Credit Cards

TD Cash Visa [TD Bank N.A.]

  • Last Updated:
  • Jul 2nd, 2020 9:30 pm
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Deal Addict
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Jan 4, 2011
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Montreal
Ficoscore wrote: Sweet, I have the RBC us card with 20 k limit. Hope I will get the same limit with TD. Will be faxing off my application next week.

Did they do the TU hard hit the next day?
It's possible you may get $20k, but I haven't seen anyone get higher than a $15k CL.
Banned
Feb 12, 2020
159 posts
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Canada
efrant wrote: It's possible you may get $20k, but I haven't seen anyone get higher than a $15k CL.

Wonder if BMO card worth getting as well.
Deal Addict
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Jan 4, 2011
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Ficoscore wrote:
Wonder if BMO card worth getting as well.
That depends. What's your goal in getting all these cards?
[OP]
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May 8, 2009
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Leask
Ficoscore wrote: Wonder if BMO card worth getting as well.
afaik bmo harris cc's require minimum itin + residency within their footprint.
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Deal Fanatic
Feb 14, 2006
9445 posts
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Ficoscore wrote: Sweet, I have the RBC us card with 20 k limit. Hope I will get the same limit with TD. Will be faxing off my application next week.

Did they do the TU hard hit the next day?
From what I see I got the hard hit on March 31... a few days after I faxed my application.
Newbie
Jul 2, 2018
59 posts
42 upvotes
Alberta
Data point

Applied on April 15th
Credit pulled on April 16th
Received in the mail today May 8th
Credit Limit: $500 (lol)
Interest Rate: 17.99%

A few notes:

- I wasn't notified of the credit pull through CreditKarma, and had thought the application had just been lost or not even looked at, given everything going on with covid19. I logged in this afternoon and see the hard pull now.
- I was also never notified of any approval from TD via email, or even notification that they had received the app
- I ticked off my mailing address as my US mail forwarding address. They mailed it there and it was forwarded to me in Canada without issue. I primarily did this to avoid having to change my address with TD after I got the card (I want it to report in the US)


For context on my ridiculously low credit limit - I have around 200K in revolving credit in Canada, approx 30% utilization (mostly balance transfer promo's but I also carry a balance on one of my LOC's), zero missed payments or anything else negative. I suspect they're being very cautious with credit right now (covid19).

They show my credit score and breakdown what they didn't like on one of the papers attached to the card. (I think US issuers are required by law to show you this?)

----------------------------------------------------
"Key factors that adversely affected your credit score"

1. Excessive amounts owed on revolving accounts
2. Too many bank or national revolving accounts
3. Time since most recent bank/natl revolving acct opening is too short
4. Proportion of balance to credit limits too high on revolving accts
----------------------------------------------------

So... TD NA apparently hates people who carry balances and have a lot of credit cards/LOC's

Hope this gives some context for others following and hoping to apply for this card. I'm still happy I have the card and likely won't try for a reconsideration.
Last edited by Semp12 on May 8th, 2020 6:41 pm, edited 1 time in total.
Newbie
Nov 21, 2019
51 posts
20 upvotes
Toronto
@Semp12 I also got a $500 limit on my card. How many credit cards/revolving accounts did you have when you applied for the TD?
Newbie
Jul 2, 2018
59 posts
42 upvotes
Alberta
brogatta wrote: @Semp12 I also got a $500 limit on my card. How many credit cards/revolving accounts did you have when you applied for the TD?
Do you carry balances?

I have around 10 open revolving accounts between CC's and LOC's. The "too many accounts" line is total BS. If your income supports the trade lines it should be a non issue. Anyways, it's just a causal spend card for me, $500 will do haha
Newbie
Nov 21, 2019
51 posts
20 upvotes
Toronto
Semp12 wrote: Do you carry balances?

I have around 10 open revolving accounts between CC's and LOC's. The "too many accounts" line is total BS. If your income supports the trade lines it should be a non issue. Anyways, it's just a causal spend card for me, $500 will do haha
Yup, I'm carrying a few BT's. Your DP is similar to my case too haha.
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Jan 4, 2011
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Semp12 wrote: [snip]

So... TD NA apparently hates people who carry balances and have a lot of credit cards/LOC's
I think it's more the former rather than the latter. Either that, or your total revolving limit to income ratio is too high.

When I applied for the card, it was probably at my peak of churning, and I probably had well over 20 open credit cards in Canada at the time, plus several LOCs. They ended up giving me $15k.
Newbie
Jul 2, 2018
59 posts
42 upvotes
Alberta
efrant wrote: I think it's more the former rather than the latter. Either that, or your total revolving limit to income ratio is too high.

When I applied for the card, it was probably at my peak of churning, and I probably had well over 20 open credit cards in Canada at the time, plus several LOCs. They ended up giving me $15k.
My income more than supports the debt, but I agree, they clearly don't like people with balances, and I am pushing 30% of my util.

Any DP's of people getting pre-approved CLI's with TD later on? Just wondering if I should try to get a higher limit now or leave it.
Deal Expert
Jan 7, 2002
19654 posts
12753 upvotes
Waterloo, ON
Semp12 wrote: "Key factors that adversely affected your credit score"
1. Excessive amounts owed on revolving accounts
2. Too many bank or national revolving accounts
3. Time since most recent bank/natl revolving acct opening is too short
4. Proportion of balance to credit limits too high on revolving accts
----------------------------------------------------
So... TD NA apparently hates people who carry balances and have a lot of credit cards/LOC's
An old boss I had many years ago was very smart and thought very logically. But he was also absent-minded about his finances. So he'd let his credit cards run for 3 or 4 months without making any payments. Then he'd pay off the entire balance on all cards, including all the accumulated interest.

He got rejected when he applied for a new card on the grounds that he had a bad credit rating. When he followed it up he was told it was because he often didn't pay his bills, not even the monthly minimums.

That would get him steamed up because to his logic he was an ideal customer. He was a high income earner who charged lots of stuff. He always paid up, even if only a few times a year. By not paying monthly he was racking up large interest charges that were hugely profitable to the CC company. And because he always finally paid what he owed in full he presented no risk.

His logic was great even though it fell on deaf ears at the CC company.
veni, vidi, Visa
Newbie
Jul 2, 2018
59 posts
42 upvotes
Alberta
bylo wrote: An old boss I had many years ago was very smart and thought very logically. But he was also absent-minded about his finances. So he'd let his credit cards run for 3 or 4 months without making any payments. Then he'd pay off the entire balance on all cards, including all the accumulated interest.

He got rejected when he applied for a new card on the grounds that he had a bad credit rating. When he followed it up he was told it was because he often didn't pay his bills, not even the monthly minimums.

That would get him steamed up because to his logic he was an ideal customer. He was a high income earner who charged lots of stuff. He always paid up, even if only a few times a year. By not paying monthly he was racking up large interest charges that were hugely profitable to the CC company. And because he always finally paid what he owed in full he presented no risk.

His logic was great even though it fell on deaf ears at the CC company.
Your old boss had lates on his credit history. I don't. It's clear they just don't like seeing balances of any kind.

Anyways, I'll spend the $500 on this to get the $150 bonus and then throw it in the sock drawer. Looks like there's lots of DP's from people in the US who don't EVER get auto-CLI's from TD even after 3-4 years.
Deal Expert
Jan 7, 2002
19654 posts
12753 upvotes
Waterloo, ON
Semp12 wrote: Your old boss had lates on his credit history. I don't. It's clear they just don't like seeing balances of any kind.
Correct. The point I was making is that the issuers make arbitrary decisions that are devoid of judgement or logic. If they'd actually looked at his track record and calculated how much money they stood to make off him they'd have rolled out the red carpet.
veni, vidi, Visa
Newbie
Jul 2, 2018
59 posts
42 upvotes
Alberta
bylo wrote: Correct. The point I was making is that the issuers make arbitrary decisions that are devoid of judgement or logic. If they'd actually looked at his track record and calculated how much money they stood to make off him they'd have rolled out the red carpet.
I totally agree. All the faxed applications (and maybe even online?) go though a manual review. Maybe the employee was in a bad mood, maybe they've been told to tighten up on limits lately (very likely IMO). From what I've read on the myFICO forums TD has always been a super conservative lender in the US though.

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