So you have a 120 day late on your Target credit card?
It won't completely crush you for the next 7 years - but that's pretty bad. I don't know if there's anything you can do because you didn't realize it was in your name (not sure of the legalities of a wife opening up a credit line in the husband's name without his knowledge). It's worth approaching Target and explaining the situation.
Creditors are just supposed to report factual information but its not unheard of for them to extend a "courtesy" now and then to a customer. If they adjust it even to a 60 day late - it will haunt your score for far less of a time (will impact your score primarily for the next two years).
If you google "myfico" and investigate their boards you can find a trove of useful information. I recommend searching by "Target" becuase other people will have shared their stories of what they did under similar circumstances.
