topic Re: TD Bank card CLI? in Credit Cards

TD Bank card CLI?

masscredit — Fri, 07 Jul 2023 21:32:28 GMT

I had to call TD Bank about something today. Towards the end of the call the woman asked if I had any other questions so I inquired about a CLI for my TD Cash card. She transfered me to that department. The woman I spoke with there said any CLI would be a HP. I asked about auto increases. She said they don't happen. Hum... I know some here have had at least one increase. Maybe something changed? Who has received an increase from TD Bank?

Re: TD Bank card CLI?

FireMedic1 — Mon, 10 Jul 2023 09:30:17 GMT

Doesnt look like it. Going back to 2020:

https://ficoforums.myfico.com/t5/Credit-Cards/TD-Bank-Cash-Visa-Do-they-ever-offer-auto-CLI-s/td-p/6050533

Re: TD Bank card CLI?

masscredit — Mon, 10 Jul 2023 23:53:12 GMT

@FireMedic1 wrote:
Doesnt look like it. Going back to 2020:
https://ficoforums.myfico.com/t5/Credit-Cards/TD-Bank-Cash-Visa-Do-they-ever-offer-auto-CLI-s/td-p/6050533

@Horseshoez is the only person I remember reading about that has received CLIs from them. Started with a secured card with a $5K limit (his experience is what prompted me to go with them), it graduated then he later received increases to get to just over $11K. My TD card is my daily driver for house expensives and some big purchases. I've had it since the beginning of May '22 so I've been hoping to get some luv from them.

Re: TD Bank card CLI?

masscredit — Fri, 11 Aug 2023 17:48:17 GMT

Throwing out a data point -

I inquired about a CLI while in a branch recently. The person I spoke with said it had to be a HP. I went for it. Received the denial letter today. Reasons listed are -

Serious delinquency and public record or collection filed

No recent revolving balances

Time since delinquenct is too recent and unknown

Proportion of loan balances to loan amounts is too high - Have one SSL that is about 50%

BK was discharged 6/22. Currently have 9 cards. AZEO most months. Oh well, I tried. Still happy with my $5K limit.

Re: TD Bank card CLI?

SouthJamaica — Fri, 11 Aug 2023 21:34:01 GMT

@masscredit wrote:
Throwing out a data point -

I inquired about a CLI while in a branch recently. The person I spoke with said it had to be a HP. I went for it. Received the denial letter today. Reasons listed are -

Serious delinquency and public record or collection filed
No recent revolving balances
Time since delinquenct is too recent and unknown
Proportion of loan balances to loan amounts is too high - Have one SSL that is about 50%

BK was discharged 6/22. Currently have 9 cards. AZEO most months. Oh well, I tried. Still happy with my $5K limit.

I have banked with TD Bank for years, and have always found them very brittle and sticky to deal with. I'm not suprised that there is a HP if you ask for a CLI, or that they never auto CLI, or that they turned you down even though they should have given you a CLI IMHO. Which is why I've moved almost everything away from them.

Re: TD Bank card CLI?

GreatLife — Thu, 31 Aug 2023 09:15:35 GMT

TD Cash opened 12/2022 with $6K SL. This morning I noticed a $2500 auto CLI happened within the past 3 days.

Re: TD Bank card CLI?

Horseshoez — Thu, 31 Aug 2023 12:03:38 GMT

@GreatLife wrote:
TD Cash opened 12/2022 with $6K SL. This morning I noticed a $2500 auto CLI happened within the past 3 days.

Similar to you I've gotten two auto-CLIs (both were only soft pulls); I started with a $5,000 secured card in July of 2020 and back in January of this year my second unrequested increase brought me up to $11,500. I have no idea why some folks get auto-CLIs and some don't, I'm thinking it is possible some of the following points work in my favor (but I have no evidence supporting that thought):

I have a Beyond Checking account which has monthly direct deposits of at least $5,000 (making the account effectively free)
I have a "linked" Beyond Savings account (the linking makes it free as well) in which I typically keep at least $5,000 of deposits
Over the last 3 years I've run about $60,000 through my TDCash card, always PIFed every month, with a peak monthly charge load of about $4,700

Re: TD Bank card CLI?

CreditCuriosity — Thu, 31 Aug 2023 12:07:04 GMT

@Horseshoez wrote:
@GreatLife wrote:
TD Cash opened 12/2022 with $6K SL. This morning I noticed a $2500 auto CLI happened within the past 3 days.
Similar to you I've gotten two auto-CLIs (both were only soft pulls); I started with a $5,000 secured card in July of 2020 and back in January of this year my second unrequested increase brought me up to $11,500. I have no idea why some folks get auto-CLIs and some don't, I'm thinking it is possible some of the following points work in my favor (but I have no evidence supporting that thought):
I have a Beyond Checking account which has monthly direct deposits of at least $5,000 (making the account effectively free)
I have a "linked" Beyond Savings account (the linking makes it free as well) in which I typically keep at least $5,000 of deposits
Over the last 3 years I've run about $60,000 through my TDCash card, always PIFed every month, with a peak monthly charge load of about $4,700

Likely some people use and some people don't I used for bonus and have used a few times since otherwise just idle as SL was 7k which is my lowest CC by a decent margin and have cards that can beat it in every category. Not knocking the card as other people that don't min/max works great for them. I speculate it comes down to mainly use and showing that you use a decent amount of the CL and it isn't just sitting idle. and one would receive a CLI likely. BK certaily doesn't help OP but a good DP

Re: TD Bank card CLI?

Horseshoez — Thu, 31 Aug 2023 12:16:37 GMT

@CreditCuriosity wrote:
@Horseshoez wrote:
@GreatLife wrote:
TD Cash opened 12/2022 with $6K SL. This morning I noticed a $2500 auto CLI happened within the past 3 days.
Similar to you I've gotten two auto-CLIs (both were only soft pulls); I started with a $5,000 secured card in July of 2020 and back in January of this year my second unrequested increase brought me up to $11,500. I have no idea why some folks get auto-CLIs and some don't, I'm thinking it is possible some of the following points work in my favor (but I have no evidence supporting that thought):
I have a Beyond Checking account which has monthly direct deposits of at least $5,000 (making the account effectively free)
I have a "linked" Beyond Savings account (the linking makes it free as well) in which I typically keep at least $5,000 of deposits
Over the last 3 years I've run about $60,000 through my TDCash card, always PIFed every month, with a peak monthly charge load of about $4,700
Likely some people use and some people don't I used for bonus and have used a few times since otherwise just idle as SL was 7k which is my lowest CC by a decent margin and have cards that can beat it in every category. Not knocking the card as other people that don't min/max works great for them. I speculate it comes down to mainly use and showing that you use a decent amount of the CL and it isn't just sitting idle. and one would receive a CLI likely. BK certaily doesn't help OP but a good DP

I got my TDCash card soon after my Chapter 13 was discharged, and prior to it falling off my records the card not only graduated to an unsecured Signature Visa (with the original $5,000 limit), but it also received an auto-CLI of $3,500 a year later (and then another auto-CLI of $3,000 early this year).

Re: TD Bank card CLI?

northway — Thu, 31 Aug 2023 21:31:06 GMT

@Horseshoez wrote:
@GreatLife wrote:
TD Cash opened 12/2022 with $6K SL. This morning I noticed a $2500 auto CLI happened within the past 3 days.
Similar to you I've gotten two auto-CLIs (both were only soft pulls); I started with a $5,000 secured card in July of 2020 and back in January of this year my second unrequested increase brought me up to $11,500. I have no idea why some folks get auto-CLIs and some don't, I'm thinking it is possible some of the following points work in my favor (but I have no evidence supporting that thought):
I have a Beyond Checking account which has monthly direct deposits of at least $5,000 (making the account effectively free)
I have a "linked" Beyond Savings account (the linking makes it free as well) in which I typically keep at least $5,000 of deposits
Over the last 3 years I've run about $60,000 through my TDCash card, always PIFed every month, with a peak monthly charge load of about $4,700

Some DPs on this. TD Card Services operates as a different division than banking ops, and they really don't care about your banking relationship. I've confirmed this a number of times while speaking to underwriting.

They do run SP on Experian roughly every 6 months, and they'll consider an account for an auto-CLI at that point. But it far from guaranteed. I had a TD secured card for the longest time and was repeatedly promised it would be reviewed for graduation, but after 5 years it never happened. I applied for the regular card in its own and was immediately approved, at which point I closed the secured card.

In the end, TD is a weird and tough nut to crack on why they do what they do.

Re: TD Bank card CLI?

masscredit — Fri, 01 Sep 2023 02:16:37 GMT

@northway wrote:
They do run SP on Experian roughly every 6 months, and they'll consider an account for an auto-CLI at that point. But it far from guaranteed. I had a TD secured card for the longest time and was repeatedly promised it would be reviewed for graduation, but after 5 years it never happened. I applied for the regular card in its own and was immediately approved, at which point I closed the secured card.

In the end, TD is a weird and tough nut to crack on why they do what they do.

Hum... I've been thinking about setting my daugher's up with secured cards from TD Bank when they turn 18. I'd put up the money for 7 months then they'd start off with a card with a healthy limit. I'm rethinking that after reading this.

Re: TD Bank card CLI?

MichaelMyer — Fri, 01 Sep 2023 02:24:31 GMT

What was the credit limit while it was secured?

Re: TD Bank card CLI?

masscredit — Fri, 01 Sep 2023 02:28:23 GMT

@MichaelMyer wrote:
What was the credit limit while it was secured?

$5000

Re: TD Bank card CLI?

bluenote-lp — Sun, 03 Sep 2023 05:54:24 GMT

Not a good card to start out a person with their 1st credit card, the $ 29 annual fee, plus the $27.99 apr. kinda reminds me of the old back in the day-Captial One and Premeir bank days. Try and look into credit unions(NFCUf) is the best, (Penfed )a close second. if you can get in, or find someone to get you in, but there are way to many better places to get a secured card than TD bank.

Re: TD Bank card CLI?

Horseshoez — Sun, 03 Sep 2023 12:57:46 GMT

@bluenote-lp wrote:
Not a good card to start out a person with their 1st credit card, the $ 29 annual fee, plus the $27.99 apr. kinda reminds me of the old back in the day-Captial One and Premeir bank days. Try and look into credit unions(NFCUf) is the best, (Penfed )a close second. if you can get in, or find someone to get you in, but there are way to many better places to get a secured card than TD bank.

I would argue otherwise. A few points:

A 27.99% interest rate is pretty run of the mill these days, and if you pay in full (a very wise thing to do when rebuilding), you will pay zero interest, regardless of the interest rate.
The $29.00 annual fee is prorated when the card graduates; at least half of the reports I've seen here state graduation happened after six months, this in turn means a one-time fee of $14.50. In my case the card graduated at exactly six months, $14.50 was credited to my account.
The locked savings account used to secure the card earns interest (unlike say, CapOne), granted it ain't much, but it is better than zero.
Few secured cards earn cash rewards, the TDCash card is one of them; granted it is only 1% while the card is secured, but once again, better than zero, and at least in my case, I earned over $100 in rewards in those six months which more than offset the $14.50 annual fee.
Once the card graduates, if you started out with a $5,000 security deposit, then the card is automatically converted to a Visa Signature card.
Then there is the whole TDBank experience; open 7-days per week, personalized service, and lots of local branches (if you live in their geo-zone, if you don't, don't bother applying for the card as I have the understanding they won't issue it).
Finally, not every one is eligible to join NFCU (I am but the lack of any physical branches near me ruled them out), and last time I checked, PenFed doesn't offer any secured credit cards.

While this card may not be best for you, it was easily the best option for me and many others when starting our financial rebuild process.

Re: TD Bank card CLI?

bluenote-lp — Wed, 06 Sep 2023 04:14:08 GMT

You are correct Penfed no longer offers a secured card, but NFCU secured card is 18%Apr. with no ( No annual fee) But hey if TD Bank works better, all the better. thanks for the reply.

Re: TD Bank card CLI?

Horseshoez — Wed, 06 Sep 2023 12:03:35 GMT

@bluenote-lp wrote:
You are correct Penfed no longer offers a secured card, but NFCU secured card is 18%Apr. with no ( No annual fee) But hey if TD Bank works better, all the better. thanks for the reply.

I would argue if someone needing a secured card is going to be impacted by the interest rate, then they should stay cash only; for everyone else the interest rate is irrelevant.