What a TD Bank pre-approval offer means
A TD Bank pre-approval for a credit card means the bank has reviewed your credit profile and believes you meet their standards for that specific card. You will receive an offer in the mail or see one in your online banking portal. The offer includes details about the card's rewards, annual fee (if any), and the credit limit they are prepared to offer you.
Pre-approval is not a may provide. TD Bank will still run a hard credit inquiry and verify your income and employment when you formally request the card. Your actual approval depends on that final review. However, pre-approval signals that you have a strong chance of being accepted and receiving the terms shown in the offer.
TD Bank sends pre-approval offers to customers who already bank with them and to people in their target market based on credit bureau data. The offers are typically valid for 30 to 60 days, though you should check the expiration date on your specific offer.
Key Takeaways
- A TD Bank pre-approval offer means the bank has reviewed your credit and believes you meet their standards for that card, but final approval still requires a hard inquiry.
- Pre-approval offers come with a stated credit limit and specific terms; you do not negotiate these, but you can accept or decline the offer.
- You can request the card online, by phone, or in a TD Bank branch using the offer code or reference number from your pre-approval letter.
- The final approval process takes a few business days, and TD Bank will contact you if they need additional information before deciding.
- If you are declined after pre-approval, you can ask TD Bank why and may be able to reapply after addressing the issue.
How to request the card after pre-approval
If you received a pre-approval offer in the mail, look for an offer code or reference number on the letter. You will need this to complete your request. TD Bank provides three ways to move forward: online through their website, by phone at the number listed on the offer, or in person at a TD Bank branch.
Online is usually the fastest route. Go to TD Bank's credit card section, find the card you were pre-approved for, and select "explore Now" or "Request Card." Enter the offer code when prompted. You will be asked to confirm your personal information, income, and employment status. Review everything carefully before submitting.
By phone, call the number on your pre-approval letter and have your offer code ready. A representative will walk you through the same questions and can answer questions about the card's terms. In a branch, bring your pre-approval letter and a government-issued ID. A banker can submit your request on the spot and sometimes give you a decision the same day.
What happens during final approval
After you submit your request, TD Bank will run a hard inquiry on your credit report. This temporarily lowers your credit score by a few points. They will verify your income using the information you provided and may contact your employer to confirm you still work there.
The review typically takes three to five business days. TD Bank will contact you by phone, email, or mail with a decision. If they approve you, they will tell you your final credit limit and when your card will arrive. If they need more information—such as recent pay stubs or a letter from your employer—they will tell you what to send and where.
Occasionally, TD Bank will approve you for a lower credit limit than the pre-approval offer stated, or with different terms. This happens when the final review reveals information that differs from what you initially provided or what was on your credit report when the pre-approval was issued.
What to do if you are declined
A decline after pre-approval is uncommon but can happen. The most common reasons are a recent drop in your credit score, a missed payment or collection account that appeared on your report after the pre-approval was issued, a significant change in your income, or a mismatch between the information you provided and what TD Bank verified.
Call TD Bank's customer service line and ask why you were declined. They are required to tell you the reason. If it was a credit-related issue, you can request a copy of the credit report they used and dispute any errors with the credit bureau. If it was income-related, you may be able to reapply after your next pay period or after providing additional documentation.
You can also ask whether you are may be able to access for a different TD Bank card with lower approval requirements. Some cards are easier to obtain than others, and TD Bank may offer you an alternative.
Understanding the card's terms and fees
Your pre-approval letter will state whether the card has an annual fee. Some TD Bank cards charge $0 annually; others charge $95 or more. The letter will also show the introductory offer, if any—for example, 0% APR on purchases for a set number of months, or bonus rewards points after you spend a certain amount.
The regular APR (annual percentage rate) for purchases will be listed as a range, such as 18.99% to 27.99%. Your actual rate depends on your creditworthiness and is set at approval. The letter will also show the APR for balance transfers and cash advances, which are usually higher than the purchase rate.
Read the fine print about when the introductory offer ends and what the regular terms become. Some cards have a foreign transaction fee (usually 2% to 3% of the purchase amount) if you use them outside the United States. Check whether the card offers purchase protection, extended warranty coverage, or travel insurance, as these vary by card.
When to accept or decline a pre-approval offer
Accept the offer if you plan to use the card within the next few months and the terms match what you are looking for. Pre-approval does not obligate you to use the card once it arrives, but opening a new account will lower your average account age and temporarily reduce your credit score. Only request the card if you have a real reason to use it.
Decline the offer if the annual fee is too high for your budget, the introductory offer does not match your spending plans, or you already have enough credit cards. There is no penalty for declining a pre-approval offer. You can also wait and see if TD Bank sends you another offer for the same card or a different one later.
If you are unsure whether the card is right for you, compare it to cards from other banks. TD Bank pre-approval does not mean you cannot get a better offer elsewhere. Use a credit card comparison tool to see what other issuers are offering for your credit profile.
How pre-approval affects your credit
Receiving a pre-approval offer does not affect your credit score. Pre-approval is based on a soft inquiry, which does not show up on your credit report. However, when you formally request the card, TD Bank will run a hard inquiry, which does appear on your report and typically lowers your score by 5 to 10 points.
The hard inquiry stays on your credit report for about 12 months, but its impact on your score fades after a few months. If you are planning to explore for a mortgage, auto loan, or other major credit product soon, you may want to wait before requesting the card, since multiple hard inquiries in a short time can signal risk to lenders.
Once the card is open, your credit score may also be affected by your credit utilization ratio—the percentage of your available credit that you are using. If you charge a large balance and pay it slowly, your score may drop. Keeping your balance low and paying on time will help your score recover.
Frequently Asked Questions
Can I request the card if I do not have a TD Bank account?
Most TD Bank pre-approval offers go to existing customers, but you may receive one as a non-customer if you are in their target market. You can request the card whether or not you bank with TD. However, if you do not have a TD Bank account, you may need to open one to set up the card once it arrives.
What if my pre-approval offer has expired?
Pre-approval offers typically expire 30 to 60 days after they are issued. If yours has expired, you can still request the card, but you will be treated as a regular applicant rather than a pre-approved one. Your chances of approval may be lower, and the terms offered may differ. Contact TD Bank to ask if they will honor an expired offer.
Can I increase my credit limit after approval?
Yes. After you have had the card for several months and made on-time payments, you can request a credit limit increase. You can do this online through your TD Bank account, by phone, or in a branch. TD Bank may do a soft inquiry, a hard inquiry, or no inquiry at all, depending on how long you have held the card and your payment history.
What is the difference between pre-approval and pre-qualification?
Pre-qualification is based on a soft inquiry and is a preliminary indication that you may meet the bank's standards. Pre-approval is based on a more thorough review of your credit and financial information and is a stronger signal that you will be approved. TD Bank pre-approval offers are more reliable than pre-qualification offers.
Can I transfer a balance to a TD Bank card I was pre-approved for?
Yes, if the card offers balance transfer options. Your pre-approval letter will state the balance transfer APR and any introductory offer. Balance transfers usually have a fee of 3% to 5% of the amount transferred. You can transfer a balance from another card once your TD Bank card is active and you have received it.