Credit Cards

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

  • Last Updated:
  • Oct 9th, 2021 2:41 pm
Tags:
None
[OP]
Newbie
Nov 6, 2019
43 posts
28 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!
8 replies
Newbie
Aug 21, 2020
21 posts
10 upvotes
What you have is good enough. No need for a major bank credit card.
Deal Guru
User avatar
Jan 9, 2011
12316 posts
15491 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
43 posts
28 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)
Member
May 24, 2019
343 posts
348 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
43 posts
28 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.
Deal Addict
Mar 14, 2014
1060 posts
1371 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 Guru
User avatar
Jan 9, 2011
12316 posts
15491 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.

Top