Feb 1, 2025
More credit means a higher score, right? Not exactly.
#debtfreein30
Many assume more loans and higher credit means a higher score, but
the reality is more complex. Doug Hoyes and Ted Michalos break down
how multiple loans impact your credit score and share expert advice
on when accessing more credit makes sense—and when it doesn’t.
(0:00) – What impacts your credit score?
(5:35) – How important is your credit score in
Canada’s unique rating system?
(6:45) – Understanding credit utilization rate and
debt-to-income ratio
(9:00) – What’s the difference between hard and
soft inquiries?
(14:30) – The impact of credit history and
canceling accounts
(16:30) – Why missed payments hurt more than you
think
(17:40) – A fictional but realistic debt
scenario
(24:20) – Why dealing with your debt should be
your priority—and how to start
(26:00) – How to decide if taking out another loan
is the right move
Credit Card Debt Consolidation in Canada - What You Need to
Know
What is Credit History and How To Influence
It
What To Do About Credit Card Debt in Collections
Debt Repayment Calculator
Debt To Income Ratio Calculator
FREE Credit Rebuilding Course
‘Debtasized’ Full Length Documentary – Free on YouTube
HERE
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Straight Talk on Your Money by Doug
Hoyes
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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 personalized advice from a qualified financial
advisor. Always consult with 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 or strategies
discussed.