TD Bank generally uses credit reports made by Experian for evaluating applications for new credit cards. TD Bank can also go through the reports of all the three major credit bureaus if needed. TransUnion, Experian, and Equifax are the credit bureaus that TD Bank uses. TD Bank will also report to these credit bureaus. This is done to ensure full transparency of their customers’ credit information.
In this article, we will go through the process of evaluating applications for the new credit card. We will also go through the merits and demerits of TD Bank Credit cards and their requirements. Finally, we will list some ways to improve credit scores, alternatives to TD Bank, and some questions asked frequently by customers.
Process of Evaluation of TD Bank
The TD bank follows the standard evaluation process used by other major banks and credit unions. TD Bank generally pulls credit reports from Experian to evaluate credit card applications. They may also go through reports made by TransUnion or Equifax if necessary. The reports contain details of customers’ credit cards. The card usage, payment history, billing history, dues left, customer’s account balance, and credit limits are some of the factors that determine the credit report. It is necessary to have a positive report be approved for a credit card by TD Bank.
TD Bank also reports its customers’ credit card usage history to the three unions. They report to the credit bureaus at the end of each month, typically after the billing period has ended. Existing cards are then evaluated and any changes to the credit limits are reflected at the start of the new month. If a customer has just received their credit card from TD bank, it will not have any updates on it.
TD Bank does not disclose its credit evaluation process to the public. The minimum credit score needed for getting a TD Bank credit card is 660. However, it should be noted that this number is only speculation from sources, and customers with lower credit scores can also get approved. The most important factors are that customers must have positive credit reviews and fair to good credit scores.
Requirements for a TD Bank Credit Card
The following is a list of requirements for getting approved for a TD Bank credit card:
The applicant must be at least 18 years or older. The applicant must have a valid shipping address in the United States. P. O. box addresses are not considered valid. The applicant must have the eligibility to enter into a legally binding contract. The applicant must provide a valid government-authorized photo ID. The applicant must be on good terms with the bank. The applicant must have a valid social security number. The applicant must have a positive credit report. The applicant must have at least a fair credit score.
If candidates meet the above requirements, they will likely be approved for the TD Bank credit card.
Cards Offered by TD Bank
The following is the complete list of cards that are issued by TD Bank to its customers as obtained from its official website:
TD Double UpSM Credit CardTD Business Solutions Credit CardTD Cash Credit CardTD First ClassSM Visa Signature Credit CardTD Cash Secured Credit Card
For more details, readers can head to the official website of TD Bank.
Benefits of TD Bank Credit Cards
The following is a list of benefits that credit cards offered by TD Bank have:
Some cards they offer have $0 annual fees. Other cards may carry some annual charges although they may be not much. Joining bonuses are also offered to customers. Balance transfer offers may also be given to customers.
Demerits of TD Bank Credit Cards
The following is the list of the cons of TD Bank Credit cards:
Most cards they offer are acceptable only where TD Bank has their presence. The minimum amount of money must be spent to avail the rewards. They can only be redeemed at select places where TD Bank has a footprint.
Improving Credit Scores
While TD Bank offers a variety of cards to their customers, applicants might still find it hard to get the right credit score for getting their cards. The following is a list of ways customers can improve their credit scores:
Regular payment of dues. Maintaining and using older credit cards. Opting for longer tenure periods. Taking only one big debt at a time. Dispute any errors in the credit reports. Try to use a secured credit card.
Applicants may find their credit scores improving if they follow these tips faithfully.
Alternatives to TD Bank
The following is a list of alternatives to TD Bank credit cards that are very easy to get:
Surge MasterCardCapital One Platinum Secured Credit CardReflex MasterCardTotal Visa CardFIT MastercardOpenSky Secured VisaFirst Access Visa Solid Black Credit Card
There are many other credit cards available on the market and customers can find out about them easily on the internet.
Conclusion
TD Bank uses Experian for general credit card evaluation but will also pull credit reports from TransUnion and Equifax if needed. When it comes to reporting customers’ credit information, TD Bank reports to all of these credit bureaus. It offers a large variety of cards to choose from based on the credit score and credit reviews of the applicant. It is not difficult to get a credit card from Td Bank and it is recommended for first-time customers to apply for their credit cards.
Q1. Do I need to declare my annual income when applying for a TD Bank card?
A1. Yes, a salary slip or the equivalent will be needed for applying for a TD Credit card.
Q2. Does TD Bank do a hard pull?
A2. Yes, TD bank does hard inquiries on the applicants’ credit backgrounds.
