Personal Finance

TD refuses to reissue new credit card

  • Last Updated:
  • Jul 12th, 2015 9:01 pm
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Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton

TD refuses to reissue new credit card

Hi everyone.

I have a very urgent question from all experience members.
I had a Emerald visa card with TD canada trust since 3 years but my card is getting expired next month so TD sent me a letter saying they wont be issuing me a new card after current one gets expired. So i wanted to know if this would impact my credit score or not. I have just finished my studies so credit score is bit bad only 602.
Please advise guys. Really worried.
23 replies
Deal Addict
Jan 9, 2011
2207 posts
692 upvotes
Toronto
It seems like your score is already impacted and that's the reason they're not giving you another card..602 is below their threshold in my experience. I can't see this impacting your history unless you haven't paid off the balances as due
Deal Addict
Jan 2, 2015
1633 posts
639 upvotes
Toronto, ON
You can still get a secured credit card though. While the age of your credit will drop, a proper payment history will boost your credit. And at least you'll still have a card, for online shopping and other things you need a credit card for.
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
Thanks for replying. I have one other card already with capital one so i probably wont go for secured card. My concern is just how much it would impact my credit score. If i pay off the balance before they close the account would it do some benefit to me..?
Deal Addict
Aug 31, 2014
1505 posts
564 upvotes
YVR, BC
seems odd since scores change monthly, unless you have recent collections and judgement?

i've seen my score drop from utilization alone in 1 month 50-75 points and then back up etc?
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
I did not have any collections.. I am making regular payments now since last 5 months but it takes time to boost up right.
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
I already have one more card with capital one so probably wont go for secured card . My major concern is that how much would it impact my credit score. If i pay off my balance in full can i do some benefit to me.
Member
Oct 16, 2014
225 posts
154 upvotes
Moncton, NB
NishantG246436 wrote: Please advise
I would advise to pay as much credit card debt as you can. If you have been making payments on time for 5 months now, keep doing it and increase your payments so you pay off more debt. Your credit utilization will go down and thus your score will go up. Eventually, you should pay your credit card balance in full every month before the due date.
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
Yes i am trying to do it now. Just afraid since they are closing my account it would bring my score even lower.
Deal Addict
User avatar
Dec 26, 2010
1736 posts
776 upvotes
Calgary
I am making regular payments now since last 5 months but it takes time to boost up right.
What does this mean? Were you not making regular payments before hand? No one can be honest with you, if you're not sharing all the information.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
I have 4 late payments recorded last year inspite of that i have no late payment. The problem is i have too many hard checks in my credit report due to which my score went down.
Deal Addict
User avatar
Dec 26, 2010
1736 posts
776 upvotes
Calgary
Yeah. Well that makes you risky. Hence no card.
Indexer, non-yield chasing, low cost, broad based, as simple as possible investor.
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
Yes thats fine with me. I just wanted to know would it bring my score even lower . How much would it impact my score.?
Deal Expert
Mar 25, 2005
22706 posts
3696 upvotes
NishantG246436 wrote: Yes thats fine with me. I just wanted to know would it bring my score even lower . How much would it impact my score.?
Unless someone has the formula used, it's impossible to say. Check it and find out.
Deal Addict
Jan 2, 2015
1633 posts
639 upvotes
Toronto, ON
NishantG246436 wrote: I have 4 late payments recorded last year inspite of that i have no late payment. The problem is i have too many hard checks in my credit report due to which my score went down.
This is confusing. Either your payments are late, or they are not. If they weren't late but are reported as being late, you need to dispute those late payments.

Hard checks do reduce your score, but not as much as late payments. Late payments have 3.5 times the impact on your score as hard checks.
Deal Fanatic
Apr 16, 2007
8134 posts
3485 upvotes
Financial District B…
NishantG246436 wrote: Yes thats fine with me. I just wanted to know would it bring my score even lower . How much would it impact my score.?

There won't be a significant lowering of score if that's what you're worried about. Score may even go up a tiny bit if you have a few cards older.
The tardiness on account has impacted that individual tradeline a bit already. If you continue to miss last few the payments prior to closing of the account or skip on it totally then yes there will be greater impact on score.
Your best course of action is to make sure that card closes in good standing. The 30 day and 60 day lates reported on account will have less impact on underwriting as the account ages.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Sr. Member
Mar 3, 2015
699 posts
95 upvotes
Scarborough, ON
i think their more to story of op.

i think y r bankrupty and i have my score drop from 720 to 600 and back to over 740 within 3 months.

credit score jump n drop every month. and as long as you pay off your bills on time you dont have to worry.
Newbie
Jul 11, 2015
65 posts
2 upvotes
Brampton
No bankruptcy or something like that. its just due to few late payments and hard checks. I am making payments now every month. Its just that when TD reviewd my account my score was not enough to qualify for a new card so they are closing it now. I am thinking of paying the card full and close it myself before bank closes it.

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