Not sure why people are saying no... you can divide towards +V just fine.
https://www.seventransistorlabs.com/Calc/ResDiv.html#threeThis calculates both as a general case. If you enter an unreasonable value, you will get a negative resistance somewhere. Which is still very reasonable: if you had a negative resistor, that's exactly what value you would need. Negative resistance means you need active gain, rather than passive attenuation (which is all a positive-resistance divider can do). Negative resistances can be implemented with op-amps, though that probably won't be very fast, which is annoying for a logic translation application, and a traditional level shifter would be better.
For example, if you enter V_IH = 3.3, V_IL = 0, V_OH = 4, V_OL = 2.06, Vs = 5, Rs = 470; you get 671 (close enough to 680) and 2.28M (close enough to infinity). This shows that increasing the high threshold is feasible, but that it comes at great expense to the low threshold.
A compromise closer to V_IH(min) for 5V CMOS (typically 3.5V) should give a much more reasonable V_IL as well. (Looks like 3.73 and 1.27V are near the minimum.)
You're better off with a traditional level shifter circuit, perhaps a common-base / gate transistor and pullup, or a proper logic gate (74HCT will also do, no need for the speed of AHC family).
The divider for the opposite direction (5 to 3.3V) of course is straightforward, or a series resistor and clamp schottky can be used.
If the signal must be bidirectional (which I don't think is the case for SPI mode, but SD mode I think so?), I recommend adding a direction control pin and using a bus interface chip. Those "automatic" translators (TXBxxxx) are janky and far less behaved than the 74AHCT125 already. This is just such an application they are designed for, but you must obey their requirements; keep lead lengths short.
And yeah, static testing the AHCT was probably oscillating, so the values read were averages of some waveform, meaningless as thresholds. Check with an oscilloscope. Try again after installing it on copper clad (dead bug style, etc.) with bypass and stable (resistive) sources and loads.
Tim