topic Re: Need help with TD Bank Secured Card Graduation in Rebuilding Your Credit

Need help with TD Bank Secured Card Graduation

Anonymous — Sun, 15 Sep 2019 15:41:29 GMT

Hello,

I have had a TD Bank Secured card ($2,000 put up front) for about 1.5 years. I am confused as to why this has not been graduated and cannot get any answers from TD Bank. Would appreciate any feedback from past experience with this card. Thank you

Re: Need help with TD Bank Secured Card Graduation

Remedios — Sun, 15 Sep 2019 18:52:51 GMT

If this is one of the secured cards that "graduate", most lenders use internal criteria for that process.
They dont only "look" at their own card, but overall profile.
So, your use of the card (or lack of it), utilization, negatives, score improvement, utilization on other cards, credit seeking etc. are all important.
Another thing, any returned payment can become an issue.
Some lenders require HP to graduate.
In any case, that's just a guess work. They are the only ones that can answer your question, so you may need to escalate it to the supervisor level.

Re: Need help with TD Bank Secured Card Graduation

Anonymous — Tue, 04 Feb 2020 19:15:27 GMT

@AWorkInProgress - Do you have any updates? I'm interested in their secured card as well...

Re: Need help with TD Bank Secured Card Graduation

Anonymous — Thu, 16 Apr 2020 18:59:45 GMT

@Anonymous - Do you have any updates? Inquiring minds wants to know

Re: Need help with TD Bank Secured Card Graduation

vsChance — Fri, 17 Apr 2020 16:35:01 GMT

Visit this link straight from TD Banks website.

https://www.tdbank.com/personalcreditcard/unsecured-credit-card.html

From what im reading it looks like after 2 years you can apply to try to upgrade.

"If you have held a TD Secured Credit Card account in good standing for at least 24 consecutive billing cycles, you may apply for an unsecured personal TD Credit Card."

But 2 key this is that based on wording, it looks like they look at the relationship between you guys and your credit worthiness as a whole.

Also it looks like they'll do a HP. Atleast thats what i understood.

"Simply complete an application for any of our current unsecured personal credit cards. Upon receipt of your application, we will review your TD Secured Credit Card account to ensure it has been open and in good standing for at least 24 consecutive billing cycles. We will then review your application in its entirety to determine your creditworthiness in accordance with our standard procedures for review of unsecured personal credit card applications, including, but not limited to, obtaining a credit report to determine your eligibility"

Hope this helps.

Re: Need help with TD Bank Secured Card Graduation

sjt — Tue, 21 Apr 2020 20:21:47 GMT

I just read their Terms and Agreement and it says they review after 7 billing periods for unsecured status.

http://docs.tdcardservices.com/pdfs/TDCash-secured-card-agreement.pdf

Re: Need help with TD Bank Secured Card Graduation

Horseshoez — Sat, 27 Feb 2021 03:54:53 GMT

As I mentioned in a different thread on the TDCash Secured credit card, I opened mine in June of 2020, received it in the mail and started using it in July, and TDBank unsecured it exactly six months after my first charge. I have no idea what critera they use to determine when to unsecure a card, but here is how I maintained it over the first six months:

I always paid the card off in full prior to the next payment due date.
I used the card sparingly in the roughly one week window between when I made the payment and when the next statement was cut; I think the highest statement I received during that period was around $250 even though my mid-month balance was considerably higher.
I never charged more than about 60% of my credit limit in any one month.

Hopefully this will help others qualify for having their cards unsecured.

Re: Need help with TD Bank Secured Card Graduation

OmarGB9 — Sat, 27 Feb 2021 05:50:04 GMT

@vsChance wrote:
Visit this link straight from TD Banks website.
https://www.tdbank.com/personalcreditcard/unsecured-credit-card.html

From what im reading it looks like after 2 years you can apply to try to upgrade.
"If you have held a TD Secured Credit Card account in good standing for at least 24 consecutive billing cycles, you may apply for an unsecured personal TD Credit Card."
But 2 key this is that based on wording, it looks like they look at the relationship between you guys and your credit worthiness as a whole.
Also it looks like they'll do a HP. Atleast thats what i understood.
"Simply complete an application for any of our current unsecured personal credit cards. Upon receipt of your application, we will review your TD Secured Credit Card account to ensure it has been open and in good standing for at least 24 consecutive billing cycles. We will then review your application in its entirety to determine your creditworthiness in accordance with our standard procedures for review of unsecured personal credit card applications, including, but not limited to, obtaining a credit report to determine your eligibility"

Hope this helps.

That appears to say that after 24 months you can go ahead and apply for a *new* unsecured card, and they will review your history with the secured card in determining whether to approve you for the new card, but it doesn't say anything about the secured card itself. In fact, they say your unsecured card will stay as is.