Credit Cards

Is a major bank credit card needed for the best credit profile?

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  • Nov 3rd, 2021 4:37 am
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[OP]
Newbie
Nov 6, 2019
58 posts
31 upvotes

Is a major bank credit card needed for the best credit profile?

Hi folks,

Sorry if this is redundant, but I have 5 credit cards, but none with a major bank. If applying for a mortgage down the road, does it benefit me to have a major bank credit card? I have:

- AMEX Simply Cash
- PC Financial World MC
- Home Trust Secured Visa & Meridian Secured Visa
- Canadian Tire MC


Just curious if I should try to get a TD credit card (which I would likely be approved for, but don't want to waste a hard inquiry if my current cards are good enough).


Thank you!
I LOVE THE CREDIT GAME!
16 replies
Newbie
Aug 21, 2020
37 posts
15 upvotes
What you have is good enough. No need for a major bank credit card.
Deal Expert
User avatar
Jan 9, 2011
15357 posts
20736 upvotes
Vancouver
Makes no difference. Just make your payments on time and keep your utilization low, you're golden. But if you want that TD card because it's a good card with a nice welcome bonus, go for it. Don't worry about using up a hard hit if it's a card you want.
[OP]
Newbie
Nov 6, 2019
58 posts
31 upvotes
Thank you, guys. I will avoid the hit and keep doing what I'm doing. Utilization is below 7% on all but one card (and that one is only ever at 20% max before paying it off each month) with zero missed payments.

TU: 755 (with one collection that is about to erase next month since the statute is up)

EQ: 760 (no collections or blemishes)
I LOVE THE CREDIT GAME!
Member
May 24, 2019
384 posts
403 upvotes
Toronto
Just FYI, TD doesn't do a hard inquiry if you are already a customer and apply logged into easy web.
Also, since you have established credit now, you might want to think about removing the secured cards / switching them to unsecured.
[OP]
Newbie
Nov 6, 2019
58 posts
31 upvotes
Andreit wrote: Just FYI, TD doesn't do a hard inquiry if you are already a customer and apply logged into easy web.
Also, since you have established credit now, you might want to think about removing the secured cards / switching them to unsecured.
I agree, but will doing so (switching or removing) harm more than it helps via closing an account or having a hard hit to upgrade? I know that graduating them will cost a hard hit each. I got them around the same time.
I LOVE THE CREDIT GAME!
Deal Addict
Mar 14, 2014
1286 posts
1739 upvotes
Andreit wrote: Just FYI, TD doesn't do a hard inquiry if you are already a customer and apply logged into easy web.
That's something I never knew, I only have a savings account with very little in it. Might need to think about applying for one of their cards if I can find a compelling reason to do so.
Deal Expert
User avatar
Jan 9, 2011
15357 posts
20736 upvotes
Vancouver
flyjazz wrote: That's something I never knew, I only have a savings account with very little in it. Might need to think about applying for one of their cards if I can find a compelling reason to do so.
45,000 Aeroplan points for spending $1,000 and first-year-free compelling enough? I went for it. td-aeroplan-visa-infinite-card-earn-up- ... n-2490717/
Newbie
May 21, 2018
5 posts
1 upvote
As soon as I got my first elite card.. all the other big players started sending me offers and my credit limits were increased.
Deal Expert
Oct 27, 2003
16568 posts
7204 upvotes
Toronto
soulfulemotion76 wrote: Hi folks,

Sorry if this is redundant, but I have 5 credit cards, but none with a major bank. If applying for a mortgage down the road, does it benefit me to have a major bank credit card? I have:

- AMEX Simply Cash
- PC Financial World MC
- Home Trust Secured Visa & Meridian Secured Visa
- Canadian Tire MC


Just curious if I should try to get a TD credit card (which I would likely be approved for, but don't want to waste a hard inquiry if my current cards are good enough).


Thank you!
Does anyone have info on getting the Meridian Credit Union Secured VISA? There is no info on a secured VISA on their website.
[OP]
Newbie
Nov 6, 2019
58 posts
31 upvotes
Kurtz7834 wrote: Does anyone have info on getting the Meridian Credit Union Secured VISA? There is no info on a secured VISA on their website.
Call your local branch. They helped me get one.
I LOVE THE CREDIT GAME!
Deal Addict
Sep 24, 2018
2366 posts
1241 upvotes
Doesn’t matter the who, it’s the trade line that matter, revolving in good standing, history and a good limit means every, if it said bums r us or big bank of evil the scoring wouldn’t matter

Now in the future though, if you go for a car loan or mortgage, having history with a big bank helps you with same said bank getting things slightly easier
Banned
Mar 3, 2021
707 posts
356 upvotes
Ahahahaha....damn, that's always the case ain't it? LOL
Sellseven77 wrote: As soon as I got my first elite card.. all the other big players started sending me offers and my credit limits were increased.
Deal Addict
User avatar
Dec 2, 2002
1694 posts
458 upvotes
Not sure about Home Trust, but I know a Capital One trade line used to raise red flags at one of the major bank if you were applying for a mortgage.

At the time Capital One was the only/main institution issuing sub-prime credit cards. The thought was the person might have a decent score with no delinquencies currently, but having a capital one card meant they may have had financial trouble recently forcing them to only be able to approved by Capital One. It didn’t mean an automatic decline, just a deeper review.
Deal Addict
Sep 24, 2018
2366 posts
1241 upvotes
Kenneth wrote: Not sure about Home Trust, but I know a Capital One trade line used to raise red flags at one of the major bank if you were applying for a mortgage.

At the time Capital One was the only/main institution issuing sub-prime credit cards. The thought was the person might have a decent score with no delinquencies currently, but having a capital one card meant they may have had financial trouble recently forcing them to only be able to approved by Capital One. It didn’t mean an automatic decline, just a deeper review.
Institutional dependant, I’m sure some institutions didn’t like seeing VFC finance but some folks have to start somewhere right?
Deal Addict
User avatar
Mar 30, 2004
4682 posts
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Durham Region
Kenneth wrote: Not sure about Home Trust, but I know a Capital One trade line used to raise red flags at one of the major bank if you were applying for a mortgage.
Oh those poor Costco members.
Deal Addict
User avatar
Dec 2, 2002
1694 posts
458 upvotes
CorSter wrote: Oh those poor Costco members.
This was prior to the Costco co-brand card, but it was around the time the Aspire travel card was popular/available.

Again, things might have changed in the lending world as it seems everyone gets approved these days (they just can’t find a home they can afford). Plus Capital Ones has lost the sub-prime image, even if it’s still there main business.

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