. Be aware, though. A lot of store credit cards have high interest rates.
2007-06-13 12:38:25 · answer #4 · answered by noobslayer88 2 · 0⤊ 0⤋
Only if you run up a balance and don't pay.
2007-06-13 12:33:00 · answer #5 · answered by James B 1 · 0⤊ 0⤋