** TD Credit Card increase offer. Don't know what to do! **
Hey everyone,
I hope somebody can help me on the following situation:
TD bank has offered me a credit card limit increase of $4,000, valid until 1 May. My current limit is $1,000 and I'm their customer for almost two years. I have no late payments, no other credit cards and also a very good credit score.
My goal is to build credit over time. I'm new in Canada (2 years) and want to start my own small business in the near future.
I would like to know whether I should accept the limit increase to $5,000 or get another credit card instead with a different financial institution, e.g. CIBC, BMO, PC Financial (all Master Card) or maybe others. I really don't need a $5,000 limit. A max. $3,000 limit would work for me.
Also, my bank has added an overdraft of $500 to my checking account by themselves (I didn't ask for it).
--> Does a higher credit card limit build my credit score up?
--> Will another credit card build my score up?
--> Should I accept the offer from TD?
I hope the information given is sufficient. Looking forward for your replies and suggestions.
Thx.
I hope somebody can help me on the following situation:
TD bank has offered me a credit card limit increase of $4,000, valid until 1 May. My current limit is $1,000 and I'm their customer for almost two years. I have no late payments, no other credit cards and also a very good credit score.
My goal is to build credit over time. I'm new in Canada (2 years) and want to start my own small business in the near future.
I would like to know whether I should accept the limit increase to $5,000 or get another credit card instead with a different financial institution, e.g. CIBC, BMO, PC Financial (all Master Card) or maybe others. I really don't need a $5,000 limit. A max. $3,000 limit would work for me.
Also, my bank has added an overdraft of $500 to my checking account by themselves (I didn't ask for it).
--> Does a higher credit card limit build my credit score up?
--> Will another credit card build my score up?
--> Should I accept the offer from TD?
I hope the information given is sufficient. Looking forward for your replies and suggestions.
Thx.