In the case where you didn’t receive a voluntary credit limit increase with TD Bank, you can request an increase by calling customer service, going through its online banking site or mobile app, or going in-person to the nearest TD Bank. You can also improve your chances of getting an increase by ensuring your account is active for at least six months, increasing your revenue, paying in full and on time, reducing the credit utilization ratio, decreasing other debts, and improving your credit scores.
Requesting an increase yourself will cause a lower credit score as it triggers a hard inquiry. This can be small and temporary; in the long term, an increase can help improve your credit score.
Often, the easiest way to get more credit is to apply for a new credit card. Similar to asking for a higher credit limit, applying for a new card can affect your credit score. If you think getting a new card is best for you, see our roundup of the best small business credit cards.
1. Customer Service
Call (888) 561-8861 to request an increase in your credit limit. Ensure to follow the prompts and provide the needed information to complete your request.
2. Online Banking
Log in to your Online Banking account, select the TD Credit Card for which you wish to make a credit limit increase request, follow the prompts, and then provide the requested information.
3. Mobile App
Once you have installed the TD Bank iOS or TD Bank Android app, log in using your TD Online Banking credentials. Choose the credit card you wish to increase and click “Request a Credit Limit Increase.” Follow the instructions and prompts and complete the requested information fields.
4. In-person
You can also go to the nearest TD Bank branch to request a credit limit increase with your business credit card.
How To Improve Your Chances of Getting a Credit Limit Increase with TD Bank
You can help convince TD Bank to provide a credit limit increase. They can also improve your chances of getting a higher credit limit without asking:
- Keep your account open/active for at least six months: TD Bank and most other providers require you to have your account for six months before they’ll consider a credit limit increase request. Some providers may increase your credit limit automatically after six months based on your credit history.
- Increase your revenue/income: The best time to request a credit limit increase is when you’re making more money. An increase in income means you’ll be able to manage more debt. In this case, it’s best for you to update your income proactively on TD Bank’s website or mobile app.
- Pay in full and on time each month: Paying the credit card’s bill in full and on time will help improve your chances of getting an increase on the card’s limit. The issuer will review your account when you request a credit limit increase and evaluate your use of your cards. If you frequently pay your card’s bills late, your provider will most likely reject your request.
- Reduce credit utilization ratio: Your credit utilization ratio is an indicator of your overall credit usage or credit usage per individual credit card. To calculate your credit utilization ratio, divide your total credit card balance by your total available credit. As a general rule of thumb, a credit utilization ratio between 0% and 30% is considered good. Ratios over 30% can illustrate overspending or that you don’t make large enough payments.
- Improve your credit scores: One of the easiest times to get approved for a higher credit limit is when your credit score increases. An increase in your credit score shows you manage your debt responsibly. One of the best ways consumers and business owners can receive a credit limit increase is to check their credit scores every three months. Personal credit scores range from 300 to 850, and FICO’s business LiquidCredit score ranges from 0 to 300. Checking your credit score only counts as a soft credit check, which means it won’t hurt your score.
- Decrease your other debts: Decreasing your monthly housing payment generally decreases your debt-to-income (DTI) ratio. Typically, a lower DTI indicates you can handle more potential debt, such as a credit limit increase.
Pros & Cons of Getting a Credit Limit Increase With TD Bank
| PROS | CONS |
|---|---|
| Provides you with an emergency safety net | May increase total debt |
| Helps improve your credit score | Impacts credit score due to hard credit check |
| Increases purchasing power | May affect your credit file if your multiple credit applications get rejected |
What To Do If You’re Denied a Credit Limit Increase From TD Bank
If your request isn’t approved, a written confirmation will be sent by mail within seven to ten business days from the date of your request. In the meantime, you can do the following:
- Understand why your request wasn’t approved: Typically, credit card issuers will send or email you a letter explaining the reason for the denial. It’s important to review those issues and fix them accordingly.
- Pay existing debt: Most credit card providers will evaluate your DTI ratio because it indicates your ability to pay down your debt. Pay down your debt to reduce your DTI ratio if you’ve been denied.
- Order your credit report and review it for errors: After receiving a credit limit increase denial, order your credit report and review it for any errors. You can dispute errors that you find on your report.
- Consider securing a new business credit card: Applying for a new one allows you to choose from other issuers that offer cards better suited to your spending. However, if TD Bank approves your application for its other cards, you can expand your banking relationship.
If you’re a small business owner, you can apply for any of the best high-limit business credit cards. Typically, it’s an excellent option for businesses with monthly expenses up to $100,000. To qualify, most high-limit cards require that you have a personal credit score of at least 670.
If your score is less than 670, a good alternative would be any of the leading fair credit business credit cards and top secured business credit cards. If you don’t have a business credit history, you may opt to check our top credit cards for new businesses with no credit history.
Pros & Cons of Applying for a New Credit Card
| PROS | CONS |
|---|---|
| Builds credit over time when used responsibly | May include high-interest rates |
| Protects against purchases that were lost or damaged that were made with your card | Impacts your credit score |
| Lets you pay off your debt if the card has a long 0% introductory period | |
Frequently Asked Questions (FAQs)
TD Bank is located in the following states:
- Connecticut
- Delaware
- Florida
- Maine
- Maryland
- Massachusetts
- New Hampshire
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Rhode Island
- South Carolina
- Vermont
- Virginia
You may request a credit limit increase once every six months.
There are several reasons why your credit limit increase request was declined. Some of these reasons include:
- Making late payments consistently
- Securing low credit scores in the past six months
- Applying for a lot of credit cards
- Having an inadequate verifiable income
Bottom Line
You can increase your credit card limit with TD Bank in three ways: calling its customer support line, heading over to its online banking site, or going through its mobile app. It’s crucial to request a credit limit increase only if you need more buying power and know you can afford a larger credit card bill. Alternatively, you can apply for a new credit card with a higher credit limit as the easiest way to receive additional credit. Applying for a new card could have a short-term impact on your credit score. Plus, you have the flexibility to choose the exact card you want.
