$1K SL. Is this normal for TD Bank? From reading other approval threads it doesn't sound like it. Guess I'll be buying a pair of socks with this card so they can keep each other company. Scores: EX 679 EQ 686 TU 706 3% UTL across all accts. $320K available credit. EDIT; In store app--not online.
BUSINESS 
Sorry about the low limit but seeing how you have over $300k in available credit, im sure those socks will be super comfortable
. Dont worry Nordies seem to grow like Canadien fire
. Dont worry Nordies seem to grow like Canadien fire
Not following any trend. This was a card I had for 15 years until I foolishly let it close out in 2004 for non-use--and I wanted another one. Maybe it does fall into the category of entitlement, but when one has worked hard for 3.5 years to rebuild their credit--one does have somewhat higher expectations after what is considered by themself along with many other lenders to be a successful 3.5 year rebuild. IOW--if I was given a $1K SL on a store back then--no problem--glad to have it. Now--I consider it somewhat laughable.
@Credit-hoarder wrote:Not following any trend. This was a card I had for 15 years until I foolishly let it close out in 2004 for non-use--and I wanted another one. Maybe it does fall into the category of entitlement, but when one has worked hard for 3.5 years to rebuild their credit--one does have somewhat higher expectations after what is considered by themself along with many other lenders to be a successful 3.5 year rebuild. IOW--if I was given a $1K SL on a store back then--no problem--glad to have it. Now--I consider it somewhat laughable.
3.5 years of rebuilding is a drop in the bucket compared to a BK that takes 10 years to wipe off your record. While it's great that you've rebuilt and relearned credit sometimes it's best to leave things alone. Nastalgia can hurt sometimes like an ex and beat you into submission with a toy limit. It's all about perspective when it comes to limits and what we think we're worth and what we're worth to a bank. Sometimes it's like a funhouse mirror and other times it's more than we thought because of being beat down for so long we have a really low bar of expectations.
When I got in with Discover I felt a little bit of mixed emotions about it since they came in at $4500 which wasn't eve in the same ballpark as all of those other TL's I had worked so hard on over the years to have a highest CL of 29K at the time. I put in the effort of babying them and now in less than a year and a half they're $48K strong. Nordstrom's is just saying hey.... we like you enough to let you in the doors to shop but, we're looking at your overall exposure right now and hesitant to give you keys to the store right now. Spend some money, make some payments, and work the system back to where you want it to be.
Just because you have some good TL's in the 50K mark doesn't mean there's going to be a silver platter with a choice of high limit approvals on it for you each time the waiter comes back to the table. Reality can be a bit of a slap in the face sometimes
@austinguy907 wrote:
@Credit-hoarder wrote:Not following any trend. This was a card I had for 15 years until I foolishly let it close out in 2004 for non-use--and I wanted another one. Maybe it does fall into the category of entitlement, but when one has worked hard for 3.5 years to rebuild their credit--one does have somewhat higher expectations after what is considered by themself along with many other lenders to be a successful 3.5 year rebuild. IOW--if I was given a $1K SL on a store back then--no problem--glad to have it. Now--I consider it somewhat laughable.
3.5 years of rebuilding is a drop in the bucket compared to a BK that takes 10 years to wipe off your record. While it's great that you've rebuilt and relearned credit sometimes it's best to leave things alone. Nastalgia can hurt sometimes like an ex and beat you into submission with a toy limit. It's all about perspective when it comes to limits and what we think we're worth and what we're worth to a bank. Sometimes it's like a funhouse mirror and other times it's more than we thought because of being beat down for so long we have a really low bar of expectations.
When I got in with Discover I felt a little bit of mixed emotions about it since they came in at $4500 which wasn't eve in the same ballpark as all of those other TL's I had worked so hard on over the years to have a highest CL of 29K at the time. I put in the effort of babying them and now in less than a year and a half they're $48K strong. Nordstrom's is just saying hey.... we like you enough to let you in the doors to shop but, we're looking at your overall exposure right now and hesitant to give you keys to the store right now. Spend some money, make some payments, and work the system back to where you want it to be.
Just because you have some good TL's in the 50K mark doesn't mean there's going to be a silver platter with a choice of high limit approvals on it for you each time the waiter comes back to the table. Reality can be a bit of a slap in the face sometimes
@austinguy907 wrote:
@Credit-hoarder wrote:Not following any trend. This was a card I had for 15 years until I foolishly let it close out in 2004 for non-use--and I wanted another one. Maybe it does fall into the category of entitlement, but when one has worked hard for 3.5 years to rebuild their credit--one does have somewhat higher expectations after what is considered by themself along with many other lenders to be a successful 3.5 year rebuild. IOW--if I was given a $1K SL on a store back then--no problem--glad to have it. Now--I consider it somewhat laughable.
3.5 years of rebuilding is a drop in the bucket compared to a BK that takes 10 years to wipe off your record. While it's great that you've rebuilt and relearned credit sometimes it's best to leave things alone. Nastalgia can hurt sometimes like an ex and beat you into submission with a toy limit. It's all about perspective when it comes to limits and what we think we're worth and what we're worth to a bank. Sometimes it's like a funhouse mirror and other times it's more than we thought because of being beat down for so long we have a really low bar of expectations.
When I got in with Discover I felt a little bit of mixed emotions about it since they came in at $4500 which wasn't eve in the same ballpark as all of those other TL's I had worked so hard on over the years to have a highest CL of 29K at the time. I put in the effort of babying them and now in less than a year and a half they're $48K strong. Nordstrom's is just saying hey.... we like you enough to let you in the doors to shop but, we're looking at your overall exposure right now and hesitant to give you keys to the store right now. Spend some money, make some payments, and work the system back to where you want it to be.
Just because you have some good TL's in the 50K mark doesn't mean there's going to be a silver platter with a choice of high limit approvals on it for you each time the waiter comes back to the table. Reality can be a bit of a slap in the face sometimes
Correct me if I'm wrong---but the total exposure shouldn't be a fear factor--it should all rest with how it's been/being managed.
@Anonymous wrote:
@Credit-hoarder wrote:$1K SL. Is this normal for TD Bank? From reading other approval threads it doesn't sound like it. Guess I'll be buying a pair of socks with this card so they can keep each other company. Scores: EX 679 EQ 686 TU 706 3% UTL across all accts. $320K available credit. EDIT; In store app--not online.
It does seem low but I believe mthe $320K in available credit might have something to do with it. Give it six months, have some fun at Anniversary Sale in July and in August give them a call to see about an increase and an upgrade to Visa
More than likely rather than waste the time and effort keeping this account alive (unless they decide to auto-CLI it) I'll give the spend to my Macy's card with a $24K limit to keep it alive instead. The 2 stores are closely equivalent anyway.
@austinguy907 wrote:@Credit-hoarder wrote:
Correct me if I'm wrong---but the total exposure shouldn't be a fear factor--it should all rest with how it's been/being managed.
I'll correct since there's plenty of evidence your exposure does come into play for instance with Chase once you hit 30-40% of your income in limits with them they stop approving. Most CU's will limit your CL as well if you're beyond a certain % of your income. Some will outright limit you on an approval to the remaining % of your income that they would normally approve to like one member joiing a particular CU and getting stuck at $2K limit. So, it's all relevant when lenders run the numbers. If you're housing, car, CC payments, etc add up to X of your income then it's calculated into it in one form or factor. Some of the more niche banks take some time and run the numbers moreso then the other banks that are notorious for spitting out high limits regardless of income / expense ratios.
Well if we're talking DTI ratio--here are my stats: $75K income---$0 mortgage (own my house--paid off 1.5 years ago)--$1000 in remaining car payments--$10K in credit card debt---$25K in savings.