613 – Credit Score Myths Busted: What Canadians Get Wrong About Credit Reporting

613 – Credit Score Myths Busted: What Canadians Get Wrong About Credit Reporting

Author: Doug Hoyes May 30, 2026 Duration: 30:25

Canadians hear a lot of advice about credit scores, but much of it is outdated, oversimplified, or borrowed from the U.S. and simply doesn't apply here.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.

👍 Like, subscribe, and share with someone who still thinks carrying a balance helps their credit.

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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.


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 50

Debt Free in 30
Podcast Episodes
618 - What Happens If You Just Stop Paying Your Credit Cards? [not-audio_url] [/not-audio_url]

Duration: 30:14
What happens when you stop paying credit card bills? Learn the real consequences of missed payments and how to protect your financial health. This discussion breaks down exactly what occurs after you miss a credit card p…
617- Saving While in Debt - Smart or Stupid? [not-audio_url] [/not-audio_url]

Duration: 30:07
Is saving money while in debt a smart financial move? Doug & Ted break down the strategy to help you decide how to manage your cash. Many people struggle with the dilemma of whether to prioritize building savings or payi…
616 - The Financial Impact of a Crisis - Building Resilience [not-audio_url] [/not-audio_url]

Duration: 30:41
Learn how to survive a financial crisis by building resilience and strengthening your personal finance foundation. This conversation provides practical steps to prepare for economic instability. We discuss the core princ…
615 - Your Credit Limit Is TOO HIGH (Here's Why That's a Problem) [not-audio_url] [/not-audio_url]

Duration: 29:52
Is your credit limit too high? Learn how to safely request a lower credit limit to manage your personal finances more effectively. Most financial advice focuses on getting more credit, but having too much available can b…