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  • Mar 12th, 2019 10:36 pm
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[OP]
Member
Jun 22, 2015
303 posts
50 upvotes
Laval, QC

TD Secured Credit

HI Every one i was just thinking does any one who deals with TD canada trust has ever been Approuved for TD canada trust Serced Credit even if you do Banking with them ?

and how does it work?
Last edited by apkoutas89 on Feb 24th, 2018 4:31 pm, edited 1 time in total.
Reason: Title edit
13 replies
Deal Addict
Jan 16, 2016
1464 posts
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Hamilton, ON
Pay me and I’ll secure you credit.
Member
Jan 4, 2017
366 posts
272 upvotes
TD will give you secured credit even if you're not even a canadian citizen/resident (know from personal experience). The point of secured is that you secure the credit (give them a deposit ahead of time) to make the risk to them basically zero. There's rarely if ever any reason for them to say no.
Sr. Member
Feb 18, 2004
775 posts
244 upvotes
apkoutas89 wrote: and how does it work?
You will have to cough up money (collateral) which gets put into a GIC. Then once your application is approved you get a credit card or LOC, usually for the same amount of money you put up but may be less. You can also use stocks/funds etc as collateral but the credit limit you get will be much less.
Newbie
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Jan 5, 2018
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BugMeNot
Will this actually help build credit? The TD Rep suggested I try CapitalOne first, for some reason
Deal Addict
Aug 30, 2011
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Edmonton
LadyBug420 wrote: Will this actually help build credit? The TD Rep suggested I try CapitalOne first, for some reason
Saw your post in the other thread as well. Do you have bad credit and denied applications? If not, there's no point getting a secured card. Try the entry level unsecured credit cards if you simply have no credit.
Last edited by tablo13 on Mar 12th, 2019 12:39 pm, edited 1 time in total.
Member
Feb 12, 2019
308 posts
49 upvotes
Vancouver BC
LadyBug420 wrote: Will this actually help build credit? The TD Rep suggested I try CapitalOne first, for some reason
Yes, because it’s probably easier than the major banks. At Capital 1, you might only need a secured deposit of $75 (or more) for a credit limit of $300 or more. Then after 6 months of good payment patterns, they might increase it for you. They did for me. From $300 to $2800! Of course I’ve maxed it .. Face With Tears Of Joy

Good luck!
[OP]
Member
Jun 22, 2015
303 posts
50 upvotes
Laval, QC
im still waiting for them to give me a incress . i only have 300 limit on it and next week is my 1 year with cap 1
Deal Addict
Sep 24, 2018
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apkoutas89 wrote: im still waiting for them to give me a incress . i only have 300 limit on it and next week is my 1 year with cap 1
Its within a certain period of time

I wouldnt go applying for a dozen secured cards, Id still wait for limit increase, you will get one, wait and apply for something like CTFS

There is no short way out....a secured card limits you to your secured amount, I know some folks who got them and put up 1000-2000 GICs and to this day they state that the cards are still secured and no limit increases, you just need to be patient and wait, it sucks but "It is what it is"
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Jan 5, 2018
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BugMeNot
tablo13 wrote: Saw your post in the other thread as well. Do you have bad credit and denied applications? If not, there's no point getting a secured card. Try the entry level unsecured credit cards if you simply have no credit.
LOL Yes No Credit / Under Average Credit
WayneW8682 wrote: Yes, because it’s probably easier than the major banks. At Capital 1, you might only need a secured deposit of $75 (or more) for a credit limit of $300 or more. Then after 6 months of good payment patterns, they might increase it for you. They did for me. From $300 to $2800! Of course I’ve maxed it .. Face With Tears Of Joy

Good luck!
Ah. I too currently have the $300 Limit with $0 at the end of each bill...
I was just looking for a way to make a $2000 Purchase, & pay it off right away to help build credit. Should I call CapitalOne or did they do it for you automatically?
Member
Feb 12, 2019
308 posts
49 upvotes
Vancouver BC
LadyBug420 wrote: LOL Yes No Credit / Under Average Credit

Ah. I too currently have the $300 Limit with $0 at the end of each bill...
I was just looking for a way to make a $2000 Purchase, & pay it off right away to help build credit. Should I call CapitalOne or did they do it for you automatically?
Hey, me too! Started out with 530 on TU and 0 with Equifax cos they lost me somewhere..

But after payment slowly, I got up to 702 on TU and 683 on EQ (though it was 725 in Nov but after two failed attempts of a MNBA card, it dropped first to 628, and then up again).

There is no way to speed up the process of getting better credit. Even if you prepay $2000 onto your creditcard, you will still only get a $300 CL. Unless you put a secured deposit of $2000 down.. Capital 1 might extend that CL to you but remember it’s not how much you put in that will increase your credit score. It’s how often you pay, no missed payments etc. There is no way to speed it up! Make your payments in full each time. Make little payments throughout. Sign up under borrowell, and credit karma and check on your scores monthly. You need an average of 3 months to increase your credit score.
Member
Feb 12, 2019
308 posts
49 upvotes
Vancouver BC
apkoutas89 wrote: im still waiting for them to give me a incress . i only have 300 limit on it and next week is my 1 year with cap 1
I started too with a $75 secured deposit, and a $300 CL when I got my Cap1 card in March last year. Made my payments in full and also little payments throughout the billing cycle. I was surprised when I suddenly received a credit limit increase to $2800 within 7 months. I didn’t ask for it. Cap1 just sent me an email. Woo Hoo!

If you have been doing same, you might try asking for a credit limit increase and see what they say. Have you also checked your credit scores?

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