Debt Free in 30
Canadians hear a lot of advice about credit scores, but much of it is outdated, oversimplified, or borrowed from the U.S. and simply doesn't apply here.
Does carrying a balance help? Does checking your score hurt it? Can you pay to remove bad credit? Does having a high income automatically mean a strong score?
Listen to learn what actually moves the needle when it comes to building stronger financial health, and if you've been trying to "optimize" your credit score, this episode may change how you think about credit entirely.
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How Does Debt Relief Impact Credit Scores?
00:00 The credit myths costing Canadians money
03:12 The 5 factors that affect your score
05:08 Can you pay to remove bad credit?
07:12 Carrying a balance builds credit
09:40 Does checking your score hurt it?
11:58 Your credit score isn't everything
14:10 Why scores differ between lenders
16:28 Paying early hurts your score?
18:16 Does income affect credit?
20:12 Are credit scores regulated?
27:32 What actually builds credit in Canada
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Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.