Target Corp.'s credit card portfolio continued to deteriorate last month as the retailer reported 11% chargeoffs at an annual rate.

The Minneapolis company said in a regulatory filing last week that its card portfolio's November loss rate, which had surpassed 10% in September, was up 77 basis points from October and 395 basis points from a year earlier.

Target also said that, had it not sold some previously charged off receivables last month, the loss rate would have risen to 11.81%.

Target sold a 47% stake in its receivables to JPMorgan Chase & Co. in May, though the retailer has so far retained control of underwriting standards for its cobranded and private-label cards. But the continuing deterioration of the $8.8 billion portfolio has prompted observers to speculate that JPMorgan Chase may become more involved in Target's underwriting.

Target said in May when it announced the agreement that, "in the event that substantial unanticipated portfolio deterioration were to occur … , JPMorgan Chase would gain certain rights to direct Target's credit card team to implement alternative underwriting and risk management practices."

Target spokesman Eric Hausman said last month that the card portfolio's performance was "hundreds of basis points away from anything being triggered." Neither he nor JPMorgan Chase returned calls by press time Monday.

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