Board 8 > Do any of you have a Target RedCard and like it?

(+) Yeah! (+)

Referring to the credit card, not the debit card.

This thing has a lot of positives:
1. Instant 5% off anything in the store except pharmacy, smartphones and plans, and some other random shit. This is on TOP of sales and other discounts!
2. No rewards complications - you get that 5% instantly, no questions asked, nothing to worry about.
3. No annual fee - you get the wonderful for free
4. It's another account to add to my credit report and continue to keep my score high
5. Free shipping in the rare instance I'd order online
6. I'm moving in December - and my new apartment is a block away from Target

Only negatives are it's for Target only and the APR rate is high. But... once December hits I'll be going there all the time. I've never once been late with a payment and I haven't once carried a balance in the past five years (and only did once), so the interest is of no concern to me.

I am thinking I go apply for this one. Should I?
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Did the new apartment company run your credit yet? If not I would wait until after that to apply for anything credit-related (opening a new credit account can lower your score temporarily, depending on what your credit looks like)
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Works for me
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Grapple M1 posted...

Did the new apartment company run your credit yet?

Yep, they did a soft inquiry on Experian when they processed my application earlier this summer (this is a known sublet that my mom set up for me) and it's already approved. I have excellent credit - I only get my Equifax and Transunion scores and those are 795 and 796. The concern is that those have been dropping one point a month for the past five. I don't know why. I'm never carrying a balance, only charging like $500 a month (10%) on my Amazon Rewards Visa, have paid off my school loan and am close with my auto loan, and have made no significant changes.

Thus, I feel the need to open another card account to hopefully sustain and/or raise this score. An electric bill might also appear on there once I move. Are they going to need to do an inquiry, too?
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The only time I've heard of an electric bill affecting credit is when it goes unpaid. I don't think they'll check credit, they'll probably just ask for a deposit.

As for the Target card, it should be fine but I would still wait until I get moved first.
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Good to know, thanks. My only previous experience paying my own electric bill was tied to my credit report (that I always paid on time) and I don't recall a deposit.

Well, they have a deal through tomorrow where if you sign up, you get a "$30 off any purchase of $100+" coupon. That's pretty juicy with the 5% already. Might help me get some necessary things for cheap...
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I don't understand the question. If you want 5% off of stuff there, get it. You should never be carrying a balance on cards to ever have to pay interest.

They will cancel your card if you do not use it once over a 12 month period without question
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KujikawaRising posted...

Grapple M1 posted...

Did the new apartment company run your credit yet?

Yep, they did a soft inquiry on Experian when they processed my application earlier this summer (this is a known sublet that my mom set up for me) and it's already approved. I have excellent credit - I only get my Equifax and Transunion scores and those are 795 and 796. The concern is that those have been dropping one point a month for the past five. I don't know why. I'm never carrying a balance, only charging like $500 a month (10%) on my Amazon Rewards Visa, have paid off my school loan and am close with my auto loan, and have made no significant changes.

Thus, I feel the need to open another card account to hopefully sustain and/or raise this score. An electric bill might also appear on there once I move. Are they going to need to do an inquiry, too?

Opening an account will lower your credit score some. Lowers your average account age and adds a hard inquiry for 2 years.

Obviously it benefits you in the long run tho.
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I went in to Target to apply and they sold me on the debit card, actually - so that's what I'm doing. No inquiry needed! There's no intertwining to the checking account like I thought there was - it just functions like a cheque without having one in your wallet. Pretty awesome, actually.

Thanks for the info, guys.
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